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Tuesday, July 3, 2007

China to Sell Dollars

Uh oh. China to sell dollars... enough said.

" The currency strengthened by the most in two weeks also on speculation the central bank will sell dollars as China sets up a fund to manage the country's $1.2 trillion foreign-exchange reserves. The government on June 29 approved a 1.55 trillion yuan ($204 billion) sale of government bonds to establish the new asset-management company, which will seek to boost returns. "

Source: Yuan Rises Past 7.6 for First Time Since July 2005; Bonds Fall (http://www.bloomberg.com/apps/news?pid=20601089&sid=az0DP08TJQLg&refer=china)