US Open To Single Global Currency

Guardian UK: Dollar regains ground after Timothy Geithner qualifies global currency remarks
IMF proposal for global reserve currency makes it on to world agenda

A new global reserve currency run by the International Monetary Fund to replace the dollar has made it on to the world agenda, after the US treasury secretary, Timothy Geithner, shocked the markets by saying Washington was open to the idea.

The dollar tumbled last night when Geithner said he was "quite open" to a Chinese suggestion that the world should move towards greater use of an IMF-created global currency basket of dollars, euros, sterling and yen.

China's suggestion came ahead of next week's G20 summit when world leaders gather in London to discuss the global economic crisis.

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