"The desirable goal of reforming the international monetary system, therefore, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies," Zhou wrote in the essay, according to its English translation on the central bank's Web site.

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A super-sovereign reserve currency managed by a global institution could be used to both create and control the global liquidity, Zhou wrote.

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"And when a country's currency is no longer used as the yardstick for global trade and as the benchmark for other currencies, the exchange rate policy of the country would be far more effective in adjusting economic imbalances," he said. "This will significantly reduce the risks of a future crisis and enhance crisis management capability."

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