yuanDuring the Summit of G8, which was held in the Italian L’Akuile, China has called for reform of the global reserve currency system. Speaking to world leaders, head of China’s Special Representative – Dai Bingo does not directly mention the dollar, but strongly expressed requirement to reform the monetary system and concentrate on establishing its relatively stable rates.

“The system of production and management of a reserve currency should be improved, so with that we will be able to maintain relative stability in exchange rates of major reserve currencies and to help of creation a diversified and rational system of reserve currencies,” – said Dai Bingo.

In turn, British Prime Minister Gordon Brown said, that any discussion about an alternative world reserve currency at this stage may lead to destabilization of the currency markets. This problem should be solved in the long run, he said. “I do not want to have the same impression, that the abrupt change is already on the way” – G. Brown told to the reporters immediately after the intervention of the Chinese representative.

Remember, even in anticipation of the summit, British Prime said, that the discussion of a new reserve currency – not the most important challenge, which now facing the world community. On the first day of the summit, leaders of the Group of Eight does not discussed alternatives to the dollar as global reserve currency. And although the official agenda of the issue was not replacing the dollar, many investors and economists expected, that it will be discussed at a meeting in L’Akuile. However, till now, neither the drafts of statements by the Group of Eight, or anywhere else, the new world reserve currency does not appear.