PPP KINGDOM

PPP KINGDOM

CHINA BUYS GOLD, CHALLENGES USD

leave a comment »

China is shifting some of its massive foreign holdings into gold and away from the US dollar, undermining the dollar’s role as the world’s reserve currency, accoding to a recently released WikiLeaks cable.

Buying gold and allowing the yuan to be traded freely would weaken the US dollar’s dominance as the international reserve currency. The move would have major implications, making it more expensive for the US government to borrow money and to run perpetual trade and budget deficits.

http://english.aljazeera.net/indepth/features/2011/09/201199175046520396.html

Best Regards,

FINANCIAL WARRIOR

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: