India, China And Others Dumping US Dollar to Buy Euro

illuminati · Post by **illuminati** » Mon Nov 29, 2004 10:50 am

By Bala Vaddi Special

Correspondent

IndiaDaily.com

The India, China and other countries have started dumping the US Dollar quietly and buying the Euro. That has put a very serious pressure on the US Dollar. Chinese and Indian central bank officials denied such reports. But Foreign exchange traders say they are quite convinced of Indian and Chinese moves. According to some traders, there are many other countries, especially oil rich Middle Eastern countries, running away from dollar.

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LottomagicZ4941 · Post by **LottomagicZ4941** » Thu Dec 02, 2004 12:03 am

But shouldn't they be selling high and buying low?

I think this was a over reaction and will correct.

At any rate it gives us something to think about.

gmc · Post by **gmc** » Thu Dec 02, 2004 6:22 am

But shouldn't they be selling high and buying low?

They're dumping because they are worried it is going to fall further, they will probably buy when satisfied it's not going to fall any more.