US dollar devaluations mean China should improve its innovation and transform its economic development mode

The global financial crisis that erupted three years ago and has taken its toll on the global economy is in essence a crisis of the US dollar as the world's leading reserve currency.

World economic adjustments in the post-crisis period are expected to further unfold in the fierce struggles among relevant countries involving the dollar's status as the world's reserve currency, which will have enormous impacts on the external environment of China's economic development during the 12th Five-Year Plan period (2011-2015).