Foreign ministry officials say China has no intention of abandoning the dollar

According to foreign media reports, China's deputy foreign minister, he Yafei, said in Tuesday that China, with the world's largest official foreign exchange reserves, had no intention of abandoning the dollar, and that the idea of a supranational currency was being explored at an academic level. He yafei the remarks at a press conference on Chinese President Hu Jintao's visit to Russia. Hu Jintao will attend the SCO conference in June 14-18th and meet with leaders of the BRICS countries (Brazil, Russia, India and China).　　Previous officials said the meeting would explore the search for a major reserve currency other than the dollar. He Yafei pointed out that the reform of the international monetary system should be the starting point: to protect the assets of foreign exchange reserves, stabilize the system to promote the stable development of the economy.　　China advocates the improvement of the international monetary system, advocates the sound distribution and regulation mechanism of reserve currency, and argues that the exchange rate of major reserve currencies should be relatively stable in order to promote the diversification and rationalization of the international monetary system. Zhou Xiaochuan, the governor of the People's Bank of China, had said that the International Monetary Fund's special drawing rights would eventually replace the dollar's position. But when asked about the issue, he said China's idea of a supranational currency is now being discussed at an academic level. "No one is talking about abandoning the dollar.　　"he said. "To support the healthy development of the global economy, we must have a good and orderly international monetary system."　　"He said that the global financial crisis originated from Wall Street, its impact is not unexpected, has not yet bottomed out, the impact on the global economy is still spreading, countries are thinking about how to further reform and improve the existing international monetary system." On the issue of internationalisation of the renminbi, he said that China's currency swap agreements with a number of countries were a contribution to the international financial crisis. Although China has so far signed an agreement to deal with the swap line has reached 650 billion yuan, but this does not mean that the renminbi has become the international reserve currency.