- CNTV English - CCTV News

WB chief says no gold standard

11-11-2010 09:41 BJT

Watch Video

Play Video

World bank President Robert Zoellick has clarified previous reports, which suggested he was advocating a return to a gold standard for exchange rates. Let's hear what he had to say.

World Bank President Robert Zoellick says countries should look beyond exchange rates and focus on economic fundamentals.

Zoellick points out that confidence is low, and that's why gold has become a monetary asset that policymakers cannot ignore.

Robert Zoellick, World Bank President said "There's an elephant in the room, that I want to get people to at least recognise is there."

But the World Bank chief says he is not advocating a return to the gold standard, but pointing out the metal's link to global growth.

Robert Zoellick said "Sometimes the debate seems to take place in separate boxes, people talk about growth strategies, and then they discuss exchange rates and monetary systems. I'm trying to interconnect them. I believe, whether people acknowledge or recognize it, that we're moving to a Bretton Woods 3."

Zoellick says Bretton Woods 3 will include the dollar, yen, euro, sterling and eventually the reminbi, once the Chinese currency internationalises.

He adds gold's record run shows it's already being used as an alternative monetary asset within this evolving monetary asset.

The world bank chief adds agreement on economic fundamentals could also help ease ongoing currency tensions.

Editor:Xiong Qu |Source: CNTV.CN

Hot Videos view more

The celebrations are still continuing as the victorious coach, Joachim Loew, has been honored for his achievement in his hometown of Freiburg.
Germany coach Loew honored in hometown of Freiburg

Chinese men´s national team continued its preparations for next year´s Asian Cup, as they managed a one-all draw against visitors Jordan during a football friendly in Harbin, the capital city of Northeast China´s Heilongjiang Province.
China held to 1-1 draw by Jordan

The defending world champs came into the contest with a perfect 6-and-oh record, but they would be in for a tough first half before opening things up in the second.
USA beat Slovenia 119-76 in quarter-finals

Hot Stories more

UK authorities believe killer of James Foley is a British national

Across the UK the hunt is on for James Foley’s killer, who authorities believe is a British national. As Richard Bestic reports from London, Prime Minister David Cameron cut short his summer break to lead his government’s response.

Israeli war jets renews Gaza strike as truce talks stalled

Three Palestinians were killed and 40 others wounded in the intensive Israeli war jets´ airstrikes on the Gaza city on Tuesday night, shortly before an end of a 24-hour ceasefire in the Gaza Strip,

Missouri police arrest dozens after violent night

As the protests in the town of Ferguson, Missouri turned violent with police facing ´heavy gunfire´ from some ´criminal elements´, cops fired tear gas, stun grenades and arrested 31 demonstrators on Monday night.

Picture in news more

More Video News

Choose TV Program