Another alternative is a greater reliance on SDRs, the IMF's quasi-currency, which operates as a claim on a basket of currencies: the dollar, euro, sterling and yen.
The IMF's members agree on periodic allocations of SDRs, which countries can convert into other currencies if need be.
Currency baskets, SDRs, even internationalisation of the renminbi, have been mooted, but not the obvious alternative.
The IMF issues an international reserve asset known as Special Drawing Rights (SDRs). IMF members can voluntarily exchange SDRs for currencies among themselves.
Although the G20 portrayed the new SDRs as a quick way of channelling resources into emerging economies, SDRs are in fact allocated in proportion to countries' existing IMF quotas (see table).
A total of 204.1 billion SDRs have been allocated to date, most recently in 2009 when SDR 182.6 billion was allocated.
China's preference: so-called Special Drawing Rights (SDRs) -a blend of the dollar, pound, yen and euro-the IMF currency first conceived by John Maynard Keynes.
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