The Russian bankers, fearing a devaluation, began to buy dollars at an increasingly frantic rate.

Such a plan would have taken away Russian central bankers' discretion over monetary policy.

"An awful lot of people in this town are afraid of this story," one leading Russian banker said.

"Everyone is talking about capital markets deals," the Russian banker said.

A leading Russian banker, Boris Jordan, is one such person.

Chinese and Russian central bankers are also shifting reserves.

"The central bank of Russia was more creative than others," said a Russian banker familiar with the central bank's operations.

But in the end she had run afoul of a superior force - Russian bankers.

Things were looking grim for the Russian bankers.

Not that the Russian bankers and financiers have not tried.