The People's Bank of China bought up all the US dollar surplus with yuan and sent this money abroad as foreign reserves to support a monetary policy that has gone off the rails. Photo: Reuters The People's Bank of China bought up all the US dollar surplus with yuan and sent this money abroad as foreign reserves to support a monetary policy that has gone off the rails. Photo: Reuters
The People's Bank of China bought up all the US dollar surplus with yuan and sent this money abroad as foreign reserves to support a monetary policy that has gone off the rails. Photo: Reuters
Jake Van Der Kamp
Opinion

Opinion

Jake's View by Jake Van Der Kamp

China's currency swap deal with Switzerland is just plain dumb

The People's Bank of China bought up all the US dollar surplus with yuan and sent this money abroad as foreign reserves to support a monetary policy that has gone off the rails. Photo: Reuters The People's Bank of China bought up all the US dollar surplus with yuan and sent this money abroad as foreign reserves to support a monetary policy that has gone off the rails. Photo: Reuters
The People's Bank of China bought up all the US dollar surplus with yuan and sent this money abroad as foreign reserves to support a monetary policy that has gone off the rails. Photo: Reuters
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Jake Van Der Kamp

Jake Van Der Kamp

Jake van der Kamp is a native of the Netherlands, a Canadian citizen, and a longtime Hong Kong resident. He started as a South China Morning Post business reporter in 1978, soon made a career change to investment analyst and returned to the newspaper in 1998 as a financial columnist.