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Medvedev calls for new reserve currency

(Agencies)
Updated: 2009-06-16 15:23

MOSCOW - Russian President Dmitry Medvedev says the world needs new reserve currencies besides dollar.

Medvedev told a regional summit Tuesday that the creation of new reserve currencies in addition to the dollar is needed to stabilize global finances.

Medvedev has made the proposal before. It reflects both the Kremlin's push for greater international clout and a concern shared by other countries that soaring U.S. budget deficits could spur inflation and weaken the dollar.

Airing it at a summit meeting underlined the challenge to U.S. clout.

Medvedev spoke at a summit of the Shanghai Cooperation Organization, which includes China and four Central Asian nations.

Later Tuesday he hosts a summit of the BRIC group of leading emerging economies — Brazil, Russia, India and China.

 

SCO Member States

	Kazakhstan
	China
	Kyrgyzstan
	Russia
	Tajikistan
	Uzbekistan

SCO Observer States

	India
	Iran
	Mongolia
	Pakistan

BRICs

	Brazil
	Russia
	India
	China

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• Shanghai Cooperation Organization
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• Hu at G20 and APEC