Journal of International Studies

The official Xinhua news agency’s recent call for a “de-Americanized world” echoed the argument that Zhou Xiaochuan, above, Governor of the People’s Bank of China, made in a 2009 paper urging adoption of a new international reserve currency that would replace the dollar as the primary medium of exchange in global commerce and finance. How serious is China about “the introduction of a new reserve currency to replace the dominant U.S. dollar,” one of its proposed steps for creating the  “de-Americanized world”  that the official  Xinhua news agency called for   in the run-up to the denouement-cum-deferral of the U.S. fiscal crisis? American commentators’ responses have ranged from the dismissive to the apocalyptic. Those in the former camp have characterized the call as nothing more than bluster and the latest example of Beijing seizing any opportunity to take a poke at the U.S. Adherents of the doomsday view see this as yet another sign that the dollar’s days...

This is it. China has had enough. The (diplomatic) gloves are off. It's time to build a "de-Americanized" world. It's time for a "new international reserve currency" to replace the US dollar.  It's all here, in a  Xinhua editorial , straight from the dragon's mouth. And the year is only 2013. Fasten your seat belts - and that applies especially to the Washington elites. It's gonna be a bumpy ride.  Long gone are the Deng Xiaoping days of "keeping a low profile". The Xinhua editorial summarizes the straw that broke the dragon's back - the current US shutdown. After the Wall Street-provoked financial crisis, after the war on Iraq, a "befuddled world", and not only China, wants change.  This paragraph couldn't be more graphic: Instead of honoring its duties as a responsible leading power, a self-serving Washington has abused its superpower status and introduced even more chaos into the world by shif...