February 3, 2012

Expect China to Shape Next Bretton Woods Pact

Philip Coggan, Bloomberg

AP Photo

It seems unlikely that the next 10 years will see a yuan standard replacing a dollar standard. But might the present crisis conditions lead to some other sort of change? Might countries, for example, be driven to enter a new arrangement comparable to the 1944 Bretton Woods pact, in which the world's major industrial states agreed to adhere to a global gold standard to stabilize international currencies?

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TAGGED: United States, China

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