China revives calls for taking the dollar weight

China has renewed its call for the creation of a currency to reduce the hegemony of the dollar in the international monetary system.

In its annual financial stability report, the Chinese central bank did not mention by name the dollar, but said it was a major currency that has a mastery over others.

"An international monetary system dominated by a single currency sovereign intensified the concentration of risk and the spread of the crisis," said the People's Bank of China.

In a veiled call to United States not to erode the dollar's value through fiscal and monetary policies too flexible, the entity called for greater oversight of the countries issuing the major world currencies.

The report revived a call from the bank governor, Zhou Xiaochuan, the creation of a currency suprasoberana.

In a trial in March, Zhou was controversial to suggest that the Special Drawing Rights, the unit of the International Monetary Fund, could displace the dollar as the main reserve currency.

Friday's report not only called for a full role of special rights, but also said the IMF should be entrusted with the management of a portion of the monetary reserves of its member countries.

In recent times, the Chinese authorities have shown a growing concern about the risk that monetary and fiscal policies of United States and generate inflation hit the dollar, the currency in which Beijing is investing heavily.