China’s Vice Foreign Minister He Yafel says China has no intention of abandoning the dollar.
Speaking at a news briefing on President Hu Jintao’s forthcoming trip to Russia, where he will attend an inaugural summit of the BRIC countries, He Yafel said that the idea of a super-sovereign currency is being discussed by acedemics, but “nobody is talking about dumping the dollar.”
The USD has garnered some improvement from the comments, EUR/USD presently at 1.3900 having earlier posted a 1.3963 session high.