Search Results for: yuan

China is set to make waves in the gold market

Gold market China

From Filip Karinja, for Birch Gold Group With the recent launch of its yuan gold fix, China is making waves in precious metals markets. Traditionally, gold fixing was done at the London Bullion Market Association (LBMA). But finding themselves on the outside looking in, with gold prices dictated solely by the west, China …

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China opens up $4.2 trillion stock market

Chinese stock exchange Hong Kong

The Chinese mainland is now open for business, at least in terms of its $4.2 trillion capital market. The Shanghai and Hong Kong stock exchanges are now linked giving foreign investors access to the tightly-controlled Chinese capital markets. Stock Connect debuted on November 17, and for the first time, stocks …

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Russia and China planning to dump the US dollar

Chinese Yuan

The Russian and Chinese central banks have agreed a draft currency swap agreement, which will allow them to increase trade in domestic currencies and cut the dependence on the US dollar in bilateral payments. “The draft document between the Central Bank of Russia and the People’s Bank of China on …

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Zimbabwe phases out local currency at 35 quadrillion to US$1

Zimbabwe starving billionaires

Zimbabwe has started retiring its almost worthless local currency in favor of the US dollar. Today, 35 quadrillion Zimbabwean dollars are equal to US $1, as a result of hyperinflation which hit the country in 2009. The demonetization process of the Zimbabwe dollar started on Monday and will run till …

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Japan overtakes China as largest US debt holder

Japan markets

Japan now officially holds more US debt than China, which has been America’s major creditor since 2008. In February Japan held $1.224 trillion in US government bonds compared to China’s $1.223 trillion. Both countries reduced their US debt investment, with China reducing its by $15.4 billion, and Japan by $14.2 …

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US trade deficit with China hits record high

China imports

Americans bought record amounts of goods from China in September, pushing the trade gap between the world’s largest economies to a historic high, according to U.S. Commerce Department data published Tuesday. September imports from the Asian giant hit $44.9 billion, up nearly 13% on the month, as the U.S. economy gained steam. The import and …

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A history of the world: BRIC by BRIC

Goldman Sachs — via economist Jim O’Neill — invented the concept of a rising new bloc on the planet: BRICS (Brazil, Russia, India, China, South Africa). Some cynics couldn’t help calling it the “Bloody Ridiculous Investment Concept.” Not really. Goldman now expects the BRICS countries to account for almost 40% of global gross domestic product …

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Russia is dumping US dollars and hoarding gold

Russia gold hoarding US dollar

Vladimir Putin’s quest to break Russia’s reliance on the U.S. dollar has set off a literal gold rush. Within the span of a decade, the country quadrupled its bullion reserves, and 2018 marked the most ambitious year yet. And the pace is keeping up so far this year. Data from …

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China’s stock market halted after 7% plunge

Chinese stock market plunge

Trading on the Shanghai and Shenzhen stock markets was halted for the day on Monday (Jan 4th) after shares fell 7%. The drop in the CSI300 index, which covers both bourses, for the first time triggered an automatic early closure under a new system to curb volatility, after an earlier …

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Russia admits it’s dumping USD and Euro for gold

Russia USD Euro Gold

Editor’s note: this article is sourced from RT so it’s straight from the Kremlin’s mouth  A message to other nations to follow suit perhaps? Russia is taking steps to ensure that it protects itself from any future dollar or euro sanctions. Moscow boasts the world’s 5th biggest foreign exchange reserves and …

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Chinese stock market plunges more than 6%

Chinese stock market crash markets red yuan

Chinese stocks plunged on Tuesday as the yuan weakened against the dollar, reigniting fears that Beijing may be intent on a deeper devaluation of the currency despite the central bank’s comments that it sees no reason for a further slide. Concerns that companies may pull more money out of China …

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IMF forgives Ukraine’s debt to Russia

IMF Christine Lagarde Ukraine debt

On December 8, the IMF’s Chief Spokesman Gerry Rice sent a note saying: “The IMF’s Executive Board met today and agreed to change the current policy on non-toleration of arrears to official creditors. We will provide details on the scope and rationale for this policy change in the next day …

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Two explosions in China, one at US military base in Japan

Aftermath explosion China

To anyone who still doesn’t believe the world’s largest nations are already engaged in a global covert war involving kinetic weapons, currencies and cyber warfare, add this event to your list of things to ponder. Less than one day after another massive explosion destroyed a portion of Shandong, China, another explosion has …

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Iran joins growing list of countries to ditch US dollar

US dollar cut up

Iran no longer uses the US dollar in foreign trade transactions, replacing it with other currencies, the deputy governor at Iranian Central Bank told the Tasnim News Agency Saturday. “In trade exchanges with the foreign countries, Iran uses other currencies, including Chinese yuan, euro, Turkish lira, Russian ruble and South Korean won,” Gholamali Kamyab …

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China to dump the US dollar in oil trade

China crude oil yuan

China is planning to launch its own oil benchmark in October, similar to Brent and WTI, striving for a more important role in establishing crude prices. Unlike the Western benchmarks, the Chinese contracts will be nominated in the yuan, not the US dollar. Shanghai International Energy Exchange sent a draft …

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Trump’s dollar warning sends US currency tumbling

Dollar warning Trump US currency tumbling

President Donald Trump has triggered a sharp decline in the US dollar by criticizing the currency’s strength on the back of increased confidence in his presidency. “I think our dollar is getting too strong, and partially that’s my fault because people have confidence in me. But that’s hurting – that …

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CIA insider Jim Rickards’ predictions for society in 2024

Jim Rickards CIA

Editor’s Note from Jim Rickards: ‘The following article describes a fictional dystopia in the spirit of Brave New World or 1984. It is not a firm forecast or prediction in the usual analytic sense. Instead, it’s intended to provide warning, and encourage readers to be alert to dangerous trends in …

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