July 8, 2009

[efoods]The U.S. dollar is in the line of fire as leaders from the largest developed and developing countries gather in Italy for talks, as China pushes for debate on an eventual shift to a new global reserve currency.

Sources have said the dollar’s role probably will not be included in the final communique of a G8 meeting. Even if it does rate a mention, the language used would likely be extremely general to avoid destabilizing financial markets.

Still, the symbolic importance would be immense, as it would underscore the determination of emerging economies, who will also be present in Italy for the talks, to win greater say in the global financial system and, over time, to reduce their dependence on the U.S. currency.

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