After Zhou Xiaochuan, the governor of the central bank, first proposed to create a super-sovereign international reserve currency in March 2009, the central bank formally put forward this idea again a few days ago. In its 2009 China Financial Stability Report, the Central Bank pointed out that

The People's Bank of China put forward the super-sovereign international reserve currency.

It shows that the central bank will strive to reform the international monetary system, promote the improvement of the international reserve currency in the direction of stable value, orderly supply and adjustable total amount, and fundamentally safeguard global economic and financial stability. In order to avoid the inherent defects of sovereign credit currency as a reserve currency, it is necessary to create an international reserve currency that is decoupled from sovereign countries and can maintain its long-term stability. The report suggests giving full play to the role of Special Drawing Rights (SDR), allowing the IMF to centrally manage part of the reserves of member countries, enhancing the international community's ability to cope with the crisis and maintaining the stability of the international monetary and financial system. Improve the system of international financial organizations and increase the representation and voice of emerging markets and developing countries. International financial organizations should strengthen supervision to ensure fairness and justice for all members. In particular, the IMF should strengthen its supervision over the economic and financial policies of major reserve currency issuing countries and major international financial markets. Give full play to the role of regional financial organizations, regional cooperation organizations and bilateral cooperation in crisis relief, and further improve the ability of crisis early warning and handling. According to the report, the central bank should further enhance the ability of systemic financial risk management, improve the coordination mechanism of financial supervision, effectively play the role of institutional supervision and functional supervision, and strengthen cross-industry and cross-market supervision. At the same time, improve the systematic financial risk assessment and improve the ability of detection, analysis and early warning. Strengthen the counter-cyclical ability of the financial system and improve its ability to cope with economic cycle fluctuations. Strengthen the capacity building of emergency management of financial emergencies, and improve the pre-prevention and post-response mechanism of systemic risks. We will introduce a deposit insurance system in a timely manner, improve the financial safety net, and earnestly safeguard the security and stability of the financial system.

On March 23, 2009, Zhou Xiaochuan, governor of the central bank, published a signed article on the website of the central bank, and publicly put forward a new idea of creating a super-sovereign international reserve currency for the first time. Subsequently, Vice Premier the State Council and Finance Minister Xie successively called for the reform of the existing international monetary system. Before the G20 Summit in 2009, "super-sovereign international reserve currency" became a hot topic in the international community. Brazil, Russia and other emerging economies in Asia and Latin America have expressed their "great minds think alike" with Zhou Xiaochuan, and the United Nations and the International Monetary Fund also consider this proposal reasonable. However, the United States, the European Union and other western developed countries voted against it as expected. Their reason is that it is not yet time to establish a new monetary system. On June 27th, 2009, Yu Yongding, director of the Institute of World Economics and Politics of the Chinese Academy of Social Sciences, said that replacing the US dollar with a new international reserve currency is the core issue of the reform of the international monetary system. Before the current crisis, the reform of the international monetary system lacked momentum. With the development of the crisis, many countries have put forward relevant reform suggestions. He believes that the reform of the monetary system is feasible in both economic and financial aspects, and the main obstacle is the political will of developed countries.

On March 4th, 20 16, the International Monetary Fund (IMF) officially recognized RMB as the international reserve currency.

The statement pointed out that in view of the fact that RMB is recognized as an international reserve currency, the Board of Directors of the International Monetary Fund decided that RMB should be listed separately in the quarterly reports of foreign exchange reserve currencies of IMF member countries like the US dollar, the euro, the Japanese yen, the British pound, the Swiss franc, the Australian dollar and the Canadian dollar. This decision will take effect on 20 16 10 10/month/day.