By Ambrose Evans-Pritchard
The Telegraph, London
Tuesday, October 15, 2013
So much for the hot rhetoric from Beijing questioning the creditworthiness of US debt and consigning the US dollar to the dustbin of history.
The latest data shows that China's foreign reserves soared by $163 billion in the third quarter to $3.66 trillion, one of the biggest jumps ever.
Mark Williams and Qinwei Wang from Capital Economic called the rise "astonishing." They estimate that China's central bank must have bought $70 billion of foreign bonds last month in a frantic bid to hold down the currency.
We won't know for a while where the money went, but a big chunk must have gone into US Treasuries. So bear that in mind when you read the Xinhua claims that the US debt ceiling fight "has again left many nations' tremendous dollar assets in jeopardy and the international community highly agonised."
... For the complete commentary:
http://blogs.telegraph.co.uk/finance/ambrosee...100025792/wa...
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