Unfortunately, it would also bankrupt any firms or banks that had borrowed heavily in foreign currency in the belief that the traditional parities were sacrosanct.
In the 1920s, there was a pseudo-return to gold, in that the formerly belligerent countries wanted the currencies they had overprinted in the war to trade at the pre-1914 parities.
The 2005 ICP round provides estimates of purchasing power parities (PPPs) of currencies and real product per capita for 150 countries, and the results for China and India are discussed in the context of the size of these economies.