China Sells $100 BILLION of Foreign Exchange Reserves to Prop Up Currency!
TDC Note – The evidence doesn’t really support this theory. There were several moves that China made at the same time–acquisition of 19 tons of gold, stock market in downward motion, funding the New Development Bank to the tune of $100 billion USDollars. So, there are a number of reasons that China sold a portion of their holdings. The least of which was to prop up their currency, contrary to mainstream rhetoric is doing fine—just ask any of the countries that are engaged in direct currency swaps would; they rather have Renminbi’s or dollars. from The Money GPS