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Emerging powers China, Brazil move towards non-dollar trade

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September 24, 2017, 10:45:16 pm Psalm 51:17 says: The specific rule pertaining to the national anthem is found on pages A62-63 of the league rulebook. It states: “The National Anthem must be played prior to every NFL game, and all players must be on the sideline for the National Anthem. “During the National Anthem, players on the field and bench area should stand at attention, face the flag, hold helmets in their left hand, and refrain from talking. The home team should ensure that the American flag is in good condition. It should be pointed out to players and coaches that we continue to be judged by the public in this area of respect for the flag and our country. Failure to be on the field by the start of the National Anthem may result in discipline, such as fines, suspensions, and/or the forfeiture of draft choice(s) for violations of the above, including first offenses.”
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http://www.naturalnews.com/2017-08-11-new-fda-approved-hepatitis-b-vaccine-found-to-increase-heart-attack-risk-by-700.html
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September 14, 2017, 04:31:26 am Christian40 says: i have thought that i'm reaping from past sins then my life has been impacted in ways from having non believers in my ancestry.
September 11, 2017, 06:59:33 am Psalm 51:17 says: The law of reaping and sowing. It's amazing how God's mercy and longsuffering has hovered over America so long. (ie, the infrastructure is very bad here b/c for many years, they were grossly underspent on. 1st Tim 6:10, the god of materialism has its roots firmly in the West) And remember once upon a time ago when shacking up b/w straight couples drew shock awe?

Exodus 20:5  Thou shalt not bow down thyself to them, nor serve them: for I the LORD thy God am a jealous God, visiting the iniquity of the fathers upon the children unto the third and fourth generation of them that hate me;
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« on: March 26, 2013, 04:11:13 pm »

Emerging powers China, Brazil move towards non-dollar trade
3/26/13
http://news.yahoo.com/china-brazil-sign-trade-currency-132240289.html

DURBAN, South Africa (Reuters) - China and Brazil agreed on Tuesday to swap up to the equivalent of $30 billion in each other's currencies if need be so that their fast-growing commercial ties will not suffer if a new banking crisis causes dollar trade finance to dry up.

The three-year agreement, signed before the start of a BRICS nations summit in Durban, South Africa, marked a step by the two largest economies in the emerging powers group to change global trade flows long dominated by the United States and Europe.

Brazil, Russia, India, China and South Africa represent together a fifth of global GDP but have struggled to convert their economic weight into political clout in the international arena.

"Our interest is not to establish new relations with China, but to expand relations to be used in the case of turbulence in financial markets," Brazilian Central Bank Governor Alexandre Tombini told reporters after the signing.

Brazilian Economy Minister Guido Mantega described the deal, called a bilateral currency swap accord, as "a sort of umbrella agreement" but he did not spell out what specific areas or categories of trade would be affected.

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« Reply #1 on: April 04, 2013, 11:54:23 am »

http://thenewamerican.com/world-news/africa/item/14983-brics-regimes-forge-new-world-bank-call-for-global-currency
BRICS Regimes Forge New World Bank, Call for Global Currency
4/3/13

The governments and dictatorships ruling over the so-called BRICS countries — Brazil, Russia, India, China, and South Africa — agreed to set up a new world bank that analysts say could further marginalize the increasingly unstable U.S. dollar, possibly helping to eventually dethrone it as the global reserve currency. Meeting in Durban, South Africa, last week at their fifth annual summit, the socialist and communist-minded BRICS regimes also announced their support for creating a new world currency and full-fledged global governance.

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« Reply #2 on: April 04, 2013, 05:32:37 pm »

Consider where each of those countries are geographically. Rather interesting positioning.
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« Reply #3 on: April 13, 2013, 02:03:31 pm »

Australia to Abandon the U.S. Dollar
April 11, 2013
http://www.thetrumpet.com/article/10520.19.0.0/economy/australia-to-abandon-the-us-dollar

Australia’s announcement that it is abandoning the U.S. dollar for trade with China is the latest broadside in the global currency war. Starting April 10, Australia and China will no longer use the U.S. dollar for trade between the two nations. For the first time, Australian businesses will be able to conduct trade in Chinese yuan. No more need for U.S. dollar intermediation.

