Mobile & VoIP

From: Russia Today China calls for new global reserve currency Published: 06 August, 2011, 08:39 Edited: 06 August, 2011, 21:21 rt.com China, the US’s biggest creditor, reacted to the downgrade of America’s credit rating by saying it showed that US should “cure its addiction to debts” and called for a new stable global reserve currency instead of the dollar. “The US government has to come to terms with the painful fact that the good old days when it could just borrow its way out of messes of its own making are finally gone,” China’s official Xinhua news agency declared in a commentary. The Standard & Poor’s credit agency cut the US long-term rating from AAA to AA+ on Friday over concerns about the nation’s climbing debt and budget deficit problems. “China has every right now to demand the US address its structural debt problems and ensure the safety of China’s dollar assets,” Xinhua news agency stated. China is now calling for a new stable global reserve currency. “International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country,” Xinhua wrote. Concerns are also rising in Asia’s third-largest economy, India, where the Finance Minister called the situation “grave.” “We will have to analyze [the downgrade]. It will require some time,” Finance Minister Pranab Mukherjee told reporters in New Delhi. It comes as Indian shares hit a 13-month …

Video Rating: 5 / 5