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Dump the Dollar, China State TV Tells Viewers
CNBC ^ | Nov. 16, 2007 | CNBC

Posted on 11/16/2007 1:57:35 PM PST by republicpictures

Chinese lunchtime television on Friday gave ordinary people a basic tip on how to play the currency markets: sell the dollar!

A state news program, quoting unnamed "wealth management experts," told residents with dollar accounts on the mainland to convert their holdings into yuan or a range of other foreign currencies, including the pound and the euro.

(Excerpt) Read more at cnbc.com ...


TOPICS: Business/Economy; Front Page News
KEYWORDS: china; dollar
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1 posted on 11/16/2007 1:57:36 PM PST by republicpictures
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To: republicpictures

Somethings about to happen.................


2 posted on 11/16/2007 1:59:23 PM PST by Red Badger ( We don't have science, but we do have consensus.......)
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To: republicpictures
I guess this means the Chinese government has decided that the dollar has fallen far enough and will sell pounds and euros at their current high value to separate its citizens from their dollars.
3 posted on 11/16/2007 1:59:57 PM PST by KarlInOhio (Government is the hired help - not the boss. When politicians forget that they must be fired.)
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Comment #4 Removed by Moderator

To: republicpictures

Oh-oh! Here we go!


5 posted on 11/16/2007 2:00:27 PM PST by Paperdoll ( Go Duncan Hunter '08)
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To: republicpictures
Dump the Dollar, China State TV Tells Viewers

If I were short the dollar, I'd consider covering on news like that...

6 posted on 11/16/2007 2:02:22 PM PST by snarks_when_bored
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To: republicpictures
A state news program, quoting unnamed "wealth management experts," told residents with dollar accounts on the mainland to convert their holdings into yuan

Since the yuan is pegged to the dollar I don't think that's going to help.

7 posted on 11/16/2007 2:04:12 PM PST by Moonman62 (The issue of whether cheap labor makes America great should have been settled by the Civil War.)
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To: snarks_when_bored

*** BINGO ****


8 posted on 11/16/2007 2:05:32 PM PST by Kid Shelleen (Aztlan My Azz: La Raza is Spanish for Tan Klan)
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To: RockinRight
We pay for Chinese stuff in dollars. We will continue to pay in dollars. If the Chinese want to drive down what they get paid in, fine with me. Of course the dollar price for commodities like oil, copper, steel will rise. So, the Chinese will get a three-fer. They’ll dump their dollar savings, get paid is pressed down dollars, and have to pay more for dollar denominated industrial and food commodities.

They are really going to be happy in the Chinese countryside. Peking might have to invade a country or something to take the heat off themselves.

9 posted on 11/16/2007 2:06:57 PM PST by Leisler (RNC, RINO National Committee. Always was, always will be.)
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To: Paperdoll

Possibly an uh oh...or possibly a way for the Chinese Government to get a hold of some dollars.


10 posted on 11/16/2007 2:07:12 PM PST by RockinRight (Just because you're pro-life and talk about God a lot doesn't mean you're a conservative.)
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To: Leisler

Shhh...it was sarcasm. Don’t tell anyone.


11 posted on 11/16/2007 2:07:42 PM PST by RockinRight (Just because you're pro-life and talk about God a lot doesn't mean you're a conservative.)
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To: republicpictures; All

The Chinese announcer forgot to add: “and as you do you will raise the value of the Yuan to the point you will kill your imports in the US, which are the basis for your rising economy.”

Until it gets that bad, because the majority of the mainland Chinese exports are for foreign owned companies and because a big portion of them are for US company-owned plants in China, the gradually lowering sale figures, by units sold, in exports to the US will earn more dollars per unit, not less, and will be reflected as such on the books of the US companies.

Currency values are not zero sum items.


12 posted on 11/16/2007 2:10:17 PM PST by Wuli
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To: republicpictures
mayhem at simultaneous shopping malls at x-mastime could make a dent in the dollar

I also see a pattern in recent history, Korea, Vietnam, Afghanistan, all with trails leading back behind the bamboo curtain, always using a puppet to do the fighting

sorry, but I'm getting paranoid, China controls international shipping, so they have a trojan horse delivery system in place.

Cosco is just the commercial facade of the Chinese navy

13 posted on 11/16/2007 2:14:15 PM PST by KTM rider (..left or right,......... socialist, or socialist light ?)
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To: Paperdoll
"Oh-oh! Here we go!"

To all readers:

Hahahahahaha! I told you all so! Maybe they'll nationalize all of the shops owned by globe-trotting traitors against fellow Americans next week.

Vote for Duncan Hunter, people. It's your only sane choice now. Avoid those who have been handing our Nation to communists and think that they're going to do it some more.

And soon enough, oil will be righteously pumped within sight of certain California and Florida beaches. LOL!
14 posted on 11/16/2007 2:16:47 PM PST by familyop (Roma est perdita. Novus Cosa Nostra es perdita.)
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To: republicpictures
Not many Chinese are likely to have money in US currency. Of those that do, most are likely very skeptical of financial advice from a Communist government TV station.

This is just a typical appeal to nationalism. They are telling their people that China is great and that US dominance is weakening.

The only place you won't here such nationalistic comments is in the US media, because they hate their own country.

15 posted on 11/16/2007 2:17:08 PM PST by untrained skeptic
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To: republicpictures
I'm confused. The Chinese have artificially kept their currency "cheap," and as a result they have a booming economy. The US currency is now "cheap," but the experts are saying that it will destroy the US economy.

What gives?

16 posted on 11/16/2007 2:17:31 PM PST by Cowboy Bob (Withhold Taxes - Starve a Liberal)
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To: Moonman62
Since the yuan is pegged to the dollar I don't think that's going to help.

It isn't exactly pegged anymore. Nor is it completely floating.

After keeping it pegged at deflated values for so long they have been slowly letting the value of their currency rise against the dollar.

They aren't going to let it jump up, because that would be harmful to their economy (and ours as well), but they seem to be moving in the direction of letting it float. Or of at least not letting the weakening dollar drag them down since they need to import things such as oil to keep their economy growing.

17 posted on 11/16/2007 2:20:36 PM PST by untrained skeptic
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To: republicpictures

Dollar has already demonstrated a “double” or “W” bottom this week. Expect it to really further against the Pound and Aussie dollar in the coming weeks, and against the Euro (though not as much).


18 posted on 11/16/2007 2:20:52 PM PST by montag813
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To: Wuli
>The Chinese announcer forgot to add: “and as you do you will raise the value of the Yuan to the point you will kill your imports in the US, which are the basis for your rising economy.”<

do you think this trend could eventualy goad the USA to return to a manufacturing based economy instead of debt and consumer based as it stands now ?

19 posted on 11/16/2007 2:22:44 PM PST by KTM rider (..left or right,......... socialist, or socialist light ?)
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To: untrained skeptic

good analysis , thanks


20 posted on 11/16/2007 2:25:35 PM PST by KTM rider (..left or right,......... socialist, or socialist light ?)
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