But the French can't sell much, you say, they signed the Washington Accord, that smart little stitch-up late last year when the World Gold Council persuaded the US Administration that American gold miners would sink if the European central banks flogged off gold left right and centre.

BBC: Gold bug worries

The thinking in the Chinese capital is that Washington, in the 1985 Plaza Accord, ended Japan's bid for global dominance by engineering a fall in the greenback in relation to the yen.

FORBES: New Asia

India is under pressure from Washington to sign the accord before the US presidential election in November.

BBC: India MPs hold vote of confidence