OK, go ahead and drop the dollar and watch all Chinese businesses dry up!
We
in the US buy more goods from China than anyone else. You don't want our
money? Fine. I will stop buying $4 million a year in products from you.
Your
goods including ****pping are already approaching too expensive. Dump the
dollar and your business will die.
"PaPaPeng" <PaPaPeng@[EMAIL PROTECTED]
> wrote in message
news:69hsj39j17p805eq2o3jp43r0f2c23gop5@[EMAIL PROTECTED]
> On Fri, 16 Nov 2007 11:45:36 -0800 (PST), david_huang2007@[EMAIL PROTECTED]
> wrote:
>
>>http://www.cnbc.com/id/21829883
>>
>>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.
>>
>>The prospect of ordinary Chinese ditching the dollar should be less
>>alarming than re****ts that have roiled global markets of Beijing
>>diversifying its official foreign exchange reserves.
>>
>>________________
>>
>>Expect higher inflation rate, Americans!
>
>
> Don't be an idiot on banking matters. Mainland residents cannot hold
> foreign currencies let alone foreign currency accounts. There are no
> private USD accounts to speculate with.
>
> On the same exchange control laws the Yuan is not convertrible. That
> is financial speculators cannot buy and sell the Yuan in the open
> market. They can only buy or sell the Yuan from China's Central Bank
> at a fixed exchange rate and for specific purposes such as payment for
> a business contract. Of course there will be quite a few billions
> worth of Yuan floating around the world at any one time that is not
> under the control of China's Central Bank. But it is next to
> impossible for a non Chinese bank or a financial speculator to amass
> these Yuan accounts to speculate on the Yuan. The amounts involved
> in the informal free market are also now big enough to make a profit
> from.
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