China launched its highest- profile criticism of the dominant role of the US dollar as a global reserve currency yesterday at a meeting of the world's biggest economies.
Dai Bingguo, Chinese state councillor, raised the issue when he joined the leaders of four other emerging economies for talks with the leaders of the G8 industrialised nations – including US President Barack Obama – in the earthquake- damaged Italian town of L'Aquila.
The remarks, which came in front of Mr Obama, caused concern among western leaders, some of whom fear that even discussion of long-term currency issues could unsettle markets and undercut economic recovery.
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