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China's market meddling is reported, U.S. govt.'s isn't
10:06a ET Monday, December 25, 2017
Dear Friend of GATA and Gold:
Writing in The New York Times today, Richir Sharma, chief global strategist at Morgan Stanley Investment Management, argues that the U.S. dollar will remain the world's most trusted currency despite China's efforts to internationalize the renminbi.
"The renminbi," Sharma writes, "has gained no ground as a reserve currency and probably won't as long as China's financial markets remain largely closed, underdeveloped, and subject to government meddling."
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Maybe so, but then GATA's work has documented that markets in the United States may be just as much as subject to government meddling as China's, from surreptitious government interventions in the gold futures market to the markets for all financial and commodity futures operated by CME Group:
http://www.gata.org/node/14839
Sharma's commentary is misleading when The New York Times and Morgan Stanley Investment Management refuse to acknowledge and report that meddling.
Sharma's commentary is headlined "Which Nation Does the World Trust Most? (Hint: Follow the Dollar)" and it's posted here:
https://www.nytimes.com/2017/12/25/opinion/america-dollar-trust-trump.html
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
CPowell@GATA.org
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