BEIJING, March 26 -- Zhou Xiaochuan, the governor of China's central bank,
has proposed the creation of a new, super-sovereign reserve currency to help
reform the global monetary system.
Zhou said a desirable goal for the international monetary system was "an
international reserve currency that is disconnected from individual nations,
able to remain stable in the long run." He said such a currency would "remove
the inherent deficiencies caused by using credit-based national currencies."
Special drawing rights, or SDRs, issued by the International Monetary Fund
could be such a currency, according to a signed article posted Monday on the
website of the People's Bank of China, the central bank.
The SDR is an international reserve asset created by the Fund in 1969.
Zhou's remarks came ahead of the Group of 20 summit, which is scheduled to
start in London on April 2. World leaders and major multilateral bodies like the
IMF are expected to discuss reform of the international monetary and financial
system, in light of the global financial crisis.
China's proposal is similar to that of Russia, which last week also called
for the introduction of a super-national reserve currency.
Xinhua News Agency correspondents reporting from Beijing.
Zhou Xiaochuan: Reform the
International Monetary System (Full Text)
BEIJING, March 26 -- The following is an article written
by Zhou Xiaochuan, governor of China's central bank, on international monetary
system. Full story
Economists call for diversified,
competitive global reserve system
HONG KONG, March 25 (Xinhua) -- The current global
financial crisis exposed the weakness of the current U.S. dollar-standard global
reserve system, and an alternative global reserve system should be more
diversified and competitive, economists said on Wednesday.
Fan Gang, a renowned economist and member of the
central bank's monetary policy committee, said China has long suffered under the
dollar reserve system and that one of the problems is some of the international
money has been used without discipline. Full story