http://www.zerohedge.com/news/2013-08-04/did-china-just-fire-first-salvo-towards-new-gold-standard
In a somewhat shockingly blunt comment from the mouthpiece of Chinese officialdom, Yao
Yudong of the PBoC's monetary policy committee has called for a new
Bretton Woods system to strengthen the management of global liquidity.
In an article in the China Securities Journal, Yao called for more
power to the IMF as international copperation and supervision are
needed. While comments seem somewhat barbed towards the rest of the
world's currency devaluers, given China's growing physical gold demand
and the fixed-exchange-rate peg that 'Bretton Woods' represents, and
contrary to prevailing misconceptions that the SDR may be the currency
of the future, China just may opt to have its own hard asset backed
optionality for the future; suggesting the new 'bancor' would be the barbarous relic (or perhaps worse for the US, the Renminbi). Of course, the writing has been on the wall for China's push to end the dollar reserve supremacy for over two years as we have dutifully noted - since no 'world reserve currency' lasts forever.
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