From the BBC:
"China has increased the pressure on world leaders just days before the G20 world summit by calling for an overhaul of the global financial system.From Seeking Alpha: 'Dump the Dollar' Campaign Shows China's Discomfort with Treasuries Holdings -- Seeking Alpha:
Chinese officials want a new global reserve currency and reforms of international financial institutions to give developing nations more power."
"Emerging markets, led by China and Russia, plan to jointly challenge the U.S. dollar’s role as the world’s sole benchmark currency at the April 2 meeting of the Group 20 nations - a move that underscores the currency’s weakness and fading support around the world....
Zhou called for the “re-establishment of a new and widely accepted reserve currency with a stable valuation” to replace the U.S. dollar - a credit-based national currency. The central bank governor noted that the International Monetary Fund’s Special Drawing Right [SDR] should be given special consideration.
Created by the IMF in 1969 to support the Bretton Woods fixed exchange rate system, the SDR was redefined in 1973 as a basket of currencies. Today the SDR consists of the euro, Japanese yen, pound sterling, and U.S. dollar."
Have to think about this for a while. While you can definitely see why other countries might want this, its impact on the US would be more detrimental. On the plus side longer term it may force us to keep budget deficits in check etc. So all is not bad, but that said it is clearly a slap in the face that politically, if not economically.