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.

China has set up a series of swap arrangements with other central banks, including Argentina, South Korea, Indonesia, Malaysia and Belarus, through which it will make its currency available to the other countries if they run out of foreign exchange.