This is a significant announcement and key development for China as it continues its campaign to internationalize the yuan and chip away at the dollar’s role as the world’s reserve currency.

Australian Prime Minister Julia Gillard made the announcement during an official visit to Shanghai on Monday. She noted that China is now Australia’s biggest trading partner and that the direct currency trading would be a “huge advantage for Australia.”

She called the currency accord a “strategic step forward for Australia as we add to our economic engagement with China.”

According to hsbc bank, more than 40 percent of small and medium-size Australian businesses that trade with China plan to offer quotes for goods and services in yuan. No longer will Chinese customers need U.S. dollars before purchasing Australian goods.

For China, this is a big accomplishment as it works toward its goal of having about a third of its foreign trade settled in yuan by 2015.

But for the U.S. dollar, it is more like the treatment the U.S. Eighth Army got at Chosin Reservoir in Korea.

This Australia-China currency pact isn’t the only whipping the dollar has taken lately either.

On March 26, China and Brazil agreed to cut out the U.S. dollar for approximately half of their trade. Some $30 billion worth of commerce per year will now be conducted in yuan and reals. Brazilian Economy Minister Guido Mantega said the trade and currency agreement would act as a buffer against any unexpected dollar turbulence in the international financial markets.

Less than a week later, China announced its participation in the joint brics bank initiative. Brazil, Russia, India, China and South Africa announced the creation of a new development bank that some analysts say has the potential to rival the U.S.-dominated World Bank and European-influenced International Monetary Fund.

“Most people assume that the current economic crisis has led to a great strengthening of the power of the World Bank and the imf, and that this power is largely uncontested,” notes Prof. Geoffrey Wood, who teaches at Warwick Business School. “The proposed brics development bank represents an important new development that potentially further circumscribes the influence of these bodies.”

America’s other major ally in the Pacific announced last year that it would be curtailing its use of the dollar too. In June, Japan and China began cutting out the dollar in bilateral trade. The initiative was announced as part of a broad agreement to reinforce financial ties between the world’s third- and fourth-largest economies.

Similar dollar exclusion deals have been announced by Russia and China, Russia and Iran, India and Iran, and India and Japan.

“[T]he free lunch the U.S. has enjoyed ever since the advent of the U.S. dollar as world reserve currency may be coming to an end,” writes popular financial blog ZeroHedge. “And since there is no such thing as a free lunch, all the deferred pain the U.S. Treasury Department has been able to offset thanks to its global currency monopoly status will come crashing down the second the world starts getting doubts about the true nature of just who the real reserve currency will be in the future.”

As more nations challenge the dollar’s position as reserve currency it will greatly impact living standards in America. Interest rates will skyrocket. The government will be forced to resort to full-scale money printing to finance its debt. Credit and loans will become unaffordable, collapsing much of America’s consumer economy. Monetary inflation will shoot through the roof destroying the value of people’s savings. And higher levels of unemployment will become a way of life.

By jumping ship and swimming to China, Australia may think it will mitigate the worst of the looming dollar war. But eking out strategic partnerships with China comes with a whole set of other risks that are just as deadly.
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« Reply #4 on: April 15, 2013, 05:13:16 am »

Quote
Australian Prime Minister Julia Gillard made the announcement during an official visit to Shanghai on Monday. She noted that China is now Australia’s biggest trading partner and that the direct currency trading would be a “huge advantage for Australia.”

Gillard is also a liar who has lied on occasions making her unpopular with many Australians.

Quote
As more nations challenge the dollar’s position as reserve currency it will greatly impact living standards in America.

