The grateful taxpayers of 20 nations of the world are about to cheerfully part a large amount of their hard earned money to send their leaders on a weekend mini-break in the eastern Chinese city of Hangzhou.

Yes, the G-20 is set to meet. So, what will that meeting, if anything, accomplish?

A statement will be issued mentioning concerns about the global economy while sounding cautiously optimistic for the future. That statement has of course already been agreed on and we learned early today it will state that the G-20 members have vowed to combine policy measures - monetary, fiscal and structural reform - to boost economic growth.

There will also the traditional group photograph where everyone jostles to be close to President Obama.

In fact, the whole thing could be done with a lot less expenses through a judicious use of photo-shop.

Elsewhere, there was IMF managing director Christine Lagarde saying that the IMF will likely downgrade its 2016 global growth forecast again later this month. She described the overall outlook as “slightly declining growth, fragile, weak and certainly not fueled by trade.” She added she will tell G-20 leaders that further reductions in growth potential and more obstacles to the free movement of goods, services, capital and people would hurt all of them.

Finally, and as investors will probably hear in the coming days a lot of talk (confusing!) about the use of currencies and a new role for the Chinese yuan in international FX operations, the Bank for International Settlements (BIS) just released its “Triennial Central Bank Survey” which is, among other things, the most comprehensive source of information on the size and structure of global foreign exchange (FX) whereby we can see the U.S. dollar remains by far the most used currency in the world.

For long-term investors (not speculators), I have no doubt the dollar will remain the safest currency for quite some time to come. 

Etienne "Hans" Parisis is a bank economist who has advised global billionaires and governments on the financial markets and international investments. To read more of his articles, GO HERE NOW.