In These New Times

A new paradigm for a post-imperial world

SCO able to offer new global reserve currency

Posted by seumasach on June 16, 2011

People’s Daily

16th June, 2011

The Shanghai Cooperation Organization (SCO) is capable of offering the world a new reserve currency, Kazakh President Nursultan Nazarbayev said Wednesday.

 

Noting that defects in the global monetary and financial architecture have not yet been remedied, Nazarbayev speaking at a summit of SCO leaders, said that a healthy supranational currency is needed and should desirably be secured by gold.

 

“The SCO is capable of doing this,” he said, “The swap operations that we have started is the first step. This is necessary for equal cooperation within the SCO.”

 

The two-day SCO summit ended Wednesday with a communique pledging enhanced regional security, economic and cultural cooperation.

 

Founded on June 15, 2001, the SCO groups China, Russia, Kazakhstan, Kyrgyzstan, Tajikistan and Uzbekistan. Observer countries include Mongolia, Pakistan, Iran and India while Belarus and Sri Lanka are dialogue partners.

 

The next SCO summit will be held in 2012 in China.

 

Source:Xinhua

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

 
%d bloggers like this: