Forex news: China has requested that a new currency replaces the dollar as world´s reserve; Japan encourages major nations to stick to the greenback.

As the G5 gathers next week, emerging economies discuss the possibility of a new global reserve currency. China is encouraging members of G5 to meet with G8 nations next week in Italy to discuss the possibility of a new global reserve currency.

Japan believes it would be hard for another currency to replace the greenback and see it as an unnecessary move.

"Japan's stance is that major countries should support the dollar," said Yoichi Suzuki, director-general of the Japanese foreign ministry's economic affairs bureau.

"It won't benefit any country to talk about ideas for a new global key currency, which would weaken the dollar," said Suzuki.

Japan has a particular interest on maintaining a stable dollar, as a large part of its $1 trillion foreign reserves, world´s second largest, are in dollars.

On Thursday, Chinese Deputy Foreign Minister He Yafei said it would be "normal" if diversification of the currency system were discussed at next week's summit. Suzuki highly doubts the discussion of this topic on the G8- G5 meeting.