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Bronze or copper was first used for small change in Greece from the late 5th century bc and in the Roman and Byzantine systems as well; the vast currency of China consisted of base metals down to modern times.
Others argue that even if the property market correction were to turn into a rout, which wiped out the country's over-extended local banks, Beijing would be able to spend some of its vast currency reserves to stabilise the situation.
And given China's vast currency reserves ($2.4 trillion, the world's largest), the Chinese government certainly has the money to spend on U.S. elections should it choose to do so.
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It has accumulated vast foreign currency reserves ($3.2 trillion and rising) while blocking access to its market and gaining competitive advantages internationally in everything from solar panels to toys.
The New Taiwan dollar traded at or slightly below NT$30 per U.S. dollar throughout 2011 as the central bank mobilized Taiwan's vast foreign currency reserves to stabilize a market buffeted by turbulence in the European economy.
The manufacturer said Tuesday its auto loans arm could receive funds from a government-backed bank using a new lending facility that will tap Japan's vast foreign currency reserves.
Saudi Arabia has been drawing down its vast foreign currency reserves while running up colossal budget deficits.
China's economy has slowed down markedly, and this has left much of the globe's policy makers without the safety net most assumed Beijing represented with its vast foreign currency reserves.
Euro zone officials have sought to persuade Beijing, which has vast foreign currency reserves mostly in U.S. Treasury bonds, to back the euro zone by buying its troubled countries' bonds.
The U.S. not only needs to tap China's vast foreign currency reserves ($3.3 trillion - almost 28 times that of the U.S., at $119 billion ) in order to finance its trade deficit and fiscal deficit, it also needs access to China's vast market in order to sustain its economic recovery and continue to create much needed jobs for American workers.
Wen Jiabao, the prime minister, acknowledged on November 19th that vast amounts of currency were flowing out of China through illegal channels, about half from Shenzhen.
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