Printing of U.S. Dollars Worries China

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A top Chinese official is repeating his government's concern that the U.S. is printing too much money.
Former NPC Standing Committee Vice Chairman Cheng Siwei told the London Telegraph that the current U.S. policy is causing the dollar to fall in value on international markets.

"We hope there will be a change in monetary policy as soon as they have positive growth again," Siwei said.

"If they keep printing money to buy bonds it will lead to inflation, and after a year or two the dollar will fall hard," he said.

China holds the world's largest reserve of U.S. dollars - around $2 trillion.
But Chinese officials now plan to change their foreign reserve policy, the Telegraph reports. They plan to diversify and invest into euros, yen and other currencies.

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