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article imageIMF says U.S. Dollar will remain as global reserve currency

By Andrew Moran     Jan 13, 2010 in Business
The International Monetary Fund stated on Wednesday that the United States Dollar will remain as the global reserve currency despite rumors that the Euro or the Chinese Yuan will take its place.
In summer of 2009, speculations ran rapid that the Euro or the Chinese Yuan will take the place of the US Dollar as the global reserve currency but Managing Director of the International Monetary Fund Dominique Strauss-Kahn told the Hong Kong Trade Development Council on Wednesday that the US Dollar will remain as the global currency, according to AFP. Strauss-Kahn also urged China to increase the value of its currency because many critics have said they are artificially lowering the the value.
“The US currency is going to remain the main currency in my opinion for a long period of time, even if it's challenged by some others. Our view is not one of a double-dip. It doesn't mean the probability is zero or that it cannot happen, but it's not our preferred scenario and I don't believe that will be the case.”
However, he did add that the pace of the economic recovery has been rather sluggish.
Strauss-Kahn expects the Asian nations to play a big part in the global financial recovery because he feels that once you have Asian nations become a big player then there is more of a responsibility to make sure "the whole system is working.”
The Managing Director of the IMF, reports Press TV, is due to make an important speech at the Asian Financial Forum next week.
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