There is also the problem of the dollar as the international reserve currency.
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In another article, Mr Zhou suggested the creation of a new international reserve currency, managed by the IMF, to replace the dollar.
Before the G-20 meeting, China's central bank chief, Zhou Xiaochuan, floated the idea of dumping the U.S. dollar as the world's reserve currency, replacing it with a super-sovereign international reserve currency.
It would indeed be ironic if a change in China's exchange-rate policy came not as a result of American pressure, but from China's own disillusion with the dollar as an international reserve currency.
It would then be ironical that the U.S. saved a currency that was partly designed to displace the dollar as the main international reserve currency in the longer run, once America would have gone bankrupt under deregulated finance and indebtedness.
Instead of reducing the role of the U.S. dollar, Zhou may be asking for a greater role of the Chinese currency in "special drawing rights" (SDRs), an international type of reserve currency established in 1969 by the International Monetary Fund.
After these remarks, the head of China's central bank called for the creation of a new international currency reserve to replace the dollar.
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Because it is seen as the reserve currency, prices for commodities and international transactions are denominated in dollars.
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He documents the greenback's gradual rise as an international currency after the creation of the Federal Reserve in 1913, and its global dominance after the second world war.
Enthusiasts argue it will thereby end the privileges Americans have reaped from having the world's only reserve currency such as steering the international monetary system and running unlimited trade deficits.
In a country that has locked itself out of international markets, U.S. dollars, the global reserve currency, are hard to come by.
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Second, the country that issues the reserve currency faces a trade-off between domestic and international stability.
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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.
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"International supervision over the issue of US dollars should be introduced and a new, stable and secured global reserve currency may also be an option to avert a catastrophe caused by any single country, " the commentary said.
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