Tag Archives: Currency Wars

Currency war: Who will be the casualties?

Posted on by

“Central banks are in combat mode.  On the front lines: Europe, Denmark, Canada, Switzerland, Peru and India. Each of their central banks has taken unprecedented and dramatic action to ease policy and weaken their currencies in the past few days.  The currency wars have defined post-financial crisis policies, as countries and central banks search for economic growth that’s been lumpy and disappointing.  The question investors are now asking: How does this all play out? For the time being, they love it. Easier policy, low rates, QE, cheap money, weak currencies—it’s all a recipe for gains in stocks and bonds.”

http://www.cnbc.com/id/102360917

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Swiss Gold Initiative Likely Tighter Than Polls Suggest

Posted on by

“Even if the Swiss gold initiative fails and its proponents don’t achieve their desired outcome, the initiative will still be seen in some quarters as an historic event that panicked the Swiss National Bank into a coordinated campaign of opposition and that made currency strategists and financial media around the world sit up and begin to analyse what they may now realise has always been a world class currency in its own right.  No matter what you think of Alan Greenspan, he knows that gold is the world’s premier currency, as do the governing board of the SNB. But whereas Greenspan is now free to say this, the SNB board look too afraid to admit this.”

https://www.goldcore.com/goldcore_blog/Swiss_Gold_Poll_Likely_Tighter_Than_Polls_Suggest

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

China begins direct convertibility to Asia’s #1 financial center, Singapore

Posted on by

“The Chinese government announced that the renminbi will become directly convertible with the Singapore dollar… effective tomorrow morning.  It’s clear this deal has been in the works for a while, and it’s another major step towards the continued internationalization of the renminbi and unseating of the dollar as the world’s dominant reserve currency.  For decades the renminbi has been a tightly controlled currency. It’s only been in the last few years that the Chinese government started loosening those controls, primarily in response to the obvious need for a dollar competitor. China is taking the lead in providing the world with another option.”

http://www.sovereignman.com/trends/the-dollar-decline-continues-china-begins-direct-convertibility-to-asias-1-financial-center-15435/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Britain issues first non-Chinese sovereign RMB bond

Posted on by

“The RMB 3 billion bond, which is equivalent to approximately £300 million, has a maturity of 3 years and delivers on the Chancellor’s announcement at the recent annual UK-China economic summit in London that the government intended to issue an RMB bond.  It is the world’s first non-Chinese issuance of sovereign RMB debt and will be used to finance Britain’s reserves. Currently, Britain only holds reserves in US dollars, euros, yen and Canadian dollars, so today’s issuance signals the RMB’s potential as a future reserve currency. The bond issuance, which saw strong demand from investors, also further cements Britain’s position as the most important RMB market in the western world.”

https://www.gov.uk/government/news/britain-issues-western-worlds-first-sovereign-rmb-bond-largest-ever-rmb-bond-by-non-chinese-issuer

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

China signs currency swap deal with Qatar, in heart of the petro-dollar

Posted on by

“The petro-dollar system is the heart and soul of America’s domination over the global reserve currency, and their right to make all nations have to purchase U.S. dollars to be able to buy oil in the open market. Bound through an agreement with Saudi Arabia and OPEC in 1973, this de facto standard has lasted for over 41 years and has been the driving force behind America’s economic, political, and military power.  But on Nov. 3 a new chink in the petro-dollar system was forged as China signed an agreement with Qatar to begin direct currency swaps between the two nations using the Yuan, and establishing the foundation for new direct trade with the OPEC nation.”

http://www.examiner.com/article/china-signs-currency-swap-deal-with-qatar-the-heart-of-petro-dollar-system

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Canada just became North America’s first offshore renminbi hub

Posted on by

“The People’s Bank of China and the Canadian Prime Minister’s office issued a statement on Saturday stating that Canada will establish North America’s first offshore renminbi trading center in Toronto.  China and Canada agreed on a number of measures to increase the use of renminbi in trade, business, and investment. And they further signed a 200-billion renminbi bilateral currency swap agreement.  Moreover, just today, hot off the presses, the central banks of China and Malaysia announced the establishment of renminbi clearing arrangements in Kuala Lumpur, which will further increase the use of renminbi in South-East Asia.”

http://www.sovereignman.com/offshore-banking-2/still-happening-canada-just-became-north-americas-first-offshore-renminbi-hub-15541/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Vietnam police force gold shop to close after USD exchange accusation

Posted on by

“A gold shop in Ho Chi Minh City will temporarily close following a police raid that has raised eyebrows among legal experts.  Police stormed into the shop on Bui Huu Nghia Street at 1 p.m. on Thursday (April 24) claiming they had seen a man trying to exchange a US$100 note for Vietnamese dong.  The police then spent eight hours combing the shop from top to bottom, seizing more than US$14,000 in cash and equipment, including a security camera and a CPU.  Before leaving, the officers sealed off 559 taels of gold on display in the shop.  Police later removed evidentiary seals after Mai produced papers to prove she inherited the gold from her parents.”

http://www.thanhniennews.com/society/vietnam-police-confiscation-forces-gold-shop-to-temporarily-close-25756.html

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Gazprom Begins Accepting Payment For Oil In Ruble, Yuan

Posted on by

“According to Russia’s RIA Novosti, citing business daily Kommersant, Gazprom Neft has agreed to export 80,000 tons of oil from Novoportovskoye field in the Arctic; it will accept payment in rubles, and will also deliver oil via the Eastern Siberia-Pacific Ocean pipeline (ESPO), accepting payment in Chinese yuan for the transfers. Meaning Russia will export energy to either Europe or China, and receive payment in either Rubles or Yuan, in effect making the two currencies equivalent as far as the Eurasian axis is conerned, but most importantly, transact completely away from the US dollar thus, finally putin'(sic) in action the move for a Petrodollar-free world.”

http://www.zerohedge.com/news/2014-08-27/gazprom-begins-accepting-payment-oil-ruble-yuan

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Russia seeks safe haven in gold, away from dollar and euro

Posted on by

“‘Due to the worsening geopolitical situation, the Central Bank actively redistributed foreign exchange reserves, replacing US Treasury bonds with gold,’ Alfa Bank’s chief economist, Natalya Orlova, told Kommersant.  Instead of buying euros and dollars, Russia’s Central Bank is eyeing the Chinese yuan and the Japanese yen.  Boosting currency swaps and bilateral payments with China and other strategic trade partners will continue to bypass the US dollar. Last week, Russia’s and China’s central banks have agreed to increase currency swaps.  Holding more of these currencies is a logical move for Russia, which has high trade volumes with both China and Japan.”

http://rt.com/business/180588-russia-central-bank-gold/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet

Russia launches China UnionPay credit card

Posted on by

“Forget Visa and MasterCard. After the two American credit system payment companies froze accounts without notice in March, Russia has been looking for an alternative in China UnionPay.  China UnionPay plans to have 2 million cards in Russia in the next three years.  Instead of seeing the small Visa and MasterCard logo on credits cards, ATMs, and retail outlets, Russians will start to see the three words ‘China. Union. Pay.’  China UnionPay first emerged in 2002 on the domestic Chinese market as an alternative to Visa and MasterCard, but quickly expanded internationally, and now is already number one in terms of quantity of cards in the world.”

http://rt.com/business/180696-china-russia-union-pay/

Scan to Donate Bitcoin to Freedomwat.ch Staff
Did you like this?
Tip Freedomwat.ch Staff with Bitcoin
Donate via Installed Wallet