http://news.yahoo.com/s/ft/20060105...pP2ULEF;_ylu=X3oDMTBiMW04NW9mBHNlYwMlJVRPUCUl China indicated on Thursday it could begin to diversify its rapidly growing foreign exchange reserves away from the US dollar and government bonds - a potential shift with significant implications for global financial and commodity markets. Economists estimate that more that 70 per cent of the reserves are invested in US dollar assets, which has helped to sustain the recent large US deficits. If China were to stop acquiring such a large proportion of dollars with its reserves - currently accumulating at about $15bn (EU12.4bn) a month - it could put heavy downward pressure on the greenback. *** Tax cuts and deficit spending, Bush's perfect combination to give the Chinese (and Saudis) power over our economy. Maybe Bush is a Communist spy. He's certainly doing what he can to wreck our economy, our reputation, and kill off American soldiers in his war-by-mistake.