As I discussed a few weeks ago in a New York Times op-ed the Chinese are flexing their muscles on the question of the global reserve currency system dominated by the dollar.

With the revision of the SDR basket (so far including only dollar, euro, yen and pound) coming to the table next year it is clear that the Chinese will push for including the renminbi in the new SDR basket. And senior Brazilian policy sources suggest in private that, if the RMB is included in the SDR, so should the Brazilian Real as there is already a much deeper bond market for Real debt and as - unlike China - Brazil has a more liberalized capital account. And the Russians are now openly pushing for commodity currencies - the Canadian and Australian dollar but also the Ruble - to be included in the SDR basket. And the BRICs are on record pushing for the IMF to issue SDR denominated debt.