Top finance representatives from the Group of Seven rich nations meeting in Istanbul on Saturday are expected to address the weak dollar. Speaking on Friday, French Finance Minister Christine Lagarde (photo) stressed the need for a strong dollar.
The International Monetary Fund (IMF) welcomes the "important progress" made by China in recent years in liberalising its currency, though many believe the yuan is still undervalued.
Venezuelan President Hugo Chavez has announced that an alliance of Latin American Countries (ALBA) will launch a regional electronic currency - the Sucre - that is expected to begin circulation by 2010.
Argentina is to propose to the Latin American Integration Association the idea of ditching the dollar in Latin American trade. It would be an extension of an existing treaty between Argentina and Brazil.
Joaquin Almunia, European Union Economic and Monetary Policy Affairs Commissioner, believes Britain is very likely to join the euro currency. A majority of Britons, 71 percent, are against their country joining the euro.
Britain's pound dropped 23 percent against the euro last year - its biggest decline since the euro was introduced - but still has no plans to join the euro currency. The fall is good news at least for tourists spending money in UK.
According to the Financial Times, US financier Bernard Madoff, accused of massive fraud, transferred 100 million pounds from his London-based firm to his US company just weeks before his arrest, based on fears about sterling's value.
By late afternoon trading on Tuesday the euro was trading at 1.02 against the British pound with parity expected within days, according to currency experts. The dollar was trading at 1.4108 against the euro.
The Russian central bank has allowed the twelfth effective devaluation of the ruble in two months. The currency has been under strong downward pressure since the start of the global financial crisis because of the plunge in oil prices.
