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Monday, July 11, 2011

China on its Way to the Leading Global Currency?

China on its Way to the Leading Global Currency?

The open criticism of the US policy is getting more vociferous by the day. For example, a former central bank advisor pointed out that in the medium to long term US Treasuries were “not safe”  In order to further diversify China has now stepped up its bond purchases from the European stabilisation fund EFSF. China will also launch a new investment fund, which will invest a part of the almost USD 3bn worth of foreign exchange reserves in energy and precious metals. PBoC advisor Xia  recommended holding only USD 1bn worth of foreign exchange reserves, while the rest should
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