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China Favors Euro Over Dollar as Bernanke Alters Path

Posted By admin On August 16, 2010 @ 9:00 am In Money Watch | Comments Disabled

Candice Zachariahs and Ron Harui
Bloomberg [1]
Aug 16, 2010

China, whose $2.45 trillion in foreign-exchange reserves are the world’s largest, is turning bullish on Europe and Japan at the expense of the U.S.

The nation has been buying “quite a lot” of European bonds, said Yu Yongding, a former adviser to the People’s Bank of China who was part of a foreign-policy advisory committee that visited France, Spain and Germany from June 20 to July 2. Japan’s Ministry of Finance said Aug. 9 that China bought 1.73 trillion yen ($20.1 billion) more Japanese debt than it sold in the first half of 2010, the fastest pace of purchases in at least five years.

“Diversification should be a basic principle,” Yu said in an interview, adding a “top-level Chinese central banker” told him to convey to European policy makers China’s confidence in the region’s economy and currency. “We didn’t sell any European bonds or assets, instead we bought quite a lot.”

Full article here [1]

Having A Supply Of Healthy Foods That Last Just Makes Sense [2]

China Favors Euro Over Dollar as Bernanke Alters Path 140410banner4 [3]

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URLs in this post:

[1] Bloomberg: http://www.bloomberg.com/news/2010-08-15/china-favors-euros-over-dollars-as-bernanke-shifts-course-on-fed-stimulus.html

[2] Having A Supply Of Healthy Foods That Last Just Makes Sense: http://www.efoodsdirect.com//index.html?aid=14&adid=43

[3] Image: http://infowars-shop.stores.yahoo.net/post4rioffe.html

[4] China Slows Purchases of U.S. and Other Bonds: http://www.prisonplanet.com/china-slows-purchases-of-us-and-other-bonds.html

[5] A Declassified Jon Huntsman On China’s Terror Of A Gold-Pegged Dollar: http://www.prisonplanet.com/a-declassified-jon-huntsman-on-chinas-terror-of-a-gold-pegged-dollar.html

[6] Euro Parity With the Dollar? US, China Better Watch Out: http://www.prisonplanet.com/euro-parity-with-the-dollar-us-china-better-watch-out.html

[7] Geithner tells China its dollar assets are safe: http://www.prisonplanet.com/geithner-tells-china-its-dollar-assets-are-safe.html

[8] China Finally Diversifying Out of the Dollar?: http://www.prisonplanet.com/china-finally-diversifying-out-of-the-dollar.html

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