That is the thing the US suffers because China is so dominating in trade with Australia now.

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But eking out strategic partnerships with China comes with a whole set of other risks that are just as deadly.

Um a government that kills Christians, our brethren and sisters?
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« Reply #5 on: May 30, 2013, 04:01:51 am »

The Dying Dollar and the Rise of a New Currency Order

For years now, the collapse of the dollar has been in the cards. Recent developments show mounting pressure on the dollar’s reserve currency status. With a major international deflation going on, the threat of inflation through money printing is unreal. However, should the dollar’s  reserve currency status end, the repatriation of trillions of petro- and eurodollars could lead to a strongly inflationary scenario.

The roles of a reserve currency are to finance international trade and to function as a store of value for Governments. Until the second world war it used to be the British pound, but with the demise of the British Empire, the pound lost its international relevance and was overtaken by the dollar. This was formalized in the 1944 Bretton Woods system. All other currencies were fiat currencies, but pegged to the dollar, which in turn was pegged to Gold at 40 dollars an ounce and redeemable for international trading partners.

The Eurodollar
With the dollar as the reserve currency, the US had to export dollars. In the early years after the war especially for Europe, the famous Eurodollars. This sounds great: print money and buy whatever you like. But with the Gold window it was also risky: overprinting could mean excess dollars would be exchanged back to Gold, depleting US Gold reserves.

This was also a weakness that those annoyed with American Hegemony could exploit. In 1967 the leftist press mogul Jean-Jacques Servan-Schreiber penned a famous screed called ‘le défi Américain’ (the American challenge’), arguing Europe was being colonized economically by superior American competition.

France, at the time, was run by de Gaulle, who never was impressed with Anglo-American supremacy. He made a point of exchanging every dollar he could lay his hands on as a means to undermine it.

In the late sixties the situation got badly out of hand because of the Great Society and the Vietnam war, very costly projects that were deficit financed, leading to serious inflationary pressures. Inflation that the US tried to export, leading to an excess of dollars abroad. Especially the resurging Deutschmark’s appreciation became untenable. The Europeans started pressuring the US to fix its deficits, provoking the US Treasury Secretary John Connally famous cry ‘the dollar is our currency and your problem’.

But the situation had become unsustainable and Nixon was forced to close the Gold window to stop the depletion of US gold. This was the end of the Bretton Woods system and from then on the major currencies were floated freely in the international currency markets.

The Petrodollar
But it did not end the dollar reserve currency status, as the Empire had been found another basis for it: they reached an agreement with the House of Saud, to accept only dollars for its oil. The Sauds agreed to invest their dollar wealth on Wall Street, making the deal even more powerful for the Empire. Saudi Arabia controlled OPEC and the dollar was saved: international oil trading is financed with dollar only. Since then we have been on an informal Black Gold standard, known as the petrodollar.

This situation was better than before, because overprinting of the dollar for international trade or to finance all sorts Empire projects could no longer be punished by depleting Gold reserves and would result only in rising prices.

In the last decade the problem of over printing was solved by artificially raising oil prices through the Peak Oil hoax, and ending Iraqi oil production. It must be understood that the Empire is not looking for more oil production. There is so much oil in the world that should it be drilled for freely, it would end the Money Power’s energy monopoly. The Iraq invasion and the quest for control of the Middle-East is to keep a lid on oil production. Saddam’s suicidal decision to accept euro for his oil only hastened his demise.

Even today Iraqi oil production is not even half of what it was before 1991. With the Western Oil companies now in charge, it will most likely never fully recover.
By raising the price for oil, the oil market has mopped up  excess dollar supplies, which are now needed for the oil trade. As a result, the dollar has remained relatively stable in its value. Of course, it fits well with the agenda of decapitating the middle classes and under this agreement higher oil prices also means ever more oil profits invested in Wall Street.

