Over the decades, the commodity anchor was relaxed while the political anchor was correspondingly strengthened.” See Padoa-Schioppa, T. (2010), “The Ghost of Bancor: The Economic Crisis and the Global Monetary Disorder”, Triffin Lecture, Louvain-laNeuve, 25 February. The novelty of our situation today is that these concerns extend well beyond advanced economies. Other nations are now seeking to raise the international profile of their currencies.
The renminbi, for example, was included in 2016 in the International Monetary Fund’s special drawing rights (SDR) basket alongside the US dollar, euro, yen and pound sterling. China recently also launched its first oil futures contract denominated in renminbi – the so-called petroyuan – in an apparent bid to strengthen the hold of the renminbi in global energy markets.