Full text of Chinese premier's press conference in Egypt Nov 11, 2009
We hope that the United States, as the largest economy and the major reserve currency issuing country, will fulfill its responsibilities with concrete measures. Most importantly, it should keep its deficit within a proper scale and ensure the basic stability of its exchange rate. (Xinhuanet, China)
Yuan can be alternative reserve currency in future Nov 11, 2009
WB chief says China's yuan can be alternative reserve currency in 15 years _English_Xinhua. WB chief says China's yuan can be alternative reserve currency in 15 years ... SINGAPORE, Nov. 11 (Xinhua) -- With China's growth trend and Beijing's efforts to internationalize its currency, the Chinese yuan can develop into the alternative to the U.S. dollar as a global reserve currency in 15 years, World Bank President Robert Zoellick said Wednesday. (Xinhuanet, China)
ADB's Kuroda Calls on China to Let Yuan Rise, Joining Calls from Europe Nov 11, 2009
Kuroda, who is in Singapore to attend an Asia-Pacific Economic Cooperation gathering, said the U.S. dollar will continue to be the worlds reserve currency. The greenbacks 5. (Bloomberg -- Asia)
Dollar near 15-month low against basket of currencies Nov 10, 2009
Dollar seen losing 'global reserve currency' status. Bookmark / Share. (India Times)
Carnage at General Motors Nov 10, 2009
" The shame. The shame! Bar the door and pull the curtains down, Sigrid, we can't let the neighbors see us like this! Iceland's The country's banks tried to play with the big boys of international finance and got burned by the meltdown. The nation's currency, the krona, has collapsed, causing great hardship for a small island nation that had become accustomed to importing all manner of goods. That's no joke. McDonald's sourced the ingredients for its fast food menu mostly from Germany, so the... (Salon)
US dollar as funding currency to boost volatility, high yielding assets Nov 9, 2009
Ironically, the US dollar is seen as a safe haven due to its reserve currency status. Rightly or wrongly, the perception is that the US dollar can be exchangeable into something which may not be the case if one holds the currency of a banana republic like Zimbabwe. (The Star Online, Malaysia -- Business)
Dollar May Lose Reserve Status as Asian Economies Lead in Growth, ADB Says Nov 9, 2009
Nov. 9 (Bloomberg) -- The dollar may lose its position as the global reserve currency as Asia moves to replace the U.S. as the driver of world growth, said , managing director of the ... The dollar for quite some time will be an important reserve currency, Nag said ... Criticism of the dollars role as the worlds main reserve currency has grown in the wake of the global financial crisis. (Bloomberg -- Asia)
China Hopes U.S. Keeps Deficit to Appropriate Size Nov 9, 2009
"We have seen some signs of recovery in the U.S. economy ... I hope that as the largest economy in the world and an issuing country of a major reserve currency, the United States will effectively discharge its responsibilities," Wen told a news conference in Egypt. "Most importantly, we hope the United States will keep an appropriate size to its deficit so that there will be basic stability in the exchange rate, and that is conducive to stability and the recovery of the global economy," he... (ABC News -- Wire)
Premature for Asian bnks to exit policy Nov 9, 2009
Rajat Nag, managing director general of the ADB, also said the US dollar will remain a key reserve currency but that other currencies will also gain prominence over the medium and longer term ... "I think the US dollar will remain certainly a very important currency, a reserve currency, for the foreseeable future, but I think it is also likely, and I think its almost inevitable that you will see a basket of currencies coming into that pool - euro, yen, you know, the Chinese renminbi, in due... (India Times)
Seeking the cellphone future, in Kampala Nov 8, 2009
The dollar is the de facto "reserve currency" of the world -- 64 percent of the world's official foreign exchange reserves are held in dollars ... "The United States would be mistaken to take for granted the dollar's place as the world's predominate reserve currency. Looking forward there will increasingly be other options to the dollar." ... "If the United States is successful at unwinding its current expansionary monetary and fiscal policies as economic conditions improve, it will be difficult... (Salon)
The White House and Abramoff: 70 more contacts revealed Nov 8, 2009
According to what is called "hegemonic stability theory," both world peace and world trade depend on a single overwhelmingly powerful country that provides other nations with the public goods of security, market access and a global reserve currency. If the U.S. were unwilling to sacrifice its soldiers and treasure on behalf of the interests of other nations as well as its own, then the other great powers -- in particular, Germany and Russia in Europe and Japan and China in Asia -- would arm... (Salon)
RBI mayve sold T-bills to buy gold Nov 7, 2009
