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China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status
ZeroHedge ^ | 3/2/2011 | Tyler Durden

Posted on 03/02/2011 7:19:32 PM PST by FromLori

In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China.

The statement, google translated as "Pragmatic and pioneering spirit to promote cross-border renminbi business cum on monitoring and analysis to a new level" is presented below:

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


TOPICS: Foreign Affairs; Government; News/Current Events
KEYWORDS: china; currency; dollar

1 posted on 03/02/2011 7:19:37 PM PST by FromLori
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To: FromLori
Manager of Largest US Hedge Fund Sees Currency Breakup
2 posted on 03/02/2011 7:31:04 PM PST by FromLori (FromLori">)
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To: FromLori

I wonder if china gets it or not, when they keep buying up US tbill which tell me they don’t


3 posted on 03/02/2011 7:31:04 PM PST by 4rcane
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To: FromLori

Just damn.


4 posted on 03/02/2011 7:35:27 PM PST by Free Vulcan (Vote Republican! You can vote Democrat when you're dead.)
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To: 4rcane
If you keep borrowing from the bank and can't pay them back, they come for the collateral and mess you up on many levels.

We are borrowing rope from a hangman who has not been silent about their love, respect and plans for us and Western society.

It's not China who doesn't get it, but we are about to.

5 posted on 03/02/2011 7:42:50 PM PST by GBA (Not on our watch!)
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To: GBA

When you borrow 10 pounds from the bank, the bank owns you. But borrow 10000 pounds and you own the bank.

I was told that once by a wise Welshman. Its still too early to see who is holding the short end of this stick. Soon, soon though, we shall find out.


6 posted on 03/02/2011 7:56:08 PM PST by Toad of Toad Hall
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To: 4rcane

They are in the process of shorting the dollar. They’re only buying short term and bond auctions and they are quietly unloading the long term ones they already own. The Federal Reserve Note’s days are numbered.


7 posted on 03/02/2011 8:11:56 PM PST by JohnKinAK
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To: FromLori
Merrill's Harley Bassman On Why This Is The "BIG ONE" And Its Implications

James Turk - The Dollar Collapse Will Shock the World

8 posted on 03/02/2011 8:32:40 PM PST by FromLori (FromLori">)
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To: Toad of Toad Hall
Yep, all too soon.

"The road to hell is paved with borrowed money."

That was an often repeated warning/observation to me from a rich old Dutchman.

9 posted on 03/02/2011 8:36:42 PM PST by GBA (Not on our watch!)
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To: FromLori

sfl


10 posted on 03/03/2011 5:21:35 AM PST by phockthis
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To: FromLori
Why the Dollar's Reign Is Near an End
11 posted on 03/03/2011 10:01:24 AM PST by FromLori (FromLori">)
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To: FromLori
Will The Death Of The Dollar Lead To The Birth Of A New World Economic Order?
12 posted on 03/03/2011 12:30:27 PM PST by FromLori (FromLori">)
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To: FromLori
This article is so alarmist. Is it so wrong for a country to circumvent the use of the dollar when they are conducting business with a country outside of the US? Not just China, but any country for that matter.

Also, the dollar will not only have to compete with the yuan, but the euro as well.

13 posted on 03/03/2011 10:56:46 PM PST by ponder life
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