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HSBC: China’s renminbi is gaining traction as a global currency, which will pave the way for a multiple global reserve currency system.

China’s renminbi is gaining traction as a global currency, which will pave the way for a multiple global reserve currency system. Discussed here by John Zhu, economist, Greater China, HSBC

The US dollar’s dominance in the global financial system remains. But, looked at in another way, the dollar is also unusually dominant. According to the International Monetary Fund (IMF), the dollar currently accounts for […]

AND THE NEXT COUNTRY TO JOIN THE RENMINBI FAN CLUB IS…

A few years ago, the definition of “strong banking” was Switzerland; today, however, Switzerland’s reputation for banking is nowhere near where it once was.But eager to restore some of its former banking luster, Switzerland has taken note of this and is rapidly positioning itself to become a major center of European RMB trade.
Continuing to believe that the dollar is going to maintain its global reserve status is now not only foolish, […]

Iran, Russia and China prop up Assad… Allies delivering $500m month in oil and extending credit lines

Iran, Russia and China are propping up Syria’s war-ravaged economy, with President Bashar al-Assad’s regime doing all its business in rials, roubles and renminbi as it seeks to beat western sanctions, according to the country’s senior economics minister.

Read more: http://www.ft.com/intl/cms/s/0/79eca81c-df48-11e2-a9f4-00144feab7de.html#axzz2XPvpa7ho

Asian economies turn to yuan – now seven out of 10 economies in the region — including South Korea, Indonesia,Malaysia, Singapore and Thailand — track the renminbi more closely than they do the USdollar.

A “renminbi bloc” has been formed in East Asia, as nations in the region abandon the US dollarand peg their currency to the Chinese yuan — a major signal of China’s successful bid tointernationalize its currency, a research report has said.

The Peterson Institute for International Economics, or PIIE, said in its latest research that Chinahas moved closer to its long-term goal for the renminbi to become a global reserve currency.

Since […]

Lindsey Williams ~ Impending Financial Collapse

Lindsey Williams on Radio Liberty 10-06-12 – Impending Financial Collapse here are some key point : the most significant day in the history of the American dollar since its inception was Thursday September the 6th during the democratic convention that was the day when China announced that any country in the world that wishes to can use the Chinese currency the Renminbi to trade crude oil , the next day September […]