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China Expert Urges FX Reserves Shift; Dollar Falls

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posted on Oct, 26 2009 @ 06:16 AM
China keeps pushing for the change of currency,

The dollar should remain the principal currency in China's $2.27 trillion stockpile of foreign exchange reserves, but the share of the euro and yen should increase, according to an opinion piece in Monday's Financial News, a paper published by the People's Bank of China.

The dollar fell to a 14-month low as word of the report spread before recouping some of its losses after the author, Zhou Hai, told Reuters he was only expressing a personal opinion.

I guess no matter what China big reserves of dollars are still a big problem for their desire to have the dollar downgraded as a main currency.

posted on Oct, 28 2009 @ 10:24 PM
Another facet underscoring the recent shift in Turkish strategic alliances.

USD negative.

Turkey to use national currencies in trade with Iran, China

ANKARA, October 28 (RIA Novosti) - Turkey is switching to national currencies in trade with Iran and China, ending dependence on the U.S. dollar and the euro for about 20% of its commodity turnover, local media reported on Wednesday.

Turkey has already switched to settlements in national currencies with Russia amid weakening confidence in the greenback as the world's major reserve currency. The move was initiated by Turkish President Abdullah Gul during his visit to Moscow in February.

Turkey's decision to make settlements with Iran and China in national currencies was announced during a visit to Iran by Turkish Prime Minister Recep Tayyip Erdogan. The Turkish premier told a Turkish-Iranian business forum on Tuesday that the countries had prepared a legal framework for transition to settlements in national currencies.

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posted on Oct, 28 2009 @ 10:39 PM
you have to realize that when corporations got stuck oweing billions of dollars for worthless fianancial paper assets, they have to keep the dollar as cheap as possible to pay back all of those debts in cheap dollars. if the value of the dollar went up, the value of gold, silver, commodities, and other hard assets would go down, making them sell more of their hard assets, that would turn into less dollars, thus making it more expensive to pay off their debts. the dollar is just a tool for valuation, it's not considered a hard asset.
corporations don't care about the health of any nation, they care about the health of their corporation. they can move their wealth to any other nation, they do not have to worry about the economic stability of america or great britian, they can move the wealth to quatar, saudi arabia, bahrain, UAE.

[edit on 28-10-2009 by jimmyx]


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