Tag Archives: rmb

International

Destroy U.S. Dollar: U.S. ally ratifies free trade deal with China!

01 December 2015 (01:41 UTC-07 Tango 01)/10 Azar 1394/18 Safar 1437/20 Ding-Hai 10th month 4713

One year after I wrote that the Bank of Korea began using the Chinese yuan the government of Republic of Korea (RoK, aka south Korea) ratified the creation of a Free Trade Agreement (FTA) with China.

The FTA eliminates, within 20 years, 90% of tariffs on products traded between China and RoK.  ‘Lawmakers’ in RoK hope the FTA will create 53-thousand new jobs within ten years.

The ratification of the FTA comes after RoK experienced a 15.9% drop in exports from October 2014 to October 2015.

Destroy U.S. Dollar: IMF welcomes Chinese yuan!

International

Destroy U.S. Dollar: IMF welcomes Chinese yuan!

01 December 2015 (00:56 UTC-07 Tango 01)/10 Azar 1394/18 Safar 1437/20 Ding-Hai 10th month 4713

“In the next ten to 20 years it will be the currency of the world.”-Helen Mak, Hong Kong business woman

Washington DC based International Monetary Fund (IMF) now includes the Chinese yuan-renminbi-RMB as part of its Special Drawing Rights reserve currencies.  This is monumental considering the Chinese government began promoting the yuan for global trade just eight years ago.

The IMF is giving the yuan a ‘weight’ of 3rd, right after the U.S. dollar and European Union euro.  Japan’s yen is 4th.

Destroy U.S. Dollar: U.S. petrodollar meet the new Iran Petroleum Contract! 

Business/Economics

To Destroy U.S. Dollar: British empire welcomes Chinese cash in hand! Queen treats Xi far better than any U.S. President!

21 October 2015 (01:21 UTC-07 Tango 01)/29 Mehr 1394/07 Muharram 1437/09 Bing-Xu (9th month) 4713

The People’s Bank of China has issued the first yuan (renminbi, RMB) in cash in United Kingdom.  It’s the result of the 7th China-U.K. Economic and Financial Dialogue held last month.  Not only is it the first time Chinese cash has been issued for use in United Kingdom, it’s the first time the yuan has been officially issued outside China, as cash in hand.

Chinese President Xi Jinping got a huge royal welcome including a ride in the Queen’s personal coach.  No U.S. president has experienced such a welcome!

The United Kingdom is now the top market in Europe for the yuan.  According to SWIFT (Society for Worldwide Interbank Financial Telecomm) between July 2013 and July 2014 United Kingdom accounted for 123.6% of yuan (RMB) trades in the European Union!  

The first major announcement immediately after Xi Jinping’s arrival is a deal in which China will become the major investor in United Kingdom’s struggling Hinkley Point C nuclear power plant project.

To Destroy U.S. Dollar: European Central Bank tells U.S. Federal Reserve ‘Go take a hike!’ 

Business/Economics

To Destroy U.S. Dollar: Australia & Singapore first to use Chinese Yuan in major transactions!

08 October 2015 (02:09 UTC-07 Tango 01)/16 Mehr 1394/24 Dhu l-Hijja 1436/26 Bing-Xu 4713

The Bank of China Australia and the Industrial and Commercial Bank of China Singapore conducted major international transactions using the Yuan (RMB, RenMinBi) instead of U.S. dollars.

The transactions totaled the equivalent of $11.34-million USD, involving companies in Singapore, Australia and China.   It’s the result of China’s new Cross-border Interbank Payment System.

However, Bank of China Australia (Sydney) says they’ve already ‘cleared’ $314.8-billion USD since February, and Industrial and Commercial Bank of China Singapore cleared $7.41-Trillion USD for the first three quarters of 2015!

USD = U.S. dollar

AUD = Australian dollar

CAD = Canadian dollar

XCD = East Caribbean dollar

NZD = New Zealand dollar

There are dozens of countries that use their own dollar.  The yuan is now the 4th most used international currency.

To Destroy the Dollar: Chinese banks making bank off other countries! 

Business/Economics, International, U.S.

Global Economic War: Chinese Yuan could replace the U.S. Dollar within 10 years

“Chinese financial authorities are laying the groundwork for these ambitions via a series of bilateral arrangements with foreign companies and financial centers. While dollar denominated financial markets retain a substantial advantage over their RMB denominated counterparts in terms of new issuances, the RMB markets have made remarkable progress in less than one year.”-U.S.-China Economic and Security Review Commission

RMB; aka renminbi, aka yuan.

“Chinese economic dominance is more imminent and more broad-based, encompassing output, trade and currency, than is currently recognized. By 2030, this dominance could resemble that of the United States in the 1970s and the United Kingdom around 1870.  And this economic dominance will in turn elevate the renminbi to premier reserve currency status much sooner than currently expected.”-Arvind Subramanian, economist