Beijing calls on US to stop dollar's fall (Role reversal)

On edit - oops, meant to post this in LBN.


http://www.taipeitimes.com/News/biz/archives/2004/11/21/2003211989

China turned the tables on the US Friday, urging Washington to stop the slide of the dollar and restore equilibrium to global currency markets.

"As a major country having ownership to the most important currency in the global economy, I think the United States has the responsibility, as much responsibility as do the others, to act, to take the necessary actions to restore equilibrium in the currency market," Wang Xiaolong, a senior foreign ministry official in charge of economic affairs said.

"It is only wise, given the weight of the US economy in the world markets, it is only wise that they would take into account the concerns of others, as well as the world economy as a whole."

snip>

Wang refused to specify when and if China would take measures to loosen the peg, but strongly indicated that Beijing would closely watch the slide of the dollar before making any moves.

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