U.N. panel says world should ditch dollar

Wed Mar 18, 2009 11:16am EDT LUXEMBOURG (Reuters) -
A U.N. panel will next week recommend that the world ditch the dollar as its reserve currency in favor of a shared basket of currencies, a member of the panel said on Wednesday, adding to pressure on the dollar.

Russia is also planning to propose the creation of a new reserve currency, to be issued by international financial institutions, at the April G20 meeting, according to the text of its proposals published on Monday.

Currency specialist Avinash Persaud, a member of the UN panel of experts, has long argued that the dollar would give way to the Chinese yuan as a global reserve currency within decades.

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