China Looks to G8, EU for More Trade, Stable System
Three months after his previous visit, China’s President Hu Jintao is again in Europe, now in Italy, along with a delegation of 300. This time the focus of the delegation is mainly on investment instead of sourcing. President Hu is also there to attend a dialogue between the G8 and developing countries to be held in Italy on July 9. It has been thought likely China will again raise the idea of a super-sovereign currency at this meeting, but the Chinese Ministry of Foreign Affairs has denied it. Vice-Minister He Yafei said at a July 2 briefing that China hoped to see a stabilized dollar rate and a diversified international monetary system in the future. The Chinese central bank’s signals over the yuan, the US dollar, and the IMF’s SDR as a super-sovereign currency have stirred up some confusion over its intentions, but top Chinese leaders continue to repeat the need to establish a diversified international monetary system.
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