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Wednesday, March 25, 2009

China's Reserve Currency Proposal

Very major...

China’s Currency Proposal Gets Respect, and Questions - WSJ Blog.

Basically China proposed there should be another reserve currency than the US Dollar. The advantage to the US of being a reserve currency are huge. For one it allows us to borrow much more than anyone else. The challenge is the people we are borrowing from, such as China, seem to be getting a bit nervous.

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