Many economists in the region argue for a more flexible currency system, starting with a Kuwait-style currency basket, so interest rates can reflect the realities of a region with a very different economy from America's.

ECONOMIST: Monetary union in the Gulf

Among others, Benjamin Graham and Friedrich von Hayek advocated a basket of commodities, the latter within the context of a system of private currency.

FORBES: Private Currency Competition Is The Monetary Answer

It would be unwise for China to float the yuan until it has cleaned up its banking system, but it could repeg against the dollar at a higher rate and shift to a currency basket, which is what the government has said it would like to do.

ECONOMIST: China's economy