Of course, the great boon of this for the Empire is that it can pay with worthless paper for real goods. It can eternally finance a major trade deficit.

Trade deficits are incorrectly understood as problematic.
From a nation’s point of view, the goal of trade is not to export, but to import. We export to give back for what we need from others. If you run the reserve currency, you don’t need to export as much as you import, because you can partially finance your imports with money printing. For all other nations this is impossible and trade deficits are lethal in the long run, as it leads to net capital outflow.

But the US Empire is in trouble. Its infrastructure is crumbling, its manufacturing base gone, it’s badly over extended. It needs ever more virulent threats to coerce the nations into dollar submission and just like Connally failed in 1971, the US is failing today. The Money Power is done with the Empire and the dollar and it is moving to the next phase. The dollar will have to step back and we are seeing a realignment.

The new currency order
China is moving towards a Gold backed yuan that will be very powerful in the international arena. Recently Australia, which is already completely dependent on China, with 30% of its exports going there, is preparing direct convertibility between the yuan and the Australian dollar, meaning they will no longer use US dollar to finance bilateral trade. This means less US dollars are needed in its reserve currency role.

In 2001 Goldman Sachs executive Jim O’Neill invented the BRIC’s. South Africa was later added, representing Africa and emphasizing its globalist agenda. Russia and China, as two powerful neighbors, obviously have long standing and important bilateral relations. But equally obviously, have little in common with Brazil, India and South Africa. India and China are actually sworn enemies. However, in 2009 they organized a first summit. Just a week ago we all of the sudden hear the BRICS are planning to open up a competitor to the IMF.  They’re still working out the details and it’s not a done deal yet, but the move looks very serious.

And there is of course the euro, which, make no mistake, is in great shape. True, Eurocrat legitimacy is suffering because of the euro crisis, even in Germany the currency is losing support. But the euro crisis is purely for internal consumption, to sucker the nations into surrendering budget responsibility to Brussels. This is the final frontier for a full blown EU federalist Super State. While the euro is deeply hated, this is not really a problem for the Money Power: it isn’t in this business to make friends and it does not mind a big fight. It only fears real alternatives and these are nowhere to be seen. There is nobody proposing anything real, people are just letting off steam. Once they get their fiscal union, the crisis will quickly end. People have a short memory.

The euro was designed to be eventually backed by Gold and the ECB has enough of the stuff to be ready for the coming transition.

Conclusion
We are seeing the advent of the new currency order. There will be a number of more or less equal blocks: a dollar zone, a Yuan/BRICS zone and the euro, with the Yen and the Pound as lesser entities. These will later be able to converge to even more ‘cooperation’, in the Money Power’s relentless march towards World Currency.

These units will be at least partially Gold backed, implying long term deflationary pressures. Central Banks are buying Gold in major quantities, creating the interesting question why Gold prices have not risen in the last 18 months.

The problem for the United States will be to manage the transition. Trillions of dollars that will no longer be needed will have to be repatriated and this will lead to very strong inflationary pressures at home. It is unclear how the Fed is going to deal with that. It probably can’t. Furthermore, the US is probably in the worst of positions to deal with a new Gold standard. They claim to have 8,000 tonnes of Gold in Fort Knox, but nobody really believes that.

The hyperinflation scare that the Austrians have been promoting because of ‘money printing’ is ridiculous: we are in a stagflationary depression and prices are rising because of speculation, not because of excess money. But when the dollar loses its current status, long term price rises will become the norm.

The Greatest Depression has only just started.

http://realcurrencies.wordpress.com/2013/04/07/the-dying-dollar/
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« Reply #6 on: January 30, 2014, 03:38:38 pm »

World Bank Ex-Chief Economist Calls For Dollar To Be Replaced By ‘Super Currency’

The World Bank’s former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system.

“The dominance of the greenback is the root cause of global financial and economic crises,” Justin Yifu Lin told Bruegel, a Brussels-based policy-research think tank. “The solution to this is to replace the national currency with a global currency.”

