The U.S. dollar"s status as a reserve currency sowed the seeds for the present worldwide financial crisis. Zhou Xiaochuan, Governor of the People"s Bank of China, issued a challenge to America"s dominance of the global economy last month when he pro-posed that a super-sovereign international currency replace the dollar.Xu Xiaonian,Professor of Economics and Finance at the China Europe International Business School, discussed this proposal in a recent article in Caijing magazine. Edited excerpts follow:

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