COMMENT & ANALYSIS
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By Martin Wolf
Published: January 25 2011 22:50 | Last updated: January 25 2011 22:50
"The current international currency system is the product of the past." Thus did Hu Jintao, China's president, raise doubts about the role of the US dollar in the global monetary system on the eve of last week's state visit to Washington. Moreover, he added, "the monetary policy of the United States has a major impact on global liquidity and capital flows and therefore, the liquidity of the US dollar should be kept at a reasonable and stable level." He is right on both points.
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