Lin, now a professor at Peking University and a leading adviser to the Chinese government, said expanding the basket of major reserve currencies — the dollar, the euro, the Japanese yen and pound sterling — will not address the consequences of a financial crisis. Internationalizing the Chinese currency is not the answer, either, he said.

Lin urged the international community, especially the US and European Union, to play a leading role in currency and infrastructure initiatives. To boost the global economy, he proposed the launch of a “global infrastructure initiative” to remove development bottlenecks in poor and developing countries, a measure he said would also offer opportunities for advanced economies.

“China can only play a supporting role in realizing the plans,” Lin said. “The urgent thing is for the US and Europe to endorse these plans. And I think the G20 is an ideal platform to discuss the ideas,” he said, referring to the group of finance ministers and central bank governors from 20 major economies.

The concept of a global “super currency” tied to a basket of currencies has been periodically discussed by world leaders as well as endorsed by 2001 Nobel Memorial Prize-winner Joseph Stiglitz. A super currency could also be tied to a single currency, but the interconnectedness of world financial markets and concerns about the volatility that can occur as a result of the system being tied to one currency have made this idea less popular.

Eswar Prasad, a trade-policy professor at Cornell University who also is a senior fellow at the Brookings Institution, said he disagrees that a super currency would protect the global financial system against breakdowns such as the 2008 downturn which plunged the world economy into its most dangerous crisis since the Great Depression of the 1930s.

“Flexible exchange rates provide a useful shock absorption mechanism, especially for emerging market economies,” Prasaid, a former chief of financial studies in the International Monetary Fund’s research department, told China Daily on Tuesday. “More effective financial regulation and improved global governance, along with better fiscal and structural policies, would go much further than a single currency in enhancing global financial stability,” he said.

Arguments in favor of a global currency resurfaced during October’s US budget impasse, which forced the government to shut down.

“It is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” a Xinhua News Agency commentary said on Oct 14. The piece argued that creating a new international reserve currency to replace reliance on the greenback, would prevent government gridlock in Washington from affecting the rest of the world.

http://www.trunews.com/world-bank-ex-chief-economist-calls-dollar-replaced-super-currency/
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« Reply #7 on: January 31, 2014, 08:29:03 am »

The more I think about it, the more it wouldn't surprise me if America is economic Babylon in Rev 18(to Rome being 'spiritual' Babylon in Rev 17). The dollar is currently the leading world currency, right?

Rev 18:1  And after these things I saw another angel come down from heaven, having great power; and the earth was lightened with his glory.
Rev 18:2  And he cried mightily with a strong voice, saying, Babylon the great is fallen, is fallen, and is become the habitation of devils, and the hold of every foul spirit, and a cage of every unclean and hateful bird.
Rev 18:3  For all nations have drunk of the wine of the wrath of her fornication, and the kings of the earth have committed fornication with her, and the merchants of the earth are waxed rich through the abundance of her delicacies.
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« Reply #8 on: January 31, 2014, 02:57:13 pm »

In the first verse, it says, "after these things...". That means the topic in chapter 17 is carried over to 18. So look at 17, particularly verses 15 and 18...

"And he saith unto me, The waters which thou sawest, where the wh0re sitteth, are peoples, and multitudes, and nations, and tongues." Revelations 17:15 (KJB)

"And the woman which thou sawest is that great city, which reigneth over the kings of the earth." Revelations 17:18 (KJB)

The "woman" is not the US, as the US is not an international entity. I believe the verse is referring to a global entity, such as the Roman Catholic Cult.

