Source: Xinhua

03-26-2009 17:36

Special Report:   Global Financial Crisis
Special Report:   G20 Summit in London

China's Finance Minister Xie Xuren urged Wednesday for a full-scale reform of the global financial system to diversify international currencies, improve regulation and give developing countries a bigger say in economic decisions.

The global financial crisis has exposed some pitfalls of the present financial system and underscored the urgency of an effective, full-scale overhaul, Xie said in a statement on the Ministry of Finance Web site late on Wednesday.

He made the comment ahead of a Group of 20 (G20) summit to be held in London next week, when leaders form 19 developed and developing countries and the European Union will discuss the solutions to the downturn.

Measures should be taken to diversify the international currency system and coordinate different countries' monetary policies to keep the exchange rates of major currencies "relatively stable," said Xie.

His remarks came after the central bank governor Zhou Xiaochuan's proposal of creating an international reserve currency.