The Group of Eight summit will take place in Italy next week and will potentially debate proposals for a new global reserve currency due to China's demands. The group will meet on July 9 to discuss the financial crisis, trade and climate change. Also, for the first time the G8 will produce a joint G14 statement.

Any country can raise issues they see fit at the meeting and this particular debate centres on a few proposals by emerging powers. They believe that an alternative should be found to the US dollar as the global reserve currency. The new reserve will reflect the shifting balance of power in the global economy.

China's yuan is currently exchanging at GBP0.0886 and EUR0.1031.

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