Consider what the root of ALL evil is; the love of money. I see that to mean that the motivation of the harlot is gain or increase, at the expense of who ever gets in her way. Who else has a reach over "nations, and tongues"? The RCC does. It's the classic heresy. Preaching charity, while driven by the love of money from the merchants of the earth that want to do business in the world. They desire the "blessings" of the RCC and her business contacts, which are literally world-wide, no matter the local form of government. No other entity that I know of comes closer to fitting the description than the RCC.
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« Reply #9 on: January 31, 2014, 06:31:03 pm »

In the first verse, it says, "after these things...". That means the topic in chapter 17 is carried over to 18. So look at 17, particularly verses 15 and 18...

"And he saith unto me, The waters which thou sawest, where the wh0re sitteth, are peoples, and multitudes, and nations, and tongues." Revelations 17:15 (KJB)

"And the woman which thou sawest is that great city, which reigneth over the kings of the earth." Revelations 17:18 (KJB)

The "woman" is not the US, as the US is not an international entity. I believe the verse is referring to a global entity, such as the Roman Catholic Cult.

Consider what the root of ALL evil is; the love of money. I see that to mean that the motivation of the harlot is gain or increase, at the expense of who ever gets in her way. Who else has a reach over "nations, and tongues"? The RCC does. It's the classic heresy. Preaching charity, while driven by the love of money from the merchants of the earth that want to do business in the world. They desire the "blessings" of the RCC and her business contacts, which are literally world-wide, no matter the local form of government. No other entity that I know of comes closer to fitting the description than the RCC.

This is making much more sense now(I take back what I said earlier about America being economic Rome). A lot of the "influential" "merchants" of the earth are tied to cults like Freemasonry(ie-Bill Gates), which was a creation of the RCC(I might be wrong on this, but I believe the New Age Movement was a creation by the Jesuits). Pretty much all of these cults are tied together with the RCC.

And don't forget about all of those "Christian" books they sell - pretty much a lot of those authors are arm-in-arm with the RCC.

I could go on and on about all of the merchants of the earth, but just wanted to clear up this part that I thought was America(economic Babylon). Yes, I understand how the beginning of Rev 18 continues from Rev 17 now.

Thank you.
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« Reply #10 on: February 28, 2014, 06:39:40 am »

Yuan can become dominant world reserve currency – investor survey.

The Chinese yuan can overtake the dollar as the leading international reserve currency, a new poll of institutional investors indicates.

The authors of the survey, conducted by the Economist Intelligence Unit and commissioned by State Street financial services, polled 200 senior executives at institutional investors with knowledge of their exposure to yuan assets. Half of the respondents were from the firms headquartered in mainland China (including Hong Kong and Taiwan) and the other half were based elsewhere.

The report accompanying the survey points out that by the end of 2013, the yuan has risen to become the second-most-used trade financing currency and ninth-most-used currency for payments globally.

A majority – 53 percent of respondents said that they believe the yuan will one day surpass the dollar as the top currency in international holdings of foreign-exchange reserves. In China 62 percent expressed this opinion, compared to 43 percent of respondents outside the country.

Read Full Article http://rt.com/business/yuan-to-surpass-dollar-011/?utm_source=browser&utm_medium=aplication_chrome&utm_campaign=chrome
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« Reply #11 on: November 29, 2015, 11:17:05 pm »

Chinese yuan likely to be added to IMF special basket of currencies
China hopes stamp of approval will improve yuan’s desirability among investors and undermine hegemony of US dollar as global reserve currency


China’s efforts to make the yuan an international currency on a par with the US dollar is to receive a fillip with the International Monetary Fund widely expected to add it to a special basket of global currencies.

Analysts say the shareholders in the Washington-based IMF will vote on Monday to include the yuan, also known as the renminbi, as the fifth member of its special drawing rights currency basket alongside the dollar, the Japanese yen, sterling and the euro.

China has been lobbying for the IMF to add the yuan to its basket of reserve currencies, which it uses to lend to sovereign borrowers. A vote to include the currency in the SDR basket would mark a significant milestone for Beijing, according to experts.

