New global currency looks remote prospect
A report in the Moscow Times that the Kremlin was poised to ask the G20 meeting in London on April 2 to consider creating a supranational reserve currency was met with widespread mirth in the FX market. However, with Zhou Xiaochuan, the governor of the People’s Bank of China, making a similar call just a week later, it seems that the laughing might prove premature.
Zhou has published his arguments in an essay titled Reform the international monetary system on the PBoC’s website. And although he does not specifically...
