Tag Archives: yuan

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 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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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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Putin drafts bill to dump the dollar and euro

Putin Russia

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union. “This would help …

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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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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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Chinese yuan accepted as collateral at the LME

China yuan

From Filip Karinja, for Birch Gold Group The ongoing internationalization of the Chinese yuan got a major boost this week with the London Metal Exchange (LME) now accepting the currency as collateral against contracts. This follows regulatory approval from the Bank of England, which now allows the LME to accept five currencies as cash …

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