“The direct impact won’t be felt in the near term, not least because implementation of the new basket won’t be until Q3 2016. However the symbolic importance cannot be overlooked,” said Andrew Malcolm, Asia head of capital markets at law firm Linklaters.

“By effectively endorsing the renminbi as a freely useable currency, it sends a strong signal about China’s importance in the global financial markets.”

The vote of confidence in the yuan as a world reserve currency will come as welcome relief to Chinese authorities as they seek to allay investor fears about China’s economy and turmoil in its stock markets.

Beijing has long hoped the yuan would be added to the small list of currencies in which member-countries’ claims on the IMF are denominated. China hopes this stamp of approval will increase the yuan’s desirability as a reserve currency for investors and undermine the hegemony of the dollar as a global reserve currency.

Shares in China had soared 150% in the 12 months to mid-June this year as individual investors piled into the rising market, often borrowing heavily to do so. But stocks tumbled over the summer, despite a series of measures by officials in Beijing aimed at calming market jitters. There was another slump in stock markets last week as regulators appeared to clamp down further on leveraged buying.

Amid the summer turmoil, Beijing’s surprise devaluation of the yuan was seen partly as a move towards allowing the market, instead of the government, to fix the the currency’s value, an important precondition for inclusion in the SDR basket.

The credit ratings agency Fitch was among those predicting the IMF executive board would opt to include the yuan in the basket of elite currencies. It wrote in an update on China last week that the yuan was expected to see widespread adoption as a reserve currency globally.

On the expected IMF move, the ratings agency said: “Fitch does not expect this to lead to a material shift in demand for renminbi assets globally in the short term. Over time, the emergence of the renminbi as a global reserve currency could support the credit profile.”

Analysts at the Japanese bank Nomura predicted that the yuan will become one of the top three major international currencies – a peer to the US dollar and the euro – by 2030. They estimate the yuan will make up 10% of the IMF’s SDR basket.

http://www.theguardian.com/business/2015/nov/29/chinese-yuan-imf-special-basket-of-currencies-us-dollar
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« Reply #12 on: February 05, 2017, 04:46:06 am »

Long time U.S. vassal state Japan to bypass dollar and SWIFT to transact using China's CIPS system in inter-bank settlement

Ever since China began to duplicate Western financial institutions starting in 2013, more and more nations have begun matriculating towards the East, and away from dollar hegemony.  And one of the most important of these new infrastructures is the Chinese CIPS platforms which functions for the RMB the same way SWIFT does for the dollar.

Yet unlike the way SWIFT charges for swaps when nations have to use the dollar as a middleman since it still reigns as the world's singular reserve currency, CIPS allows for much lower transaction fees and the convenience of bypassing the U.S. currency through direct bi-lateral currency settlement.

     Hiroshima Bank and 13 other Japanese regional banks will connect to an interbank payment network that enables direct yuan wiring to mainland China -- a move that will lower transaction fees and boost convenience for customers.

    Joining the China International Payments System will reduce fees and processing days. Juroku Bank and Joyo Bank are also among the Japanese banks taking advantage of the system introduced by the People's Bank of China. They will be connected one by one after the end of the Chinese New Year holidays via the Bank of Tokyo Mitsubishi UFJ, which connected to the system last year.

    Previously, payments to mainland China had to be processed by clearing banks such as those in Hong Kong. CIPS can cut costs by several dollars (10 yuan equals $1.45) per transaction. Payments can be completed on the same day if certain conditions are met. – Asia.Nikkei

As the world continues to reject the dollar and the old financial model of a singular reserve currency, more countries are seeing the benefits of transacting in a bi-lateral environment.  And once enough of these nations decides to follow this new economic model being laid out from Beijing, and create the critical mass needed to bypass the dollar completely, then the reserve currency will simply fade away via de facto consent, and force change onto the Western institutions that have run the global financial system for decades.

http://www.thedailyeconomist.com/2017/02/long-time-us-vassal-state-japan-to.html?m=1
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