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China's central bank has called for a new global reserve currency run by the International Monetary Fund to replace the US dollar.
Mr Zhou said the dollar could eventually be replaced as the world's main reserve currency by the Special Drawing Right (SDR), which was created as a unit of account by the IMF in 1969.
"The role of the SDR has not been put into full play, due to limitations on its allocation and the scope of its uses," he said.
The essay comes before the G20 summit in London on 2 April, at which reform of the international financial system is top of the agenda.
"This confirms that China intends to play fully its role of global economic and political power at the next G20 summit," said Sebastien Barbe, an analyst at French financial service firm Calyon in Hong Kong.
Originally posted by Frankidealist35
Wait what the hell is the SDR?
Why didn't I know that the IMF had a currency already?