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China to allow all trades to settle in yuan, encourages use as reserve currency

 
Anonymous Coward
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03/02/2011 06:44 PM
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China to allow all trades to settle in yuan, encourages use as reserve currency
China aims to allow all exporters and importers to settle cross-border trades in the yuan by 2011, according to the Chinese central bank, reported Reuters.

bsflag

Moreover, China will “respond to overseas demand for the yuan to be used as a reserve currency” and allow the yuan to flow back into China more easily.

This is all part of China’s plan for the internationalization of its currency, which may, in the decades to come, threaten the global ‘market share’ of other currencies like the US dollar.

Previously, China also announced that bilateral trades with Russia and Malaysia will begin to be conducted with the yuan and the ruble and ringgit, respectively.

Other moves on the part of China to internationalize its currency include allowing foreign companies to issue yuan-denominated bonds and relaxing rules for foreign financial institutions to access the yuan.

Aside from the efforts of the Chinese government, fundamentals also point to the increasing international popularity of the Chinese currency.

China is already the leading trade partner with Australia and Japan. It’s also the leading or a large trade partner with many of its smaller neighbors. The purpose of having foreign currencies is to conduct foreign trade and investment, so the yuan is expected to become a more attractive currency for China’s trade partners, especially as the government continues to relax restrictions.

Currently, the yuan is not that popular globally; the US dollar is the leading international currency, followed by the euro, pound sterling, and the yen. However, for the fundamental reasons described above, the yuan is expected to make a dent in the ‘market shares’ of these currencies in the coming years.

What’s the advantage having an international currency?

For one, it makes it easier to become an international financial hub, which brings a whole host of advantages to a country. Two, it gives the country and its companies easy access to international capital.

[link to hken.ibtimes.com]
Anonymous Coward
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03/02/2011 07:49 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
5a5abumpbumphidingbanana2
Anonymous Coward
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03/02/2011 07:52 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
China aims to allow all exporters and importers to settle cross-border trades in the yuan by 2011, according to the Chinese central bank, reported Reuters.

bsflag

Moreover, China will “respond to overseas demand for the yuan to be used as a reserve currency” and allow the yuan to flow back into China more easily.

This is all part of China’s plan for the internationalization of its currency, which may, in the decades to come, threaten the global ‘market share’ of other currencies like the US dollar.

Previously, China also announced that bilateral trades with Russia and Malaysia will begin to be conducted with the yuan and the ruble and ringgit, respectively.

Other moves on the part of China to internationalize its currency include allowing foreign companies to issue yuan-denominated bonds and relaxing rules for foreign financial institutions to access the yuan.

Aside from the efforts of the Chinese government, fundamentals also point to the increasing international popularity of the Chinese currency.

China is already the leading trade partner with Australia and Japan. It’s also the leading or a large trade partner with many of its smaller neighbors. The purpose of having foreign currencies is to conduct foreign trade and investment, so the yuan is expected to become a more attractive currency for China’s trade partners, especially as the government continues to relax restrictions.

Currently, the yuan is not that popular globally; the US dollar is the leading international currency, followed by the euro, pound sterling, and the yen. However, for the fundamental reasons described above, the yuan is expected to make a dent in the ‘market shares’ of these currencies in the coming years.

What’s the advantage having an international currency?

For one, it makes it easier to become an international financial hub, which brings a whole host of advantages to a country. Two, it gives the country and its companies easy access to international capital.

[link to hken.ibtimes.com]
 Quoting: Anonymous Coward 1282638


Also reported by major German news magazin "Spiegel".

The next step in the Dollars march from the worlds major reserve currency to toilet paper,
Anonymous Coward
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03/02/2011 07:53 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
Sounds like they want to de-peg from the dollar. Where will Ben get to hide his hyperinflation now? First India, now China.

hmm
Anonymous Coward
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03/02/2011 07:54 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
[link to www.spiegel.de]
Anonymous Coward
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03/02/2011 08:47 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
Zerohedge picked the story up now, this news eclipses what is going on in the Middle East. So, as usual it will be ignored.

[link to www.zerohedge.com]
Stu

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03/02/2011 09:15 PM

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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
pretty big news



capital will flow into China and dollars become shit exploding the national debt



the roles will be reversed with the cost of everything going up while the yuan buys more
_____________________________________
There is no use removing doubts one by one. If we clear one doubt another doubt will arise and there will be no end of doubts. But, if by seeking the doubter, the doubter is found to be really non-existent, then all doubts will cease. -- Ramana Maharshi


You have to keep breaking
your heart until it opens.

~ Rumi
Stu

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03/02/2011 09:28 PM

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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status new


Submitted by Tyler Durden on 03/02/2011 20:24 -0500

In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China. Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

[link to www.zerohedge.com]
_____________________________________
There is no use removing doubts one by one. If we clear one doubt another doubt will arise and there will be no end of doubts. But, if by seeking the doubter, the doubter is found to be really non-existent, then all doubts will cease. -- Ramana Maharshi


You have to keep breaking
your heart until it opens.

