By IANS,
New Delhi : Despite concerns over the falling US dollar, Australian Prime Minister Kevin Rudd Thursday said his country would continue to support the currency.
“The US dollar will provide stability,” Rudd, currently visiting India, said here while interacting with reporters and business leaders.
Asked whether Australia would support a common currency for the Asia-Pacific region, he said: “I would prefer to support the US dollar as the reserves and will continue to support it in the future because it will provide stability.”
He added: “Even a strong emerging economy like China has not expressed any hurry to replace the US dollar. So let’s continue with that for the time being.”
Rudd also mentioned that the Australian economy was still not out of the woods though the fundamentals of the economy were strong and its banking system robust.
The Australian economy is expected to grow by 1.5 percent in 2009-10, compared to previous estimates that were predicting a contraction of 0.5 percent.