Search Results for: yuan

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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Why Qatar is being targeted, petro-yuan dominance & the coming war on Iran

Qatar oil and gas field

Qatar hasn’t been playing ball with the US-approved, Saudi-led ‘isolate Iran’ program. Partly because Doha has made independence from Riyadh a hallmark of its foreign policy, but mostly because Qatar and Iran share the world’s largest natural gas field. US President Donald Trump’s speech to the assembled Gulf leaders in …

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Gold backed ruble and yuan to trigger global de-dollarization

Gold in hand

A gold-backed ruble and gold-backed yuan could start a ‘snowball exit’ from dollar F. William Engdahl notes, adding that it will diminish America’s ability to use the reserve dollar role to finance Washington’s perpetual overseas wars. The irony of the situation is that the central banks of China, Russia, Brazil and other …

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IMF approves Chinese yuan to rival US dollar on the global stage

International Chinese yuan IMF SDR

From Filip Karinja, for Birch Gold Group As we predicted it would happen, the International Monetary Fund (IMF) made a historic decision this week in international finance by adding the Chinese yuan into its basket of currencies that make up the global exchange unit known as the SDR. Created back in 1969, the SDR (Special …

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BRICS bank to begin borrowing in yuan

BRICS summit Russia 2015

The BRICS New Development Bank (NDB) could start operations by borrowing in the Chinese currency, according to the bank’s Vice President Vladimir Kazbekov. He says the bank will focus on loans in the national currencies of the bank’s potential customers. “Considering the stability of the Chinese currency and the scale …

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IMF set to include Chinese yuan into SDR currency basket

IMF meeting IMFC International Monetary Fund

From Filip Karinja, for Birch Gold Group The International Monetary Fund (IMF) is set to meet in just over a week – on November 30 – to discuss what will almost certainly see the Chinese yuan added to the Special Drawing Rights (SDR) currency basket. IMF Chief Christine Lagarde has already …

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China to allow direct conversion between Yuan and Swiss Franc

Chinese clerk with yuan notes

China took another step to boost the yuan’s global usage, saying it will start direct trading with the Swiss franc, as the nation pushes its case for reserve-currency status at the International Monetary Fund. The link will start on Tuesday, the China Foreign Exchange Trade System said in a statement, making …

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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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China launches yuan-based international payment system

Chinese yuan CIPS

China launched the first phase of its China International Payment System (CIPS) in Shanghai on Thursday, allowing cross-border transactions in the Chinese national currency, the yuan. CIPS’ first phase provides clearing and settlement services, according to the People’s Bank of China announcement. Its launch is said to remove hurdles to the yuan’s internationalization by reducing transaction costs and processing …

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China fires back in currency war, devalues yuan for second day running

China Yuan note coins

China stunned the world’s financial markets on Wednesday by devaluing the yuan for the second consecutive day, triggering fears that the world’s second largest economy is in worse shape than investors believed. The move sent fresh shockwaves through global markets, pushing shares sharply lower and sending commodity prices further into reverse …

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