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Subject: China Urges New Money Reserve to Replace Dollar!
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notknowwhy
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China Urges New Money Reserve to Replace Dollar!
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
2009-3-24 02:38 PM
#1
idiot8
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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.
2009-3-24 02:49 PM
#2
NYChinatown
( 陳青龍 也是 不知死)
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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
2009-3-24 09:09 PM
#3
NYChinatown
( 陳青龍 也是 不知死)
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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
2009-3-25 04:17 AM
#4
interesting
(Steven Schreiber)
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Idiot got it right. No one forced China to buy US assets.
2009-3-25 09:48 AM
#5
greendragon
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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
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2009-3-25 11:43 AM
#6
totothedog
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Usual Anglo Amerikan Lies
Boring and Idiot claim China could have kept them in any currency. Yet $2trillion dumped on the market say, for yen, would cause the yen to rocket and Japan would not be very happy. Also Saddam tried to keep reserves in euros and the Anglo Amerikan gangsters illegally invaded held an illegal trial and then lynched him as a warning to others.
2009-3-26 02:05 AM
#7
interesting
(Steven Schreiber)
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So... instead they dumped in on the US and caused the dollar to rocket... you're such a moron.
2009-3-26 11:18 AM
#8
wanzheli
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QUOTE:
Originally posted by
interesting
at 2009-3-25 09:48
Idiot got it right. No one forced China to buy US assets.
The 7 American airccraft carriers are born for those who do not keep dollar in their currency baske,see?
Just try!
Besides, 2 trillion is a huge and remendous amount of money, other than the US, no other country in the world can digest this huge cake!
Dollar is evil and you have to buy it as long as it is evil.
2009-3-26 04:03 PM
#9
totothedog
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Amerika Admits Defeat on Dollar.
"Geithner about-turn on dollar status shocks currency markets" - Reuters
2009-3-26 07:41 PM
#10
idiot8
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QUOTE:
Originally posted by
wanzheli
at 2009-3-26 16:03
The 7 American airccraft carriers are born for those who do not keep dollar in their currency baske,see?
Just try!
Besides, 2 trillion is a huge and remendous amount of money, other than the US ...
a smart investor diversifies, perhaps 1/3 in dollars 1/3 in euros1/6 in yen and 1/6 in pounds
the EU and the euro are as large and as strong as the US and the dollar and the yen is a sixth the size of the dollar.
china gambled and it now looks like it is going to lose its gamble.
2009-3-26 08:09 PM
#11
myfriend
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Reply #5 interesting's post
But they coerced, begged, cried, promised, and sworn by their Bible, fully in the manner of a Wall Street saleman. The latest sales pitch was delivered by Hilarry Clinton in China.
2009-3-27 01:28 AM
#12
totothedog
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Volcker Peddles the Propaganda Too
QUOTE:
Originally posted by
idiot8
at 2009-3-24 14:49
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 ...
Volcker has now blamed China for the fraudulent dollar imposed on the world at the point of a gun. As one Amerikan put it, the dollar is only backed by F-16s. It's a gangster kurrency.
Without the speculative attacks such as the Asian Financial Crisis, nations wouldn't need so many dollars to protect their currencies. Without Amerika forcing oil exporters to accept dollars, we wouldn't need dollars at all.
That is going to be the case soon anyway. The euro which the Anglo Amerikan propaganda attacks relentlessly, means the whole eurozone can reduce its dollar holdings. The ASEAN and GCC single currencies will do the same. The US deficit took until 1982 to rack up its first trillion. The last one from $10 trillion to $11trillion took only 5½ months. YES! FIVE AND A HALF FREAKIN' MONTHS. The exponential curve of dollar implosion means the dollar has entered the gravity well of a black hole and since Dec 2006 was paying interest on its interest on external debt alone. The US ekonomy is F***** with even Geithner letting slip that Amerika will consider SDRs as a new global currency.
2009-3-27 02:05 AM
#13
myfriend
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The USA is sub-prime
Printing 2 trillion paper money to spend, that is, funny money.
The U.S. of A. is sub-prime now.
2009-3-27 04:48 AM
#14
magneone
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Such a new move is quite bold.
There are significant advantages and opportunities for this to remain on the positive.
However it does also come with great risk.
There have been many judgments based upon the idea however without a real understanding of balance between its potential and risks.
To steer away from a dead end road does not mean to go onto familiar roads that leads to the same fate. It is the courage to seek anew that we may find our own future; an truth that many are afraid to take to change with time.
So be it.
2009-3-27 10:20 AM
#15
interesting
(Steven Schreiber)
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Actually, to my knowledge, nothing would have stopped China earlier from working with the IMF to hold SDRs.
Idiot is correct: China gambled massively that the dollar would remain high. They thought it was a safe bet even though a passel of US economists insisted for about a decade that the dollar must fall from unrealistically high levels.
2009-3-27 12:37 PM
#16
greendragon
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Reply #7 totothedog's post
yes you are right again!
if the US$ forex is used to buy Euro, Bpd or Yen, it would shoot up the value of those currencies!
with the same effect on the value of the US$.
so, the only logical way is using the additional US$ reserves to purchase STRATEGIC MINEREAL, METAL and CRUDE OIL reserves.
Domestic Mint of Rmb in weak international market does not cost much if done in a proper manner!
IT's GOOD TIMES IN CHINA.
NEVER IN HISTORY OF MODERN CHINA, does it have so much power to do so much!
ha ha ha
Green DRagon
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2009-3-27 01:21 PM
#17
greendragon
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The best course of action is to do "creeping purchases" of...
....strategic materials, technology, gold, crude oil so as not to cause prices to rise.
What we worry about DOLLAR HOARDING, is a sudden Dollar Value burst.
"Creeping stockpile purchases" prevent commodities price from rising dramatically
It give China more security against drastic fluctuation, and against sudden US$ collapse.
Eventually when China economy is ready, we should be able to allow the Renmimbi to appreciate again!
(ie. with all those road, rail, airports, electric power plants, electric grid, gas pipeline, water pipeline, reservoir, desalination plants, sewage plants, mass rapid transit, light rail transit, improve road construction, improve tv broadcast, digitized hi defination TV, etc.)
YES CHINA IS RISING, deal with it!
Green DRagon
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2009-3-27 01:30 PM
#18
greendragon
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Reply #13 totothedog's post
I guess the WORLD must be prepared for any eventualities.....
Malaya is ready, we have develop our own mini economic zone.
At least, our economy should still HUM on peacefully should global competition get us new strange directions.
China has already build 4 economic zones to counter such any global storms too!
Green DRagon
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2009-3-27 01:41 PM
#19
fishcb
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we have to do what we don't want
Buying ohter assets must be harmful ,you know we buy their currency (only printed paper) with our goods (laborforce and resources).it is unfair ,but we have to do it.Risks are around us(financial crisis,economic crisis,crop crisis) ,and how to escape from them ?it is very easy,the only things we can do is getting the help from other relative stable contries.The US was the biggest developed country before and we must depend on him ,but now it is not ,we have lost confidence on him,so we need a more stable organization to stand out to be responsible for the emergency.so it is happened now .This is natural rules,no one can change,and to be yourself and accept it ,
2009-3-28 05:09 PM
#20
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