Quantitative easing measures and monetary policy in the United States will kill the dollar quickly unless there are balances to it as a global currency, Zhu Min, executive vice president of the Bank of China told CNBC Wednesday.
The US is a global currency but it can never take the responsibility of the whole world economy, Zhu said.
"It's a classic Triffin Dilemma," he said. The Triffin Dilemma refers to the problem of balancing national and global interests when using a national currency as a global reserve currency.
"Either we ask the US to take the whole responsibility of the world economy with the dollar as global legal tender or else we need something else as an anchor and the IMF’s Special Drawing Rights could at least balance the dollar," Zhu said.
"But we are seeing a new player in the international arena — that's the Renminbi," he added.