Phase Three.


From the Article:


"Those who grumbled that nothing of significance happened at the Group of 20 summit missed Nicolas Sarkozy's press conference. The French leader said he and Chinese President Hu Jintao have come up with a strategy that will ensure much of the next 12 months is spent questioning the U.S. dollar's role as the world's reserve currency.

The symbolism of China hosting a major gathering to discuss currency policy is impossible to miss. In March, 2009, Zhou Xiaochuan, the governor of China's central bank, proposed replacing the dollar as the reserve currency with the Special Drawing Right, or SDR, a little-used unit of exchange run by the International Monetary Fund. (The IMF bases the SDR's value on a basket of the dollar, euro, pound and yen.) Mr. Zhou's suggestion created a stir as investors wondered if China was getting ready to abandon the dollar. Now, thanks to Mr. Sarkozy, Mr. Zhou will get to organize an entire conference on the subject with the world's currency traders watching in rapt attention. There will be fireworks."