China Makes a Bet Against the US Dollar as World Reserve Currency

China Makes a Bet Against the US Dollar as World Reserve Currency

From dailyfx.com

It was early-October when officials from both China and the United States said that progress had been made towards a Phase 1 trade deal, due to be signed before the end of the year. And yet, with the Thanksgiving holiday descending upon markets, there are no clear indications that a US-China trade war Phase 1 deal will be signed before the end of the year. Perhaps the most interesting news related to the US-China trade war at the end of November was not about the Phase 1 deal itself, but rather some financing moves China is making at the margins. On November 25, Bloomberg News reported that the Chinese Ministry of ... (full story)

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Comment #1
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Dec 27, 2019 5:15am Dec 27, 2019 5:15am

mindscream
| Membership Revoked | Joined Apr 2011 | 393 Comments

All your base are belong to us.

Comment #2
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Dec 27, 2019 6:54am Dec 27, 2019 6:54am

Marcieny
Joined Jan 2019 | Status: "Ideas stimulate the mind" | 227 Comments

of course it's the dollar...

Comment #3
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Dec 27, 2019 8:04am Dec 27, 2019 8:04am

Guest
| IP XXX.XXX.2.190

China has been at this narrative for awhile. It would eliminate a lot of headaches for them debt wise. This is a story that can be applied to every US competitor friendly or otherwise.

Comment #4
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Dec 27, 2019 10:38am Dec 27, 2019 10:38am

Rakeem
| Joined Nov 2018 | Status: Member | 399 Comments

Wow, 2020's gonna be bad for $.

Comment #5
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Dec 27, 2019 10:42am Dec 27, 2019 10:42am

raklian
Joined May 2017 | Status: Member | 721 Comments

As long as the world doesn't trust China, it will never attain reserve status equal to that of the King Dollar. Maybe it'll surpass other classic reserve currencies.

Comment #6
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Dec 27, 2019 11:59am Dec 27, 2019 11:59am

Fix-it
| Joined Oct 2019 | Status: Member | 124 Comments

Looks like $ will be weak from Jan 2020 on ward, chines know election is coming.

Comment #7
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Dec 27, 2019 2:12pm Dec 27, 2019 2:12pm

Tecnocrat
| Joined Feb 2011 | Status: Programming Trading Systems | 15 Comments

Did you buy €€€€€€ today? It's going to be a long night

Comment #8
Quote
Dec 27, 2019 8:04pm Dec 27, 2019 8:04pm

WhiteMouseFX
| Joined Sep 2016 | Status: Eyes on the big moves :-P | 344 Comments

Quoting Rakeem

Disliked

Wow, 2020's gonna be bad for $.

Ignored

I wouldn't say bad for US dollar, but a correction for the past substantial hike is obviously expected.

All the eyes turned to the Senate while judging the presidential impeachment.

My guess, USD will be retracing until before the very final US senate veredict. With Trump impeached, USD will dive and all other currencies will go up, especially the GBP, AUD and NZD. With Trump not impeached (which is what I believe) USD skyrocket recovering all the retracement and is not going to stop until the result of the US elections. From there on, let's see.

Hey buddy, let's grab some Pips!

Story Stats

Posted: Dec 27, 2019 4:15am
Submitted by:
Newsstand

Category: Fundamental Analysis

Comments: 8 / Views: 11,516