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Loan Modification

: Mortgage Lender Implode-o-Meter

Wary of dollar, China wants super-sovereign currency

By Implode-Explode Heavy Industries

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`` The 170-page report dusted off a call by the bank's governor, Zhou Xiaochuan, for the creation of a super-sovereign currency. In an essay in late March, Zhou caused a stir by suggesting that the Special Drawing Right, the IMF's unit of account, could eventually displace the dollar as the principal reserve currency. [ID:nPEK184558] Friday's report not only advocated a full role for the SDR but said the IMF should be entrusted with managing a portion of its member countries' foreign currency reserves.''

Full post as published by Mortgage Lender Implode-o-Meter on June 26, 2009 (boomark / email).

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