Chinese official says no aim to supplant dollar

You can't supplant the dollar unless you SPEND your yuan dude.

November 20, 2010, 2.14 pm (Singapore time)

Chinese official says no aim to supplant dollar WASHINGTON - A senior Chinese official says his nation harbours no aspirations that its currency will someday replace the US dollar as the world's reserve currency. But Zha Peixin, vice chairman of the National People's Congress of China's foreign affairs committee, said on Friday that China is determined to change how exchange rates are maintained so that they 'better reflect the supply and demand of the market'. Mr Zha told reporters while fielding questions at the Chinese Embassy that Beijing is wary of rapid fluctuations in the value of its Chinese yuan, or renminbi as it is also known, that could discourage entrepreneurs. He said the 'goal is to keep the exchange rate relatively stable'. The US accuses China of undervaluing its currency, something Beijing denies. -- AP