From Reuters:

The financial crisis has laid bare defects in the dollar-led global economy and countries should look to displace the U.S. currency, even if that will take many years, Chinese officials said in comments published on Monday.

The push for fundamental, if gradual, reform of the international financial system comes just before world leaders meet for the Group of Eight summit in Italy, where China’s willingness to question the dollar’s role could fuel debate.

The Special Drawing Right (SDR), a unit of account used by the International Monetary Fund, presents a viable super-sovereign alternative to the dollar as a global reserve currency, said Li Ruogu, chairman of the Export-Import Bank of China, a major state-run bank.

Read also Yuan starts on long slog to reserve currency status by Alan Wheatley.