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China wants diversified global monetary system: govt
Beijing (AFP) July 2, 2009 China said Thursday it wanted a broader global monetary system days before President Hu Jintao was set to leave for the G8 summit, during which the issue of a new reserve currency could be raised. "We hope that in the future the international monetary system will be diversified," vice foreign minister He Yafei told reporters in a briefing about Hu's trip to the Group of Eight meeting in Italy from July 8 to 10. "If this issue (of a new global reserve currency) is raised by leaders during the meeting, it is nothing strange, it is natural." "We are all discussing how to respond to the financial crisis... this issue is under that framework." China made waves in March when it called for ditching the US dollar as the international reserve currency to stabilise the world monetary climate -- a suggestion that the International Monetary Fund later said was legitimate. Hu will travel to Italy on July 5 for a state visit, joined by more than 200 business people, and will then go on to L'Aquila for the summit of G8 nations, which includes Britain, Canada, France, Germany, Italy, Japan, Russia and the United States. Hu will also meet the leaders of Brazil, Mexico, South Africa and India as part of the G5 -- a group of five key emerging nations including China -- as well as Egypt. The talks will revolve around the financial crisis, climate change, energy and food security, and international trade and development, according to He. Hu will also meet individually with some leaders, including US President Barack Obama, before leaving for a two-day state visit to Portugal. Share This Article With Planet Earth
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China luxury hotels hit by downturn, swine flu: reportBeijing (AFP) June 29, 2009 Luxury hotels in Beijing have been forced to lay off staff and cut costs as the number of guests has plummeted due to the economic crisis and the swine flu outbreak, state media said Monday. The average occupancy rate at the capital's star-rated hotels was 44.5 percent during the first quarter of the year, down from 54.6 percent in the same period a year ago, the China Daily said, citing ... read more |
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