Greenback's Decline Prompts Talk Of Central Bank Reserve Diversification And Ending Pegs To Dollar

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Greenback's Decline Prompts Talk Of Central Bank Reserve Diversification And Ending Pegs To Dollar Powered By Docstoc
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Description: The shifting sands in the foreign exchange market in 2007 undermined the dollar to the extent that China openly weighed what its state media refer to as the nuclear option of dropping its vast holdings of US securities if Washington were to impose trade sanctions to force a quicker revaluation of the yuan. A weak dollar is not in the best interests of US creditors who will be paid back in cheaper greenbacks. US agency and other dollar holdings have offset the lion's share of the decline in China's treasury holdings, according to Chandler. Fears that a continuing decline of the euro could ignite a global financial crisis prompted the financial authorities of the Group of Seven industrialized nations to conduct a coordinated intervention in September 2000. The coordinated action lifted the euro from 85 cents to the dollar to around 90 cents. The single currency was introduced in January 1999 at a rate of $1.17.
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