Further confirmation that the U.S. dollar is gradually losing its reserve status came today from an International Monetary Fund report on global holdings of foreign exchange reserves by central banks.

FORBES: Dollar's Share Of Global Reserves Continues To Slide, Reserve Status Questioned

Mr Zhou calls for a radical reform of the international monetary system in which the dollar would be replaced as the main reserve currency by a global currency.

ECONOMIST: The dollar as a reserve currency: Handle with care | The

In addition, central banks have been buying more gold, most recently, the Reserve Bank of India, while bought 200 tonnes from the International Monetary Fund at the start of this month.

BBC: The Royal Mint quadruples gold coin production

More academic types railed against the madness of an international monetary system in which global imbalances are set to widen again and the pace of reserve accumulation is accelerating.

ECONOMIST: Currency wars