4 ms·
China Announces That It Is Going To Stop Stockpiling US Dollars
- obiefernandez 13y agoSpotted this article on the subreddit for Bitcoin. A lot of people are speculating that the Chinese government might be signaling a move into crypto-currencies, which would be yet another strong bullish signal for Bitcoin. Which btw, is trading consistently at a premium on the Chinese bitcoin exchange at prices that reflect the yuan actually being worth about $5, not $6 (the official rate.) Interesting times we live in.
- bsimpson 13y agoThe article itself looks like blogspam, but it links to a Bloomberg report speculating the same thing. The pulled quotes are the meat of the Bloomberg article. Basically, an deputy governor of the PRC bank gave a speech yesterday saying "it’s no longer in China’s favor to accumulate foreign-exchange reserves" and there is language in a guidebook they released yesterday guiding the PRC to take a less interventional approach in currency markets. This is bad, but not quite as immediately catastrophic as the blogspam makes it sound.
- mark_l_watson 13y agoBegun, the currency wars have... A really good reference is "Currency Wars: The Making of the Next Global Crisis" by James Rickards. I would re-read it but I gave away my copy. Rickards makes a lot of sense. If you don't want to read his book, then just Bing him.