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China could help restore int'l monetary system: Mundell


08:55, November 15, 2012

HONG KONG, Nov. 14 (Xinhua) -- Robert Mundell, known as the "Father of euro", said in Hong Kong on Wednesday that China could help restore international monetary system, and the stabilization of the dollar-euro exchange rate would help China avoid large problems.

Sharing his views on "Risk Factors in the World Economy and the Exchange Rate System" at the Hong Kong Polytechnic University (PolyU)'s 75th Anniversary Conference, Mundell said there are several problems of the present international monetary system, such as no universal unit of account, no international anchor for currency stabilization, wild swings of major exchange rates and wild swings of raw material prices.

He said these problems are all related to structural changes in the international monetary system: 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.

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