China calls for super-sovereign currency again

China pushes for SDR to displace US dollar

China has called for the replacement of the dollar as the main global reserve currency, in a display of its growing assertiveness ahead of the G20 summit in London.In fact there have been enough pointers about China's concerns over the safety of its $2-trillion foreign exchange reserves, 60 percent of which is thought to be held in dollar-denominated assets.Over the past months, there have been increasing concerns that the rising rate of inflation and a depreciation of the US dollar would hurt the value of US Treasury bonds. The US Federal Reserve's decision to buy Treasuries and corporate debt, called 'quantitative easing', was nothing but printing more money. But, as the money supply soars, the rate of inflation spirals as well.