Dollar Hits New Lows for '09

The dollar fell to new lows yesterday after a weekend of G-20 meetings and a surprising report out of the United Nations Conference on Trade and Development.

In a radical report, the UN Conference on Trade and Development (UNCTAD) has said the system of currencies and capital rules which binds the world economy is not working properly, and was largely responsible for the financial and economic crises.

It added that the present system, under which the dollar acts as the world's reserve currency , should be subject to a wholesale reconsideration.

Although a number of countries, including China and Russia, have suggested replacing the dollar as the world's reserve currency, the UNCTAD report is the first time a major multinational institution has posited such a suggestion.

Source: China View

This report has put significant pressure on the greenback and has helped propel gold over $1,000.