According to the RBI release, total foreign exchange reserves including gold and SDR (special drawing rightsthe reserve currency with IMF) dipped $1. 129 billion to $284. (India Times)
* New financial system must reflect reality and sound principles Nov 7, 2009
And the dollar could still remain the preferred reserve currency, provided it is prudently managed. One great advantage of SDRs is that they permit the international creation of money, which is particularly useful at times like the present. (Taipei Times, Taiwan -- World)
Michele Bachmann's army marches on Washington Nov 6, 2009
" Share: Thursday, Oct 1, 2009 11:38 PDT If the dollar is replaced as the world's number one currency, maybe the United States isn't so special, after all By Just because Michele Bachmann is crazy doesn't mean she doesn't have a right She isn't alone -- bond investors are worried about the dollar, China is worried about the dollar, Brazil is worried about the dollar, Europe is worried about the dollar. The dollar is the de facto "reserve currency" of the world -- 64 percent of the world's... (Salon)
India goes bullish on gold, sees a dim dollar future: Forbes Nov 6, 2009
The big buy from India, bulking up its gold reserves by 55 per cent, follows months of huge gold accumulation by Chinese authorities as well as hedge fund operators like John Paulson and others amid growing anxiety about the viability of the dollar as the world's reserve currency, he noted. Comparing history's most successful investor Warren Buffett's $34 billion bid for the rest of Burlington Northern Santa Fe, Lenzner said: "India, by comparison, is making a direct bullish call on gold, just... (India Times)
The catastrophe insurance policy through history Nov 5, 2009
Since the 1970s the US dollar has been the reserve currency of choice and gold has lost its place as a common store of value. John Maynard Keynes was one of the economists who constantly berated the use of this "barbarous relic" as a reserve currency ... China and Japan only hold 2 percent of their reserves in gold and any bid to raise this would cause a sharp hike in demand for gold and further weakness in their current reserve currency of choice, the dollar. (Business Report, South Africa)
Gold hits fresh record on bank buy-up speculation Nov 5, 2009
"India buying at the market price really showed people that gold is not in a bubble and the dollar is continuing to lose its status as the reserve currency," said Michael Pento, the chief economist at Delta Global Advisors Inc. in Huntington Beach, California. The company oversees $US1. (Sydney Morning Herald -- Business)
Unmatched liquidity of US financial mkts: Dollar to remain dominant Nov 5, 2009
LONDON: The dollar's edge as the world's leading reserve currency will be chipped away only slowly, and it is likely to remain dominant for many years, a Reuters poll of foreign exchange strategists showed ... The survey also suggested that despite China's growing economic power, the yuan is still a long way from becoming a major reserve currency ... Two predicted the yuan would become a reserve currency in just two years, while five estimated between two and five years. (India Times)
RBI buys 200 mt gold from IMF to pump up reserves' value Nov 4, 2009
8 billion by way of general allocation of special drawing rights (SDR) the reserve currency with the IMF in August this year as part of its SDR 161. 2 billion package allocated to member countries. (India Times)
No big deal! Nov 4, 2009
Many countries have been doing a subtle re-balancing of their reserves for years; partly to insulate their reserves from dollar weakness and partly in preparation of the day when the dollar will no longer be the international reserve currency. Yes, the latter does seem a long way off at the moment and one could argue that gold is a poor alternative. (India Times)
The newest abnormal Nov 3, 2009
Asia Times Online :: Asian news and current affairs. The 1980s brought us Japan's "miracle economy". (Asia Times Online)
Mohi-uddin Heading to Asia for UBS Stays Dollar Bull as Growth Accelerates Nov 2, 2009
The depth of U.S. capital markets, the lack of strong alternatives and the political importance of America to the region mean the dollar will remain the worlds reserve currency, he said. The greenback will trade at the upper end of a range between $1. (Bloomberg -- Asia)
Soros: Double-Dip Global Recession Possible Oct 31, 2009
Soros said the dollar could still reassert itself as the preferred reserve currency, provided it is prudently managed. The U.S. should stand at the forefront of reforming the world financial system as this could reestablish American leadership after the Bush era in which the US lost a lot of its global influence, he said. (Newsmax)
Yuan gaining currencybeyond China's borders Oct 29, 2009
An article by People's Bank of China (PBoC) governor Zhou Xiaochuan on March 2009, which called for an international reserve currency to take the place of the US dollar, created a whirlwind of debate within China's policy circles, and the international community, about the future role of the yuan. While the regional use of the yuan is spreading, analysts have emphasized that it is "usually at the expense of the US dollar as transaction currency, not as reserve currency" ... According to Zhang... (Asia Times Online)
