Welcome to European Tribune. It's gone a bit quiet around here these days, but it's still going.
The discussion of the New Punt proposal starts about 7 minutes in. It came to Steve in an e-mail. He has not disclosed the name of who proposed it. Hopefully more will come out later. China long maintained a domestic only currency, the renmembi, which is similar to what is being proposed. From wiki:
Before 2009, the Chinese renminbi had little to no exposure in the international markets because of strict government controls by the central Chinese government that prohibited almost all forms of yuan holdings or transactions. Transactions between Chinese companies and a foreign entity would have to be denominated in US dollars. With Chinese companies unable to hold US dollars and foreign companies unable to hold Chinese yuan, all transactions would go through the People's Bank of China. Once the sum was paid by the foreign party in dollars, the central bank would pass the settlement in renminbi to the Chinese company.

"It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Wed May 2nd, 2012 at 12:51:52 AM EST
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