a super-sovereign currency being considered

Zhou Xiaochuan, the central bank governor of China, has proposed to create a kind super-sovereign currency to replace sovereign currency such as the dollar to minimise the financial risks. The original text is on the website of the People's Bank of China.

It's firstly reported by WSJ and interpreted as the offensive gesture, 'backed by other emerging economies such as Russia in making clear they want a global economic order less dominated by the U.S. and other wealthy nations.'

WSJ report quotes some experts opinions on Zhou's proposal. 

John Lipsky, the IMF's deputy managing director, said the Chinese proposal should be treated seriously. "It reflects officials' concerns about improving the stability of the financial system," he said. "It's interesting because of China's unique position, and because the governor put it in a measured and considered way."

China's proposal is likely to have significant implications, said Eswar Prasad, a professor of trade policy at Cornell University and former IMF official. "Nobody believes that this is the perfect solution, but by putting this on the table the Chinese have redefined the debate," he said. "It represents a very strong pushback by China on a number of fronts where they feel themselves being pushed around by the advanced countries," such as currency policy and funding for the IMF.

While acknowledging the positive side of Mr.Zhou proposal, FT's editorial is a bit nuanced in pushing back the frontline. 

Mr Zhou’s proposal is useful and constructive – but China should still raise domestic consumption. It must not just replace its mountain of dollar assets with heaps of other currencies. ...China has acted wisely in the recession, expanding demand with government spending. Beijing now wants to play an active role in reshaping the world monetary order. This outward-looking view should be welcomed. But China still has work to do at home.

On the benefit of the dollar as the world's reserve currency, this Time's blog is quite frank,

The advantage of having your country's currency as the world's reserve currency is that you don't really have to play by the rules: You can run big deficits financed by the rest of the world, you can spend more than you earn, and to a certain extent you can escape the consequences of your profligacy by devaluing your currency when you run into trouble. The obvious disadvantages are that running big deficits and spending more than you earn aren't really great long-term economic strategies.

So, surely it would not be easy for the US to give up more sovereignty to IMF, because it means the sacrifice of its national interests. 

What can China do then?