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View Greg Parker's Comments
China Wants to Ditch the Dollar
While very few can argue about the weakness of the US dollar, I believe that China is in no place to provide a suitable replacement currency, and the Eurozone even less so. Rather than arguing for a new reserve currency, they are probably best to make a push to devalue the yuan in order to stimulate their own economy.
With the FOMC announcing plans to purchase treasuries, there is a good possibility that they will be purchasing some existing ones from the Chinese, rather than just freshly created ones, in order to appease them a little. All of which could ultimately lead to a collapse of the treasury market.
Disclosure: At the time of writing the author held a position in TBT.
Mar 24 02:04 PM
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