Earlier this month, China and Brazil were at the center of a story
to develop a new global reserve currency as an alternative to the U.S. dollar. The Chinese have backed off somewhat and made efforts to clarify their position since the Financial Times and others focused some light on the story.
Now Governor Sultan Nasser al-Suweidi, of the United Arab Emirates Central Bank, has taken a position in direct opposition to the Chinese. He told Reuters at a finance conference in Marrakech, "We are not diversifying our foreign currency reserves. We are sticking to the dollar." More