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China “dogs” the Dollar by once again calling for a “Super-Sovereign” World Reserve Currency!
By Sean Hyman | June 26, 2009
Well, China is at it again. They’re calling for a “super-sovereign” world reserve currency. Lately, they’ve invested more in IMF bonds, IMF SDRs (Special Drawing Rights), etc. They’ve even been diversifying into commodities and commodity companies too. All of these things are bad news for the greenback! Therefore, it’s taking it on the chin once again this morning. The Aussie dollar has been one of the biggest beneficiaries (since they produce/mine so many commodities that China uses). So those that are long AUD/USD this morning have been helped this morning as the buck gets slammed!
Tags: AUD, Aussie, blog, buck, China, commodities, commodity, currency, dollar, forex, greenback, Hyman, invest, news, Sean, Sean Hyman, ssi, USD
Topics: What To Look At In The Market | 2 Comments »
June 26th, 2009 at 7:36 am
Pretty good post. I just found your site and wanted to say
that I have really enjoyed reading your blog posts. Any way
I’ll be subscribing to your feed and I hope you post again soon!
June 27th, 2009 at 11:56 am
Lets see China actions to gain sovereign in the economy world.