Archived IMT (2009.05.09)
CHINESE STRESS ! Worst of times for China's US investments; US Treasury prices plummeting to lowest since November (yields soaring), dollar dumped across the board to 2-month lows to the extent that Chinas ambassador to US expressed concern later Friday "China will continue buying treasuries", "dollar will remain the worlds reserve currency for some time", "the idea of a new global currency was more of a scholarly exploration". When was the last time Chinese officials spoke in such manner. When you hold over $750 billion in treasuries and their price as well as their currency is falling, you have very little alternative to say anything else. The only way for the dollar to recover is to hope for a pullback in stocks.
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