China has called for the replacement of the dollar as the main global reserve currency, expressing unhappiness with the US role in the world economy.

Zhou Xiaochuan, the governor of the Chinese Central Bank, pointed out the dangers of the current economic crisis on heavily relying on one currency essentially controlled by the west. He told that “A super-sovereign reserve currency not only eliminates the inherent risks of credit-based sovereign currency, but also makes it possible to manage global liquidity,” The speech was posted on the Bank’s website.

China is believed to have at least $1.2 trillion in US currency of its $2 trillion strong currency reserves and Chinese officials are concerned about Beijing’s significant holdings of US government bonds. Premier Wen Jiabao this month publicly expressed “worries” over the matter. China is also concerned if the U.S. begins to print money to pay debt and stimulate the economy, its own currency will lose significant value.

“The crisis called again for creative reform of the existing international monetary system towards an international reserve currency,” “A super-sovereign reserve currency managed by a global institution could be used to both create and control global liquidity”. Zhou wrote by suggesting a reform of international currency reserves under the International Monetary Fund (IMF).

“This will significantly reduce the risks of a future crisis and enhance crisis management capability.” He added.

Most recently, about a week ago, a similar suggestion had come from a  top Russian bank for a new global reserve currency for the same reasons and to also strengthen Russian influence in the world.

John Lipsky, the IMF’s deputy managing director, said the Chinese proposal should be treated seriously. However, a spokeswoman for the US Treasury Department declined to comment on Zhou’s views.