The Fed has not yet grasped the fact that the dollar is an international currency.
Beijing is undertaking a long, gradual campaign to establish the yuan as a more market-oriented, international currency.
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This surprising opportunity is evidence that the Chinese want their yuan to become a widely used international currency.
This is typically represented by a value link of some sort, either to gold, or perhaps another major international currency.
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For the time being, this has meant a link to a major international currency, such as the dollar or euro.
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For more than a decade, forum-goers have been pushing the idea of the Tobin Tax - a tax on international currency transactions.
We started that century with a fundamental international currency, gold, which kept its value through time and was widely accepted around the world.
And the yuan will not become a successful international currency as China's leaders want unless foreigners can use it to buy and sell Chinese assets.
The move is seen by some Chinese economists as another step towards the renminbi becoming a major international currency, People's Daily reports.
After these remarks, the head of China's central bank called for the creation of a new international currency reserve to replace the dollar.
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This was both insurance against another run on the rupiah and part of China's experiment with using the yuan as an international currency.
"It's not over, " says Steve Hanke, FORBES columnist and Johns Hopkins applied economist, who is one of the world's leading experts on international currency movements.
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.
But few things are straightforward in the world of international currency.
For once, American tourists have something in common with international currency traders: This summer, they are all wondering how the Greek financial crisis will impact the dollar.
Portuguese police said the euro's growing importance as an international currency had made it an attractive forging target for organised crime in the European Union and beyond.
As countries and multinationals move away from the dollar in favor of other currencies, the lure of the dollar as international currency benchmark could erode further, faster.
He documents the greenback's gradual rise as an international currency after the creation of the Federal Reserve in 1913, and its global dominance after the second world war.
Mr Mantega has talked of an "international currency war", while Mr Meirelles has said Brazil should not "pay the price" for the "excessive devaluation of currencies" in other countries.
The other is the absence of an international currency.
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However, an international currency would demand far bigger changes.
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Even though Euroland represents an economic unit that can match the U.S. on paper, it does not follow that the euro will be able to challenge the dollar as an international currency.
Our central bank has not fully grasped that the dollar is now an international currency, with more than 60% of that now in circulation being used as transaction money outside our borders.
Even as the crisis was still raging, in March 2009, Zhou Xiaochuan, the governor of the People's Bank of China started to talk about moving to a different kind of international currency system, with better alternatives to the dollar.
The first worry is about direct competition for things that are in more or less fixed supply: geopolitical supremacy, the world's oil and raw materials, the status and perks that come with being the issuer of a trusted international currency.
Stable Money, ideally, means a gold standard system. (For smaller countries, it can mean a link to a reliable international currency.) Although it is possible to devalue the debt away, unfortunately you also devalue your economy away at the same time.
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Washington has been quietly allowing the greenback to slide in international currency markets for some time as a way to make U.S. exports more competitive and that will likely continue at least until China revalues the yuan in a meaningful way.
Before the G-20 meeting, China's central bank chief, Zhou Xiaochuan, floated the idea of dumping the U.S. dollar as the world's reserve currency, replacing it with a super-sovereign international reserve currency.
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.
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