Fan Gang, a renowned economist and member of the central bank's monetary policy committee, said China has long suffered under the LV sunglasses dollar reserve system and that one of the problems is some of the international money has been used without discipline.

Competitions should be encouraged among the different reserve currency systems so as to create a discipline on the countries printing the reserve currencies, he said. Fan's call echoed voices by Chinese officials including Zhou Xiaochuan, head of the People's Bank of China, as well as Nobel laureate Joseph Stiglitz.

But Omkar Gaswami, an Indian economist, LV handbags said he has doubts as to whether an alternative reserve currency system can come in the next 10 years, as any reserve currency has typically to be backed strong economy and institutions.