Top Chinese official signals move away from dollar
By Stephen C. Webster
Published: September 7, 2009
The Chinese are becoming increasingly wary of the growing supply of U.S. dollars, leading the head of the nation’s green energy initiatives to signal a move away from dollar reserves and toward, gold, euros and yen, according to a published report.
“We hope there will be a change in monetary policy as soon as they have positive growth again,” said Cheng Siwei, former vice-chairman of the Standing Committee, according to The Telegraph.
He added: “If they keep printing money to buy bonds it will lead to inflation, and after a year or two the dollar will fall hard. Most of our foreign reserves are in US bonds and this is very difficult to change, so we will diversify incremental reserves into euros, yen, and other currencies.”
Read full article :
No comments:
Post a Comment