Ed Moy Says China Challenging US Dollar Global Dominance

  • Posted Thursday, July 24, 2014 at 02:22 PM

Los Angeles CA, July 24 (Tangible Investments) - by James O’Dell - Precious metals prices were lower on Wednesday as the Gold price retreated $2.20 or 0.17 percent to close at $1,305.10 an ounce as volatility increases ahead of expiration of options for August Gold and Silver scheduled for Monday. The price of Silver eased $0.06 or 0.29 percent to close at $20.92 an ounce, while the Gold/Silver ratio, the measure of the number of Silver ounces needed to buy an ounce of Gold, edged higher to 62.39.

The International Monetary Fund (IMF), on Wednesday, reduced its growth forecast for the U.S. economy this year to 1.7 percent from the 2 percent predicted in June. Ed Moy, former U.S. Mint director, says the weak recovery has contributed to the United States’ "weak hand in foreign policy," and that in turn has created an opportunity for the rest of the world. The result has been China's call for a de -Americanized world and “the introduction of a new international reserve currency that is to be created to replace the dominant U.S. dollar.”

China wants that reserve currency to be the Chinese yuan and has already established yuan clearing banks in Singapore, Hong Kong, Taiwan, Macau, and London, with plans for banks in Paris, Frankfurt, and Luxembourg. The new China International Payments System is also nearly complete and will be solid competition for CHIPS, the largest private sector funds-transfer system for the U.S. dollar, and the Federal Reserve’s Fedwire.

The recent creation of the New Development Bank (NDB), already capitalized at $100 billion, and headquartered in Shanghai, guarantees that China will not be alone in its bold endeavor. The NDB, formed through an alliance of emerging countries (Brazil, Russia, India, China, South Africa), could challenge both the IMF and the World Bank. “While the U.S. dollar is not in imminent danger of being deposed soon, these efforts are clearly laying the groundwork for a post-American world as well as actively working to take America down a notch or two,” said Mr. Moy.

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