China Torching Dollars

China is spending its US Dollars faster than Uncle Ben can print them and moving into the "natural resources" currency described below.

China’s Got a New Currency… and It Sure AIN’T the Dollar

By: Graham_Summers

That new currency is natural resources.

Throughout 2009, China has been buying up natural resources, commodities, and other real assets at a break-taking pace: copper imports hit a record 329,000 tons in February, only to be eclipsed by a new record of 375,000 tons in March.

The copper story is just the latest and most obvious display of China’s new currency binge. The Chinese have been buying up mines, metal ore (57 million tons of iron in April alone), and other resources for years now. The headlines were right under the world’s collective nose, but no one was thinking “diversification away from the dollar.” Instead they were thinking, “purchases needed to fuel economic growth.”

Truly, it wasn’t until the world noticed that China was still buying commodities in record amounts even after its economy took a hit that the media began to connect the dots.


Here’s a few dots to consider

Feb.10, 2009: China buys Oz Minerals, the world’s second largest zinc miner for $1.7 billion

Feb. 12, 2009: China buys $20 billion worth of Rio Tinto, one of the three largest iron ore producers, giving it the potential to raise its stake to 19%.

Feb. 24. 2009: China buys 16% of Fortescue Metals an Australian iron ore company.

April 1, 2009 China buys $46 million worth of Terramin Australia’s lead and zinc supplies in Algeria.

April 15, 2009: China buy 51% of Ontario’s Liberty Mines: a nickel producer.

Read More Here: http://www.marketoracle.co.uk/Article11392.html