IMF head eyes global currency change, presses on yuan

The imperative of greater global currency stability means the world can no longer rely, as it has done since the end of the gold standard, on a currency issued by a single country, the head of the IMF said on Tuesday. Dominique Strauss-Kahn, the managing director of the International Monetary Fund, restated his view that a new global currency might evolve out of the Special Drawing Right, the Fund's in-house unit of account. "That probably has to be a basket," Strauss-Kahn said of the eventual replacement for the dollar. "In a globalised world there is no domestic solution," he told a forum. Speaking later at a news conference, Strauss-Kahn reiterated the message that has been a constant refrain during his visit -- that China needs a stronger yuan as part of a package of policies to help rebalance its economy by promoting domestic demand.