Conservative Economic Commentary | Topic: Bank Of China

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Subject: Bank of China

Bank of China Limited (BOC) SSE: 601988 SEHK: 3988 (simplified Chinese: ????; traditional Chinese: ????; pinyin: Zh?ngguó Yínháng; often abbreviated as ?? or ??) is one of the big four state-owned commercial banks of the People’s Republic of China. It was founded in 1912 by the Government of the Republic of China, to replace the Government Bank of Imperial China. It is the oldest bank in China. From its establishment until 1942, it issued banknotes on behalf of the Government of the Republic of China along with the “Big Four” banks of the period: the Central Bank of China, Farmers Bank of China and Bank of Communications. Although it initially functioned as the Chinese central bank, in 1948 the People’s Bank of China replaced it in that role. Subsequently, BOC became a purely commercial bank. (Wikipedia Jan 2010)

The decline of the dollar

Will China become America’s landlord?

By John Schroy, on March 30th, 2009 |

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Foreigners hold $16.9 trillion in dollar financial assets, accumulated through years of selling goods and services to the US. Profligate deficit spending by the Pelosi-Reid Congress increases the probability of dollar inflation.

If foreign governments were to convert their holdings of dollar financial assets into non-financial assets, like US REITs, they can guard against dollar inflation. They might also gain a position that, in the extreme, would be against US national security interests.

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