Could this be Bitcoin and the thinking behind China's embrace of Bitcoin?
Doubt it. Bitcoin IMO has the Potential, but it isn't nearly big enough to even be on the Table.
They are probaly thinking more in the direction of a currency like the Euro only bigger. The Worldo

Interestingly the article notes that China said the same thing back in 2009:
Back in March 2009, Chinas central bank governor, Zhou Xiaochuan, also called for the creation of a new reserve currency, albeit in less heated language. The world needs a new super-sovereign reserve currency to replace the current reliance on the dollar, Zhou wrote in a paper published on the Peoples Bank of Chinas website (Zhou still heads the bank). The goal, he wrote, is to create an international reserve currency that is disconnected from individual nations and is able to remain stable in the long run.
A "super-sovereign reserve currency". Bitcoin. :-)