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Mr Zhou praised John Maynard Keynes's proposal in the 1940s for an international currency, the "Bancor", based on commodities.
That has led to the launch of a whole series of exchange-traded funds based on commodities, which have made the asset class accessible for a much wider range of investors.
"Fluctuating foreign exchange rates, supply pressure on key ingredients and the weakened value of the pound are impacting the import cost of some of our materials and affecting the price of material costs based on commodities that are traded in foreign currencies".
Businesses will look abroad much more quickly – a strategic shift that actually favours fintech companies, whose businesses are based on commodities like information and data, which can easily move across borders.
Most taipans were successful when the country had an economy based on commodities, but not all of them were able to make the transition as the Philippine economy modernized.
Since Andrew Liveris took the helm at Dow Chemical in 2004, the company has been trying to move away from materials based on commodities such as oil and gas toward more advanced chemicals.
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It is based on commodity components: VME-based CPU's for the data read out, an ATM switch for the event building and Pentium-based personal computers running the Linux operating system for the event processing.
They can be based on commodity prices or any other type of financial product the investor wants.
Michael Masters, a hedge fund manager, told the Senate panel (PDF) that investment in indexes based on commodity futures has risen from $13 billion five years ago to $260 billion today.
Many developing economies like Brazil are based on commodity exports, and rapidly growing countries like China and India are stoking the global demand for steel, coal and soybeans.
Some ETFs are based on commodity indices and property markets, others are designed to appeal to the environmentally conscious or to devout Muslims.
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