I learn that China's Central bank governor, Zhou Xiaochuan, has called for a new global reserve currency run by the International Monetary Fund to replace the US dollar. Whilst his speech did not explicitly mention the dollar, he did say that the crisis showed the dangers of relying on one currency. With the world's largest currency reserves of $2tn, China is the biggest holder of dollar assets.
Could we see the return to the days of USD2 to the GBP?
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