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At first we thought that it was rather unusual that the US Treasury Secretary, Geithner, would make a special trip to China. What were the reasons for his trip? The purpose of the mission became clear when Geithner announced that the dollar would remain as the world reserve currency. There had been a lot of scuttle but about replacing the dollar as the world reserve currency, but some of this has been put to rest with the support of Chinese backing.
As usual the Chinese remarks were guarded and a bit fuzzy. Guo Shuging, Chairman of China Construction Bank and former head of the country's foreign exchange administrator said: "In the short term, I don't think we can find another currency to replace the US dollar." He also said, "the US dollar is the main currency because their economy is number one in terms of competitiveness, in terms of innovation."
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