China Central Bank Governor Zhou Xiaochuan's earlier call to replace the US dollar with a new global currency continues to enjoy slowly growing support in the international community. According to C. Fred Bergsten, Governor Zhou's idea has a great deal of merit. However, while Asian countries,
Bergsten generally characterized the merits of Governor Zhou's proposal, especially the creation of an "open-ended SDR-denominated fund", as follows:
The substitution account would be a winning proposition for all concerned. The dollar holders would obtain instant diversification. The
C. Fred Bergsten, We Should listen to Beijing's Currency Idea, April 8, 2009 (Co-Ed in the Financial Times).