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Objective versus subjective view

(China Daily)
Updated: 2011-01-20 13:18

Before embarking on his state visit to the United States, President Hu Jintao gave an objective opinion on the US dollar's future role and the yuan's internationalization, says an article in Shanghai Morning Post. Excerpts:

Ever since the global financial crisis broke out, especially after Zhou Xiaochuan, president of People's Bank of China, gave a call in 2009 to establish a compound reserve currency to replace the US dollar, the international community, especially the US, has become very sensitive to Chinese leaders' views on the greenback.

But Hu Jintao's answer to a question on the dollar's future role and the yuan's globalization was objective and did not indicate any competition between the two currencies. He recognized the dollar as a historical product and said the pilot project of the yuan's internationalization was to "combat the financial crisis" with the aim of "promoting trade".

The US view on the issue, however, has been relatively subjective. Whenever the US government has faced domestic problems, it has found an imaginary culprit to put the blame on, and that "culprit" now is China.

It's time the US freed itself of all misunderstandings and China intensified its efforts to build a strong global image. Moreover, China has to boost its soft power and continue developing its economy.

China Daily