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Jin Zhongxia, head of the central bank’s research institute, said America’s energy revolution and export revival had shaken up the global landscape and would lead to a stronger dollar over time. “The dollar’s global dominance will continue,” he said.
A report by Citigroup said the explosive growth of US oil and gas output over the past year had exceeded the “wildest dreams of energy analysts”. The US has halved its oil imports since 2005 and is moving “rapidly towards self-sufficiency”, turning global geo-politics on its head.
The advantage is shifting back to the US. A so-called “manufacturing renaissance” is under way as US companies bring home plants to exploit cheap shale gas and lower transport costs.
The Telegraph
It is true that the USA's increased production of shale oil and gas has radically reduced the US's reliance on imported energy and has the potential to greatly alter the balance of power globally.
China is actively taking steps to phase out the US dollar which will decrease volatility in oil and commodity prices and deride the ‘exorbitant privilege' the USA commands as the issuer of the reserve currency at the centre of a post-war international financial architecture which is now failing.
ZeroHedge
China is frustrated with what it sees as the US government’s mismanagement of the dollar, and is now actively promoting the cross-border use of its own currency, the yuan, or also called the renminbi, in trade and investment.
Originally posted by FissionSurplus
Hmmm...you are wise to take what the Chinese say with a grain of salt.
Originally posted by conspiracy nut
a positive news story on the state of the american dollar? alot of people that were hoping for the demise of america for whatever reasons, are not going to be happy with this.
i hope this report is true and that our economy will get back on track
Originally posted by jimmiec
I second the opinion of the Chinese using the ancient book from Sun Tzu on the Art of War. Say one thing, do another.
Originally posted by ollncasino
Originally posted by jimmiec
I second the opinion of the Chinese using the ancient book from Sun Tzu on the Art of War. Say one thing, do another.
They have also been buying in large quantities of gold. A gold backed RMB is not a realistic option. There just isn't enough gold in the world to gold back a reserve currency.
But what are they planning with the gold?