Umm No, China has 1.43 billion in foreign reserves. 400 billion in US reserves.
"Chinese investors reduced their holdings of U.S. Treasuries by 5 percent to $400 billion in the five months to August, according to Federal Reserve data."
They claim it will still be their main reserve but we'll see about that as it gets weaker and weaker and weaker. Btw, you can't really beleve too much on what they say. Please educate yourself before making such comments. And as for your uranium comment...shut the hell up...again gibberish. Anyways, I'm done with your comments they have been slashed enough. So next time you want to knock someone's consensus, at least come do your homework or you just look stupid like you do here.
Best regards, your pal Chris.
Once again nonsense. It is $1.4 trillion. Get your zeros right. Yes I was answering how much reserves they have denominated in the USD not holding in USD. The reserves however are mostly in USD and USD denominated securities and the reserves have grown since last year by a factor of 40%. There are no real figures of the breakdown between the holdings as Chinese government does not release that information. It is estimated to be 70% USD and dollar denominated securities. The fact remains that china holds more dollars compared to last year when that was estimated at 800 billion.
By the way the assistant governor of BOC has recently stated that shifts to other currencies are merely opinions and will not be part of policy of BOC.
<QUOTE AFP WIRE>
"Yi Gang, the assistant governor of the People's Bank of China, said the dollar had to continue as key component of the country's 1.4 trillion dollar reserves because it was "the largest currency that we use" in terms of trade and foreign direct investment as well as financial clearances and settlements.
"It is also a very firm policy for China that in our reserves, that the US dollar is the main currency in our reserves and that policy is very firm,"
Yi, who is also the central bank's director-general of operations, said recent suggestions by a senior Chinese politician as well as a state banker that Beijing shift its largely dollar-based reserves toward presently stronger currencies, like the euro, were mere "opinion."
<UNQUOTE>
Make no mistake. What is happening here is the US is fleecing the rest of the world. A devalued dollar is in the interests of the US. This cycle has happened over and over. A devalued dollar will facilitate servicing and ultimately paying off (improbable as this may seem) the US debt at much more favorable conditions for the US and also balance out the trade deficit. Internally in the US a devalued dollar doesn't mean a hell of a lot to the average person except in terms of energy prices. As much as Paulson and Bernanke are talking about propping up the dollar that is mere talk with no actions.
As for energy I would suggest do some reading like Stephen Loeb, Michael Ruppert, Matthew Simmons (former advisor to Chenney's ETF).
Consensus means at least 2 people involved. By definition one person cannot have a consensus on a question.
You counter everything by namecalling. You should base your counterthesis on something and your only response is "gibberish". I explain why I think you are wrong. You don't. Nothing personal.