Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a „product of the past“ and highlighted moves to turn the yuan into a global currency…
Mr. Hu reiterated China‘s belief that the crisis reflected „the absence of regulation in financial innovation“ and the failure of international financial institutions „to fully reflect the changing status of developing countries in the world economy and finance.“ He called for an international financial system that is more „fair, just, inclusive and well-managed.“