Word: greenbacker
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...boost the fund's capacity to deal with the global financial crisis. Earlier this year, Chinese leaders, worried about the strength of the U.S. dollar and the safety of their own $763.5 billion investment in U.S. Treasury Department debt, called for the creation of an alternative to the greenback as a global reserve currency. More recently, Beijing has signaled an intention to slowly establish its own currency, the renminbi, as a dollar alternative in international trade by providing subsidies for Chinese companies to price their exports in renminbi. One economist, Qu Hongbin of HSBC in Hong Kong, goes...
China's swipes at the U.S. dollar have been spilling out of Beijing with almost mundane regularity. Every time there is an international economic summit, it seems that some Chinese mandarin reiterates the now familiar complaint that the greenback needs to be replaced as the world's de facto reserve currency. China usually suggests some "supranational" currency as a dollar substitute, to protect it against instability that could arise from any one country's errant economic policies. A favorite suggestion is the use of Special Drawing Rights (SDRs), the unit of account at the International Monetary Fund...
...largest creditor. But this dollar hoard makes China's national wealth vulnerable to the whims of Washington's economic management. One of the reasons Beijing has been urging a gradual reduction in dollar dependence is the massive losses China could suffer if the value of the greenback was to erode as a result of U.S. deficit spending. (Read "China Takes a Small Step Away from the Dollar...
...economic mayhem, the dollar climbed about 25% against the euro in the eight months to March this year; the unattractiveness of rival currencies only made it more appealing. But, says Derrick, "that drive seems to be shifting substantially." Sure, a hint of bleak economic data can still goose the greenback - the prospect of poor U.S. payroll figures for June, set for release Thursday, has helped boost the currency in recent days - but optimism in other assets is on the rise. Global equity markets, in particular those in emerging-market countries, have performed well in recent months. China's Shanghai composite...
...Zhou Xiaochuan, its governor, in March, China's central bank advocated a new global reserve currency in its annual financial-stability report released last Friday. Raising concerns of a move away from the dollar as the world's reserve, the proposal for a "super-sovereign" coin nudged down the greenback vs. a host of major currencies. That may have been a tad more impact than Zhou was seeking: with something like two-thirds of China's roughly $2 trillion of foreign-currency reserves held in dollars, the lower a buck goes, the less China's vast pot of cash...