ft.com - 6/2/2009
—
A leading Chinese financial official on Monday rejected suggestions the US dollar could be replaced quickly as the global reserve currency, as US Treasury secretary Tim Geithner arrived in China on his first official visit. “In the short term I don’t think we can find another currency to replace ...
bloomberg.com - 6/8/2009
—
bloomberg.com —
June 6 (Bloomberg) -- The International Monetary Fund
said it’s possible to take the “revolutionary” step of...
creating a new global reserve currency to replace the dollar over time. The IMF’s so-called special drawing rights could be used as the basis ...
(more)
IMF Says New Reserve Currency to Replace Dollar Is Possible
reuters.com - 6/3/2009
—
reuters.com —
BEIJING (Reuters) - China agrees with the United
States that the dollar will remain the world's main...
reserve currency for a long time to come, U.S. Treasury Secretary Timothy Geithner said on Tuesday. Chinese central bank governor Zhou Xiaochuan has ...
(more)
US, China see dlr as main reserve currency: Geithner
| U.S.
moneynews.newsmax.com - 6/7/2009
—
moneynews.newsmax.com —
The dollar, which has dropped 5 percent against
the euro over the past month, has a lot...
further to fall, says Stephen Gallo, head of market analysis at Schneider Foreign Exchange. He told Bloomberg TV that the German economy, which shrank 3.8 percent ...
(more)
Currency Expert: Dollar Headed Way Down
Comments
Blog Reactions
China official backs US dollar
FT Alphaville —
A key Chinese financial official on Monday rejected suggestions the US dollar could be replaced quickly as the global reserve currency, as US Treasury secretary Tim Geithner arrived in China on his first official visit. In an FT interview, Guo Shuqing, chairman of China Construction Bank and former head of China’s foreign exchange administrator, raised doubts about a proposal from China’s central bank governor to replace the dollar with a “super-sovereign reserve currency” based on IMF special drawing rights, and ...
Links
Across the Curve —
The WSJ on the conflicts which the Obama Administration will face in its role as the largest stockholder in the new General Motors. The government now has a vested interest in never discovering one more drop of oil.
The Atlanta Fed’s macroblog with an interesting piece on the need for an 21st century “Accord” between the Fed and the Treasury.
The mighty greenback as a reserve currency: safe for now.
A disturbing ( to me) view of the GM bailout from Robert Reich. ...
US and China agree that the US dollar will remain as the world reserve currency
BloggingStocks —
... At first we thought that it was rather unusual that the US Treasury Secretary, Geithner, would make a special trip to China. What were the reasons for his trip? The purpose of the mission became clear when Geithner announced that the dollar would remain as the world reserve currency. There had been a lot of scuttle but about replacing the dollar as the world reserve currency, but some of this has been put to rest with the support of Chinese backing. ...
Words from the (investment) wise June 7, 2009
The Big Picture —
... total international investment position is held in US dollar assets and only 6% is in the form of direct investment.
“Fears that US moves to tackle the recession could undermine the value of the dollar have led to calls from senior Chinese officials, including Mr Zhou, for more conservative fiscal policy and suggestions that the dollar be replaced as the world’s reserve currency.”
Source: Lionel Barber, Martin Wolf, Jamil Anderlini and Kathrin Hille, Financial Times, June 1, 2009.
Carpe Diem: Treasury spread model suggests economic ...
Related Content
China: replace dollar as reserve currency
news.yahoo.com 3/24/2009 — China's proposal on launching a global currency 'serious' AFP/File Zhou Xiaochuan, governor of the People's Bank of China, said he wants to replace the dollar, installed
Dollar Falls Most in Month as China Urges New Reserve Currency
bloomberg.com 6/29/2009 — June 27 (Bloomberg) -- The dollar declined the most against the euro in a month and dropped versus the yen after China repeated its call for a new global currency. The Swiss franc declined against the euro and dollar this week as foreign-exchange ...
US Dollar to be Replaced as the World’s Reserve Currency?
agmetalminer.com 5/20/2009 — Nouriel Roubini made a typically depressing assessment of the future for the dollar if the US does not rapidly move to rein in spending and borrowing and pursue growth that is not based on asset and credit bubbles. Writing in the NY Times the NY ...
Dollar stops being Russia's basic reserve currency
english.pravda.ru 5/24/2009 — The US dollar is not Russia’s basic reserve currency anymore. The euro -based share of reserve assets of Russia’s Central Bank increased to the level of 47.5 percent as of January 1, 2009 and exceeded the investments in dollar assets, which made up ...
The next global reserve currency
voxeu.org 6/20/2009 — Helmut Reisen , 20 June 2009 If history is any guide, the Chinese renminbi will soon be due to overtake the US dollar, just as the dollar replaced the pound sterling last century. But will the renminbi be ready for reserve currency status? This ...
Dollar Gains as China Says ‘Not Aware’ of Reserve Currency Talk
bloomberg.com 7/2/2009 — July 2 (Bloomberg) -- The dollar strengthened after a Chinese Foreign Ministry official said he hoped the greenback would remain stable and was “not aware” of a plan to discuss a new reserve currency at next week’s Group of Eight meeting. The dollar ...
China Calls for New Reserve Currency
nakedcapitalism.com 3/24/2009 — We've been treated as being a bit daft when we dared suggest that the dollar's status as reserve currency was at risk. But after the Fed moved officially to quantitative easing last week (after saying it they might go that route back in December), ...
It's Not Good To Base One's Happiness on the GDP —
The Big Money 5/29/2009
How, exactly, does the economy expect us to decide how screwed we are if it keeps changing its mind? Once again, the GDP—that's gross domestic product, the total amount of goods, services, etc., that the country produces—disaster that was reported ...
Follow WallStreetBlips on Twitter
