Economy

Kouchner questions dollar dominance

By Ai Yang (China Daily)
Updated: 2010-04-30 09:01

Beijing - Visiting French Foreign Minister Bernard Kouchner on Thursday challenged the global dominance of the US dollar, saying the world needs at least two international currencies to balance its trade and monetary systems.

Even as the world is finding solutions to rebalance global trade and the monetary system, Kouchner said: "Now we need to find a new global currency to balance trade, it shouldn't be the American dollar alone; there should be at least two currencies running the international monetary system."

He made the point after delivering a speech at China Foreign Affairs University in Beijing. Kouchner also said that emerging powers such as China and India have helped change the previously US-dominated world order.

On Iran, he said the earlier three rounds of sanctions were "not enough". "I think we should continue (with new sanctions)," Kouchner said to a question by China Daily on France's stance on fresh sanctions against the Islamic nation. Kouchner also noted that penalty is not the most important thing in light of disagreements with China, Russia and other non permanent members of the UNSC. "But to reach a consensus among us is more important than sanctions itself."

Kouchner questions dollar dominance

Kouchner said the two nations had narrowed their differences, adding France was still "very keen" about Tibet, human rights in China, as well as the country's relation with the Islamic world.

Cultural encounter

The French First Family, Sarkozy and his wife Carla Bruni-Sarkozy, walked the centuries-old Great Wall and wandered the imperial Ming Tombs on a sightseeing stop on Thursday during their visit to China. On Wednesday, the couple made a stop in Xi'an to see the life-size terracotta warriors. "The trip arrangement matches the president's character. Sarkozy likes to keep a high profile and seek uniqueness and attention," said Ding Chun, a professor of European studies at Fudan University in Shanghai.

"China has become an indispensable player in world affairs, and Sarkozy understands that without this Asian partner it would be difficult to achieve success in lots of things such as the reform of the international monetary system, climate change and regional crisis management."

Zhou Hong, director of the Institute of European Studies at the Chinese Academy of Social Sciences said the itinerary of the tour also showed cultural respect to its host. "In my opinion, touring from the ancient Chinese city and sightseeing places of interests show that the French came bearing respect for our culture and history."

AP contributed to the story.