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China Politely Moves Away from Dollar: Strategist

Posted By admin On July 21, 2009 @ 3:14 am In Money Watch | Comments Disabled

CNBC.com [1]
Tuesday, July 21, 2009

China’s sovereign wealth fund has taken about 1 percent in drinks group Diageo, in a move which an analyst said is a sign the country is diversifying away from the US dollar.

“Diageo is pleased that one of the largest Chinese investment funds has taken a shareholding of approximately 1 percent in the company,” a company spokesman told CNBC in a statement.

“We do no comment on individual shareholdings but we of course view each investment as a sign of confidence in Diageo [DGE-LN 902.122 17.00 (+1.92%)],” the spokesman added.

The move, only the last in a series of buying of stakes in various companies around the globe by China Investment Corp, shows that the Chinese are shifting out of holding dollars “without upsetting anybody,” Peter Toogood, head of investment at Old Broad Street Research, told CNBC.

Full article here [1]

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