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China Petroleum & Chemical Corp. Message Board

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  • stnlsman stnlsman Dec 27, 2003 4:11 PM Flag

    China and dollar

    Oh really, where did you hear that? Frankly I doubt it seeing that for the last 13 years, even when it was very painful for them (during the ASIAN crisis of the mid 90's) they kept their currency pegged to the dollar. A very advantages strategy for them I may add and am sure the Japanese and Koreans are envious.

    China�s only motivation now if for growth. They want to be the domineering power in ASIA. They have discovered that were Maoism has not worked Capitalism works. Look at Taiwan, for years they have been trying to absorb Taiwan � now slowly and stealthily they have made Taiwan dependant on them for their commercial needs. In the end Taiwan will be recognized as being part of China. If they were to change their currency now and peg it to a basket of currencies they will loose the advantage they now have in competing with the Koreans and Japanese on a level playing field.

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      • 1 Reply to fonz117
      • Frankly this is not news, yes it will happen once China has gained the strength in the region that it wants. But don't expect it to happen before 2006 or even soon after. What this means is that Chinese stocks will continue to be the growth area in the market, one because they are still in the early stage of their growth and continue to heavily invest in their economy (just as the Korean did in the late 70's and 80's; unlike the US today); two because those who invest using dollars will get a good buy as the dollar continues to be weak against other currencies. As you can see I�m pretty bullish on the country. The only thing I really fear is corruption and some of the outright theft we saw here in the US as in Global Crossing and Enron. In China they send the bullet home to the relative for payment, here they send them for a limited time to a club house prison, after which they get to spend the millions they stole from the investment community (Mike Milken).

    • "Agence France"-Beijing
      "China Business Post"

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