The Chinese state press agency Xinhua has called for a ‘new international reserve currency that is to be created to replace the dominant U.S. dollar’. A reset of the world’s monetary system will be supported by China; 

‘Apart from that, the world’s financial system also has to embrace some substantial reforms. The developing and emerging market economies need to have more say in major international financial institutions including the World Bank and the International Monetary Fund, so that they could better reflect the transformations of the global economic and political landscape.

What may also be included as a key part of an effective reform is the introduction of a new international reserve currency that is to be created to replace the dominant U.S. dollar, so that the international community could permanently stay away from the spillover of the intensifying domestic political turmoil in the United States. Of course, the purpose of promoting these changes is not to completely toss the United States aside, which is also impossible. Rather, it is to encourage Washington to play a much more constructive role in addressing global affairs.’

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