Almost everyone involved in the international financial system agrees long-term change is inevitable: the rise of China will surely mean that the dollar cannot continue to be the world’s sole reserve currency.
This week’s G20 summit seems unlikely to bring about big changes, however, and what replaces the dollar, when such a shift does happen, and whether the new arrangements will be co-operative or antagonistic is hard to predict.
Robert Zoellick, president of the World Bank, suggested this week that change may be needed sooner rather than later. He said gold, which this week passed $1,400 a troy ounce, reflected international unease at the strength of large developed economies and their currencies.
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