Bank of China governor envisions new world reserve currency based on IMF, not United States.
Thanks to a plunging U.S. dollar, China is feeling the pinch of having much of its trade surplus invested in Treasuries.
As a result, Zhou Xiaochuan, governor of the People's Bank of China, said Monday that he is in favor of elevating the International Monetary Fund's Special Drawing Right to become the world's de facto reserve currency, effectively replacing the dollar.
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