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Saturday, July 4, 2009

India Joins Russia, China in Questioning U.S. Dollar Dominance

  • July 4 (Bloomberg) -- Suresh Tendulkar, an economic adviser to Indian Prime Minister Manmohan Singh, said he is urging the government to diversify its $264.6 billion foreign-exchange reserves and hold fewer dollars........

    tags: U.S. dollar, China, India, Russia

    • “The major part of Indian reserves is in dollars -- thatis something that’s a problem for us,” Tendulkar, chairman ofthe Prime Minister’s Economic Advisory Council, said in aninterview yesterday in Aix-en-Provence, France, where he wasattending an economic conference.
      • “There should be a system to maintain the stability of the major reserve currencies,” Former Chinese Vice Premier Zeng Peiyan said in a speech in Beijing yesterday, highlighting China’s concerns about a global financial system dominated by the dollar........ - post by radarpress

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