The imperative of greater global currency stability means the world can no longer rely on a currency issued by a single country, the head of the IMF said yesterday.

Dominique Strauss-Kahn, managing director of the International Monetary Fund, restated his view that a new global currency might evolve out of the Special Drawing Right, the Fund’s in-house unit of account.

“That probably has to be a basket,” he said of the eventual replacement for the dollar.

“In a globalised world there is no domestic solution.”

Strauss-Kahn also reiterated that China needs a stronger yuan as part of a package of policies to help rebalance its economy by promoting domestic demand.

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