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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: Dayuhan who wrote (6147)	9/3/1998 8:28:00 PM
From: MikeM54321	Read Replies (1) \| Respond to of 9980

Thread, Some interesting comments from the bear, Bill Fleckenstein. MikeM(From Florida) _______________________________ Excerpt from --- Market Rap with Bill Fleckenstein The China Daily published a special report from the Chinese state planning commission that outlines a plan to reallocate foreign reserves ratios away from U.S. dollar holdings. It recommends reducing U.S. dollars as a percentage of reserves from 60 percent to 40 percent. This suggests U.S. dollar sales of $28 billion. The report went on to say that China should prepare for a weaker U.S. dollar on grounds that the U.S. (as a net debtor) consumption boom has created a bubble. Now whether this is the Chinese trying to help their own cause and talk up the yen to avoid devaluation or whether their position is for real, I don't know. However, if you combine this with the dislocation of hedge fund unwinding, their positions set off a huge decline in the dollar. The bonfire of the currencies continues, with the dollar being today's victim.