"The reason the dollar is strong right now is because investors consider the United States the strongest economy in the world with the most stable political system in the world," he noted.

He also said there is no need for a new global currency as an alternative to the dollar. "I don't believe that there's a need for global currency," said Obama.

In an article posted on the website of the People's Bank of China on Monday, the bank's Governor Zhou Xiaochuan proposed to create a super-sovereign reserve currency as part of reform in the international monetary system.

The desirable goal of the international monetary system is to "create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies," Zhou said.

The Special Drawing Right (SDR) of the International Monetary Fund (IMF) has the potential to act as a super-sovereign reserve currency, said the Chinese central bank chief, admitting the creation of a new reserve currency is a long-term goal that requires foresight and courage from state leaders of various countries.

(Xinhua News Agency March 25, 2009)