Keyword: reservecurrency

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  • Fed Admits it is the World’s Central Bank – not just the USA Central Bank

    03/30/2016 7:20:38 PM PDT · by dontreadthis · 13 replies
    armstrong economics ^ | Mar 30, 2016 | Martin Armstrong
    Janet Yellen signaled that the Fed is grappling with the problem I have been warning about: the dollar has become the de facto currency and the Fed is indeed becoming the world’s central bank. Yellen has admitted that everyone is lobbying the Fed to surrender its domestic policy objectives for international ones. This is precisely what took place in 1927. Yellen stated that the Fed should worry less about inflation domestically than about global growth risks. She pointed to the slowdown in China and depressed commodity prices, but Europe is a real basket case. She used the words that “caution...
  • Exclusive: Iran wants euro payment for new and outstanding oil sales - source

    02/07/2016 9:36:26 AM PST · by BenLurkin · 22 replies
    rueters ^ | 02/05/2016 | Nidhi Verma
    Iran wants to recover tens of billions of dollars it is owed by India and other buyers of its oil in euros and is billing new crude sales in euros, too, looking to reduce its dependence on the U.S. dollar following last month's sanctions relief. A source at state-owned National Iranian Oil Co (NIOC) told Reuters that Iran will charge in euros for its recently signed oil contracts with firms including French oil and gas major Total, Spanish refiner Cepsa and Litasco, the trading arm of Russia's Lukoil. "In our invoices we mention a clause that buyers of our oil...
  • China’s Renminbi Is Approved by I.M.F. as a Main World Currency [Video behind link.]

    11/30/2015 12:48:55 PM PST · by familyop · 34 replies
    New York Times ^ | NOV. 30, 2015 | KEITH BRADSHER
    HONG KONG--The International Monetary Fund on Monday designated the Chinese renminbi as one of the world's elite currencies, a major milestone that underscores the country's rising financial and economic heft. The decision will help pave the way for broader use of the renminbi in trade and finance, securing China's standing as a global economic power. Just four other currencies--the dollar, the euro, the pound and the yen--have the I.M.F. designation...Many central banks follow this benchmark in building their reserves, which countries hold to help protect their economies in times of trouble. By adding the renminbi to this group, the I.M.F....
  • China’s Renminbi Is Approved as a Main World Currency

    11/30/2015 9:41:22 AM PST · by Swordmaker · 13 replies
    New York Times ^ | NOV. 30, 2015 | By KEITH BRADSHER
    HONG KONG — The International Monetary Fund on Monday approved the Chinese renminbi as one of the world’s main central bank reserve currencies, a major acknowledgement of the country’s rising financial and economic heft. The I.M.F. decision will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. But it also introduces new uncertainty into China’s economy and financial system, as the country was forced to relax many currency controls to meet the I.M.F. requirements. The changes could inject volatility into the Chinese economy, since large flows of...
  • Could Bitcoin Become Major Reserve Currency?

    11/03/2015 8:27:03 AM PST · by Another Post-American · 28 replies
    Sky News ^ | 11/3/15 | Anonymous
    The value of digital currency Bitcoin has soared 70% - and analysts think it could become one of the world's major reserve currencies within 15 years. The cryptocurrency has made big gains over the past two months, since it hit a low of $213 (£138) in August. But as it's currently trading at $370 (£240), it's nowhere near its early-2014 peak of $1,100 (£715). Some have speculated that Bitcoin interest from MasterCard and Bain Capital Ventures has legitimised the currency, which is the payment method of choice on the dark web. Others say it could be down to people using...
  • Currency Wars Continue As IMF Concedes End To Dollar Hegemony

    03/10/2015 9:07:39 AM PDT · by Olog-hai · 36 replies
    GoldCore ^ | March 9, 2015 | Mark O’Byrne
    Currency wars and the growing trend away from dollar dominance in international finance, particularly in emerging markets, was highlighted in an interesting CNBC article this morning entitled “Is the Dollar Losing its Clout Among EMs?” It refers to the deliberate and stated policy of “de-dollarization” around the world, the decline in the use of the dollar in international trade and as a reserve currency, and the emergence of the new BRICS bank. The article quotes best-selling author and Pentagon insider, Jim Rickards. Rickards says that the status of the dollar as a reserve currency is still solid despite its decline...
  • Iran Is Ditching The Dollar In Foreign Trade [Ezekiel 38]

