Dump the Dollar, China State TV Tells Viewers [View All]

[donsu]

http://www.cnbc.com/id/21829883


Chinese lunchtime television on Friday gave ordinary people a basic tip on how to play the currency markets: sell the dollar!

A state news program, quoting unnamed "wealth management experts," told residents with dollar accounts on the mainland to convert their holdings into yuan or a range of other foreign currencies, including the pound and the euro.

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The program proposed three solutions.

"Selling dollar for yuan as soon as possible may be a safe approach," the news program said, adding the yuan could then be used to invest in domestic mutual funds.

"Secondly, you can change the dollar into strengthening currencies," it continued.
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The third recommended strategy was to invest the dollars abroad, in search of higher yields, by buying into Qualified Domestic Institutional Investor (QDII) products offered by Chinese banks and fund managers
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