At its simplest, this might mean no more than closer co-operation among the main currency blocks the dollar, the euro and the yen.
Currency traders in Eastern Europe use the euro as their main reference currency, and will typically choose their trades based on what the European currency is doing relative to the dollar.
Extra demand for the dollar as the world's main reserve currency has made it even easier for America to finance its current-account deficit.
Mr Zhou calls for a radical reform of the international monetary system in which the dollar would be replaced as the main reserve currency by a global currency.
ECONOMIST: The dollar as a reserve currency: Handle with care | The
Historically, the biggest economy has become the issuer of the main reserve currency, which is why America has also been able to borrow more cheaply than it otherwise would.
Consider, for instance, the tension between emerging economies' demand for reserves and their fear that the main reserve currency, the dollar, may lose value a dilemma first noted in 1947 by Robert Triffin, a Belgian economist.
ECONOMIST: Is there a better way to organise the world��s currencies?
It would then be ironical that the U.S. saved a currency that was partly designed to displace the dollar as the main international reserve currency in the longer run, once America would have gone bankrupt under deregulated finance and indebtedness.
Crushing self-inflicted U.S. debt is causing other nations, including China and Russia, to seriously contemplate scrapping the dollar as the main global reserve currency for purchases of oil, the most highly traded world commodity.
The main drawback of a currency union is the loss of an independent monetary policy to cushion the economy against external shocks.
ECONOMIST: Should Australia and New Zealand form a currency union?
The other main source of hard currency, money sent by Cubans living in the US, has dropped by as much as half.
The government is now thinking of taking over 51% of foreign mines (see article), the main remaining source of hard currency.
ECONOMIST: Lack of foreign exchange is making life unbearable
Although it lists the usual prescriptions for maintaining a stable currency, its main thrust is clear: the government will attempt a sharp fiscal stimulus to get the economy going again.
Besides this, the anti camp left, right and centre have two main objections to joining the single currency.
One of the main architects of the single European currency, Jacques Delors, has said the eurozone was flawed from the beginning.
As exporters are finding, the main brake has been a strong currency.
That seems reasonable, since the main reason that Thailand's currency, the baht, collapsed two years ago was a high ratio of short-term foreign debt to foreign reserves.
One explanation for the abrupt change of mood is that weaker demand in the currency zone's main foreign markets have at last started to hurt the economy.
ECONOMIST: Europe��s monetary policy: The wages of sin | The
Main Street investors can buy local currency emerging market debt through a variety of mutual funds, like the Oppenheimer Emerging Markets Debt (OEMAX) and Goldman Sachs Emerging Market Debt (GSDIX).
Last month, the governor of the Banque de France told the Financial Times the City of London should be deposed as the euro's main financial center so the single currency club can "control" most financial business in the eurozone.
Because this time Argentina would see not only a monetary squeeze, but a currency undercut by that of its main (and Mercosur) trade partner.
At Goldman Sachs, BofA and Citigroup, revenues from fixed income, currency and commodity trading, the main contributors to investment-banking profits over the past decade, were up to a third lower than a year ago.
For today's currency investor, however, none of the main contestants looks that fetching.
ECONOMIST: In a world of ugly currencies, the dollar is sitting pretty
Still, Mr Dornbusch's main point, that it is wrong to blame the currency board for all of Argentina's ills, is surely right.
For students, the main attraction of the subject is getting a qualification with hard-currency clout.
For the buyers, obtaining a higher interest rate than is available from bank deposits, as well as the ability to purchase a yuan-denominated security and to benefit from the appreciation of the Chinese currency that many expect in the coming years are the main attractions of dim sum bonds.
Besides the Israeli shekel, the other main exception is the South Korean won which, as a result of currency appreciation, is now 8% overvalued against the dollar.
Croatia is the main trading partner there, and the Croatian kuna a stable enough currency in its own right prevails.
On Oct. 14 the Keidanren, Japan's main business federation, declared: "We in Japan strongly support the currency-control measures adopted by the Malaysian government" as necessary to stabilize the economy.
应用推荐