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7 of 10 Asian Countries abandon U.S. dollar for Chinese Yuan now.   [Copy link] 中文

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Post time 2012-10-24 11:59:14 |Display all floors
]TUESDAY, OCTOBER 23, 2012

7 of 10 Asian Countries abandon U.S. dollar for Chinese Yuan now.

Bet this won't be on MSM any time soon.




7 of 10 Asian Countries have now pegged their currency to the Chinese Yuan instead of the U.S. dollar now.

It is estimated by 2015 the Yuan/Renminbi will be a currency traded fully and internationally.  

With all the unlimited printing of the dollar 2015 might come faster.

Portions:

A "renminbi bloc" has been formed in East Asia, as nations in the region abandon the US dollar and peg their currency to the Chinese yuan — a major signal of China's successful bid to internationalize its currency, a research report has said.

And now seven out of 10 economies in the region — including South Korea, Indonesia, Malaysia, Singapore and Thailand — track the renminbi more closely than they do the US dollar. Only three economies in the group — Hong Kong, Vietnam, and Mongolia — still have currencies following the dollar more closely than the renminbi, said the report, posted on the institute's website.


Wang Jianhui, chief economist with Southwest Securities Co Ltd, agreed. "Investors are looking for new reserve currencies at a time when both the dollar and euro are under pressure. This is a good opportunity for the yuan," he said.

The Royal Bank of Scotland predicted in a report on Monday that renminbi will become a fully convertible currency in 2015.

Cross-border trade settled in renminbi will triple to 6.5 trillion yuan ($1.03 trillion) within three years as relations with the world's second-largest economy grow, Royal Bank of Scotland Group PLC was quoted as saying by Bloomberg on Oct 9.

Settlements will grow 12 to 20 percent this year, reaching $1.03 trillion in two years, up from $330.8 billion in 2011, said Janet Ming, head of the China desk for RBS in Europe, Middle East and Africa.

In fact, trade is also propelling the rise of the renminbi outside East Asia. The currencies of India, Chile, Israel, South Africa and Turkey all now follow the renminbi closely, in some cases, more so than the dollar. The renminbi would be more attractive if the country could further liberalize its financial and currency markets, the report said.





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Post time 2012-10-25 13:50:47 |Display all floors
The collapse of the US dollar is imminent !
But unfortunately China is holding forex reserves of 3.3 trillion US dollars !!
How to get rid of such huge amount of USD in forex reserves
and avoid losses when US dollar collapses ??
Please don't shoot, I'm just a babe.

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Post time 2012-10-25 13:55:37 |Display all floors
Kbay Post time: 2012-10-25 13:53
I've already made the suggestions....
Buy up a dozen Greek islands in the Med Sun zone.

What's the use of these islands ???
Please don't shoot, I'm just a babe.

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Post time 2012-10-25 14:05:31 |Display all floors
This post was edited by correction at 2012-10-25 14:08

I suggest give out  1 trillion USD cheap loans to countries around the world,
and countries in EU zone in particular are most in need of cheap USD loans to help  ease the debt crisis and to stabilize the financial situations there, thus helping EU countries to get back on their feet,
but the terms of repayment should be in Rmb, so as to avoid accumulating more worthless USD.
And 2 trillion of USD to invest in countries around the world, in sectors that are most profitable - be that mining, manufacturing, banking, agriculture, infrastructure and what not,
I think by following my suggestions, the risk of huge losses due to collapse of USD could be avoided.
Please don't shoot, I'm just a babe.

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Post time 2012-10-25 14:13:51 |Display all floors
Kbay Post time: 2012-10-25 14:01
Real assets my baby!

Why not buy assets closer to home such as in Mongolia, Laos, Cambodia, Thailand, Mynmmar, Bangladesh,Kazakhstan, Kirghiztan, Uzbekistan, DPRK, etc, etc
Lands are so much more cheaper and good for agricultural & manufacturing activities,
China can help to develop these countries,
and in turn they'll buy more industrial goods from China,
win-win situation indeed.
Please don't shoot, I'm just a babe.

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Post time 2012-10-25 14:18:57 |Display all floors
Kbay Post time: 2012-10-25 14:15
make China CLEAN

Good idea !!
Ok then, let's allocate 200 billion USD to make China clean.
Please don't shoot, I'm just a babe.

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Post time 2012-10-25 14:24:52 |Display all floors
Kbay Post time: 2012-10-25 14:19
An island in the Med sun is a good long term strategy little baby.
You are far too young to unders ...

Ok then, but how much USD you have to pay to buy these islands ??
I guess 10 billion USD should be more than enough to buy these islands,
but that'll hardly make a dent on the huge forex reserves of 3.3 trillion USD in China's coffer.
Please don't shoot, I'm just a babe.

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