Meltdown 101: Will China global currency idea fly?

March 25, 2009 at 11:47 am

China’s central bank has called for the creation of a new global currency as an alternative to the dollar, in the latest sign of that country’s growing assertiveness on the international stage. But would the idea even work?

Economists said the proposal is feasible, at least in the long run, but faces a number of hurdles, such as getting private companies to accept it.

Two key U.S. economic policymakers appeared to dismiss the idea during a congressional hearing Tuesday. Treasury Secretary Timothy Geithner and Federal Reserve Chairman Ben Bernanke were asked by Rep. Michele Bachmann, R-Minn., if they would “categorically renounce the United States moving away from the dollar.” Both said they would (C. Rugaber, Washington Associated Press, 2/24/2009)

Here are some questions and answers about China’s proposal for a new global currency.

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Entry filed under: China, Global Business.

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