China Accounts For Nearly Half of World’s New Currency Supply

from Want China Times

China has seen its money supply surpass that of developed countries since 2009 and has emerged as the world’s biggest “money printing machine.”

In 2008, the country added 7.1 trillion yuan (US$1.13 trillion) to the currency market, while the United States added 5.08 trillion yuan (US$815 billion) and Europe 5.7 trillion yuan (US$915 billion).

In 2009, China added 13.5 trillion yuan (US$2.1 trillion), while the US, Japan and the eurozone significantly scaled back their supplies. China has been steadily adding 12 trillion yuan (US$1.9 trillion) each year since 2009.

Following the global financial crisis of 2008, major economies in the world have been “printing money.” Examples include the quantitative easing measures adopted by the United States and the European Central Bank’s “unlimited” bond-buying program. Most recently, Japan launched its own version of quantitative easing on Jan. 22 by raising its inflation target and announcing open-ended purchases of government bonds.

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