Money

Reserve currency status has long-term costs: PBOC chief

(Agencies)
Updated: 2011-04-01 15:09

BEIJING - Issuing a global reserve currency gives countries some benefits in the short term, but this special status may harm their long-term economic development, China's central bank chief said in a statement on Friday.

Zhou Xiaochuan, governor of the People's Bank of China (PBOC), said that the priority in reforming the international monetary system was to ensure it was stable, benefiting all sides.

The statement was posted on the central bank's website following the conclusion of meeting of the Group of 20 leading economies on Thursday, where countries edged toward a consensus about according China's yuan greater international profile.