China, the newly growing world economic power and Russia have suggested to world that there should be one single global currency all over the world. China, which have huge reserves in dollar, demanding for an alternative for dollar currencies.
As China has huge investment in dollar currency are very much concerned about the collapsed of dollar. China has $2 trillion foreign reserves. Russia also has same concerned.
Governor of the peoples bank of China has proposed investment in alternative currencies.
However, American president in his press conference said he didn't believe there is a need for a global currency.
"I would just point out that the dollar is extraordinarily strong right now. And the reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," Obama said.
US government spending trillion of dollar in financial sector to stabilize the US economy.
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