Tuesday, October 22, 2013

China Allows Direct Trading Between Currencies With Singapore

SINGAPORE: China and Singapore have agreed to allow direct trading between each other's currency, Singapore's central bank said on Tuesday.

The move, along with other agreements on financial cooperation, is expected to bolster Singapore's status as a leading offshore trading centre for the Chinese yuan, officially called the renminbi (RMB).

China will also grant Singapore-based investors a 50-billion-yuan ($8.2 billion) investment quota under its Renminbi Qualified Foreign Institutional Investor programme, MAS said.

This would allow investors based in the city-state to use the yuan to invest in Chinese stocks and bonds.
Its managing director Ravi Menon added: "Financial ties between the two countries have deepened considerably and Singapore is well placed to promote greater use of the RMB in international trade and investment in the years to come."

China's rise as the world's second biggest economy has seen the yuan take on a bigger role in international financial markets.

(Editor's comment : This is another clear sign that nations are slowly moving away from the US Dollar reserved currency trade.)

Tuesday, October 15, 2013

China to Report 5,000 tonnes of Gold Reserves Next Year

China will shock the world with an announcement that it has accumulated 5,000 tonnes of gold next April, according to Jim Rickards...

His prediction is that come April 2014, China will report gold reserves of 5,000 tonnes. This will send the price of gold spinning upwards, which is why the Chinese have done this secretly of course and in collusion with the bullion banks most probably.

He continues: ‘That should be an earthquake. Because even the gold deniers, the gold doubters, are going to have to sit up and take notice. Either the Chinese are dopes, which they’re not, or people will start to get gold, which I think they will.’

‘The world of $4,000 gold is the world of $400 oil, $100 silver, higher prices for copper, corn, wheat and everything else. In other words, it’s a world of very high inflation in which the value of your retirement funds and your annuities, etc., have been wiped out.

Monday, October 14, 2013

Why China Is Calling For A De-Amercanized World

China's official news agency has called for the creation of a "de-Americanised world", saying the destinies of people should not be left in the hands of a hypocritical nation with a dysfunctional government.
"As US politicians of both political parties are still shuffling back and forth between the White House and the Capitol Hill without striking a viable deal to bring normality to the body politic they brag about, it is perhaps a good time for the befuddled world to start considering building a de-Americanised world," the editorial said.
"The developing and emerging market economies need to have more say in major international financial institutions including the World Bank and the International Monetary Fund, so that they could better reflect the transformations of the global economic and political landscape," the editorial says.

It also called for an end to the use of the US dollar as the international reserve currency, a step that would ensure the international community could maintain a safe distance from the side-effects of domestic political turmoil in the United States.

Read Original Source

Watch the video here from Bloomberg that talks about this as well