Tag Archives: currency

China devalues its currency for three days straight

Chinese yuan notes China

From Filip Karinja, for Birch Gold Group Former President George Bush is famous for once saying, “Fool me once, shame on you. Fool me… you can’t get fooled again.” Most of us know that it’s supposed to end, “Fool me twice, shame on me.” But what’s said when you get fooled …

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Zimbabwe phases out local currency at 35 quadrillion to US$1

Zimbabwe starving billionaires

Zimbabwe has started retiring its almost worthless local currency in favor of the US dollar. Today, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which hit the country in 2009. The demonetization process of the Zimbabwe dollar started on Monday and will run till …

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Ukraine bans currency trading due to hyperinflation

Ukraine currency trading ban hryvnia

The National Bank of Ukraine has banned banks from buying foreign currency for their clients until the end of the week in a fresh attempt to halt the national currency’s free fall. Hours after the measure was announced, Prime Minister Arseniy Yatsenyuk called for an emergency session of parliament to …

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Petrodollar exports negative in 2014, first time in 18 years


Two years ago, in hushed tones at first, then ever louder, the financial world began discussing that which shall never be discussed in polite company – the end of the system that according to many has framed and facilitated the US Dollar‘s reserve currency status. The Petrodollar, or the world …

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Russia & China sign currency swap deal worth $25 billion

Yuan China

The central banks of China and Russia have signed a 3-year ruble-yuan currency swap deal up to $25 billion, in order to boost trade using national currencies and lessen dependence on the dollar and euro. On Monday, China’s Central Bank announced the 150 billion yuan (815 billion ruble) currency swap …

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Russia seeking to ban Bitcoin and other surrogate currencies

Russia building flag

It may soon be against the law for Russians to possess Bitcoin (BTC) or other digital currencies. Legislation put forward by Russia’s Ministry of Finance would ban all digital currencies and impose a range of financial penalties on individuals and companies caught creating, generating, or using “quasi-money.” Websites associated with the digital currency market …

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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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New ad from Australian bank will shock you


If you’re looking around right now for a new bank account that pays a reasonable rate of return, ANZ bank has a hell of a deal for you: 0%! That’s right. ANZ is offering its depositors absolutely zero interest. Now, a bank paying 0% isn’t exactly abnormal in today’s banking environment. But …

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Ecuador to replace the US dollar with its own digital currency

Ecuador Central Bank

Ecuador is planning to create the world’s first digital currency issued by the country’s central bank, in what is seen by many as a step to abandon the US dollar, the currency now used by the Central American country. The currency is expected to start circulating in December, according to …

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Russia and China planning to dump the US dollar

Chinese Yuan

The Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. “The draft document between the Central Bank of Russia and the People’s Bank of China on …

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