March 25, 2009 / 2:17 PM / 8 years ago

CORRECTED-Geithner says 'quite open' to China's SDR proposal

(Corrects full name of SDR to Special Drawing Rights from Strategic Drawing Rights)

NEW YORK, March 25 (Reuters) - U.S. Treasury Secretary Timothy Geithner said Wednesday he is "quite open" to China's suggestion of moving toward a currency system linked to the International Monetary Fund's Special Drawing Rights.

Zhou Xiaochuan, China's central bank governor, earlier this month said the world should consider the SDR, a basket of dollars, euros, sterling and yen, as a super-sovereign reserve currency.

Geithner said he hadn't read Zhou's proposal but added, "as I understand it, it's a proposal designed to increase the use of the IMF's Special Drawing Rights. I am actually quite open to that suggestion."

However, he said it should be viewed as an "evolutionary building on the current architecture rather than moving us to a global monetary union."

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