Dollar to Be 'Discarded' by World: China Rating Agency
Guan Jianzhong, the head of Dagong Global Credit Rating, a Chinese credit rating agency said that due to political infighting that almost led to a U.S. Government Default, the U.S. dollar has begun on an irreversible course towards being removed as the worlds reserve currency. The Chinese credit rating agency that Guan Jianzhong heads was the first rating agency to downgrade U.S. debt. Many are unsure about the agency, however, and did not view its downgrade as significant, though many of the points illustrated in their downgrade were similar to those issued by S&P.