The Globe and Mail Beijing office reported that an official with China's $300B sovereign wealth fund says that the US dollar has bottomed. He also said that China now has a say in the exchange rate of the US dollar. It marks a new low for the prestige US greenback. Furthermore, Mr Peng expects the yen should fall further and says that there is no need for China to acquire gold.
Mr Philip Angelides, chairman of the Financial Crisis Inquiry Commission has told reporters that Goldman Sachs head Lloyd Blankfein has failed to own up to his firm’s role in selling mortgage securities that helped trigger the global credit crisis.
China’s property prices rose at the fastest pace in 18 months in December, stressing the government’s struggle to rein in speculation while maintaining economic growth. Residential and commercial real-estate prices in 70 cities climbed 7.8% from a year earlier.