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To: Joan Osland Graffius who wrote (144387)	1/17/2002 1:33:49 PM
From: Box-By-The-Riviera™	Read Replies (1) \| Respond to of 436258

ask Jay Chen.. he probably has a rational opinion on that question.

To: Joan Osland Graffius who wrote (144387)	1/17/2002 2:25:23 PM
From: Earlie	Read Replies (3) \| Respond to of 436258

Joan: Unknown to many Americans is the fact that China is one of the largest holders of U.S. treasuries on the planet (held in central bank reserves). Also unknown it seems, is the fact that a year or so ago, China made it clear to the U.S. that it was unhappy maintaining such a large and to them worrisome position, and that it wanted to diversify a bit. A flurry of meetings took place between the two parties and the whole thing seemed to quietly disappear as an issue, but shortly thereafter, rumors started to circulate about China quietly selling off treasuries and buying both European gvt. bonds and gold. Now China's gold holdings have moved up, and I'll bet their treasury holdings have moved down. China also announced last week that it was moving more of its reserves into Euro denominated assets, which also makes sense. One has to wonder who will get left holding the "Buck Bag". Best, Earlie