China Says “Banish” US DollarOctober 26th, 2008 The official newspaper of China’s ruling Communist Party, The People’s Daily, has blast US economic policy and has called on world governments to “banish” the dollar and seek alternative currencies.
“The grim reality has led people, amidst the panic, to realize that the United States has used the U.S. dollar’s hegemony to plunder the world’s wealth,” wrote Shi Jianxun, a professor at Shanghai’s Tongji University, in a commentary that ran on the front page of China’s largest newspaper Friday. Jizanxun then suggested that trade between Europe and Asia be done in euros, pounds, yen and yuan.
While the front-page commentary on the official newspaper of the Chinese Communisty Party does not necessarily directly voice leadership views, it does add to an increasing disdain among Chinese leadership for Washington’s economic policies and global financial dominance in the wake of the credit crisis.
