Regardless of the amount of difficulty involved, the big four emerging markets plus South Africa said earlier this week they were considering setting up a foreign-exchange reserve pool and a currency-swap arrangement in an effort to avoid any credit crisis stemming from the advanced economies.

FORBES: China's Central Bank Willing To Share $3 Trillion

There, according to the Chinese Foreign Ministry, the leaders discussed the currency swap and foreign-exchange reserve pool ideas with their Russian, Indian and Brazilian peers.

FORBES: China's Central Bank Willing To Share $3 Trillion

It is precisely what Mr Market is saying to the eurozone's governments if they wish their currency union to survive - namely that they have to pool their financial resources, and cede a degree of autonomous control over taxing and spending, to save the euro.

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September's pilot program eases these hassles by allowing companies that generate substantial foreign currency within China to consolidate that cash into a single pool and sweep it overseas where treasurers can manage it the way they manage cash generated by their business in other countries.

WSJ: Business Asia: The Quietly International Yuan

However, wages are held back by a large pool of surplus labour, and China's partially convertible currency is pegged to the dollar.

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Chinese companies seeking to expand their pool of potential foreign investors could do so without fretting about foreign-currency exposure.

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That's a substantial amount but not yet a deep-enough pool to attract the big global investors that would make the yuan a truly international currency.

WSJ: Business Asia: The Quietly International Yuan

Or to repeat what you already know, the more that eurozone members pool their powers and sovereignty in the hope of finding a lasting solution to the currency union's crisis, the more that the UK becomes defined in their eyes - and those of other nations - as in the outer circle of EU influence.

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