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Chinese Yuan

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Pillar of the Community
lukkyseven's Avatar
United States
880 Posts
 Posted 07/13/2011  10:23 am Show Profile   Bookmark this topic Add lukkyseven to your friends list Get a Link to this Message Number of Subscribers
So should I convert all of my greenbacks into Yuan since the economy is about to collapse? I feel like China pretty much owns us right now. That being the case, the Yuan is still devalued which means I can get more for my dollar. And once this debt ceiling is raised, the greenie is going to fall even more and the owners of the US (aka China) should see their currency increase. Thus then being able to buy more (devalued) US Dollar for my (appreciated) Yuan?

Conspiracy theorist? I'm actually just posting this because the crazy old guy at work started talking about it. Makes sense, if you've lost you're mind :) Or does it...

You'd really be humored by this more if you knew the guy. So sorry if looks more like a rambling.
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Sap's Avatar
Australia
16808 Posts
 Posted 07/14/2011  04:06 am  Show Profile   Bookmark this reply Add Sap to your friends list Get a Link to this Reply
My main problem with using Communist Chinese money as a reserve currency is that it's from, well, a Communist country. It's only been in the past few years that "investing" in renmimbi was even theoretically possible. And there's nothing to stop them reversing that relaxation once the global economy goes down the drain. I'm thinking that "protecting foreign investors" will be at the bottom of their priority list.

If you feel you must bail from the US dollar, I'd recommend buying into some other country.
Don't say "infinitely" when you mean "very"; otherwise, you'll have no word left when you want to talk about something really infinite. - C. S. Lewis
Valued Member
United States
397 Posts
 Posted 07/14/2011  08:14 am  Show Profile   Bookmark this reply Add schockergd to your friends list Get a Link to this Reply
China isn't in much of a better situation than the US is, their economy is propped up by massive construction projects that have absolutely no use. Look at chinese ghost towns.
Pillar of the Community
glenzy1's Avatar
Canada
1554 Posts
 Posted 07/14/2011  08:19 am  Show Profile   Bookmark this reply Add glenzy1 to your friends list Get a Link to this Reply
Have you heard the latest? A Chinese delegation is currently visiting Harley Davidson Headquarters in Milwaukee and is currently negotiating to buyout Harley-Davidson. Your next Harley might be made in China! Next might be the U.S. Mint? (ya think)

Glenn
Edited by glenzy1
07/14/2011 08:21 am
Pillar of the Community
nod2003's Avatar
United States
3294 Posts
 Posted 07/14/2011  08:50 am  Show Profile   Bookmark this reply Add nod2003 to your friends list Get a Link to this Reply
I would not look to the Yuan as a reserve currency in case of a bad US dollar. Where do you think most of China's exports go and what do you think will happen to those exports if the US dollar is doing very poor?
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lukkyseven's Avatar
United States
880 Posts
 Posted 07/14/2011  10:36 am  Show Profile   Bookmark this reply Add lukkyseven to your friends list Get a Link to this Reply
Well I'm not looking anywhere. I don't have the know how to do trades like that. Something I doubt I'll look into either
Valued Member
United States
397 Posts
 Posted 07/14/2011  1:16 pm  Show Profile   Bookmark this reply Add schockergd to your friends list Get a Link to this Reply
Everyone I know is buying silver................which puts me in a great position!
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