Global stock rally out of puff: poll Oct 29, 2009
Thirty-seven per cent say the US dollar should not continue as the world's reserve currency in 10 years ... Three-quarters of US investors think the dollar should remain the world's reserve currency over the next decade. (Sydney Morning Herald -- Business)
Einhorn's Next Call Won't Be as Easy as Lehman: William Pesek Oct 28, 2009
Japan doesnt print the worlds reserve currency nor do demographic trends bode well for its fiscal outlook. Japan doesnt carry an AAA credit rating. (Bloomberg -- Columnists)
China Needs Unexpected Yuan Jump to Limit Inflows of `Hot Money,' UBS Says Oct 27, 2009
While Chinese officials, including central bank Governor , have called this year for an alternative to the dollar as the worlds main reserve currency, they maintain controls on the yuan that prevent it for now from becoming a competitor ... Russian Finance Minister said on Oct. 24 that the yuan could become a global reserve currency in about 10 years should China make it convertible. (Bloomberg -- UK)
Geithner: No Second Stimulus Package Oct 27, 2009
Meanwhile, Geithner says the dollar will remain the worlds primary reserve currency. As a result, we need to do everything possible to sustain confidence in our ability to keep inflation low and. (Newsmax)
Down with the dollar Oct 26, 2009
The absence of a credible alternative to the dollar means that, despite its declining value, its status as the world s reserve currency is not seriously under threat. But the system could change in other ways. (The Economist)
Currencies: The diminishing dollar Oct 24, 2009
With the budget deficit in double digits and the Federal Reserve s balance-sheet swollen, dollar bears are once again forecasting that the slide could become a rout and spell the end of America s status as the world s reserve currency. This dollar declinism is overblown. (The Economist)
RMB may be included in Russia's forex reserves Oct 24, 2009
Russia's U.S. dollar and euro based foreign exchange reserve structure will not change significantly in the mid-term, and Russia may add a new reserve currency- RMB to its foreign exchange reserves, Russian vice-premier concurrently Minister Alexei Kudrin said, according to a report from China National Radio. At present, the portion of U.S. dollars in Russia's forex reserves has declined to 49 percent, and euros' portion increases to 41 percent. (People's Daily Online, China)
America and China: A wary respect Oct 23, 2009
This special report will explain why China will continue to lend to America, and why the yuan is unlikely to become a reserve currency soon. When Lawrence Summers was president of Harvard University (he is now Mr Obama s chief economic adviser), he once referred to a balance of financial terror between America and its foreign creditors, principally China and Japan. (The Economist)
Bartiromo: Treasury's Geithner on the Economy Oct 23, 2009
Would you expect, at some point, that the dollar will not be the world reserve currency. I wouldn't. (BusinessWeek)
Dollar's Doom Puts a Face on New $1 Million Bill Oct 23, 2009
The danger that the dollar will be replaced as the worlds reserve currency also seems remote. It would take decades and significant changes in the global economic order for, say, the Chinese yuan or a basket of currencies to fill the dollars shoes. (Bloomberg -- Columnists)
Briefing: America's debt Oct 23, 2009
America has been spared the same fate in part, S&P says, because of the unique external flexibility granted by the dollar s reserve currency status ... China s economy may one day rival America s. But Dino Kos, a former chief of markets at the Federal Reserve Bank of New York who now works for Portales Partners, a research firm, notes that the yuan does not meet one of the most basic requirements of a reserve currency: other countries cannot use it to intervene in foreign-exchange markets... (The Economist)
Dollar gains slightly, circles euro at $1.50 Oct 23, 2009
The U.S. currency has also been under pressure in recent weeks amid growing talk about its future as the world's reserve currency. Robert Zoellick, a former U.S. trade representative who now heads the World Bank, has warned that the currency's status as the world's leading reserve currency should not be taken for granted. (Yahoo News -- Press Releases)
Nero's ghost in Istanbul Oct 23, 2009
John Maynard Keynes formulated his famous plan for an international clearing union that would issue a common reserve currency called "bancor" without calling any individual country to restore the gold standard ... Such a system allowed "external deficits without tears" for reserve currency countries ... Facing no balance of payments constraint, reserve currency central banks saw their gold reserves well preserved; consequently, they allowed credit expansion to go unchecked. (Asia Times Online)
