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26 Mar, 2009 13:51

World needs more reserve currencies – expert

Now the U.S. economy is not the dominant one as it has been in the past. Therefore, Roger Munnings, from accounting giant KPMG believes there is a need for more reserve currencies around the world to provide stability.

On Tuesday, China's Central Bank called for a new global currency to be run by the International Monetary Fund instead of the U.S. dollar.

Russia is supporting the proposal, saying that the World Bank needs to be reformed and no country should depend on the U.S. Federal Reserve.

Barack Obama has rejected the idea, saying that the dollar is “extraordinarily strong” now.