China Supporting the Dollar?

The Strength of Dollars Have Long Been Part of the “Pride of the Power” of the USA (which will be broken per Leviticus 26:19)


The following news item was of interest:

Beijing swells dollar reserves through stealth

Telegraph – Aug 26, 2008

China has resorted to stealth intervention in the currency markets to amass US dollars, using indirect means to hold down the yuan and ease the pain for its struggling exporters as the global slowdown engulfs the economy.

A study by HSBC’s currency team in Asia has concluded that China’s central bank is in effect forcing commercial banks to build up large dollar reserves, using them as arms-length proxies in a renewed campaign of exchange rate intervention.

Beijing has raised the reserve requirement for banks five times since March, quickening the pace with two half-point rises in late June.

This is having major spill-over effects into the currency markets because banks in China have been required over the last year to hold extra reserves in dollars rather than yuan. The latest moves have lifted the mandatory deposit from 15pc to 17.5pc of total lending since March.

“China has used the pretext of reserve requirement hikes to help slow yuan appreciation. We estimate that the PBOC [central bank] intervened by about $49.6bn in June,” said Daniel Hui, the bank’s Asia strategist.

Beijing has also slashed the amount of foreign debt banks operating in China can hold. The effect is to oblige the banks to become net buyers of dollars, halting the flow of foreign “hot money”.

Given the sheer scale of China’s foreign reserves – now $1,800bn (£970bn) – any shift in its exchange policy now ripples around the globe. The covert buying may help to explain at least part of the explosive dollar rebound over recent weeks.

While China’s support will at some point in time end, the above totally contradicts CGPFK’s Ronald Weinland’s false predictions on November 24, 2007 and on December 15, 2007:

Next year will see the Dollar collapse and the Euro become the new strength for the world’s economy. The thunders of Revelation are now going to begin to increase in intensity and frequency. Beginning in February, those thunders will increase dramatically, and by April this world will begin to be shaken to its foundations (Weinland R. YEAR NEARLY OVER. November 24, 2007).

A little after April…a dollar bill won’t be worth anything…We’re going to be brought down the tubes, very quickly, starting in April…(Ronald Weinland Interview on The Edge Radio on December 15, 2007).

But, as I have reported for years, I do not consider Ronald Weinland to be God’s prophet (nor do I consider someone named Thomas B. Gardner who claimed to be “God’s Last Prophet” in an email to me last night as well as one today to be one of God’s prophets either–he falsely claims that the Kingdom of God will not be established on earth for at least 1,157 years from now–he apparently does not accept the 6,000 year plan or if he does, he is confused about how much time has past and is left). Jesus warned, that even among those who consider themselves part of the true Church of God, that false prophets would rise up (cf. 2 Peter 2:1; Acts 20:30).

One of the reasons I have been able to correctly and biblically oppose Ronald Weinland (and many others this year, please see: Ronald Weinland, Concerns About Ronald Weinland’s Church of God-Preparing for the Kingdom of God; the True Bible Code, Europe to Launch Satellite for Galileo, But More False Witnesses; Geoff Neilson, Sep-Oct 2007 Journal Out; Yisrayl Hawkins, Pentecost and Prophecies; Tim Carpenter, Yes, There Was An Earthquake, But… and James Malm, James Malm Challenges COGwriter) is that, in accordance with Daniel 9:26-27, the Great Tribulation (Matthew 24:21) cannot occur before the year 2012 (but also I do not believe that the kingdom cannot start for at least 1157 years).

This does not mean that there will not be ups and downs for the US dollar. But the time for it to be worthless is not yet here (though it may tank greatly between now and the Great Tribulation).

However, the long-term trend will be down. Having such huge amount of US dollars makes China a major player, with real economic power, on the world scene. But ultimately, the US dollar will become totally worthless.

At some point near the start of the Great Tribulation, Habakkuk 2:3-7 indicates that our creditors will rise up against us and ultimately make the Anglo-American powers (the world’s greatest debtors) slaves.

Though, because of other scriptures, this appears to a European power (the King of the North) assisted by an Islamic power (the King of the South), and not China itself (a country that prophecy indicates will apparently team up with Russia, Japan, India, and other Asian nations to invade the future European King of the North, Daniel 11:44-45).

Several articles of possibly related interest may include:

End of Mayan Calendar 2012–Might 2012 Mean Something? There is a Mayan calendar prediction for change in 2012. 2012 changes were also centuries ago predicted by the Hopi Native Americans and others (who were not even on the same continent). Do these Mayan/Hindu/Hopi prophecies have any value? Why might Satan have inspired this date? Does the Dresden codex show destruction of the earth by flood? Can the great tribulation start before 2012?
Two Horned Beast of Revelation and 666 This article explains how the LCG views this, and compares this to Ellen White.
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”?
Why Be Concerned About False and Heretical Leaders? There have been many false leaders–here is some of why you should be concerned about them.
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States?
Is There A Future King of the South? Some no longer believe there needs to be. Might Egypt, Islam, Iran, Arabs, or Ethiopia be involved? What does the Bible say?
The Arab World In the Bible, History, and Prophecy The Bible discusses the origins of the Arab world and discusses the Middle East in prophecy. What is ahead for the Middle East and those who follow Islam?
Africa: Its Biblical Past and Prophesied Future What does the Bible teach about Africa and its future? Did the early Church reach Africa? Will God call all the Africans?
India, Its Biblical Past and Future: Any Witness? The Bible discusses the origins of those of Indian heritage and discusses some of the witness to them.
China, Its Biblical Past and Future, Part 1: Genesis and Chinese Characters This article provides information showing that the Chinese peoples must have known about various accounts in the Book of Genesis up until their dispersion after the Tower of Babel.
China, Its Biblical Past and Future, Part 2: The Sabbath and Some of God’s Witness in China When did Christianity first come to China? And is there early evidence that they observed the seventh day sabbath?
Asia in Prophecy What is Ahead for China? Is it a “King of the East”? What will happen to nearly all the Chinese, Russians, and others of Asia? China in prophecy, where?
Japan, Its Biblical Past and Future, Part 2: Prophecy Japan in prophecy. What is prophesied for Japan. Will God save the Japanese?
Russia: Its Origins and Prophesied Future Where do the Russians come from? What is prophesied for Russia? What will it do to the Europeans that supported the Beast in the end?
Islands and Bible Prophecy What’s ahead for islands? What does the Bible prophesy about them?
Modern Nations and God’s Ancient Plan Many peoples are mentioned in the Bible. And other than the fact that the modern nation of Israel represents the ancient kingdom of Judah, do you know who any of these people are now?
Did The Early Church Teach Millenarianism? Was the millennium (sometimes called chiliasm) taught by early Christians? Who condemned it. Will Jesus literally reign for 1000 years on the earth? Is this time near?
Does God Have a 6,000 Year Plan? What Year Does the 6,000 Years End? Was a 6000 year time allowed for humans to rule followed by a literal thousand year reign of Christ on Earth taught by the early Christians? When does the six thousand years of human rule end?

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