~ Rumi
Anonymous Coward
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03/02/2011 09:33 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status new


Submitted by Tyler Durden on 03/02/2011 20:24 -0500

In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China. Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

[link to www.zerohedge.com]
 Quoting: Stu



How soon will this impact the dollar? I mean I will still be able to get my dollar value menu at Mcdonals right?
Anonymous Coward
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03/02/2011 09:36 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
pretty big news



capital will flow into China and dollars become shit exploding the national debt



the roles will be reversed with the cost of everything going up while the yuan buys more
 Quoting: Stu




Unless . . . . =) . . . there are no Chinese.
Anonymous Coward
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03/02/2011 09:37 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
How soon will this impact the dollar? I mean I will still be able to get my dollar value menu at Mcdonals right?
 Quoting: Anonymous Coward 1132105


If you don't mind getting a single french fry in that "value" meal.
Anonymous Coward
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03/02/2011 09:39 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
Think of it this way, if China depegs from the dollar then other countries will follow suit. Dollars will no longer be used in international trade settlements. That means no demand for dollars overseas, that means all those tens of trillions of dollars (FRNs) will come back to America. That means hyperinflation without printing another single dollar.
Anonymous Coward
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03/02/2011 09:39 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
How soon will this impact the dollar? I mean I will still be able to get my dollar value menu at Mcdonals right?
 Quoting: Anonymous Coward 1132105


If you don't mind getting a single french fry in that "value" meal.
 Quoting: Anonymous Coward 961432


How long till this impacts us?
Stu

User ID: 1134640
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03/02/2011 09:41 PM

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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status new


Submitted by Tyler Durden on 03/02/2011 20:24 -0500

In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China. Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

[link to www.zerohedge.com]
 Quoting: Stu



How soon will this impact the dollar? I mean I will still be able to get my dollar value menu at Mcdonals right?
 Quoting: Anonymous Coward 1132105




if everyone is thinking same thing Im thinking...which is buying yuan with dollars, a no brainer trade, then it could happen a lot sooner than later


besides with the gargantuan debt behind the buck, it can only disappear or be devalued...the end result is the same
_____________________________________
There is no use removing doubts one by one. If we clear one doubt another doubt will arise and there will be no end of doubts. But, if by seeking the doubter, the doubter is found to be really non-existent, then all doubts will cease. -- Ramana Maharshi


You have to keep breaking
your heart until it opens.

~ Rumi
Anonymous Coward
User ID: 1132105
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03/02/2011 09:43 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status new


Submitted by Tyler Durden on 03/02/2011 20:24 -0500

In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China. Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

[link to www.zerohedge.com]
 Quoting: Stu



How soon will this impact the dollar? I mean I will still be able to get my dollar value menu at Mcdonals right?
 Quoting: Anonymous Coward 1132105




if everyone is thinking same thing Im thinking...which is buying yuan with dollars, a no brainer trade, then it could happen a lot sooner than later


besides with the gargantuan debt behind the buck, it can only disappear or be devalued...the end result is the same
 Quoting: Stu



Wouldnt gold and silver be even better... especially since the Chinese will be backing the Yuan with gold and silver
Anonymous Coward
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03/02/2011 09:49 PM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
pretty big news



capital will flow into China and dollars become shit exploding the national debt



the roles will be reversed with the cost of everything going up while the yuan buys more
 Quoting: Stu


After this happens, can we repay our debt to you guys and your IMF with peanuts?
Comedian

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03/02/2011 09:56 PM
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File under "Well duh"
Don't run. You'll just die tired.
Stu

User ID: 1134640
United States
03/02/2011 10:01 PM

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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status new


Submitted by Tyler Durden on 03/02/2011 20:24 -0500

In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China. Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

[link to www.zerohedge.com]
 Quoting: Stu



How soon will this impact the dollar? I mean I will still be able to get my dollar value menu at Mcdonals right?
 Quoting: Anonymous Coward 1132105




if everyone is thinking same thing Im thinking...which is buying yuan with dollars, a no brainer trade, then it could happen a lot sooner than later


besides with the gargantuan debt behind the buck, it can only disappear or be devalued...the end result is the same
 Quoting: Stu



Wouldnt gold and silver be even better... especially since the Chinese will be backing the Yuan with gold and silver
 Quoting: Anonymous Coward 1132105


China has plans to back their currency with gold so yes


gold and silver and rare earths are a very good investment


you cant go wrong with pm's
_____________________________________
There is no use removing doubts one by one. If we clear one doubt another doubt will arise and there will be no end of doubts. But, if by seeking the doubter, the doubter is found to be really non-existent, then all doubts will cease. -- Ramana Maharshi


You have to keep breaking
your heart until it opens.

~ Rumi
Anonymous Coward
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10/04/2011 10:27 AM
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Re: China to allow all trades to settle in yuan, encourages use as reserve currency
China "Attacks The Dollar" - Moves To Further Cement Renminbi Reserve Currency Status new


Submitted by Tyler Durden on 03/02/2011 20:24 -0500

In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China. Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.

[link to www.zerohedge.com]
 Quoting: Stu



How soon will this impact the dollar? I mean I will still be able to get my dollar value menu at Mcdonals right?
 Quoting: Anonymous Coward 1132105




if everyone is thinking same thing Im thinking...which is buying yuan with dollars, a no brainer trade, then it could happen a lot sooner than later


besides with the gargantuan debt behind the buck, it can only disappear or be devalued...the end result is the same
 Quoting: Stu


I actually was just reading this thread for the first time and I was thinking the same thing. Switch from Dollars to Yuan, hold them just for 3 - 5 premier high days and dump them back well before the Yuan market starts showing a decline. Don't even wait for the decline to begin. Just make a quick relatively safe fast in-out investment.
Hummmmmmmm....

At times, when I step back from the global games and take a long look I can't help but feel like we are all being toyed with on a new global scale.
This could be one prime example on how the global wealthy keep on top and continue to play games by creating global money making opportunities for themselves.

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