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Archive for the ‘Currency Wars’ Category

China completes SWIFT alternative

Posted by seumasach on March 12, 2015

May Launch “De-Dollarization Axis” As Soon As September

Zero Hedge

9th March, 2015

One of the recurring threats used by the western nations in their cold (and increasingly more hot) war with Russia, is that Putin’s regime may be locked out of all international monetary transactions when Moscow is disconnected from the EU-based global currency messaging and interchange service known as SWIFT (a move, incidentally, which SWIFT lamented as was revealed in October when we reported that it announces it “regrets the pressure” to disconnect Russia).

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Is the dollar losing its clout among EMs?

Posted by seumasach on March 11, 2015

CNBC

9th March, 2015

The greenback’s dominance in the developing world may be under threat as more emerging economies begin to reduce their reliance on the global trade currency.

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China has announced plans for a ‘world currency’

Posted by seumasach on March 8, 2015

Economic Collapse Blog

4th March, 2015

The Chinese do not plan to live in a world dominated by the U.S. dollar for much longer.  Chinese leaders have been calling for the U.S. dollar to be replaced as the primary global reserve currency for a long time, but up until now they have never been very specific about what they would put in place of it.  Many have assumed that the Chinese simply wanted some new international currency to be created.  But what if that is not what the Chinese had in mind?  What if they have always wanted their own currency to become the single most dominant currency on the entire planet?  What you are about to see is rather startling, but it shouldn’t be a surprise.  When it comes to economics and finance, the Chinese have always been playing chess while the western world has been playing checkers.  Sadly, we have gotten to the point where checkmate is on the horizon.

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Brazil, Uruguay move away from US dollar in trade

Posted by seumasach on December 15, 2014

Hang the Bankers

10th Decmber, 2014

Brazil and Uruguay have switched to settling bilateral trade with local currency to stimulate turnover, bypassing the US dollar.

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China aims for official gold reserves at 8500 tonnes

Posted by seumasach on November 11, 2014

Zero Hedge

9th November, 2014

China should accumulate 8,500 tonnes in official gold reserves, more than the US, according to Song Xin, President of the China Gold Association, General Manager of the China National Gold Group Corporation and Party Secretary. He wrote this in an opinion editorial published on Sina Finance July 30, 2014. Gold is money par excellence in all circumstances and will help support the renminbi to become an international currency as “gold forms the very material basis for modern fiat currencies”, Song notes. In the short term the Chinese will not back the renminbi with gold (establish a fixed renminbi price for gold), but support it with gold so it has sufficient credibility for the world to accept it as a trade and reserve currency.

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Dollar surges, euro crumbles

Posted by seumasach on November 8, 2014

Never mind the hype about the US economy! Is the dollar really rising “as the remaining doubts about the sustainability of the U.S. economy evaporates”? That is just funny, really hilarious. Who gains from the strengthening dollar? The same people who gain from the falling gold price. China is the beneficiary. As China collects it debt from buying up gold at rock-bottom prices which will later  surge in value, it also uses its vast accumulation of treasury bonds to buy up real assets such as real and industrial estate in the USA. Once China completes its treasury bond and gold purchases we will see the real ending of QE and a reset of the global financial system

..as Fed, ECB go separate ways

Fortune

25th September, 2014

Greenback at two-year high, as growing confidence in U.S. recovery meets expectations of new emergency measures to rescue Eurozone.

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Willem Middelkoop on The Big Reset

Posted by seumasach on October 31, 2014

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Russia , India to bypass dollar trade

Posted by seumasach on July 31, 2014

Russia And India Begin Negotations To Use National Currencies In Settlements, Bypassing Dollar

Zero Hedge

31st July, 2014

Over the past 6 months, there has been much talk about the strategic proximity between Russia and China, made even more proximal following the “holy grail” gas deal announced in May which would not have happened on such an accelerated time frame had it not been for US escalation in Ukraine. But little has been said about that other just as crucial for the “new BRIC world order” relationship, that between Russia and India. That is about to change when yesterday the Russian central bank announced that having been increasingly shunned by the west, Russia discussed cooperation with Reserve Bank of India Executive Director Shrikant Padmanabhan. The punchline: India agreed to create a task group to work out a mechanism for using national currencies in settlements. And so another major bilateral arrangement is set up that completely bypasses the dollar.

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France’s Noyer says BNP may prompt shift away from Dollar

Posted by seumasach on June 13, 2014

France’s Noyer Says BNP May Prompt Shift Away From Dollar

Bloomberg

11th June, 2014

Bank of France Governor Christian Noyer said the U.S. investigation into BNP Paribas SA (BNP)’s dealings with sanctioned nations may encourage companies to stop using dollars in international transactions.

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BRICS nations hope to bankroll a changing world order

Posted by seumasach on June 9, 2014

Aljazeera

4th June, 2014

After more than six decades of dictating development policy in much of the emerging world, the Western-led International Monetary Fund and World Bank may soon have some competition.

The BRICS nations — Brazil, Russia, India, China and South Africa — are reportedly close to finalizing their long-awaited development bank and currency reserve, each valued at $100 billion, in what has been billed as a historic challenge by the world’s emerging economies to a global financial architecture that has been dominated by the U.S. and Western Europe since its post–World War II inception.

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Russia steps up war on U.S. dollar

Posted by seumasach on May 25, 2014

WND

25th May, 2014

NEW YORK – Russia over the last year has sold off one-third of its U.S. Treasury holdings, according to records released by the Treasury Department and the Federal Reserve Board.

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