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China's yuan should play greater role in new int'l monetary system: Mundell


09:10, November 15, 2011

HANGZHOU, Nov. 14 (Xinhua) -- China's currency should play a greater role in a possible future international monetary system that could be developed after eliminating the "wild swings" of the U.S. dollar and euro, Robert Mundell said Monday.

"As the largest trading nation, the second largest national economy and the third largest currency area, China should have an influence in the international monetary system second only to the United States and Europe," the Nobel-laureate economist said in an interview with Xinhua.

Mundell said China could make the dollar-euro duet into a trio once its currency becomes convertible and China agrees to bring its balance of payments into equilibrium.

The Dollar-Euro-Yuan (DEY) economies, representing half the world economy, could then be the anchor for a much-needed world currency, which he calls the "INTOR."

Mundell believes the mainstream of the world economy originally represented by the dollar has split into two parts as a result of the rise in importance of the euro. With wild swings of the dollar-euro exchange rates, other countries - whether attached to the euro or dollar or floating independently - are facing greater difficulties.

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