Search Results for: currency

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 is almost ready to replace the US dollar

Chinese Yuan world reserve currency

From Filip Karinja As the US dollar’s reign as global reserve currency appears to be ending, are we seeing the beginning of a new dawn in the east? Throughout history, global reserve currencies have proven to last for only so long. Before the United States’ currency reigned supreme, the currencies of …

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China moves one step closer to replacing the dollar

Obama wine China

From Filip Karinja, for Birch Gold Group The rise of China on the global economic stage got another boost this week. While discussing the potential that the Chinese renminbi (also known as the yuan) will be added to the IMF’s Special Drawing Right (SDR) basket of currencies, Christine Lagarde, the chief of the …

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Putin drafts bill to dump the dollar and euro

Putin Russia

Russian President Vladimir Putin has drafted a bill that aims to eliminate the US dollar and the euro from trade between CIS countries. This means the creation of a single financial market between Russia, Armenia, Belarus, Kazakhstan, Kyrgyzstan, Tajikistan and other countries of the former Soviet Union. “This would help …

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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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Peak gold, amid rising demand and a declining dollar

Cash is trash

From Filip Karinja, for Birch Gold Group Conventional wisdom suggests a strong dollar is bad for the price of gold. So given the dollar’s current relative strength against other currencies, we should expect the price of gold to fall, right? Not so fast, says a new report from the World Gold Council (WGC). …

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China to allow direct conversion between Yuan and Swiss Franc

Chinese clerk with yuan notes

China took another step to boost the yuan’s global usage, saying it will start direct trading with the Swiss franc, as the nation pushes its case for reserve-currency status at the International Monetary Fund. The link will start on Tuesday, the China Foreign Exchange Trade System said in a statement, making …

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IMF approves Chinese yuan to rival US dollar on the global stage

International Chinese yuan IMF SDR

From Filip Karinja, for Birch Gold Group As we predicted it would happen, the International Monetary Fund (IMF) made a historic decision this week in international finance by adding the Chinese yuan into its basket of currencies that make up the global exchange unit known as the SDR. Created back in 1969, the SDR (Special …

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Japan legalizes cryptocurrency as form of payment

Japan cryptocurrency Bitcoin

New legislation authorizing digital currency as a legal payment method has come into force in Japan. The text of the law was released by Japan’s Financial Services Agency on March, 24. Earlier this week, the Accounting Standards Board of Japan said that it would begin work on the creation of a …

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World’s first Bitcoin bank opens in Austrian capital Vienna

Bitcoin bank Austria Vienna digital currency

The world’s first dedicated bitcoin bank has opened in the center of the Austrian capital Vienna. It is designed to make buying and selling bitcoin easier and safer than other in-person options. The digital currency outlet is owned and managed by a local Blockchain startup Bit Trust and is named …

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Central banking elite met today behind closed doors

Bank gate

From Filip Karinja, for Birch Gold Group Today the financial heavyweights in the world of finance met behind closed doors to discuss the future of the global economic system. Held in Washington, the meeting was titled, ‘Gold, renminbi and the multicurrency reserve system’. Co-hosted by the World Gold Council, the purpose of the …

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Sweden cuts rates below zero, launches QE

Sweden

Sweden has cut interest rates below zero and launched quantitative easing to fight deflation, becoming the latest Scandinavian state to join Europe’s escalating currency wars. The Riksbank caught markets by surprise, reducing the benchmark lending rate to minus 0.10pc and unveiled its first asset purchases, vowing to take further action …

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China’s petroyuan set to knockout the petrodollar

Yuan Petroyuan dollar USD

From Filip Karinja, for Birch Gold Group This week the petrodollar was struck with a mighty blow. Russia’s third largest oil producer, Gazprom, announced that it will settle all crude sales to China in yuan, and thus officially ditch the dollar. With relations between China and Russia growing stronger by the day, …

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Will Bond Indexing Topple Foreign Exchange Market Transactions

Investors frequently include foreign or international bonds in their portfolios for two important reasons; to benefit from the higher interest rates and to diversify their assets. Bond index finds present the simplest and most efficient way to invest in foreign bonds. Also known as bond indexing, the technique is cost-effective …

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Iran to dump US dollar in oil trade, settle in euro instead

US dollar dumped oil trade

Iran wants post-sanctions’ oil contracts denominated in dollars and have buyers pay in euros, Reuters reported. Tehran is also keen to receive money owed to it since the pre-sanctions days in the European currency. The country’s crude deliveries are to be restored soon, with companies such as the French giant …

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BRICS nations plan new bank to bypass World Bank, IMF

BRICS countries

The biggest emerging markets are uniting to tackle under-development and currency volatility with plans to set up institutions that encroach on the roles of the World Bank and International Monetary Fund. The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new …

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Cryptocurrencies at online entertainment

Using cryptocurrencies at online gaming is something that a lot of people want. There seems to be a strong overlap between the people who like to use cryptocurrencies and the people who enjoy gaming of all kinds. It makes sense that this would be the case, even though people are …

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