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China Urges New Money Reserve to Replace Dollar! [Copy link] 中文

Rank: 2

Post time 2009-3-24 14:38:49 |Display all floors
SHANGHAI — In another indication that China is growing increasingly concerned about holding huge dollar reserves, the head of its central bank has called for the eventual creation of a new international currency reserve to replace the dollar.

In a paper released Monday, Zhou Xiaochuan, governor of the People’s Bank of China, said a new currency reserve system controlled by the International Monetary Fund could prove more stable and economically viable.

A new system is necessary, he said, because the global economic crisis has revealed the “inherent vulnerabilities and systemic risks in the existing international monetary system.”

While few analysts believe that the dollar will be replaced as the world’s dominant foreign exchange reserve anytime soon, the proposal suggests that China is preparing to assume a more influential role in the world. Russia recently made a similar proposal.

China’s bold idea, released more than a week before world leaders are to gather in London for an economic summit meeting, also indicates that Beijing is worried that its huge dollar-denominated foreign reserves could lose significant value in coming years.

http://www.nytimes.com/2009/03/2 ... ?_r=1&ref=world

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Post time 2009-3-24 14:49:52 |Display all floors
nothing forced china to keep its reserves in dollars, it could have kept them in any other currency or any combination.  It could have bought gold.  If it is unhappy with the way things have turned out it can only blame itself.

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Post time 2009-3-24 21:09:46 |Display all floors

dollar and sense...

just as long as china wakes up about her investment with the US...it's not too late to turn it all around and hopefully headin to the right direction this time by investing in OPEC nations  

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Post time 2009-3-25 04:17:35 |Display all floors

another rallyin day at WS...

just another tough closin day at WS.  donald tsang, hong kong's chief executive suggested that HK might, at some distant point in the future, consider "currency linkage with china."  fear about to start even before the summer hits if things wont go right for the US  

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Post time 2009-3-25 09:48:42 |Display all floors
Idiot got it right. No one forced China to buy US assets.
"Justice prevails... evil justice."

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Rank: 8Rank: 8

Post time 2009-3-25 11:43:06 |Display all floors

Reply #1 notknowwhy's post

If China buys up more EURO or other alternative assets in the market, eventually the US$ cash will reach the BRITISH CLUB banks and gets to be reinvested into the Amerikan Regime financial, Investment markets.

What China can do is to diversify it's financial reserves into EURO, Gold, strategic crude oil reserves, strategic minereal and metal reserves, some BPD and US$. And China is right to expand the role of the RENMIMBI in the near future.


However, it would be SAFER if Trade Route States, European Union and British Club provide reassurances to the Arab-GCC states against a potential  Mesopotamian conflict between the primary forces of Turkish-Kurd, Baathist Arabs-Russian and Shia Mesopotamians-Persians. I guess the main combatants should be the Baathist Arabs as there is no revenue in the land they occupy.......

Some kind of BRIBE could prevent a war from breaking out, either securing a tri partite government in Mesopotamia or partitioning Mesopotamia with BRIBEs paid to the Baathist Arabs from initiating war.


Green DRagon
Game Master

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Post time 2009-3-26 11:18:39 |Display all floors
So... instead they dumped in on the US and caused the dollar to rocket... you're such a moron.
"Justice prevails... evil justice."

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