China Taking Steps to Curb Currency Speculation

The transcript discusses a proposal in China that requires central government approval. It explores the potential for rapid implementation, starting with a zero rate to refine rules and deter speculators. The discussion includes concerns about the impact on hedging, FX transactions, and the internationalization of the UN. Traders express worries about increased costs and reduced market liquidity, with uncertainty about the proposal's effect on China's reserve currency ambitions.

What is the significance of the internationalization of the UN as mentioned in the text?

What are the implications for China's plans to become a reserve currency in terms of the IMF?