from the ABN Amro Daily mail
China’s central bank
proposed replacing the US dollar as
the international reserve currency with a new global system
controlled by the International Monetary Fund. In an essay
posted on the People’s Bank of China’s website, Zhou
Xiaochuan, the central bank’s governor, said the goal would
be to create a reserve currency “that is disconnected from
individual nations and is able to remain stable in the long
run, thus removing the inherent deficiencies caused by
using credit-based national currencies”. Analysts said the
proposal was an indication of Beijing’s fears that actions
being taken to save the domestic US economy would have a
negative impact on China