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IMF SDR
Chinese Yuan Will Join IMF Reserve Currency Basket Earliest After September 2016
“The International Monetary Fund pushed back until Sept. 30, 2016, the date that China’s yuan could be included in its basket of reserve currencies,” Bloomberg reports. The news agency said the following: The executive board, which represents the IMF’s 188 member nations, voted Aug. 11 to extend the composition of the fund’s Special Drawing Rights for … Continue reading
Russia, China Deepen Stock Exchange Ties
Russia’s largest exchange group the Moscow Exchange (MOEX) and the China Financial Futures Exchange (CFFEX) signed an Memorandum of Understanding (MoU) on Thursday that will help further develop financial ties between the countries. The MoU signed by both exchanges aims to strengthen the bilateral partnership and facilitate the development of both parties through information sharing, reciprocal … Continue reading
China’s Road To Reserve Currency Status: Ten Years Of The Flexible Renminbi
On Thursday July 21, 2005, Australia opened the batting at Lord’s Cricket Ground in London on the way to winning the first Ashes test against England. Currency traders, however, had to tear themselves away from the action after China’s out-of-the-blue announcement that it would replace its decade-old currency peg with a more flexible exchange rate … 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
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