    01/27/2015 3:29:03 PM PST · by Jan_Sobieski · 12 replies
    Business Insider ^ | 1/27/2015 | Elena Holodny
    (Vladimir Putin, right, with his Iranian counterpart Hassan Rouhani in 2014.) Iran is ditching the dollar. Iran is no longer using the US dollar in foreign-trade transactions and is replacing it with other currencies, t he deputy governor at the Iranian Central Bank Gholami Kamyab said, according to Sputnik News. "In trade exchanges with the foreign countries, Iran uses other currencies including Chinese yuan, euro, Turkish lira, Russian ruble, and South Korean won," Kamyab reportedly said. He also reportedly added that Iran was considering bilateral currency-swap agreements, which would allow partners to exchange one foreign currency for the equivalent...
  • Putin Warns Of Risk Of Major Conflict, Says Dollar Losing Reserve Currency Status

    10/24/2014 2:59:28 PM PDT · by SatinDoll · 12 replies
    The Zero Hedge ^ | October 24, 2014 | Tyler Durden
    Having been relatively quiet for a while, Russia's leader Vladimir, speaking in Sochi (following meetings with Middle East crown princes who confirmed Russia as a key partner - "isolated"?), has unleashed his most aggressive statements with regard the failing world order: *PUTIN SAYS U.S. DOLLAR LOSING TRUST AS RESERVE CURRENCY *PUTIN: WORLD WITHOUT RULES IS POSSIBILITY; ANARCHY GROWING Adding that the risk of major conflicts involving major countries is growing, as well as the risk of arms control treaties being violated, Putin exclaimed that the US-led unipolar world is like a dictatorship over other countries and that "US leadership brings...
  • Petrodollar Under Threat As Russia And Iran Sign Historic 500,000 Barrel A Day Oil Deal

    08/08/2014 3:53:46 AM PDT · by wetphoenix · 20 replies
    Peak Oil ^ | August 7, 2014
    Russia Delivers Blow To Petrodollar In Historic $20 Billion Iran Oil Deal Russia signed a historic $20 billion oil deal with Iran to bypass both western sanctions and the dollar based western monetary system yesterday. President Putin Admire Gold Bar (London Gold Delivery Bar) Currency wars are set to escalate as the petro dollar’s decline continues. Russian Energy Minister Alexander Novak and his Iranian counterpart Bijan Zanganeh signed a five-year memorandum of understanding in Moscow, which included cooperation in the oil sector. “Based on Iran’s proposal, we will participate in arranging shipments of crude oil, including to the Russian market,”...
  • U.S. ally cuts off communications with Obama and seeks new trade outside dollar

    07/23/2014 8:12:42 AM PDT · by JohnKinAK · 33 replies
    Examiner.com ^ | 7/22/2014 | Staff
    On July 21, Turkish Prime Minister Tayyip Erdogan spoke in an interview with Turkey's ATV television, and confirmed that his office had cut off direct communications with President Obama, and in fact, were no longer even answering calls received from the White House. In addition to this startling announcement regarding a long standing U.S. ally, the Russian Ministry of Economic Development followed this up with a press release that stated that Turkey was quickly moving away from their reliance on the dollar as the global reserve currency, and is seeking increased trade with Russia in a mutually beneficial exchange of...
  • Beijing, Seoul agree to direct trade in national currencies

    07/05/2014 3:44:33 AM PDT · by SkyPilot · 20 replies
    Voice of Russia ^ | 4 July 14 | Staff
    China designated a clearing bank in Seoul for yuan transactions in South Korea on Friday, coinciding with a visit by President Xi Jinping, as Beijing promotes greater use of its currency overseas, AFP reports. Read more: http://voiceofrussia.com/news/2014_07_04/Beijing-Seoul-agree-to-direct-trade-in-national-currencies-4477/ China's central bank has authorised the Bank of Communications, the country's fifth largest lender, to undertake yuan clearing business in the South Korean capital, the People's Bank of China (PBoC) said in a statement. The announcement came as Chinese President Xi Jinping wrapped up a state visit to South Korea on Friday. China is seeking to make the yuan - also known...
  • “This Is A Trend”: Increasingly More Russian Companies Set To Drop Dollar, Switch To Chinese Yuan

    06/10/2014 12:49:52 PM PDT · by Olog-hai · 56 replies
    Zero Hedge ^ | 06/09/2014 07:52 -0400 | Tyler Durden
    As we have been reporting (and forecasting for the past several years), the Eurasian anti-US Dollar axis is rapidly taking shape, with recent events catalyzed and certainly accelerated by US foreign policy in Ukraine, which has merely succeeded in pushing Russia that much closer, and faster, to China. The latest proof of this came overnight when the FT reported that Russian companies are preparing to switch contracts to renminbi and other Asian currencies amid fears that western sanctions may freeze them out of the US dollar market, according to two top bankers. According to Pavel Teplukhin, head of Deutsche Bank...
  • The End Of America

