Reuters first with G8 proposal to replace dollar

The euro jumped half a cent against the dollar in the five minutes after Reuters reported on July 3 that China had proposed a debate at the G8 summit in Italy on a new global reserve currency to replace the dollar. Reuters confirmed with G8 sources that China had made the request during preparatory talks about a joint policy statement to be issued on the second day of the summit on July 9, when the G8 meets with the G5 (Brazil, India, China, Mexico and South Africa) and Egypt. The request underscored that China and other BRIC (Brazil, Russia, India, China) countries want to keep the issue at the center of discussions on a new, post-crisis global financial order.