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It matters, also, to the broader campaign to scrap capital punishment in America.
Some have urged China to scrap capital controls and float the currency.
China would need to scrap capital controls so foreigners could invest in yuan assets and then freely repatriate their capital and income, but the government is wary of moving too quickly.
He has also pledged to create a $5 billion Small Business Rescue Plan, similar to the Treasury bailout, to be run through the Small Business Administration, as well as to scrap capital gains taxes on investments in small businesses and provide them with a small tax credit on their health care costs.
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This, says Mr Kroeber, implies a big retreat from China's state-led model of credit allocation.Even if China immediately scrapped capital controls the yuan would be unlikely to challenge the dollar as a reserve currency for years.
Although financial reform is certainly essential before scrapping capital controls, the authors argue that with existing controls in place the banking system is unlikely to come under much pressure simply as a result of exchange-rate flexibility.
Turkey, a candidate to join the European Union, has not carried out an execution since 1984, but scrapping capital punishment altogether has been high on the agenda since the Kurdish rebel leader Abdullah Ocalan was sentenced to death in 1999.
Their desire to tie their currencies to the dollar may be a temporary response to a cyclical problem.A third important difference is that, unlike under the Bretton Woods regime, most Asian countries have scrapped capital controls or where they still exist, as in China, they are leaky.
Turkey scrapped capital punishment in 2004 as part of its push to join the European Union, and European leaders have warned Ankara that restoring it would derail its EU aspirations.
In a dynamic context, this is perfectly rational, since it is uneconomical to scrap old capital equipment as soon as a new and better model appears in the market.
A planned final dividend of 4p a share was scrapped and capital spending plans were slashed from £50m to £20m.
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