China: US dollar remains global currency

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China says the United States has a responsibility to maintain the stability of the US dollar. Vice Foreign Minister He Yafei made the remarks in Rome and says China doesn't plan to raise a proposal for a new global currency at the G8 summit in Italy.

China says the United States has a responsibility  to maintain the stability of the US dollar. Vice  Foreign Minister He Yafei made the remarks in Rome  and says China doesn't plan to raise a proposal for  a new global currency at the G8 summit in Italy.

The supremacy of U.S. dollar is under pressure. There are increasing calls for the creation of a new reserve currency to replace the US dollar since the outbreak of the global financial crisis. Many believe the dollar's major challenge comes from China.

Recently, China unveiled regulations for a pilot scheme for cross-border trade to be settled in the Renminbi. It is considered a key step in the Chinese currency's bid to go global.

Speaking at a briefing for reporters ahead of the G8 summit, the Vice Foreign Minister says he doesn't believe there's an imminent change to dollar's global role.

He Yafei, vice Foreign Minister, said, "The US dollar is still the most important and major reserve currency of the day."

He Yafei says many countries had called for the stability of the U.S. dollar, so it's natural for China to be concern about the safety of its assets in the United States.

But he says creation of supranational reserve currency has been discussed among academic circles.

The Vice Foreign Minister also stressed that establishing such a currency is not the position of the Chinese government.