UK Prime Minister Gordon Brown says the G20 will hold a third summit this September in New York. It will discuss China's proposal of creating a new currency, to eventually replace the US dollar as the global benchmark.

UK Prime Minister Gordon Brown says the G20 will hold a third summit this September in New York. It will discuss China's proposal of creating a new currency, to eventually replace the US dollar as the global benchmark.

After the G20 summit, Brown said China's proposal for a new currency has not received consensus from participating leaders. They will discuss the proposal this September.

The Russian President Dimitry Medvedev has agreed to the concept. He has also said that the Euro is a very successful example of a regional currency. He added that the IMF's special drawing rights, or SDRs, is a feasible choice.

On March the 23rd, China's Central bank governor Zhou Xiaochuan made the currency proposal amid preparations for the G20 summit in London.