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Subject Renminbi Relentlessly Replacing U.S. Dollar As Global Reserve Currency

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Original Message A “renminbi bloc” has been formed in East Asia, as nations in the region abandon the U.S. dollar and peg their currency to the Chinese yuan…

And 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 U.S. dollar…

According to the latest report by the Society for Worldwide Interbank Financial Telecommunication, or SWIFT, renminbi-denominated trade accounted for 10 percent of China’s total foreign trade in July. The figure was zero just two years ago.

From July 1 to August 31, global payments in the renminbi rose 15.6 percent, according to Swift as payment in other currencies fell 0.9 percent on the average… [emphasis mine]

We see three obvious points in the quote above:

1) The move from the dollar to the renminbi is now occurring rapidly.

2) Demand for the U.S. dollar is falling as a direct result of this shift.

3) Even Chinese media are attempting to cover-up the collapse of the dollar.

Read more:

[link to etfdailynews.com]

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