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.

ForexLive:

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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