الله أكبر البارحة الإمارات واليوم الصين تتخلى عن الدولار الامريكي
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قرر مصرف الشعب الصيني التخلي عن إحتياطي الدولار الأمريكي وشراء بدله عملات أوروبية ومعادن كالذهب...
China Dumping U.S. Dollars
At the same conference as Bernanke and Trichet, China’s central bank governor Zhou Xiaochuan shelved the academic talk of money supply and instead dropped a bomb on the currency markets.
Zhou announced to the conference that China plans to diversify its $1 trillion in foreign exchange reserves across different currencies, including the euro and pound, and investment instruments, including emerging markets, reports Reuters.
"All central banks are trying to diversify," the People's Bank of China governor said at a conference in Frankfurt. "We have had a very clear diversification plan for several years."
Money News readers will recall that China on Tuesday reported that they have accumulated a record sum of $1 trillion in foreign reserves and reported a record-high trade surplus for October. The country said today that it expects its trade surplus for 2006 to total $150 billion.
Of China’s cash coffers, Money News wrote, "That’s significant because it means that if China decided to sell off any of its reserves by dumping say U.S. dollars on the market and buying gold instead, the dollar’s value would likely tumble."
And that’s exactly what’s happening: China is preparing to sell off some of its dollar reserves so that it can diversify into other currencies and investments.
"[Diversification] includes currencies, investment instruments, including emerging markets," he told Reuters.
The dollar tumbled to a two-month low on the remarks. Gold and other precious metals rallied. However, when Reuters asked if the diversification plan included gold, Zhou said, "That’s a separate thing."
Zhou said that key factors in China’s diversification plan were liquidity, safety, and efficiency.
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قرر مصرف الشعب الصيني التخلي عن إحتياطي الدولار الأمريكي وشراء بدله عملات أوروبية ومعادن كالذهب...
China Dumping U.S. Dollars
At the same conference as Bernanke and Trichet, China’s central bank governor Zhou Xiaochuan shelved the academic talk of money supply and instead dropped a bomb on the currency markets.
Zhou announced to the conference that China plans to diversify its $1 trillion in foreign exchange reserves across different currencies, including the euro and pound, and investment instruments, including emerging markets, reports Reuters.
"All central banks are trying to diversify," the People's Bank of China governor said at a conference in Frankfurt. "We have had a very clear diversification plan for several years."
Money News readers will recall that China on Tuesday reported that they have accumulated a record sum of $1 trillion in foreign reserves and reported a record-high trade surplus for October. The country said today that it expects its trade surplus for 2006 to total $150 billion.
Of China’s cash coffers, Money News wrote, "That’s significant because it means that if China decided to sell off any of its reserves by dumping say U.S. dollars on the market and buying gold instead, the dollar’s value would likely tumble."
And that’s exactly what’s happening: China is preparing to sell off some of its dollar reserves so that it can diversify into other currencies and investments.
"[Diversification] includes currencies, investment instruments, including emerging markets," he told Reuters.
The dollar tumbled to a two-month low on the remarks. Gold and other precious metals rallied. However, when Reuters asked if the diversification plan included gold, Zhou said, "That’s a separate thing."
Zhou said that key factors in China’s diversification plan were liquidity, safety, and efficiency.
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