US Treasury Emissary in Beijing David Dollar has said “China has a huge amount of foreign reserves and it makes a lot of sense for it to diversify” adding “I think it is healthy to have a variety of different reserve-type currencies. We welcome the internationalization of the renmimbi.”
You can see the headlines now “Dollar sinks dollar” “Dollar downs dollar” Blimey, headline writer’s delight.
Euro bulls presently trying to chew through aforementioned sovereign sell interest at 1.4620/30 (1.4627 high so far)
Talk of stops gathering just north of 1.4645/50 resistance.
