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Global Times: Get Out of “US Dollar Trap”

The Global Times, under Chinese state-owned People’s Daily, published a report on various views about the strategy to get out of the “US Dollar trap”. All the scholars quoted in the report agreed that in the long run, China should reduce the amount of its assets valued in US Dollars. However, most of them agreed that it’s not wise to do so in the short term. Exit strategies discussed in the report included: increasing the use of RMB as a settlement currency, increasing stockpiling physical strategic resources and taking advantage of existing large US Dollar assets to gain more share in the current world financial system.

Source: Global Times, May 8, 2009.