Search Results for: global currency

G20 & IMF push for global Fed, global currency

Currency wars

While headline stories about averting the dangers of an international “currency war” dominated news coverage of the recently concluded G20 meeting in Moscow, the real unreported story is that the global gathering of central bankers and finance ministers is pushing forward with their plan for “supersizing” the International Monetary Fund. The end goal is …

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China calls for new global currency to replace US dollar

Gold Chinese Dragon

China is calling for a global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week’s London summit on the financial crisis. The surprise proposal by Beijing’s central bank governor reflects unease about its vast holdings of U.S. government bonds and …

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US dollar continues to lose influence around the world

US dollar losing influence around world

From Filip Karinja, for Birch Gold Group For centuries, global reserve currencies have proven to have a shelf life of around 80 years. Us humans, living our relatively short lives, tend to overlook long-term trends. With the U.S. dollar acting as global reserve currency since the Bretton Woods conference following World War II, …

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U.S. dollar set to shoot next in currency war, QE4 is coming

USD dollar currency war

From Filip Karinja, for Birch Gold Group In recent years, as competition on the global market has heated up, nations around the world have joined in a currency race to the bottom – to devalue their currencies faster than those of other nations. Strangely, the United States has done the opposite; …

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Currency wars for dummies

Currency wars

When it comes to global currency warfare, one can read countless books (all of which professing to be the definitive reference guide for a process that started in the… 1930s), or one can fast forward, save lots of time, skip all the repetitive verbiage and simply observe the following charts which summarize the …

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Sweden cuts rates below zero, launches QE

Sweden

Sweden has cut interest rates below zero and launched quantitative easing to fight deflation, becoming the latest Scandinavian state to join Europe’s escalating currency wars. The Riksbank caught markets by surprise, reducing the benchmark lending rate to minus 0.10pc and unveiled its first asset purchases, vowing to take further action …

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Dollar collapse: 7 of 10 Asian countries turn to yuan

USD Dollar Yuan money

A “renminbi bloc” has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China’s successful bid to internationalize its currency, a research report has said. The Peterson Institute for International Economics, or …

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China is almost ready to replace the US dollar

Chinese Yuan world reserve currency

From Filip Karinja As the US dollar’s reign as global reserve currency appears to be ending, are we seeing the beginning of a new dawn in the east? Throughout history, global reserve currencies have proven to last for only so long. Before the United States’ currency reigned supreme, the currencies of …

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Moody’s strips the UK of its AAA rating

Moody’s Investors Service has today downgraded the domestic- and foreign-currency government bond ratings of the United Kingdom by one notch to Aa1 from Aaa. The outlook on the ratings is now stable. The key interrelated drivers of today’s action are: 1. The continuing weakness in the UK’s medium-term growth outlook, …

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Chinese renminbi is now directly tradable with the euro

USD dollar Renminbi China

The Chinese central bank, People’s Bank of China, issued a press release announcing the authorization of direct trading between the renminbi and the euro on the inter-bank foreign exchange market. This is huge. The euro is the second most traded currency in the world, after the US dollar. The European Union is …

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IMF set to add Chinese yuan to SDR currency basket

Chinese yuan

China’s currency, the yuan seems to be on track to be included in the International Monetary Fund‘s benchmark currency basket, putting it on par with the dollar, euro and pound sterling. A draft report by IMF staff who have been assessing the yuan’s technical criteria seems to be favourable. Three …

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How long will the dollar remain the world’s reserve currency?

We frequently hear the financial press refer to the U.S. dollar as the “world’s reserve currency,” implying that our dollar will always retain its value in an ever shifting world economy.  But this is a dangerous and mistaken assumption. Since August 15, 1971, when President Nixon closed the gold window …

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Iran joins growing list of countries to ditch US dollar

US dollar cut up

Iran no longer uses the US dollar in foreign trade transactions, replacing it with other currencies, the deputy governor at Iranian Central Bank told the Tasnim News Agency Saturday. “In trade exchanges with the foreign countries, Iran uses other currencies, including Chinese yuan, euro, Turkish lira, Russian ruble and South Korean won,” Gholamali Kamyab …

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Japan and China to start direct currency trading on Friday

Japan and China will start direct currency trading this week, Tokyo said Tuesday, the first time Beijing has let a major unit other than the dollar swap with the yuan. The move, which will scrap the greenback as an intermediary unit, comes as China introduces measures as part of a …

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Dollar no longer primary oil currency as China begins to sell oil using Yuan

oil pump man

On Sept. 11, Pastor Lindsey Williams, former minister to the global oil companies during the building of the Alaskan pipeline, announced the most significant event to affect the U.S. dollar since its inception as a currency. For the first time since the 1970’s, when Henry Kissinger forged a trade agreement with the Royal house of …

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BRICS nations plan new bank to bypass World Bank, IMF

BRICS countries

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund. The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new …

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Venezuela ditches the US dollar and prices its oil in Chinese yuan

Venezuela US dollar oil price Chinese yuan

President of Venezuela, Nicolas Maduro, has made good on his promise to forsake the US dollar and publish their oil prices in yuan, which is the currency of China. This highly controversial move is likened to Venezuela giving the US “the middle finger”. Former Venezuelan leader, Hugo Chavez has threatened …

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BRICS dumping euro amid simmering EU banking crisis

euro-set-back-a-generation__-by-eu-banking-crisis.si

People withdraw money from Bank of Cyprus ATM’s while employees gather outside the bank’s headquarters in Athens. Brussels has been forced to eat a generous slice of humble pie: A massive sell-off of the euro is underway in the wake of a persistent financial crisis, as holdings in the European …

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BRICS to create alternative to IMF and World Bank

BRICS leaders

The BRICS countries (Brazil, Russia, India, China and South Africa) have made significant progress in setting up structures that would serve as an alternative to the IMF and the World Bank (which are dominated by the U.S. and the EU), according to RBTH. As WSJ reports, the U.S. would lose its veto power on …

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5 trends that show China is about to redefine the gold market

China gold market

Apple spent about five years developing the iPhone, which has changed the smartphone market forever. Until the release, however, nobody could imagine what impact the iPhone would have on the market. And most consumers didn’t know about it at all. The same thing is happening with China and gold right …

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