Communist Party's Standing Committee Cheng Siwei (1).
Thu 2009-09-17 10:31 EDT
China has issued what amounts to the ``Beijing Put'' on gold. Former Vice-Chairman of the Communist Party's Standing Committee Cheng Siwei: China has fundamentally lost confidence in the US dollar and is going to shift to a partial gold standard through reserve accumulation. [dollar losing reserve status]
Jesse's Café Américain Sun 2009-09-13 10:37 EDT
The US Federal Reserve's policy of printing money to buy Treasury debt threatens to set off a serious decline of the dollar and compel China to redesign its foreign reserve policy, according to Cheng Siwei, a top member of the Communist hierarchy...The blowback on the US dollar will be significant. Dollar losing reserve currency status.
China admonished; Dollar; Hard Fall; Jesse's Café Américain; monetize; see; Time.
