Super sovereign reserve currency

Sounds impressive. I'm intrigued. Now I must learn more.

I read The End of National Currency (log in req'd) in Foreign Affairs in 2007. I thought the argument was compelling. Now, the Chinese are moving the argument forward (article here)with a call to reform global monetary markets by making an IMF monetary instrument the new international reserve. 

Now, I need to find a clearer, deeper explanation of  how this works. Initially, I like the general concept. The current world economic slowdown might be an opportune time, if this turns out to be a worthy idea.