Search This Blog

Sunday, March 3, 2013

China ready for currency war, says top banker - Hindustan Times

 As noted in this Economic Collapse Update, Currency Wars are now raging, and will soon become Trade Wars and then World Wars.
A top Chinese banker said Beijing is "fully prepared" for a currency war as he urged the world to abide by a consensus reached by the G20 to avert confrontation, state media reported on Saturday.
Yi Gang, deputy governor of China's central bank, issued the call after G20 finance

ministers last month moved to calm fears of a looming war on the currency markets at a meeting in Moscow. Those fears have largely been fuelled by the recent steep decline in the Japanese yen, which critics have accused Tokyo of manipulating to give its manufacturers a competitive edge in key export markets over Asian rivals.
Yi said a currency war could be avoided if major countries observed the G20 consensus that monetary policy should primarily serve as a tool for domestic economy, the Xinhua report said.
But China "is fully prepared", he added.
"In terms of both monetary policies and other mechanism arrangement, China will take into full account the quantitative easing policies implemented by central banks of foreign countries."
South Korea's incoming president Park Geun-Hye has also signalled her willingness to step in to stabilise the won and protect exporters battling a stronger Korean currency and a weaker yen.

1 comment:

  1. What if God tells somebody to run for their life, but their first thought is about the ton of gold they've got stashed under the house. Or how are they going to make sure the stockpile of food doesn't get stolen. It's too much of a worry. If you're in Judea and have to flee to the mountains, you not allowed to turn back to get your coat.