another big hit for the us dollar ...., page-5

Thats part of the nonsense that is peddled around, they have 3 trillion dollars in reserves so they are rich ! How many USD reserves does the US hold? Q)If we take away their reserves form their debt what is their net position ? A)they are backwards and hold net debt at level that is worse than Greece.

In fact Jim Chanos who has looked at in depth likens them to a dozen Greeces.

http://www.forbes.com/sites/thestreet/2011/12/08/china-alarms-go-off-time-to-hedge-bets/

"Chanos points out that construction represents nearly 70% of China’s economy. And with China on pace to build nearly 25 million new homes in 2011, the value of real estate to GDP is approaching levels witnessed during crisis situations in Japan in 1989 and Ireland in 2007. Consumers can’t afford or keep up with the rampant oversupply, as speculation and corruption have overtaken the market."