Leading Chinese Economists Urge Government To Dump U.S. Treasuries, Buy Gold
Fears reemerge that China could resort to “nuclear option"
中國可訴諸“核選擇的恐懼再度浮現
Steve Watson
Prisonplanet.com
Monday, Jul 19th, 2010
Prominent economists in China are calling for their government to ditch vast holdings of U.S. Treasuries in favour of tangible assets such as gold, a move that would have a far reaching impact on the economy.中國著名的經濟學家呼籲他們的政府，拋棄大量持有的美國國債，轉投有形資產例如黃金，此舉將對經濟有深遠的影響。
Reuters reports that Yu Yongding, a former academic adviser to the Chinese central bank has appealed to state representatives to move away from U.S. debt and invest in assets denominated in other currencies, as well as other financial instruments and real goods.
路透社報導，前中國央行學術顧問余永定已呼籲人大代表，擺脫美國債務並投資於以其它貨幣計價的資產，以及其它金融工具和實物。
“Although assets in other currencies and forms are not an ideal replacement for U.S. Treasury bonds, diversification should be a basic principle,” Yu wrote in the China Securities Journal.
“雖然其它貨幣和形式的資產不是一種美國國債的理想替代，但多元化郃應該是一個基本原則，”余在中國證券報寫。
“When demand for U.S. Treasury securities is strong, it’s a rare
China holds the world’s largest stockpile of reserves, worth some $2.5 trillion.
China cut its U.S. treasury holdings by $32.5 billion in May, yet it still holds $867.7 billion, making it the largest holder of U.S. government debt in the world.
In the past China has repeatedly threatened to use the so called “nuclear option” and liquidate its vast holding of US treasuries in response to continued pressure on the Communist state to force a yuan revaluation. Such an event could trigger a dollar crash which would now have disastrous consequences for an American economy mired in recession.
Such an eventuality could lead to runaway inflation, making the cost of living unaffordable to even middle class Americans as food prices skyrocket.
Further reports have suggested that Senior Chinese military officers have proposed selling U.S. bonds en mass as a way of “punishing” Washington.
China’s central bank has also previously supported calls for a new supra-national global currency to replace the dollar, and earlier this year strongly signaled that the country will move away from pegging its currency to the dollar
http://www.prisonplanet.com/leading-chinese-economists-urge-government-to-dump-u-s-treasuries-buy-gold.html
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