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“China Says ‘No Dollars’ For New Yuan” - April 2016   [Copy link] 中文

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Post time 2016-4-15 08:33:33 |Display all floors

“China Says ‘No Dollars’ For New Yuan”



“In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19.When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets. But for years, China has been amassing huge amounts of gold bullion; some have said their appetite for bullion has been “staggering.” And with a new gold-backed Yuan to be issued next Tuesday, the entire world will have a choice of a new currency to use for international trade: The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold. Which currency would YOU use?
When this new currency is issued, countries that have been forced to use US Dollars for decades, and have had to keep billions of dollars in their foreign currency reserves, will be free to dump those dollars. But they won’t be able to dump them to China for the new gold-backed, Yuan! China has reportedly decided “there can be no conversion of gold-backed Yuan to or from US dollars.” What China fears is that many countries around the world will want to trade their reserve US dollars  for the new Yuan, leaving China with mountains of worthless US dollars. China already has several trillion in US dollar reserves and does not want or need more.
If news of this decision by China is correct, then countries around the world may just have to decide whether or not they wish to continue trading with the USA at all? The upheaval this could cause as early as next week, would be staggering.

This is a fast-developing story; check back.”



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Post time 2016-4-15 12:07:26 |Display all floors
If this is true, then the 'peaceful and harmonious China' will have caused global financial mayhem and their largest customer will ..........and their friends possibly will.............you finish the sentence.

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Post time 2016-4-15 12:19:58 |Display all floors
Things need to change and if this is true, awesome!!!!
I am me and that is something you will never be, no matter how hard you try!!

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Post time 2016-4-15 15:49:05 |Display all floors
OH COME ONGIVE ME A BREAK........
MAKE AMERICA GREAT AGAIN!  Rated R, Parental Guidance Suggested....

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Post time 2016-4-15 16:50:18 |Display all floors
More government interference in free markets then.
Your own mind is a sacred enclosure into which nothing harmful can enter except by your permission. Arnold Bennett

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Post time 2016-4-15 17:55:05 |Display all floors
#1
I have to admit I have missed out on this story.

Will the new Yuan notes be in any different to the old one?
Will the new 100 RMB paper still carry the picture of Chairman Mao?

A very interesting article indeed. Thanks Mac!

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Post time 2016-4-16 01:58:48 |Display all floors
Kbay Post time: 2016-4-15 17:55
#1
I have to admit I have missed out on this story.

I have already sent Kbay a private message

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