17 Jan 2011

US dollar-based system 'a product of the past'

10:31 am on 17 January 2011

Ahead of a visit to Washington, Chinese president Hu Jintao has said the international currency system dominated by the US dollar is a product of the past.

In an interview with US newspapers, Mr Hu said China is taking steps to make its own currency, the yuan, an international one, although this would be a fairly long process.

Mr Hu disagreed with suggestions that letting the yuan appreciate in value would help China to combat inflation.