The Plaza Accord closed a long period between 1971 and 1985, when the US ended the former global financial order based on the Bretton Woods Agreement /1971/ and shifted the main anchor of global finance from gold to oil. The new golden rule was the constant ratio between the price of gold and oil, instead of the dollar and gold.
Oil seems to be out of the game now, information/data are stepping in, China and the renminbi replace Japan and the yen as Mansoor Mohi-uddin rightly put it. /FT, 2 October 2020/
However, we are just at the beginning of a long journey leading to a new “Plaza Accord”. We are still one year away from 1971.
Governor Matolcsy, MNB, the Central Bank of Hungary
Re “Renminbi strength foretells dollar’s decline”