China is on the offensive. Long a bystander in international economic affairs, Beijing has in recent weeks announced a string of initiatives for remoulding the global financial system. And they all have one target – knocking the US dollar off its perch.

Last month, China said it hoped eventually to see the US dollar replaced as the main global reserve currency by a basket of significant currencies and commodities. Zhou Xiaochuan, head of the central bank, argued that the current dollar-based system was too vulnerable to financial crises.