Wednesday, January 29, 2014

Nigeria Buys Yuan, Dumps Dollars

Nigeria is shifting part of its currency reserves from US dollars to Chinese yuan;

http://www.bloomberg.com/news/2014-01-28/nigeria-central-bank-to-shift-reserves-into-yuan-from-dollars.html

Sounds like a smart move to me. I wonder if I can get my Social Security checks in yuan?

At this point the answer is probably no, since instead of borrowing from the Chinese the US is just printing the dollars to pay for SS.

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