No one talking about dumping dollar: China minister

China, the world’s largest holder of official foreign exchange reserves, has no intention of abandoning the U.S. dollar, Vice Foreign Minister He Yafei said on Tuesday.

He was speaking at a news briefing on President Hu Jintao’s forthcoming trip to Russia, where he will attend an inaugural summit of the BRIC countries — Brazil, Russia, India and China — in Yekaterinburg on June 16.

Russian President Dmitry Medvedev and others have said the meeting would discuss the search for alternatives to the dollar as the world’s principal reserve currency.

But, asked about the issue, He said: “Nobody is talking about dumping the dollar. I don’t think this is realistic.”

Chinese central bank governor Zhou Xiaochuan caused a stir in late March by proposing that the Special Drawing Right, the International Monetary Fund’s unit of account, could eventually replace the dollar.

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