China's top banker proposes new world reserve currency

In an essay published Monday, the head of China's central bank proposed a plan to displace the American dollar as the world's standard and replace it with a global reserve currency operated from the International Monetary Fund.

"Zhou Xiaochuan, governor of the People’s Bank of China, argued that what he called a super-sovereign reserve currency would not only eliminate the risks inherent in currencies such as the dollar, which are backed only by the credit of the issuing country and not by gold or silver, but would also make it possible to manage global liquidity," reported the Times Online.
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