China rejects Barack Obama’s call to change yuan policy
Thursday, March 11th, 2010
That’s a pretty direct request. And to have it turned down is a slap, isn’t it? Geithner’s been over there trying to sell bonds and now we have this speech. It’s hard not to take it as a sign of monetary desperation on the part of the administration – how much American debt does China hold, again? But it’s just emerged that China is likely in debt up to its eyeballs as well, at up to 100% of its GDP. That’s not good.
Flashback: Soros: China Will Lead New World Order | Fisk: Nations to hasten demise of dollar in new world order | US dollar set to be eclipsed, World Bank president predicts | Bilderberg Wants Global Currency Now | Dollar to fall under scrutiny at G20 summit | IMF approves $13bn gold sale to boost lending fund | UN wants new global currency to replace dollar | G20 agrees to continue economic stimulus measures; Geithner shops international reserve accord | China Set to Buy $50 Billion in IMF Notes | Timothy Geithner: travelling bond salesman | Medvedev Unveils “World Currency” Coin At G8 | China calls anew for super-sovereign currency | No one talking about dumping dollar: China minister | China explores buying $50bn in IMF bonds | Chinese economists deem huge holding of US bonds “risky” as Geithner visits | A Bigger, Bolder Role Is Imagined For the IMF | UK PM reveals G20 plan to boost IMF by $1 trillion, hails new world order (again) | UN & IMF Back Agenda For Global Financial Dictatorship | US backing for world currency stuns markets | U.N. panel says world should ditch dollar | IMF poised to print billions of dollars in ‘global quantitative easing’ | Gordon Brown seeks sweeping reforms to give IMF global ’surveillance role’ | IMF may need to “print money”, act as “world’s central bank” as crisis spreads | Globalists Exploit Financial Meltdown In Move Towards One World Currency | World needs new Bretton Woods, says Brown | IMF prescribes state regulation of ‘global financial order’ | Bilderberg Seeks Bank Centralization Agenda | Banks face “new world order,” consolidation: report
BBC News
March 11, 2010
China has hit back at comments by US President Barack Obama that Beijing should change its currency strategy.
On Thursday, he urged China to adopt a “market-oriented” exchange rate policy, increasing the pressure on Beijing to allow the yuan to appreciate.
But Su Ning, vice governor of the People’s Bank of China, accused Mr Obama of “politicising” the yuan issue.
According to news reports from Beijing, Mr Ning said that Mr Obama wants China to solve America’s problems.
“We don’t agree with politicising the renminbi [yuan] exchange rate issue,” Mr Su said on the sidelines of China’s annual session of parliament.
“We also don’t agree with a country taking its own problems and having another country solve them,” he said. China has always regarded currency issues as an internal matter.
Mr Obama had urged China to change its currency strategy to help re-balance the global economy.
As Greece’s debt troubles batter the euro, Britain has done its utmost to stay above the fray.
Deep fault lines are running through Europe’s currency union.
A secretive group of Wall Street hedge fund bosses are said to be behind a plot to cash in on the decline of the euro.
The recent controversy surrounding Citibank’s advisory to its customers reserving the right to impose a 7 day restriction on withdrawals from their accounts is a stark reminder of the vulnerability of the fractional reserve banking system and the FDIC’s shaky guarantee that it can insure deposits in the event of a bank run.
A growing furor about financial stratagems that prettied up government balance sheets in Europe is rattling Wall Street and unnerving investors.
Average household debt soared to a new Canadian record in 2009, rising 5.7% to more than $91,000, according to a study released Monday.
The European single currency is facing an ‘inevitable break-up’ a leading French bank claimed yesterday.