Tuesday, October 27, 2009

China Again Says Reverve Currency Should Move Away From U.S. Dollar

The People's Bank of China erlseased a report on Monday which says that country should increase the amount of currencies in its reserves, besides the U.S. dollar, in the Financial Times newspaper, which is published by the Chinese central bank.

However, these reports should be taken with a grain of salt as the bank is known for issuing reports to gauge public opinion. For now, it is just that, a report, and does not mean policy.

Several Chinese officials however, have expressed concerns about the U.S. dollar, which as we know has nearly collapsed this year. From our Live currency traking site which tracks all foreign currency ETFs on the market:

(please click to enlarge)

The U.S dollar rebounded sharply yesterday though, so the comments were not taken too seriously, or at least did not have much effect. Please see our article yesterday.

Here are the daily alerts on the U.S dollar index:

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