By Michael Bowman Washington 26 March 2009 U.S. officials say they foresee no change in the U.S. dollar's role as the world's primary reserve currency. The statements come in response to calls from China for the establishment of an international reserve currency that is not tied to any one country. International concerns appear to be mounting over America's skyrocketing national debt and the inflation it could spark, but so far there is no international consensus on what, if any, currency or monetary regime should replace the dollar. Earlier this week, days before the G-20 financial summit in London, China's central bank chief called for a new international reserve currency. Asked to comment Wednesday, U.S. Treasury Secretary Timothy Geithner first said he was "open" to the idea. Moments later, he sought to clarify his remarks. "I think the dollar remains the world's dominant reserve currency," said Geithner. "I think that is likely to continue for a long period of time. And, as a country, we will do what is necessary to make sure we are sustaining confidence in our financial markets and in the productive capacity of this economy and in our long term fundamentals." Geithner's comments mirrored those of President Barack Obama, who was asked about the impact of his economic proposals on the value of the dollar at his news conference on Tuesday. "The dollar is extraordinarily strong right now," President Obama said. "And the reason the dollar is strong right now is because investors consider the United States [to be] the strongest economy in the world with the most stable political system in the world." International unease about the U.S. dollar stems from the fact that China and other nations are holding large and growing amounts of American debt, according to economist James Dorn of the Cato Institute. Dorn says, as the largest financier of U.S. deficit spending, China has particular cause for concern. "This is the first time they have really revealed their concerns about the size of the debt that they are holding and the future of the dollar," he said. "They are very worried about it, and I am sure the Japanese and other holders of the debt are worried, as well." Dorn says America's massive indebtedness, combined with a sharp boost in U.S. government spending, could ultimately spark inflation, which would erode the dollar's value. That erosion would diminish the value of U.S. debt held abroad. "The U.S. government would be paying China back with cheaper dollars, depreciated dollars," he said. Dorn says the U.S. dollar's dominance as a global reserve currency has made it easier for the United States to finance its debt without resorting to painful options like printing money or ratcheting up interest rates. That would change if China and other nations stopped financing U.S. debt or dumped their dollar holdings in favor of another reserve currency. But economist Desmond Lachman of the American Enterprise Institute says such a course of action would be costly for China, as well. "Once you have that large an amount of dollar holdings, you also have a stake in the dollar maintaining its value," he said. "So, were China to undermine the value of the dollar by making pronouncements or begin selling currency, they would be jeopardizing the other international reserves they are holding in the form of U.S. dollars." In addition, Lachman says, as a major exporter, China has no interest in destabilizing the international financial system at a time of great upheaval and global economic weakness. Nevertheless, Lachman says China's statements on replacing the dollar as the world's primary reserve currency will find a receptive audience among other nations, like Russia, that seek to challenge America's overall position as a global superpower. 美高官预计美元国际货币地位不变 美国官员说，他们预计美元的国际储备货币地位不会改变。这个声明是对中国银行官员呼吁建立一种超主权国际储备货币做出的回应。尽管国际社会对美国国债激增以及通胀预期的关注日益增加，但迄今为止，国际间尚未就是否应该取代美元的储备货币地位，或者由哪种货币取而代之达成共识。 *强势储备货币* 在伦敦20国集团峰会即将召开之际，中国银行行长周小川呼吁建立一种新的国际储备货币。星期三，美国财长盖特纳在被问及此事的时候说，他对这个建议持“开放“”态度。稍后，他对此做出说明： “我想美元仍然是世界的强势储备货币。我想这很可能会持续很长一段时间。作为一个国家，我们将竭尽全力维持对金融市场、生产力、以及经济长期基本面的信心。“” *投资者看好美国* 盖特纳实际上重申了奥巴马总统最近的表态。在星期二的记者会上，奥巴马被问到美国政府的经济复苏计划可能对美元产生的影响。他说： “美元目前仍然强劲。其中的原因是美国以外的投资者认为美国是世界上最强劲的经济体，美国的政治制度是世界上最稳定的。“” *多恩：中方之忧有理* 国际社会对美元的忧虑主要来自于中国和其它国家持有大量不断增多的美国债券。卡托研究所的经济学家詹姆斯·多恩说，作为美国赤字开支的最大债权方，中国格外有理由感到担心。 多恩：“这是中国第一次真正表达了他们对持有的美元债务以及对美元前途的担心。他们非常担心。我相信日本以及其它主要债权国也都非常担心。“” 多恩说，美国的巨额债务以及政府开支的大幅增加可能最终引发通货膨胀。这将削弱美元，导致债权国的美元资产缩水。 多恩：“美国政府将用更廉价的贬值美元来支付中国。“” 多恩说，美元作为储备货币的主导地位使美国得以避免使用增印钞票和提升利率等痛苦手段来偿付债务。 *拉赫曼：维护美元 对华有利* 但如果中国和其它债权国停止购买美国国债或者抛售美元，选择另外一种储备货币的话，美国的优势将被改变。不过，美国企业研究所的经济学家戴斯蒙德·拉赫曼说，这种局面对于中国来说也是很昂贵的。 “当你持有的美元资产如此之大的时候，美元保值也符合你的利益。所以，中国难道会唱衰美元或者开始抛售美元吗?这样做将使他们以美元形式持有的其它国际储备陷入危险。“” 此外，拉赫曼还表示，作为主要出口国，中国在全球经济混乱和疲软的时候打破国际金融系统的稳定并不符合其自身利益。 不过，拉赫曼说，中国关于取代美元主要储备货币地位的说法会在俄罗斯等其它国家找到听众，因为俄罗斯正在伺机挑战美国的全球超级大国地位。