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Li Ruogu of the state-run Export-Import Bank of China stated that the economic crisis has shown the shortcomings of the US currency, Reuters reports.
He told Chinese central bank publication Financial News that it should be replaced by the International Monetary Fund's Special Drawing Right (SDR), which is used by the body as a unit of account.
"It is a feasible plan to reform the present SDR and make it into a … universally accepted 'currency basket' that would replace the dollar," he was quoted as saying.
In the currency markets today (July 6th) the value of sterling has declined against its US counterpart following the release of US unemployment figures late last week, falling to $1.6134.
The euro climbed to a one-month high against the pound, rising 0.8 per cent to 86.31p.
