China paper urges new currency order after “financial tsunami”

BEIJING (Reuters) – Threatened by a “financial tsunami,” the world
must consider building a financial order no longer dependent on the
United States, a leading Chinese state newspaper said on Wednesday.

The commentary in the overseas edition of the People’s Daily said the collapse of Lehman Brothers Holdings Inc (LEH.P: Quote, Profile, Research, Stock Buzz) “may augur an even larger impending global ‘financial tsunami’.”

The People’s Daily is the official newspaper of China’s ruling
Communist Party, and the overseas edition is a smaller circulation
offshoot of the main paper.

Its pronouncements do not necessarily directly reflect leadership
views, but this commentary by a professor at Shanghai’s Tongji
University suggested considerable official alarm at the strains
buckling world financial markets.


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