Hu says what? The dollar regime is a thing of the past

China is flexing their muscles ahead of an official visit to Washington on Wednesday.  The Chinese are antagonistic towards the current dollar regime and seem to want to replace it with either a basket of currencies similar to the IMF's Special Drawing Rights (SDR) or what seems more likely, the Yuan itself.

The SDR is an international reserve asset which can be stored with the IMF, whose value is based on a basket of four international currencies.  Via Breitbart

China's President Hu Jintao said Sunday the international currency system was "a product of the past," but it would be a long time before the yuan is accepted as an international currency.

Hu's comments, which came ahead of a state visit to Washington on Wednesday, reflected the continuing tensions over the dollar's role as the major reserve currency in the aftermath of the US financial crisis in 2008.

"The current international currency system is the product of the past," Hu said in written answers to questions posed by The Wall Street Journal and the Washington Post.

Highlighting the dollar's importance to global trade, Hu implicitly criticized the Federal Reserve's recent decision to pump 600 billion dollars into the US economy, a move criticized as weakening the dollar at the expense of other countries' exports.

"The monetary policy of the United States has a major impact on global liquidity and capital flows and therefore, the liquidity of the US dollar should be kept at a reasonable and stable level," Hu said.
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Description of Special Drawing Rights (SDR)

Comments

  1. I find this to be a big ooopps !
    Clearly this man does not have a clue of what the American People is all about. So Hey there Mr. Hu Jintao, and welcome to America. You see only Government Officials, and do not see The People, which is The Government and you talk only to our Employees. So seeing how you show no respect to Us as a People. I hope that I am the First to bring forward a 100% Boycott against every China Made Product in the U.S.A.. I will never buy your items again.
    You doubt my words, well Sir have you heard of the International Boycott Of The Arabic Drug Empire ? I didnt think so, but I assure is it swiping the Internet in a goal put together by a dyslectic man.
    You sir do not have a clue of the resolve of the American People. I guess you could say you put your foot into your own mouth.
    Henry Massingale Founder and Director of Fasc Concepts in and for Pay It Forward covers the web post on google Drop by and see why we built a anti crime / war forum in a Health Care Reform Concept. To strategically Rebuild America www.fascmovement.mysite.com on google look for page 1 american dream official site

    ReplyDelete
  2. Interesting concept. I have no doubt that you are well meaning, but could you get enough people to actually accomplish the boycott, and if you do accomplish the boycott, how is that related to your goal of ending the Arabic Drug Empire?

    ReplyDelete

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