Tag Archives: china

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 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 pressing for war with China in the South China Sea

US navy South China Sea

The US is in a tough spot militarily. In Syria, Russia and Iran have taken advantage of the fact that the plan hatched by the West and its regional allies to destabilize the Assad government took far too long to develop. The idea was to foment discord and provide covert support …

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China now has the world’s largest middle class, overtaking the US

China middle class Chinese girls shopping

China has crossed another economic threshold. The country’s middle class reached 109 million this year, and overtook the US’s for the first time ever, according to a Credit Suisse report released Oct. 13. China’s middle class is growing much faster than the US’s. Since 2000, China added 43.4 million middle class adults, …

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Three signs the entire system is changing right now

China CIPS Putin Russia Bitcoin Credit Card

When I was a kid growing up in the early 80s, the United States was the undisputed dominant superpower in the world. The US dollar was awe-inspiring; on a trade-weighted basis, the dollar index was at an all-time high, and had never been as strong ever before… or since. And …

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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 joins Russia, Syria in fight against western backed ISIS

China aircraft carrier ISIS Syria

China will be helping out the Syrian government in the fight against Islamic State (IS, formerly ISIL/ISIS) by sending “military advisers,” media reports have claimed. “The Chinese will be arriving in the coming weeks,” a Syrian army official told the Lebanon-based news website Al-Masdar Al-‘Arabi. The report claims that a Chinese naval …

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Before and after images of Chinese military bases in South China Sea

Fiery Cross Reef after

There’s been no shortage of coverage both in these pages and elsewhere of China’s unprecedented land reclamation efforts in the Spratlys. While China isn’t the first country to create new territory in the disputed waters of the South China Sea, the scope of Beijing’s development (some 3,000 acres) sets it …

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China to dump the US dollar in oil trade

China crude oil yuan

China is planning to launch its own oil benchmark in October, similar to Brent and WTI, striving for a more important role in establishing crude prices. Unlike the Western benchmarks, the Chinese contracts will be nominated in the yuan, not the US dollar. Shanghai International Energy Exchange sent a draft …

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