People’s Daily posted an article on April 2, 2008 to comment the recent decline U.S. dollars, under the title of “The United States Plotted Dollar’s Depreciation to Reduce China’s Foreign Currency Reserve.” The article quoted a comment by Li Liangzhong, the director of the Economics Bureau of CCP Policy Research Institute, in a public forum. Li said that U.S. dollar’s depreciation and the above US$100 per barrel of oil was an elaborately plotted conspiracy by the United States, with the purpose to reduce the purchasing power of China’s foreign currency reserve.
Source: People’s Daily, April 2, 2008
http://finance.people.com.cn/GB/1045/7075088.html