Weak dollar raises talk of alternative world currency Oct 22, 2009
In March, Chinese Central Bank chief proposed shifting global finance to a reliance on a new international reserve currency rather than the dollar or any other national unit ... "The reserve currency is a natural monopoly. It's so convenient to list prices in a single currency," says 's Rogoff, co-author of This Time Is Different, a study of financial crises. (USA Today -- Money)
Dollar Rebounds as China Economic Data Curbs Growth Optimism, Stocks Fall Oct 22, 2009
The dollar tends to gain in times of economic and financial turmoil due to its status as the worlds main reserve currency. Swedish Krona. (Bloomberg -- Japan)
Dollar's drop no cause to worry, for now Oct 21, 2009
At the same time, long-term economic pressures, if not addressed, could in the long term cause the greenback to lose its status as the global reserve currency, economists said. Alan Greenspan, former head of the U.S. Federal Reserve, said last week he is not "overly concerned" about the recent slide. (Xinhuanet, China)
Geithner: Dollar Still a Safe Haven Oct 21, 2009
For Geithner, keeping the dollar the world's reserve currency means keeping inflation low and the country's financial system in order and not taking the greenback's reserve status for granted. It's not something we can count on, so we need to make sure that we understand and we continue to foster, and again, we're going to do that. (Newsmax)
UTA economist: Bernankes agenda is huge Oct 20, 2009
UTA economist: Bernankes agenda is huge - Dallas Business Journal. for free extra services. (Dallas Business Journal, TX)
Bank of China's Zhu Min Appointed Deputy Governor at Nation's Central Bank Oct 20, 2009
In March, Chinese central bank governor urged the IMF to expand the use of its so-called Special Drawing Rights and move toward a super-sovereign reserve currency. China has signed currency-swap agreements with nations from Argentina to South Korea to promote the use of the yuan. (Bloomberg -- Asia)
Soros: Dollar Killing Global Recovery Oct 20, 2009
Monday, October 19, 2009. SIGN UP FOR FREE NEWS ALERTS. (Newsmax)
The Perils Of A Debtor Nation Oct 20, 2009
But debt repudiation would be unbecoming a great power, much less one that hopes to maintain the dollar as a reserve currency. If indeed American any longer does. (CBS News)
Clinging to misguided mentalities Oct 20, 2009
And many dollar apologists will claim the greenback has no immediate replacement and thus will retain its status as the world's reserve currency ... Unchecked global finance now rules, a consequence of the massive and ongoing devaluation of the world's reserve currency. (Asia Times Online)
* One of the BRICs is an imposter Oct 19, 2009
That meeting produced a notable broadside against the US, as each member declared its desire to unseat the dollar as the global reserve currency. A few months earlier, the four issued a joint communique ahead of the G20 summit in April noting their shared determination to change the rules of the global economic system. (Taipei Times, Taiwan -- World)
U.S. must live within its means: Geithner Oct 19, 2009
On Friday, Geithner said the U.S. dollar's status as a key reserve currency carries special responsibilities that include keeping spending under control, Geithner said earlier on Friday in an interview on CNBC television. "It is very important that Americans understand that we need to do everything possible to sustain confidence in our ability to keep inflation low and stable over time and to make sure we're getting our fiscal house in order," Geithner said. (Yahoo News -- Top Stories)
U.S. debt dilemma, no better solution? Oct 18, 2009
Simply speaking, the U.S. government's method is to borrow money from the world and devalue the dollar, the dominant reserve currency of the world currently. The U.S. dollar index, a measure of the dollar's strength against a basket of major currencies, is down 14 percent since early March. (Xinhuanet, China)
U.S. Rollover For Moscow Is Nobel-Worthy Oct 17, 2009
Indeed, it's pushing with Russia to dethrone the dollar as the world's reserve currency. What's come from the new-respect-for-Muslims Cairo speech and the unprecedented pressure on Israel for a total settlement freeze. (Investors Business Daily)
Oil down towards $77 on supply, corporate earnings Oct 17, 2009
The US dollar, as the international reserve currency, was viewed as a comparatively safe haven during the depths of financial crisis. A weak dollar also makes dollar-denominated commodities, such as oil, cheaper for non-dollar investors and a stronger dollar often prompts the opposite money flow. (Business Report, South Africa)
Japanese Bank: Dollar Will Lose Reserve Role Oct 17, 2009
The dollar will weaken to 50 yen from its current level around 90 yen and, eventually, cease to be the world's reserve currency, says Daisuke Uno, chief strategist at Sumitomo Mitsui Banking Corp. ... Brazil, Russia, India and China have all said the world needs a new reserve currency. (Newsmax)
