| | A top Chinese banker on Sunday called on the U.S. government and the World Bank to sell yuan-denominated bonds in Hong Kong and Shanghai to encourage the development of debt markets in those centers and to promote the yuan as a major international currency.
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If the Chinese are able to pressure the US into issuing bonds in Chinese currency, things will change dramatically. My understanding is that it means that the US government would no longer be able to get the rest of the world to subsidize our borrowing. |
| | Posted 6/9/2009 11:21 PM - 37 Views - 2 eProps - 1 Comment
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