China calls for new global currency

The People's Bank of China governor, Zhou Xiaochuan, wants the International Monetary Fund (IMF) to create a new currency to replace the dollar due to its volatility. China holds the largest currency reserves in the world at around $2trn and is the biggest holder of dollars. China has often complained about the volatility of the currency, and is particularly concerned about the US bailout plans eroding its assets. Xiaochuan believes it is dangerous for the world to rely on a single currency. "The outbreak of the crisis and its spillover to the entire world reflected the inherent vuln...