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The world's foreign exchange markets bracing themselves for fresh turbulence after weekend talks at the International Monetary Fund failed to ease fears of a currency war.

Dominique Strauss-Kahn said the time for talk was over after the fund's main policy body made little progress in settling the row between Washington and Beijing over China's alleged manipulation of its currency.

Joint administrators have been appointed to handle the collapse of independent foreign currency exchange business Crown Currency Exchange (CCE).

At least 13,000 customers of the Cornwall-based company are affected. The business was established five years ago by husband and wife team Peter and Susan Benstead and had processed hundreds of millions of pounds worth of foreign currency transactions over that period.

It provided customers with travel money in more than 80 major currencies. Services included cash, travellers cheques and money transfer facilities.

Letting currency exchange rates adjust in response to market conditions is critical for rebalancing global growth and will be on the agenda when finance chiefs meet on Friday and Saturday, a senior U.S. Treasury Department official said on Tuesday. The U.S might as well be gambling their money from their Grand National Hospitality Tickets.