Tag Archives: china

China, Russia and Iran planning gold backed currency

Russia China Iran Putin Jinping Rouhani

A Eurasian Golden Triangle is emerging with China, Russia and Iran as the three key points, F. William Engdahl notes. The latest Sino-Iranian rapprochement has prompted a lively debate regarding the new Eurasian “world order.” “Sometimes profound tectonic shifts in the global politics arise from the least noticed events. Such is the …

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China warns Soros against ‘declaring war’ on its currency

George Soros China

China’s official newspaper warned billionaire investor George Soros not to bet against the Yuan in a front-page opinion piece, as China tries to boost confidence in its home currency, also known as the renminbi, which has dropped 5 percent since August. “Soros’s war on the renminbi and the Hong Kong …

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China’s stock market halted after 7% plunge

Chinese stock market plunge

Trading on the Shanghai and Shenzhen stock markets was halted for the day on Monday (Jan 4th) after shares fell 7%. The drop in the CSI300 index, which covers both bourses, for the first time triggered an automatic early closure under a new system to curb volatility, after an earlier …

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China and Japan dump billions of dollars

Dollar being dumped Japan China

Over the past few years the dollar has staged an impressive comeback. Not because there’s anything fundamentally good about this currency’s future prospects, but because for the interim, most of the economies in world aren’t doing so hot. For a lot of investors, it is the lesser of many evils …

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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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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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