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China Wants Yuan to Replace the Dollar as Global Currency
China has taken yet another step to transform the yuan into the dominant global currency, a long-term initiative that could ultimately dethrone the dollar as the world’s top unit of exchange.
In the last four months alone, China has signed currency swap agreements worth more than $95 billion (650 yuan) with an array of nations – including: Argentina, Brazil, South Korea, Indonesia, Malaysia, Belarus and Hong Kong – that are only too glad to move away from the increasingly shaky U.S. dollar.
For Westerners who are struggling to come to terms with the notion of a disarrayed dollar, the thought of oil, gold…
27May2009 | Money Morning | 1 comment | ContinuedObama and Geithner Pressure China on Currency
Timothy Geithner, President Barack Obama’s nominee for U.S. treasury secretary, told the Senate that he and the new administration are prepared to take a harder line in economic relations with China.
In written responses to questions posed by the Senate, Geithner accused China of “manipulating” its currency, a phrase former-Treasury Secretary Henry M. Paulson and the Bush administration carefully avoided.
“President Obama – backed by the conclusions of a broad range of economists – believes that China is manipulating its currency,” Geithner wrote.
During his stint in the Senate, President Obama co-sponsored the Fair Currency Act of 2007, which defined…
26Jan2009 | Money Morning | 0 comments | ContinuedChina’s Export Machine Shifts Into High Gear, Even as U.S. Market Decelerates
China’s exports advanced at a 28% pace in May, despite growing economic turbulence in the United States and Europe, underscoring yet again that the Asian giant doesn’t need Western markets to flourish.
The strong export growth should also give China’s central bank more room to maneuver in its battle against escalating inflation at home.
After growing 21.9% in April, Chinese exports climbed 28.1% to $120.5 billion last month, China’s customs bureau reported. Exports to the United States grew 9.1% in the first five months of year, while exports to the European Union climbed 27.4%.
The increases demonstrate that global demand for Chinese…
12Jun2008 | Money Morning | Comments Off | Continued
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