China calls for new world currency

06/08/11 10:03 CET

world news

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The Chinese government has called on the United States to address its debt problems and ensure the safety of China’s dollar assets.

As the largest single creditor of the US China has become alarmed at the state of American finances and attempts to to restructure its debt.

Their concerns may have been heightened by the historic downgrading on Friday of the US’s top-tier credit rating by the agency Standard and Poor.

On Saturday China criticised what it called the short-sighted wrangling in the United States, and it’s calling for the introduction of a new, stable and secured global reserve currency to replace the dollar as the world’s financial benchmark.

More about: China, Currency, Economic crisis, U.S. dollar, USA

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