Here we go: China Planning to Dump the Dollar.

China calls for new reserve currency

The first couple lines shoudl pique interest here:

"China’s central bank on Monday proposed replacing the US dollar as the international reserve currency with a new global system controlled by the International Monetary Fund."

I know it's not new news, but there wasn't anything on the front page, or in the front page of the global meltdown forums either.

I actually have questions regarding this, for those who are more ...say... savvy in the field of global economics. If China, who holds the most Dollar-based assets (read: debt) is calling for a global currency...what exactly does that mean?

reply to post by Gando702


I think the more interesting quote from that article is the one highlighted on the front page of the FT article.

that is disconnected from individual nations and is able to remain stable in the long run, thus removing the inherent deficiencies caused by using credit-based national currencies

Please correct me if I am wrong but I haven't noticed many direct references to the dollar, or any other currency for that matter, as a credit-based currency outside of the alternative media sources.

If they dump the dollar, sell off bonds.
We will see a crash again.
How can they allow the freakin Chinese to have control over the markets?

I think it's implied that they're referring to a dollar when they refer to currencies that are connected to individual nations.