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 […]
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 […]
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 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 […]
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 […]
March 25, 2012, at 11:23 pm
by Jim Sinclair in the category General Editorial
Brazil, Russia, India China and South Africa are meeting next week because of the use of SWIFT as a weapon of war. Expect the formation of a competitive SWIFT system in three blocks. The dollar will test .7200 USDX and fail on the third tap.
There will be an audio interview on this development with Erik King of King World News […]
Submitted by cpowell on Sun, 2012-03-25 15:30. Section: Daily Dispatches
By Thandeka Gqubule and Andile Ntingi
City Press, Johannesburg, South Africa
Sunday, March 25, 2012
South Africa this week will take some initial steps to unseat the US dollar as the preferred worldwide currency for trade and investment in emerging economies.
Thus the nation is expected to become party to endorsing the Chinese currency, the renminbi, as the currency of trade in emerging markets.
This means getting a […]
The release of February’s economic data confirmed that Chinese growth is slowing down. Consumer inflation fell to 3.2 per cent last month, the lowest since June 2010. Weaker industrial production, retail sales and export data all support the same pattern. China’s days of double digit growth are, at least for this century, probably over. The data releases following a “forecast” from outgoing premier Wen Jiabao that gross domestic production […]
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, […]
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 […]
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.
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 […]
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) […]
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.
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 […]