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De-Dollarization: Global Yuanization Is One Step Closer, Thanks To London
The Government of China promotes the internationalization of “the people’s currency” (‘renminbi’) through a policy of alliances that does not take ideological barriers into account. In a first moment the diplomatic forces of the yuan were concentrated in the Asia-Pacific, but in a second moment, it became necessary to gain the support of the West. … Continue reading
De-Dollarization: Russia Wants Firms To Default On Western Loans, Ban Firms From Using FX/FX Loans
By Pepe Escobar Let’s start with some classic Russian politics. Finance Minister Anton Siluanov is drawing up Russia’s economic strategy for 2016, including the government budget. Siluanov – essentially a liberal, in favor of foreign investment – will present his proposals to the Kremlin by the end of this month. So far, nothing spectacular. But then, … Continue reading
De-Dollarization: Will China’s Yuan Become A Global Reserve Currency?
In recent months, China has stepped up a longstanding campaign for its currency (officially called the renminbi [RMB] but also referred to as the yuan), to be included as a part of the composition of the International Monetary Fund’s (IMF’s) Special Drawing Rights (SDR). By Templeton Emerging Markets Group While the media is abuzz with the … Continue reading
De-Dollarization: Yuan Spreads To World’s Biggest $15Tn Metals Bourse
The London Metal Exchange (LME) on Tuesday started accepting yuan as collateral against contracts after getting permission from the Bank of England. “The renminbi [yuan – Ed.] is on its way to becoming one of the world’s most widely-used currencies. We are pleased to be able to help our members take advantage of the opportunities … Continue reading
De-Dollarization: The Dollar Is Slowly Losing Its Status As The Primary Reserve Currency
By Jeff Desjardins, Visual Capitalist The dollar has been a stalwart of international trade over the majority of the last century. Around the time of the formation of the Eurozone, it reached its recent peak at 71.0% of official foreign exchange reserves. Since then, its composition of global reserves has more recently dropped to a more modest … Continue reading
De-Dollarization: Indonesia’s Central Bank Bans Foreign Currencies In Domestic Transactions
Indonesia will ban the use of foreign currencies in its domestic transactions in a move which has drawn criticism, according to a report from The Wall Street Journal (WSJ). Indonesia will ban the use of foreign currencies in its domestic transactions, according to The Wall Street Journal (WSJ). According to the WSJ, Indonesia’s Central Bank has pushed through regulations that will prohibit using … Continue reading
De-Dollarization: China’s Gold Will Break Global Dependence On U.S. Dollar, Economist Says
China can ultimately overthrow the global domination of the U.S. dollar by using its 30,000 tons of gold reserves, according to Chinese economist Jin Zihou. Citing former U.S. Federal Reserve Chair Alan Greenspan, Chinese economic observer Jin Zihou suggested that the Chinese renminbi would be able to deal a lethal blow to today’s financial system should Beijing convert … Continue reading
De-Dollarization Reaches A New Level As U.S. Isolates Itself From The China-Led AIIB
By John Browne Over the past few decades while the economic power of the Chinese has grown exponentially, many observers have been surprised by the relative willingness of China to operate within the financial and economic framework established by the dominant Western order. But it should now be blatantly clear that Beijing prefers to act … Continue reading
More De-Dollarization: Turkey Looks To Settle Payments With Russia In Local Currencies
Turkey’s Ministry of Economy is considering a move to settle payments with Russia by using local currencies for major investment deals, Russia’s TASS news agency reports. “We would like payments in rubles and lira to be introduced at least for the larger investment projects in Russia and Turkey,” Turkey’s Deputy Economy Minister Adnan Yyldyrm, said during a joint … Continue reading
De-Dollarization: Chinese Yuan “Clearly Belongs” In SDR Basket, Lagarde Says
International Monetary Fund (IMF) Managing Director Christine Lagarde said on Sunday that the Chinese yuan “clearly belongs” in the Special Drawing Rights (SDR) basket and that the IMF would work with China to that end, Bloomberg reports. “Timing is something that we will be discussing amongst ourselves but I think we welcome this introduction,” Lagarde said. … Continue reading
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