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Way toward new global currency
(China Daily)
Updated: 2009-07-07 07:45 Way toward new global currency Comments on "China Won't Press for New Global Currency at G8" It is not in China's interest to push too hard or quickly for a change from the dollar as a global reserve currency. To do so would result in the devaluation of China's huge dollar holdings.But, this economic crisis, largely caused by the US, is a wake-up call - China must never again depend solely on one currency in the future. The US, of course, is not interested in such an action. Some of the other G8 nations, being members of NATO, will support the US in not raising the issue. But, some nations, being members of the EU also, will want some degree of decoupling from the US dollar and promotion of the euro. So China, in conjunction with countries like Russia, India, Brazil, Venezuela and other like-minded nations, especially those from Africa, must move gently but inexorably toward a new, super-sovereign currency for foreign exchange reserves. This will take many years, but must start now. When many countries follow China for establishing a de facto super-sovereign currency, the US and other G8 nations will have to fall in line. China has the economic clout now to take the initiative. Tony TT On China Daily website Rich should donate to universities Comments on "Xiyi visit inspires call for private education push" Your reporting on Xiyi, a private university, shows non-State-run schools can improve Chinese higher education. Independent universities have not only a fresh mode of management but also a different method for funding. Non-government supported universities in the United States such as Harvard mainly rely on donations from alumni and other individuals. For example the Harvard endowment stood at $36.9 billion in early 2008 and funded 35% of the university's operating budget. For scholastic charity to flourish in China, there must be good non-profit, non-State-run universities worthy of receiving donations. I hope rich people in China will be generous enough to begin the charitable tradition to donate to universities. Like John Harvard, their names will be immortalized, and will last for centuries more. Kai Xue Beijing Readers' comments are welcome. Please send mail to Letters to the Editor, China Daily, 15 Huixin Dongjie, Chaoyang District, Beijing, 100029 China. Send faxes to (86-10) 6491-8377. Send e-mail to opinion@chinadaily.com.cn or letters@chinadaily.com.cn or to the individual columnists. China Daily reserves the right to edit all letters. Thank you. (China Daily 07/07/2009 page9) |
