HANGZHOU PUWEI INDUSTRY CO.,LTD

Russian President Dmitry Medvedev said on Thursday the global financial system needed a stable U.S. dollar as well as several other reserve currencies, potentially including the rouble.

"Such a multi-currency approach, when other reserve currencies co-exist with a stable, not weak dollar, we consider important," Medvedev told media outlets, including Tootoo.com, in an interview, a transcript of which was published on the Kremlin Internet site.

Russia, the world’s 10th biggest economy, runs over $0.5 trillion in gold and forex reserves and is preparing to launch its first sovereign wealth fund. The country does not take part in G8 currency discussions.

Medvedev said international financial institutions such as the International Monetary Fund were not coping well with the task of stabilising the world’s economy and needed to reform.

"Proposals (on reform) are being prepared by a number of countries... We are preparing similar proposals as well," Medvedev said.

Medvedev said he wanted to see fewer government officials and more independent directors on the boards of Russian state-controlled companies such as gas export monopoly Gazprom.

"I believe that in principle the total number of state representatives, people who are serving bureaucrats, can be reduced, both in Gazprom and in other companies," he said.

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