China takes another step away from dollars

[ShebaPoe]

http://www.chinadaily.com.cn/bizchin...t_11594595.htm

Some excerpts:

SHANGHAI - China started allowing the yuan to trade against the Russian rouble in the interbank market from Monday as policymakers promote the currency's use in global trade and finance.

"The pace of internationalizing the yuan is accelerating," said Zhao Qingming, a senior analyst in Beijing at China Construction Bank Corp, the country's second-largest lender.

China is allowing greater use of its currency for cross-border transactions to reduce reliance on the US dollar, after Premier Wen Jiabao said in March he was "worried" about holdings of assets denominated in the greenback.

[ShebaPoe]

I'm sure Obama's economic dream team, led by Timmay, have a plan.

[FormLetter]

This makes it sound like China is choosing not to hold dollars. In the other thread I thought you said they would if they could, but they can't so they don't.

[Once It Hits Your Lips]

We can print those Yuan things, right? Can't be too hard.

[Rickson]

Originally Posted by Once It Hits Your Lips

We can print those Yuan things, right? Can't be too hard.

I've got a few K in the safe...

[Omikron]

Originally Posted by FormLetter

This makes it sound like China is choosing not to hold dollars. In the other thread I thought you said they would if they could, but they can't so they don't.

China needs dollars to manipulate the yen.

[ShebaPoe]

Originally Posted by FormLetter

This makes it sound like China is choosing not to hold dollars. In the other thread I thought you said they would if they could, but they can't so they don't.

Those Commies have short, medium, and long-term plans. In the short term, I don't see them leaving the dollar. Medium term, they want flexibility and long term, they want to dominate, so the dollar albatross has to go.

I think they are (a) preparing for a long-term future where the dollar is less critical...this is a test run, and (b) making a statement to the US that they will find trading partners regardless of what we do, so either we play fair or they play dirty.

I have zero confidence in our political leadership to deal with this effectively. Zero.

[2pac Shakur]

[Keep It Real, Yo]

Originally Posted by ShebaPoe

Those Commies have short, medium, and long-term plans. In the short term, I don't see them leaving the dollar. Medium term, they want flexibility and long term, they want to dominate, so the dollar albatross has to go.

I think they are (a) preparing for a long-term future where the dollar is less critical...this is a test run, and (b) making a statement to the US that they will find trading partners regardless of what we do, so either we play fair or they play dirty.

I have zero confidence in our political leadership to deal with this effectively. Zero.

In terms of their jobs, there is no incentive to deal with it effectively. And that is (collectively) our fault.

[Patrick Bauer]

Originally Posted by ShebaPoe

Those Commies have short, medium, and long-term plans. In the short term, I don't see them leaving the dollar. Medium term, they want flexibility and long term, they want to dominate, so the dollar albatross has to go.

I think they are (a) preparing for a long-term future where the dollar is less critical...this is a test run, and (b) making a statement to the US that they will find trading partners regardless of what we do, so either we play fair or they play dirty.

I have zero confidence in our political leadership to deal with this effectively. Zero.

Yep.

China in Africa. They will develop that continent reaping the benefits.

China VP finishes Africa tour in Botswana, inks energy deals