"China's stellar growth could help pull the world out of its current economic slump, World Bank President Robert Zoellick said Monday, while hailing the yuan's progress toward becoming a global reserve currency. With Chinese growth in the first quarter of 2009 exceeding most expectations, Zoellick said China could act as a catalyst for a global economic resurgence...." [Dow Jones/Factiva]
AFP adds that "... 'Any forecast in this environment is hazardous, but I think China is likely to surprise on the upside,' the former US trade envoy said....'By and large (China's growth) has not only been a stabilizing force, but a force that will pull the system (out of the downturn).' China's meteoric rise as a global economic player has boosted world trade in manufactured goods and provided western companies with an enormous new market for their products and services...." [Agence France Presse/Factiva]
Reuters adds that "...when asked in a question-and-answer session whether China might decrease its purchases of US treasuries, Zoellick warned against any abrupt, unilateral moves that could worsen an already fragile global financial situation. 'Over time, I think I could see China moving further in diversification of its reserves, but one has to recall that China has been very sensitive about maintaining its exchange rate versus the dollar and you can't do that unless you're buying dollars, and if you're buying dollars you're going to be holding dollar securities,' Zoellick said at [the International Economic Forum of the Americas] in Montreal...." [Reuters/Factiva]
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