    05/16/2014 10:39:51 AM PDT · by RichardMoore · 24 replies
    The end of America and the fall of the US dollar.
  • Cuba to eliminate currency pegged to dollar

    12/21/2013 1:31:04 PM PST · by Olog-hai · 14 replies
    Associated Press ^ | Dec 20, 2013 9:24 PM EST | Andrea Rodriguez
    Cuba will eliminate a currency pegged to the dollar as part of a move to end its unique double-currency system, which had become a symbol of economic inequality to many islanders, Cuba’s top economic official said Friday. Tourists currently use a convertible peso roughly equal to a U.S. dollar while most Cubans are paid in ordinary pesos worth about four cents. Many goods are easier to find in government stores that exclusively accept convertible pesos, a mechanism designed to keep the flow of the special currency under government control. The dual system has created special privileges for Cubans who work...
  • Wall St. elites reason it's time for a 'de-Americanized world,' China's news agency says

    10/13/2013 10:33:18 AM PDT · by Dallas59 · 21 replies
    Fox News ^ | 10/13/2013 | Fox News
    China’s official news agency is calling for a “de-Americanized world,” in a blistering editorial characterizing the United States as a “meddling” and “hypocritical” nation that introduces chaos into the world for its own ends. “As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” writes the Xinhua News Agency.
  • Can China Build A De-Americanized World?

    10/14/2013 6:52:23 PM PDT · by TexGrill · 17 replies
    Forbes ^ | 10/14/2013 | Panos Mourdoukoutas
    “As U.S. politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanized world,” writes Liu Chang in Xinhua, China’s official news outlet. But can China build a de-Americanized world? Can China lead the global economy? As we wrote in previous pieces, the answer is most likely not, as China lacks four conditions that make its economic growth sustainable. First, China...
  • U.S. debt crisis spurs Chinese calls for ‘de-Americanized’ world

    10/15/2013 6:05:32 AM PDT · by Travis McGee · 21 replies
    The Washington Post ^ | October 14, 2013 | William Wan
    The political standoff in Washington has spawned frustration and growing worries in China, which remains the largest holder of U.S. government debt, as the clock ticks down to a possible U.S. debt default this week. The crisis shows that China and the rest of the world should start to “de-Americanize,” according to a strongly worded commentary from the Xinhua News Agency, China’s leading government-controlled news outlet. “The world is still crawling its way out of an economic disaster thanks to the voracious Wall Street elites,” the commentary said. “Such alarming days when the destinies of others are in the hands...
  • Debt Ceiling: China Calls for World to Be 'De-Americanised'

    10/13/2013 5:22:43 AM PDT · by Cincinatus' Wife · 39 replies
    International Business Times ^ | October 13, 2013 | Jijo Jacob
    China's official news agency has called for the creation of a "de-Americanised world", saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government. Heaping criticism and caustic ridicule on Washington, the Xinhua news agency called the US a civilian slayer, prisoner torturer and meddler in others' affairs, and said the 'Pax Americana' was a failure on all fronts. The official news agency of China, which is seen as the pretender to the world's superpower crown, then rubbed in more salt, calling American economic pre-eminence just a seeming dominance. "As US...
  • China's Official Press Agency Calls For New Reserve Currency, And New World Order

    10/13/2013 10:57:23 AM PDT · by RKBA Democrat · 22 replies
    Zero Hedge ^ | 10-13-13 | Tyler Durden
    We assume it is a coincidence that on the day in which we demonstrate China's relentless appetite for gold, driven by what we and many others believe is the country's desire to have a call option on a gold-backed reserve currency when the time comes, just posted in China's official press agency, Xinhua, is an op-ed by writer Liu Chang in which he decries the "US fiscal failure which warrants a de-Americanized world" and flatly states that the world should consider a new reserve currency "that is to be created to replace the dominant U.S. dollar, so that the international...
  • South Sudan: China Challenges US In Africa

    10/16/2013 1:59:42 PM PDT · by IsraelBeach · 13 replies
    South Sudan News ^ | October 16, 2013 | Joe Odaby
    South Sudan: China Challenges US In AfricaBy Joe Odaby South Sudan NewsJuba, South Sudan — October 16, 2013 … The leading South Sudanese think-tank, The Fashoda Institute of Strategic and Regional Studies, has published a strategic analysis of Chinese grand diplomatic strategy in Africa. The Fashoda Institute asserts that the key component of the Chinese long-term grand design has long been to “converge all the flow of oil, gas and minerals to a single export point on the shores of the Indian Ocean – that is, in the direction of China. This vision is getting closer to realization given the...