Der Spiegel: China planning to convert dollar reserves into Euro

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Dlr below Y107 on exporter offer, downside limited

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0048 GMT -- Dollar below 107 yen in early morning on Japanese exporters' sell orders, but downside seen limited on some short-covering to unwind hedging positions.
-- Euro tad firmer vs dollar but sentiment remains bearish, seen rangebound in Tokyo.
-- Some say euro may be supported by German magazine report quoting German Finance Minister Hans Eichel as saying
euro bound to regain strength because China planned to convert most of its dollar reserves into euro.
-- Der Spiegel's Monday publication quoted Eichel as saying his outlook was based on assurances made to him during talks with senior Chinese officials.

-- Dollar at 106.92/95 yen vs 107.08 yen in late New York. -- Euro at $0.9797/07 from $0.9745 in late U.S. trade.

Ahh, China is our Friend. I keep forgetting...

-- Possible Impact (posim@hotmail.com), January 30, 2000

Answers

January 3, first Monday of the NEW MILLENIUM (yippee!) the markets declined across teh board as much as 4% for sopme Contintental exchanges; I believe the figure was 11% for Finland, etc. Profit taking, I guess. HOWEVER, the only market to move up -- and dramatically -- was MOSCOW, which rose over 19% percent on Monday, and repeated the performance on Tuesday, for a rise of nearly 40% in two days. Threads on this would be in the archives for MOnday and Tuesday. I thnk Ron Schwarz started one or two of them.

-- Squirrel Hunter (nuts@upina.cellrelaytower), January 30, 2000.

WQoops. Hit the SUBMIT button by mistake. Anyway, to continue, the $40B + which Clinton gives semi-annually to Moscow has been reported as lost to the Russian Mafia, which Mafia were reported late last Fall as laundering "their" money playing the NYSE through their New York bank accounts -- which ... oh, could be why Moscow goes up 20% at a time while worldwide the markets tank. IN ANY EVENT, it's my opinion they can just pull the plug on or PRICK the bubble.com whenever they dang weell please -- and more than likely will do it in coordination with something like a Chinese sell-off of $$$$$, since the Sino-Soviet split in the communist block (over the last 30 yrs) has been merely a large part of the strategic deception which is -- it does appear -- about to be proven and sprung: a successful TRAP for the indulgent West. Especially US. IMHO

>"<

-- Squirrel Hunter (nuts@upina.cellrelaytower), January 30, 2000.


Well, redeeming the Chinese Dollar holdings might give us a head start in redeeming hte JAPANESE bonds.

C

-- Chuck, a night driver (rienzoo@en.com), January 30, 2000.


This "Freezing Assets" Business (if you don't dance to my Tune)can sometimes backfire."Mafia"...Moscow,Jerusalem,New York---no Difference.

-- Liberator (Feeding@the Trough.com), January 31, 2000.

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