This would of been unthinkable 10 years ago. But our reliance on China for money over the past 8 years has led to this. Guo Shuqing who heads China’s 2nd biggest bank is now calling for US treasury bonds to be issued in Yuan and not Dollars.
Top Chinese banker Guo Shuqing calls for wider use of yuan
The head of China’s second-largest bank has said the United States government should start issuing bonds in yuan, rather than dollars, in the latest indication of the increasing importance of the Chinese currency.
Guo Shuqing, the chairman of state-controlled China Construction Bank (CCB), also said he is exploring the possibility of issuing loans to trading companies in yuan, allowing Chinese and foreign companies to settle their bills in yuan rather than in dollars.
Mr Guo said the issuing of yuan bonds in Hong Kong and Shanghai would help to develop the debt markets in China and promote the yuan as a major international currency.
I never thought I would see this in my life. The fact it is being reported shows the clout that China now has. It will only get worse as Obama continues his Debt spending and the Fed keeps its weak dollar policy. Maybe it is time to but Yuans.
Tags: Chinese Economy, Dollar, Globalism, Yuan
