Dollar status unlikely to be in G8 communique
By Joshuah at 4 July, 2009, 6:24 am
The dollar’s status as the top global reserve currency is unlikely to be mentioned explicitly in the final communique at next week’s Group of Eight summit, a European G8 source involved in preparations for the meeting said on Friday.
“It is expected to be mentioned and discussed remotely. But the discussions have not yet reached the level of putting it in writing in the communiques,” the source, who asked not to be identified, told Reuters.
G8 sources said earlier this week that China had asked for discussion of proposals for a new global reserve currency at next week’s G8 meeting in Italy.
One source said Beijing made the request during preparatory talks about a joint statement to be issued on the second day of the summit in L’Aquila by the G8 plus the G5 (Brazil, India, China, Mexico and South Africa) and also Egypt.
This forum, the so-called “G14,” meets on July 9 to discuss the financial crisis, trade and climate change and for the first time a G8 summit will also produce a joint G14 statement.
Source/Full Story: Reuters
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