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Topic: 2013-11-21 Bloomberg: China will not increase dollar reserves anymore - page 2. (Read 1935 times)

legendary
Activity: 3514
Merit: 1280
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They should encourage their businesses to cease accepting USD in export operations and switch to bitcoin, which then to be exchanged for CNY.

Even if they wanted they just couldn't switch to anything but USD. The USA is the biggest trading partner of China, so they have no other choice actually but to accept dollars. Besides that, the recent economic success of China is primarily due to American companies investing into their economy (read their businesses aren't really theirs), so still no alternative...
legendary
Activity: 4228
Merit: 1313
Do the same with the Euro (unless it is the Cyprus Euro). Lol

 
They should encourage their businesses to cease accepting USD in export operations and switch to bitcoin, which then to be exchanged for CNY.

donator
Activity: 784
Merit: 1000
They should encourage their businesses to cease accepting USD in export operations and switch to bitcoin, which then to be exchanged for CNY.
member
Activity: 104
Merit: 10
very interesting and definately related to bitcoin, albeit indirectly. Am in China atm, this particular bloomberg article is blocked by the great firewall of china, just for your info.
legendary
Activity: 1806
Merit: 1521
This could be big! Maybe China actually invented Bitcoin.... Fed up with the FED printing USD? 

Makes sense to distance themselves from the USD.  Maybe the chinese are so pissed that the USD is still considered the main currency for trade, that they invented BTC to takeover.
sr. member
Activity: 381
Merit: 255
This could be big! Maybe China actually invented Bitcoin.... Fed up with the FED printing USD? 
legendary
Activity: 1470
Merit: 1006
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Well, this is not strictly Bitcoin article, but related. Also, some Bitcoin in comments below the article

Quote
It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes.

http://www.bloomberg.com/news/2013-11-20/pboc-says-no-longer-in-china-s-favor-to-boost-record-reserves.html
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