This paper illustrates the inevitability of a reform in the international monetary system by reviewing the develpment history of both the Bretton Woods system and the one formed after the Jamaica Accord and analysing their drawbacks.After commenting on the existing schemes proposed for the reform,the paper introduces an alternative approach,which is based upon the incorporation of more currencies in the internatinal monetary assets in the short run,the formation of an US Dollar-RMB alliance in the medium run and the establishment of an international reserve currency in the long run.Specific proposals have also been proveded in the paper.