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UN Calls for the Creation of Global Reserve Currency(Bloomberg) -- The dollars role in international trade should be reduced by establishing a new currency to protect emerging markets from the confidence game of financial speculation, the United Nations said. UN countries should agree on the creation of a global reserve bank to issue the currency and to monitor the national exchange rates of its members, the Geneva-based UN Conference on Trade and Development said www.bloomberg.com *********************************************************** The following is a summary of the main economic events from the Asia-Pacific and European sessions: *UN Trade and Development Agency proposes setting-up a new world reserve currency based on a basket of global FX mediums.. *Former Feds Greenspan tells audience in Mumbai, India, that US banks need to hold higher capital ratios than they do currently to offset any future crises. *Gold breaks above the $1000-per-ounce mark for the first time since late February 2009. *Chinese Finance Ministry says it will sell CNY 6.0 billion in government bonds; they will be issued in Hong Kong on September 28. *PBOC Vice Governor Su tells audience at a finance conference that the central bank will continue providing appropriately loose monetary policy. *UK Chancellor Darling tells audience in Cardiff, Wales, that while the government will not back away from cutting public spending, it will properly signal the move to market agents. *Expansion interview: ECBs Gonzalez-Paramo says markets could be ... | ||||
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