Former PBOC Banker: US Dollar Is "One Step Nearer" To A Crisis

Yu Yongding

Photo: IWEP

This will likely get some play today.Former PBOC advisor Yu Yongding is speaking in Singapore today. He said the country is getting nervous about its currency portfolio.


He opined that the greenback is “one step nearer” to a crisis and that a devaluation in the currency may be inevitable.

Before you freak out, consider two things. One is that he’s a former advisor.

Two, he’s been singing this tune for a long time.

Here he is in June 2009, talking about China’s desire for a new world reserve currency. And here he is in July of this year urging the country to reduce its dollar assets.

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