On Monday, China Confidential reported that the Obama administration is receptive to China's call for the creation of a new international reserve currency--an end to dollar dominance. Scroll for the story ("The Death of the Dollar?").
This morning, Treasury Secretary Timothy Geithner said China’s suggestion “deserves some consideration."
The dollar plunged in trading but rebounded after Geithner affirmed its importance in remarks before the Council on Foreign Relations. Click here for the TImes' story.
POSTSCRIPT: China Confidential has learned that billionaire investor George Soros was involved in arranging for Geithner to address the CFR.