China's bank regulator warns that dollar dominance is seed of crisis

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From Bloomberg News
Sunday, August 16, 2020

China's top banking watchdog cautioned that U.S. dollar dominance combined with the massive stimulus unleashed by the Federal Reserve could push the world to the edge of another financial crisis.

In a rare act of public criticism, China Banking Regulatory Commission Chairman Guo Shuqing also lashed out at developed nations seeking to divert blame from their own failures to contain the virus outbreak and moves by the U.S. to blacklist Chinese companies and entities.

... Dispatch continues below ...



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"In an international monetary system dominated by the U.S. dollar, the unprecedented, unlimited quantitative easing policy of the U.S. actually consumes the creditworthiness of the dollar and erodes the foundation of global financial stability," Guo wrote in an article published today in the Communist Party's Qiushi magazine. "The world may once again be pushed to the verge of a global financial crisis." ...

... Dispatch continues below ...

https://www.bloomberg.com/news/articles/2020-08-16/china-s-banking-watch...

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