Research by Standard Chartered suggests that China has made a big effort to diversify new reserves away from the dollar this year, with purchases instead favouring the euro.

渣打银行的调查显示中国今年做出了巨大的努力来丰富除了美元之外的新的外汇储备，取代美元的是欧元。

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But the euro is arguably the modern equivalent of the gold standard, with Germany playing the role of bullion as the system's anchor.

然而德国作为整个体系的中坚国家，扮演着重要角色，欧元是否能担当黄金等价物还值得商榷。

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This battle is about to be re-enacted in the euro zone, where higher-cost countries have tied themselves to a new gold standard, in the form of the hyper-efficient German export machine.

在欧元区，债权人和债务人之间的战役一再上演，成本较高的国家与新的金本位连在一起，其具体方式是像德国那样，通过出口拉动经济增长。

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Once that currency is the euro, money managers in these countries can invest all over the single-currency region and so will need a euro standard.

ECONOMIST: Europe��s index wars

This battle is about to be re-enacted in the euro zone, where higher-cost countries have tied themselves to a new gold standard, in the form of the hyper-efficient German export machine.

ECONOMIST: The link between exchange rates and asset markets

We have had a little pre-buy effect because Euro 4, the latest emissions standard, was valid from the first of October.

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