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.
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