Pimco, Mellon Bullish Aussie to Extend 32% Rally; Barclays Expects Parity Oct 16, 2009
Demand for the Aussie surged this year as concerns intensified that the greenback will lose its status as a reserve currency and forecasts that U.S. rates will remain near zero till the second quarter of 2010. We like the Australian dollar and thats one of the recovery plays we have on, said , who oversees $18 billion as vice president and senior portfolio manager at Mellon Capital in San Francisco. (Bloomberg -- Australia & New Zealand)
Dollar Falls to 14-Month Low Versus Euro on Better Earnings, Stock Rally Oct 15, 2009
2009 has been a seminal moment in the market where the dollars hegemony as a reserve currency has come into question, , a currency strategist at Bank of New York Mellon Corp. in London, the worlds biggest custodian of financial assets ... The dollar may sink to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy. (Bloomberg -- Japan)
Dollar May Fall to 50 Yen, Lose Reserve Status, Sumitomo Mitsui's Uno Says Oct 15, 2009
Oct. 15 (Bloomberg) -- The dollar may drop to 50 yen next year and eventually lose its role as the global reserve currency, Sumitomo Mitsui Banking Corp.s chief strategist said, citing trading patterns and a likely double dip in the U.S. economy ... China, India, Brazil and Russia this year called for a replacement to the dollar as the main reserve currency ... Uno said after the dollar loses its reserve currency status, the U.S., Europe and Asia will form separate economic blocs. (Bloomberg -- Japan)
Great expectations Oct 15, 2009
First, there is the ongoing financial crisis, and the threat to the supremacy of the US dollar as the global reserve currency; second, there is the question of an agreement at the United Nations Copenhagen climate change conference next month aimed at addressing securing agreement on a replacement replace the Kyoto Protocol; and third, there is the question of how to address Iran's ambitions for nuclear energy ... Twilight of the dollar The market reaction to Robert Fisk's recent article in The... (Asia Times Online)
Najarian: Protect Long Stock Positions Oct 15, 2009
Najarian says talk of replacing the dollar as the worlds main reserve currency is simply speculation now. But he does expect the U.S. currency to continue its slide. (Newsmax)
* Perng to monitor foreign funds Oct 15, 2009
Perng said it would take a long time before the yuan could become an international reserve currency as it is not freely convertible. The limited supply of yuan makes large purchases of the currency infeasible even if doing so is desirable, he said. (Taipei Times, Taiwan -- World)
Time to Hire Bernard Madoff to Run U.S. Treasury Oct 14, 2009
Its what many economists are saying as they look at U.S. finances and how central banks are increasingly snubbing the worlds reserve currency. It barely needs to be said that this could all end very badly. (Bloomberg -- Columnists)
Hope and Change: Our new politics edition Oct 14, 2009
Ben Bernanke s dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency. Over the last three months, banks put 63 percent of their new cash into euros and yen not the greenbacks a nearly complete reversal of the dollar s onetime dominance for reserves, according to Barclays Capital. (Atlanta Journal-Constitution -- Opinion)
Foreign investors flock to JSE as confidence in dollar wanes Oct 14, 2009
The dollar's role as the global reserve currency is in doubt as central banks round the world increasingly shift into other currencies, particularly the euro. Investors are also following suit. (Business Report, South Africa)
Your country needs you, Bernard Madoff Oct 14, 2009
Its what many economists are saying as they look at US finances and how central banks are increasingly snubbing the worlds reserve currency. It barely needs to be said that this could all end very badly. (Sydney Morning Herald -- Business)
Dollar loses reserve status to yen & euro Oct 14, 2009
Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency ... " email Ben Bernanke's dollar crisis went into a wider mode yesterday as the greenback was shockingly upstaged by the euro and yen, both of which can lay claim to the world title as the currency favored by central banks as their reserve currency. Over the... (New York Post -- News)
Job Losses Stoke Mid-Term Fear for Dems Oct 13, 2009
Once the dollar loses its status as reserve currency, we can finally sink to the level of Mexico's economy ... Once the dollar loses its status as reserve currency, we can finally sink to the level of Mexico's economy. (CBS News)
Why Investors Should Bet Against the Dollar Oct 13, 2009
It has become the world's storehouse of value because it is backed by the economic might of the U.S. If another super-economy emerges, be it the European Union, China, India, Brazil or Russia, then that new power's currency could replace the dollar as the world's reserve currency, just as the dollar replaced sterling in the last century. The growing differential in interest rates is only one element in this process. (Time.com)
