Philippine central bank governor says a multi-currency world is needed

The creation of a multi-currency world is necessary, but for now the dollar retains an advantage at the expense of the government bond market, Felipe Medalla, head of the Philippine central bank, told RIA Novosti.
"We want a multi-currency world, but so far other currencies don't have the necessary international markets to support them. That is the advantage of the US dollar - there is a very large market for government securities," he said on the sidelines of the International Monetary Fund and World Bank spring conference in Washington.