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The IMF on Wednesday said China has signed an agreement to purchase approximately $50 billion in notes from the fund. The notes are denominated in Special Drawing Rights, a quasi-currency issued by the fund and promoted by China as a potential replacement for the dollar
Hong Kong is pulling all its physical gold holdings from depositories in London, transferring them to a high-security depository newly built at the city's airport, in a move that won praise from local traders Thursday.
Originally posted by jefwane
The question is whether they sold $50 Billion of UST's to buy these SDRs. Though 50 Billion is a drop in the bucket compared to what they have, it's an important milestone. Particularly if going foward they don't buy UST's and instead buy SDRs.
The International Monetary Fund said it’s possible to take the “revolutionary” step of creating a new global reserve currency to replace the dollar over time... As much as 70 percent of the world’s currency reserves are held in dollars, according to the IMF...