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Dialogue 11/08/18 Shadow currencies amid economic crisis

08-18-2011 21:24 BJT

With the integrity of the U.S. dollar as the world’s reserve currency being challenged following the recent downgrading of the U.S. debt and the growing uncertainty about the future of U.S. economy, some of the other major currencies from economies that have been responsibly strong , such as Swiss Francs and Chinese Yuan, have become more popular in the market. However, the appreciation of these currencies leads to great uncertainty of economies behind them as export is being regarded as an important pillar of these economies. Ironically, as a result, the fate of these currencies and the economies are more or less determined by those ones that have fell ill in the crisis. To understand more about the realities of the so-called Shadow Currencies, and the complicated economic realities related to them, 
Joining us:
Xiang Songzuo, Deputy Director of International Monetary Research Center, with Renmin Univ.
William Hess, President of China Monitor Inc.

Dialogue 11/08/18 Shadow currencies amid economic crisis

Host: Tian Wei

Tian Wei

Studio Guest Speakers:

William Hess, independent economist

Xiang Songzuo, deputy director of Int'l monetary research center, Renmin Univ.

 

Confidence in the U.S. dollar, long the world’s premier currency, has been weakening as a reflection of investor doubts about the shaky American economy and the ability of its government to deal with burgeoning long-term debt. U.S. debt outlook downgrade casts shadow over Chinese dollar assets. As a result, the dollar has been losing value in recent days against the yen and the franc, even as the Japanese and Swiss governments worry that their currencies are becoming too valuable, hurting the sale of products from their countries on overseas markets. China, the biggest holder of United States Treasury bonds, has always demanded that the US ensure the security of its dollar assets, expressed concerns after Standard & Poor on Monday lowered the long-term U.S. credit outlook from "stable" to "negative" and warned of risks, including spiking deficits and public debt.

Editor:James |Source: CNTV

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