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Dollar to Be ‘Discarded’ by World: China Rating Agency

Posted By admin On August 8, 2011 @ 3:20 am In Featured Stories,Tile,World News | Comments Disabled

Ee Sing Wong
CNBC [1]
Aug 8, 2011

The man who leads one of China’s top rating agencies says the greenback’s status as the world’s reserve currency is set to wane as the world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating [2].

In comments emailed to CNBC, Guan Jianzhong, chairman of Dagong Global Credit Rating, said the currency is “gradually discarded by the world,” and the “process will be irreversible.”

Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A” [3] after policymakers in Washington failed to act in a timely manner to lift its debt celing.

However, the announcement failed to register in the markets as investors have yet to decide whether to take the Beijing-based company seriously.

Full article here [1]

Dollar to Be Discarded by World: China Rating Agency  150709banner2 [4]


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URLs in this post:

[1] CNBC: http://www.cnbc.com/id/44050325

[2] world’s most powerful policy makers convene to examine the implication of S&P’s decision to strip the United States of its triple “A” rating: http://www.cnbc.com/id/44044255/

[3] Dagong made headlines last week when it became the first rating agency to cut its U.S. credit rating from “A+” to “A”: http://www.cnbc.com/id/43996450/?China_Rating_Agency_Downgrades_US_Debt

[4] Image: http://www.prisonplanet.tv/

[5] Chinese agency cuts US credit rating: http://www.prisonplanet.com/chinese-agency-cuts-us-credit-rating.html

[6] Rating Agency Wars 2: The New Evil Empire Strikes Back – Dagong Says Likely To Downgrade US Even If Debt Limit Raised: http://www.prisonplanet.com/rating-agency-wars-2-the-new-evil-empire-strikes-back-dagong-says-likely-to-downgrade-us-even-if-debt-limit-raised.html

[7] Moody’s July 4 Bomb: Rating Agency Finds 10% Of Chinese GDP Is Bad Debt, Claims “China Debt Problem Bigger Than Stated”: http://www.prisonplanet.com/moodys-july-4-bomb-rating-agency-finds-10-of-chinese-gdp-is-bad-debt-claims-china-debt-problem-bigger-than-stated.html

[8] Dagong Says Will Cut US Rating As Early As Monday: http://www.prisonplanet.com/dagong-says-will-cut-us-rating-as-early-as-monday.html

[9] US Debt Rating Should Be ‘C’: Independent Agency: http://www.prisonplanet.com/us-debt-rating-should-be-c-independent-agency.html

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