First Time Ever! The Dragon is Rising: Citgroup offering YUAN BANK ACCOUNTS in London, Say hello to the Dragon Empire!

LONDON (Dow Jones)–Citigroup (C) said Wednesday that it is launching yuan-denominated bank accounts in the U.K., providing further evidence that banks are stepping up their efforts to help London gain traction as a key offshore yuan-trading center.

Citigroup said its new product offering will make it possible for clients to make and collect payments in yuan–or renminbi–in the U.K. and to receive trade financing, foreign-exchange services and hedging solutions geared toward […]

Will China Make the Yuan a Gold-Backed Currency?

by WashingtonsBlog

If China Backs Its Currency with Gold, It Could Have Profound Effects for Investors … and Consumers

Larry Edelson – – writes today:

I know for a fact that Beijing wants its yuan to eventually become a gold-backed currency, much like the Swiss franc was originally. Backing the yuan with some gold will certainly help it become a major international currency.

Edelson is a financial adviser who travels frequently to Asia, a former high-volume […]

CNY vs USD: where next?

2012-APR-23

On Saturday April 14 the People’s Bank of China expanded the range that it would allow the renminbi to rise or fall each day. Previously the currency was only allowed to rise or fall by 0.5% from a determined midpoint, but now that limit is being increased to 1%. Many have long felt that the currency was undervalued and that this could be a first step in a upward revaluation […]

Robert Zoellick calls for Brics bank

telegraph.co.uk

Robert Zoellick said the World Bank would support a Brics bank, an idea formally proposed at a summit in New Delhi last week. The World Bank has previously backed the creation of the Islamic Development Bank and the Opec Fund to build financing and analytical capabilities.

If Brics nations “decide they want another financing vehicle – fine. Let’s figure out how to work with it … I’m enough of an economist […]

More Bad News for the Dollar

6 MARCH 2012

Greg Hunter’s USAWatchdog.Com

Buying gasoline these days has turned into a horror show.  I filled up my car and handed the attendant a $50 bill to turn the pump on.  I had a little more than a quarter of a tank.  So, I thought that would do the trick and peg the needle past full with change to spare.  I was wrong.  I stood in shock as the pump rolled […]

Albert Edwards: JPY devaluation exacerbates risk of China hard landing, drags them into currency war

“What do people think will happen if another recession strides into sight any time soon? We are a hair’s breadth or, more exactly, one recession away from a market panic on outright deflation — a panic that will send the central banks into a printing frenzy that will make their balance sheet expansion so far seem like a warm-up act for the main show.” Albert Edwards in his latest note, taking […]

The Exter Pyramid And The Renminbi

by Mao Money, Mao Problems

The Exter Pyramid and the Renminbi

The pyramid is the strongest structure known to Man. The weakest structure is the inverted pyramid. There is an economic theory called the Exter Pyramid to describe the financial system. It is an inverted pyramid ranking assets by risk. Gold, the safest asset, holds its place at the tip of the pyramid. Riskier assets, such as cash, deposits, bonds, stocks, real estate, […]

Jim Rogers is loading up on a surprising currency

From Newsmax:

…”Probably none of us are going to own any paper money at all ultimately, but that’s later in this decade, because paper money is becoming very suspect everywhere in the world,” he said. “I don’t own any U.S. equities,” he said. Adding, “I don’t own the pound sterling, although I do love the U.K. a great deal.”

While the pound is up about two percent against the dollar this year, […]

UK Government Chancellor of the Exchequer,George Osborne, welcomes moves announced by London city banksters to make trading Chinese Yuan into world reserve currency, saying it could bring billions to City of London banksters, putting UK banksters at the centre and he says supporting China will make the City of London the biggest financial centre in the world:

The UK Treasury has announced plans to make London the leading international centre for trading China’s currency, the yuan, also known as the renminbi.

“London is perfectly placed to act as a gateway for Asian banking and investment in Europe,” said UK Chancellor George Osborne.

Bankers say the plans could bring billions of pounds into the City.

China has been gradually relaxing strict controls on the value of its currency and on flows […]

Currency wars favor the greenback: Look for 2012 to be the year of the dollar

By David Callaway, MarketWatch

SAN FRANCISCO — At a meeting in London last month I listened with mild amusement as a senior sales executive discussed the rollout of a banking campaign to promote the rise of China’s renminbi as a global currency.

Reuters

U.S. $100 notes stacked at the headquarters of the Korea Exchange Bank in Seoul.

Advertising in the U.S. would make little sense, as Americans aren’t ready to believe in […]

Look for 2012 to be the year of the dollar

Dec. 28, 2011, 3:53 p.m. EST
Look for 2012 to be the year of the dollar
Commentary: Currency wars favor the greenback
By David Callaway, MarketWatch

SAN FRANCISCO (MarketWatch) — At a meeting in London last month I listened with mild amusement as a senior sales executive discussed the rollout of a banking campaign to promote the rise of China’s renminbi as a global currency.

It’s certainly just coincidence that the U.S. Dollar Index (NYE:DXY) […]

Planning to buy gold, but when?

I aim to own a healthy position in gold by 2016.  The burning question:  Is now a good time to buy in?

So far in my admittedly amateurish thinking, the answer is: not yet.

My reasoning:

1) I don’t want to bet against a global financial crash in the next 24-36 months now that the Euro zone is unraveling.  A 2008-style (or worse) crash could involve a liquidity crunch causing commodities, including gold, to […]