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China’s foreign-exchange regulator said a new unit will use the nation’s $3.3 trillion in reserves to support Chinese companies expanding abroad, signaling fresh outlets for the world’s largest currency stockpile. The State Administration of Foreign Exchange said in a statement on its website today that its Co-Financing office has been seeking “innovative use” of the reserves and “supporting financial institutions in serving China’s economic growth and going-out strategy.”
Central banks increasingly want to hold yuan as trade with China grows, a move that would boost the currency and turn it into a far greater cog of world finance. The question is by how much the currency will be bought and over how long a time. Gary Smith, the global head of official institutions at BNP Paribas Investment Partners -- a firm that manages 54 billion euros ($72 billion) for central banks, sovereign funds and supranational groups -- thinks it will be a lot and soon.
Yet it seems you are going down - economically, it's a slow boil... now where's the fight??
We aren't going down without a fight.
Wars have been fought for much less than losing the reserve currency status.
Your words, not mine.
The rest of the world needs to know that Americans are crazy...
... or what??
... and really shouldn't F with us
Originally posted by 02bmw76
What are the thoughts regarding the possibility of China accumulating more gold than anyone else and backing their currency with that gold, making it the new reserve currency for the world? Even after all, none of us has seen the inside of Fort Knox. Maybe it is empty. We know England is only holding mostly other people's gold after their wise leader sold the UK gold when it was at a low. And then there is our debt. It is quite an impressive ponzi scheme, monetizing debt, The bond market is in a bubble waiting to burst. What will break the camel's back?
Originally posted by doubledutch
I think you miss understood me. My second post was aimed at the guys ridiculous post - nothing more. I wasn't laughing at the fact were all screwed I was laughing at the stupid post.
it's not a funny situation and it will effect us all, not just north america. I too have a family and worry about the future - as i said in my other post this is bad for all of western civilization not just you.
were all f****d - us, Europe, the whole of the western world
not just youedit on 15-1-2013 by doubledutch because: (no reason given)
Originally posted by Goldcurrent
This is what happens when our leaders sell us out to Wall St. and corporations. The loss of intellectual property and syphoned production, leading to an imbalanced trade scenario.
The floodgates have been opened. Internationalism as a concept has backfired on N. America.
I wholly believe N. America can sustain itself once again. It will hurt, and we may have to do without cheap Asian products but it will free us from consumerist moral degradation.
We don't need cheap plastic crap, and electronics/appliances with a shelf life of a carton of eggs anyways.