15 June 2009

Reserve Currency Status to Remain for US Dollar

The US dollar rose against 15 of the 16 world major currencies on announcement that its status as the world's reserve currency would not change.

China and Russia had been keen to see another currency considered as the world benchmark but this will no longer be discussed at a summit this week of emerging nations in Russia.

Brazil, India, China and Russia will meet this week in Russia to discuss financial policies and how to prevent further economic disaster by focusing on regulations of financial institutions.

The euro was down today as it has been shown that in Germany growth is at its lowest since records began in 1970. Exports are down as is foreign investment, and as the largest economy in the Eurozone it will certainly come as a blow.

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