China should focus on gold not SDRs: Hanke

China would be better off promoting gold rather than special drawing rights (SDRs) as a global reserve currency, a prominent economist has argued.

Zhou Xiaochuan, the governor of the People's Bank of China, in March said that the SDR - which is based on a basket comprising the yen, sterling, the dollar and the euro - should replace the dollar as the global reserve currency.

However, Steve Hanke, a professor at Johns Hopkins University, in article for GlobeAsia, a magazine, questioned the wisd