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China's State Press Calls for 'Building a de-Americanized World'

Zhou Xiaochuan, governor of the People's Bank of China (PBOC), speaks at the Lujiazui Forum in Shanghai, on June 28
Zhou Xiaochuan, governor of the People's Bank of China (PBOC), speaks at the Lujiazui Forum in Shanghai, on June 28Photograph by Tomohiro Ohsumi/Bloomberg

“It is perhaps a good time for the befuddled world to start considering building a de-Americanized world.” As nations around the world fret over the U.S. budget impasse, that is the conclusion of a not-so-subtle commentary published by China’s official Xinhua News Agency on Oct. 14.

Key among its proposals: the creation of a new international reserve currency to replace the present reliance on U.S. dollars, a necessary step to prevent American bumbling from further afflicting the world, the commentary suggests.