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China dumping U.S. dollar for what could be the next world currency

Friday, September 04, 2009 From Newsmax: China has agreed to buy the first International Monetary Fund bonds for about 50 billion dollars, the IMF said Wednesday.  IMF managing director Dominique Strauss-Kahn and the deputy governor of the People's Bank of China, Yi Gang, signed the agreement Wednesday at IMF headquarters in Washington, the multilateral institution said.  Under the agreement, the Chinese central bank "would purchase up to SDR 32 billion (around 50 billion dollars) in IMF notes," it said.  Read full article... More on China: Forget gold: This is how China is fleeing the dollar, Part III Why the Chinese economy could turn into a huge disaster Warren Buffett raises stake in this small Chinese company

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China | US dollar | Currencies