Following Zhou's comments, Chinese Finance Minister Xie Xuren called for a full-scale reform of the global financial system to diversify international currencies, improve regulation and give developing countries a bigger say in economic decisions.

With the same expectations of the G20 summit, Russia has announced a similar call for the introduction of a super-national reserve currency as part of the country's proposal to reform the international monetary and financial system at the summit.

Russia said the bill has gained support from the other three "BRIC" members as well as from South Korea and South Africa.

Analysts said leaders of the euro zone are harboring higher ambitions and will make full use of the G20 summit to exert their appeals as the dollar's loss of confidence is leaving more leverage for the already strong single European currency.

"Euro zone countries regard the financial crisis as a crucial opportunity to shake the core status of the United States in the world monetary system," said Zhang Ming, a scholar with the Chinese Social Science Academy's world economics and politics institute.

On the reconstruction of the world monetary system, the United States will suffer from a huge blow from the European countries, especially France and Germany, which may come up with some strategies aimed at undermining the dollar and strengthening the euro, Zhang said.

Analysts said the G20 summit will be a combat field for the United States, the euro zone and rising economies concerning the world monetary system reform.

Although the establishment of a new reserve currency is a long-term goal, what is in sight is a mounting threat to the dollar's long-lasting dominance.

(Xinhua News Agency March 27, 2009)