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China talks up currency diversity

With the G20 setting up a new basket currency via the IMF at their past meeting, these comments by China's Premier at the recent Boao conference of Asian countries was most interesting:

April 18, 2009
Boao Forum for Asia (BFA) Annual Conference 2009, Boao, South China's Hainan Province
"Finally, Wen (Chinese Premier Wen Jiabao) said, Asia should enhance collaboration and coordination in international affairs and promote world peace, stability and prosperity.

"We should advance reform of the international financial system, increase the representation and voice of emerging markets and developing countries, strengthen surveillance of the macroeconomic policies of major reserve currency issuing economies, and develop a more diversified international monetary system," he said.

To Asia, it is more practical to take two initiatives, according to Fan Gang, a leading Chinese economist. First, in the arrangement of international system, it should encourage the existence of and competition among multi currencies. Second, it should supervise the over issue of U.S. dollar through international cooperation or the establishment of a certain consultation mechanism."

SOURCE: http://www.chinadaily.com.cn/china/2009-04/18/content_7691470.htm

Did you notice that little line right before the bold quote above? Wow:
"strengthen surveillance of the macroeconomic policies of major reserve currency issuing economies".
Looks to me that China wants to be allowed to AUDIT the USA's books!

Some of the new Web Bot predictions call for this, which is rather interesting, to say the least (That China will want an audit of our Gold reserves in Fort Knox.)

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