| NOTES |
| 01. |
Zhou Xiaochuan, "Reform the International Monetary System", published on the PBOC website on 23 March 2009. http://www.pbc.gov.cn/english/detail.asp?col=6500&id=178 |
| 02. |
Christian Science Monitor, "Iran and Russia nip at US global dominance", 16 June 2009.
http://www.csmonitor.com/2009/0616/p06s12-woeu.html |
| 03. |
BBC News, "Nations eye stable reserve system", 16 June 2009.
http://news.bbc.co.uk/2/hi/business/8102216.stm |
| 04. |
The Economist, "Yuan Small Step", 9 July 2009.
http://www.economist.com/businessfinance/displayStory.cfm?
story_id=13988512&source=hptextfeature |
| 05. |
Avinash Persaud, "When Currency Empires Fall", lecture at Gresham College, 7 October 2004. http://www.gresham.ac.uk/event.asp?PageId=45&EventId=260 |
| 06. |
This is a conservative estimate on Persaud’s part; Angus Maddison estimated that China would surpass the US as the world’s largest economy before 2015 and account for a quarter of world GDP by 2030. |
| 07. |
Barry Eichengreen, "Sterling’s Past, Dollar’s Future: Historical Perspectives on Reserve Currency Competition", NBER Working Paper 11336, May 2005. And Barry Eichengreen and Marc Flandreau, "The Rise and Fall of the Dollar, Or When Did the Dollar Replace Sterling as the Leading International Currency?", NBER Working Paper 14154, July 2008. |
| 08. |
The Economist, "Yuan Small Step", 9 July 2009.
http://www.economist.com/businessfinance/displayStory.cfm?
story_id=13988512&source=hptextfeature |
| 09. |
As Joseph Yam, the chief executive of the Hong Kong Monetary Authority put it. Mr Yam saw the internationalisation of the yuan as an opportunity for Hong Kong to develop its financial markets and strengthen its position as a regional financial centre. The Financial Times, "HK seeks to boost renminbi business", 9 July 2009.
http://www.ft.com/cms/s/0/8e4c6094-6cac-11de-af56-00144feabdc0.html |
| 10. |
Reuters, "Yuan may be reserve currency by 2020 – China official", 20 May 2009.
http://www.reuters.com/article/marketsNews/idUSPEK31412020090520 |
| 11. |
Barry Eichengreen, "Global Imbalances and the Lessons of Bretton Woods", NBER Working Paper 10497, May 2004. The Gold Pool was a cartel system and with all cartels, the incentive to cheat was strong. |
| 12. |
UN News Centre, "Global finance structures must be revamped, says UN expert panel", 26 March 2009.
http://www.un.org/apps/news/story.asp?NewsID=30309&Cr=financial+crisis&Cr1 |
| 13. |
Helmut Reisen, "Shifting wealth: Is the US dollar empire falling?", www.voxeu.org, 20 June 2009. http://www.voxeu.org/index.php?q=node/3672 |
| 14. |
Jeffrey Frankel, "On Global Currencies", keynote speech for a workshop on Exchange Rates: The Global Perspective, sponsored by the Bank of Canada and the European Central Bank, Frankfurt, 19 June 2009 |
