China's Central Bank: Replace Dollar as Reserve Currency

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Lemonyellowschwin's picture
Lemonyellowschwin
Status: Platinum Member (Offline)
Joined: Apr 22 2008
Posts: 561
China's Central Bank: Replace Dollar as Reserve Currency

The latest salvo from Bejing:

http://www.ft.com/cms/s/0/7851925a-17a2-11de-8c9d-0000779fd2ac.html?nclick_check=1

NeoChalcedonian's picture
NeoChalcedonian
Status: Member (Offline)
Joined: Mar 16 2009
Posts: 2
Re: China's Central Bank: Replace Dollar as Reserve ...

Surely Chris M. will discuss this development in the next Report. The G-20 Summit will also be big. If this is not the time to be subscribed there never was nor will be.

DrKrbyLuv's picture
DrKrbyLuv
Status: Diamond Member (Offline)
Joined: Aug 10 2008
Posts: 1995
Re: China's Central Bank: Replace Dollar as Reserve ...

China to Keep Buying Treasurys: Bank Official 

China will continue to buy US Treasurys, viewing the credit risk as low overall, a senior central bank official said on Monday.  "Investing in American Treasurys, as an
important part of our foreign exchange reserve management, will
continue," Hu Xiaolian, a vice governor of the People's Bank of China,
told a news conference on China's preparations for next month's G20
summit in London.

Premier Wen Jiabao said on March 13 that he was worried about China's heavy exposure to the United States.  Bankers
assume about two-thirds of China's nearly $2 trillion in reserves is
parked in dollar assets, primarily US government and other bonds.

Turning to the dollar, Hu disputed the
argument heard in some circles that the US economy and markets are in
such deep trouble that the dollar's global supremacy is under threat.She
said China's view was that studies could begin of a multi-polar global
currency system but that the dollar remained the key currency in terms
of trade, settlement, payments and pricing

Whoopie - we can all deeper in debt!  

 

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