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Xie joins in calls for reform

CHINA'S Finance Minister Xie Xuren has called for a full-scale reform of the global financial system to diversify international currencies, improve regulation and give developing countries a bigger say in economic decisions.

The global financial crisis has exposed some pitfalls of the present financial system and underscored the urgency of an effective, full-scale overhaul, Xie said in a statement on his ministry's Website late on Wednesday.

He made the comment ahead of a Group of 20 summit to be held in London next week, when leaders from 19 developed and developing countries and the European Union will discuss solutions to overcome the downturn.

Measures should be taken to diversify the international currency system and coordinate different countries' monetary policies to keep the exchange rates of major currencies "relatively stable," said Xie.

His remarks came after central bank Governor Zhou Xiaochuan proposed creating an international reserve currency.

When the currency of one nation is used as the global reserve currency, there are constant conflicts between the single country's monetary policy goals and the needs of other countries, Zhou said in an article published on the Website of the People's Bank of China.

Xie said the reform should especially strengthen supervision over the economic policies and financial markets of countries whose currencies are the world's major reserve currencies.


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