India said to question dollar's status

India said to question dollar's international status , MarketWatch NEW YORK (MarketWatch) -- A senior official in the Indian government has joined the growing chorus questioning the U.S. dollar's unofficial position as global reserve currency, according a report published Saturday. Suresh Tendulkar, chairman of the Prime Minister's Economic Advisory Council, said he's urging India to diversify its foreign-exchange reserves and hold fewer dollars, according to Bloomberg News. Tendulkar said the fact that India holds so much of its reserves in dollars "is a problem for us," reported Bloomberg. Tendulkar's comments come one week after the People's Bank of China's annual financial stability report repeated an earlier call by central bank chief Zhou Xiaochuan for the development of a new super-sovereign currency that would largely... [read full story]                    

powered by