Brave New World

Quote of the Day 12/02/2009

Luo Ping , a director-general at the China Banking Regulatory Commission, says in New York: “Except for US Treasuries, what can you hold? Gold? You don’t hold Japanese government bonds or UK bonds. US Treasuries are the safe haven. For everyone, including China, it is the only option.”

He adds: “We hate you guys. Once you start issuing USD 1 Trn-USD 2 Trn . . .we know the USD is going to depreciate, so we hate you guys but there is nothing much we can do.”