Thursday, July 8, 2010

China won't flee U.S. debt and shift to gold, a regulator says

China will not use its $2.45 trillion in foreign reserves to pressure other nations and has no intention of dumping U.S. Treasury securities, the State Administration of Foreign Exchange said. "Any increase or decrease in our holdings of US Treasuries is a normal investment operation," according to a statement from the foreign exchange regulator. The agency said China is a long-term investor that "doesn't seek the power to control recipients of its investment."
Were his fingers crossed behind his back as he made this statement?
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