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Wednesday, March 14, 2007
United States of China
BEIJING: China is creating an investment company to make more profitable use of its US$1 trillion in foreign currency reserves, the finance minister said Friday, in a move that could change the flow of billions of dollars in global markets.
Finance Minister Jin Renqing gave no details of how the Cabinet-level company might invest the reserves, which are believed to be mostly in safe but low-yielding U.S. Treasury bonds.
Should I start learning Chinese yet?
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If the Chinese really carry this out, it could be mean significantly higher interests rates in the U.S. On the other hand, the Chinese need to be careful not to kill the golden goose. If interest rates go too high and our economy chokes, there goes the Chinese economy.