Following earlier statements by Zhou Xiaochuan of the People’s Bank of China in March, China renewed its criticism of the dominant role of the US dollar as a global reserve currency at the meeting of the G-8, The Financial Times reports today. In front of President Obama, the Chinese state councilor Mr Dai unequivocally called for the world to diversify the reserve currency system. The country that holds an estimated 2 trillion dollar in U.S. T-bills clearly doesn’t shy away from using its leverage in the international political arena.