There, according to the Chinese Foreign Ministry, the leaders discussed the currency swap and foreign-exchange reserve pool ideas with their Russian, Indian and Brazilian peers.

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There will come a time when the dollar is not the only reserve currency, when foreign governments will not depend so heavily on the United States for their own prosperity, thus will be less forgiving in regards to our self-serving economic policies.

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Regardless of the amount of difficulty involved, the big four emerging markets plus South Africa said earlier this week they were considering setting up a foreign-exchange reserve pool and a currency-swap arrangement in an effort to avoid any credit crisis stemming from the advanced economies.

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China has stated interest in diversifying its currency and debt holdings in its foreign reserve accounts by buying up other BRIC assets, mainly currencies in Russia, India and Brazil, one of the strongest and most stable currencies in the Americas.

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The Reserve Bank is due to release foreign-currency transaction data for April later this month, and some analysts say the intervention may have gathered pace again.

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Because interbank markets are global in scope, the Federal Reserve has also approved bilateral currency swap agreements with 14 foreign central banks.

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But Dino Kos, a former chief of markets at the Federal Reserve Bank of New York who now works for Portales Partners, a research firm, notes that the yuan does not meet one of the most basic requirements of a reserve currency: other countries cannot use it to intervene in foreign-exchange markets because it is not freely convertible.

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If the dollar had not been a reserve currency in high demand by foreigners, we would have had to correct that foreign imbalance long ago.

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