Under its new flexible currency regime, the day may come when China will not need to buy as many Treasuries.

He also welcomed recent changes to Russia's currency regime.

Indeed, the political commitment to join a common currency regime is already working this magic.

"As we have said, reform of China's currency regime is important for China and the international financial system."

Now the tide appears to be shifting again, in favor of smaller central banks and more rigid currency regimes.

Rather, these currency regimes, which sit between rigidly fixed and floating, do not have a good record.

They are desperately trying to cobble and hold together an unravelling currency regime.

This would happen, he said, if the new Chinese currency regime actually encourages more investment from abroad.

It is also clear that Sweden and Denmark will accede to the single European currency regime over the next couple of years.

Some countries want the rules governing the operation of the single currency regime to be opened up and made more flexible.