China once again called into question the US dollar’s role as the global reserve currency as President Hu Jintao stressed the need for a “more diverse and rational international monetary system, Reuters reported. Hu made his remarks at the Group of 20 summit in London on the same day Russia proposed an IMF or G20 study on creating a new international reserve currency. The Russian proposal was issued on the sidelines of the summit, which has so far focused on the short-term challenges presented by the global economic crisis rather than long-term restructuring of the monetary system. Notably, Hu did not call for an immediate discussion on a new reserve currency, but urged the IMF to improve oversight of the macroeconomic policies of major reserve currency-issuing economies. China will contribute US$40 billion to the US$1 trillion G20 leaders agreed to inject into IMF coffers to boost the global economy.