Robert Pringle, Editor in Chief of Central Banking journal, says in this article that the international monetary situation is being allowed to drift dangerously as the leading countries neglect the risks and ignore calls for reform. In a recent report from Beijing, he analyses the unsatisfactory situation of the Chinese yuan and describes China’s desire for root-and-branch reform which would give Asia much more weight in the British institutions, reduce the world’s reliance on the dollar and introduce effective surveillance by the International Monetary Fund of the world’s industrial countries.
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