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Thread: China seeks to insert the renminbi in the global currency basket

  1. #1
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    Default China seeks to insert the renminbi in the global currency basket


    China seeks to insert the renminbi in the global currency basket


    9/28/2016 0:00

    Being has the largest economy after the United States
    Beijing / follow - up - morning ,

    China is seeking to currency inclusion (renminbi) in foreign currency basket , along with the euro and the dollar and the rest of the other world currencies since he has China '
    s economy from strength made him second in the world after the US .

    , and analysts say that with the sustained economic growth and higher yields of the bonds, China has seen externally increasing attention to the use of its currency and keep government Psondadtha, despite a decline in the value of the renminbi against the US dollar in the months
    past.

    After the founding of the first clearing bank for the Chinese yuan (RMB) in the US United enter the renminbi imminent to reserve currencies main basket, the renminbi has been made the latest victories on the path of transformation into the currency
    world.

    the Central Bank of China, delegated the Bank of China branch in New York to provide clearing services in yuan in the United States, and is the first time that establishes where China banks for clearing their own currency in the United States, to join the list of banks , clearing the yuan in Hong Kong, London, Singapore, Toronto and other cities abroad, which is expected to promote the international use
    of the Amlh.kma China Central announced that he authorized the Moscow Office of industrial Chinese commercial Bank, the largest bank in China , to provide clearing yuan - denominated services in
    Russia.

    All
    these moves come days before the inclusion of the yuan in the SDR currency basket of the IMF, which will enter into force starting from the first day of next October, to become China 's currency is one of the reserve currencies of the five ratified by 189
    Fund.

    the private basket of world currencies currently list both the US dollar and the euro and the Japanese yen and the pound
    sterling.

    officials and analysts point out that these developments will increase the momentum of the rise of the renminbi.
    , said Timothy F. Geithner, co - chairman of the working Group on trading and clearing of the renminbi in the United States in a press statement that « the establishment of a clearing bank in the United States would promote the growth of activity of the renminbi in the country and helps to absorb the increase in size and the demand for products and services for the
    renminbi.»

    He described Siddharth Tiwari, director of strategic management, policy and review of the international Monetary fund, the next insertion of the yuan in the SDR basket «as an important milestone in the global financial integration process
    to China.»

    the renminbi 's fifth most widely used currency in international payments in value terms in July, with a share of 1.9 percent, up from 1.72 percent in June, according to data from the Organization global transaction Services
    (SWIFT).

    showed the IMF that the yuan was about 1.1 percent of official reserves retained by central banks all over the world at the end of 2014. Zhou Cheng John predicted that the4 percent rate in excess «soon» after you insert the yuan in the SDR basket
    own.

    as Standard Chartered Bank predicted that brings the insertion of 6.2 trillion yuan in net purchases of internal bonds in China by the end of
    2020.

    last month, the World Bank issued bonds Tqovernma SDR currency basket worth about $ 700 million in a market among Chinese banks, to use the yuan for the first time as thecurrency of
    settlement.


    http://www.alsabaah.iq/ArticleShow.aspx?ID=123866

  2. #2
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    Default Re: China seeks to insert the renminbi in the global currency basket


    this is what the dinar need to do for us , i know some people that have the has the yuan, but a year ago the IMF add the chinese yuan to its basket

    The IMF's decision on the yuan is a victory for China -- and a challenge

    http://www.latimes.com/business/la-fi-china-yuan-20151130-story.html


  3. #3
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    Default Re: China seeks to insert the renminbi in the global currency basket


    The inclusion of an official Chinese renminbi in the SDR basket




    3/10/2016 0:00

    Capitals / follow - up / morning
    confirmed a Mexican expert that the Chinese currency , the inclusion of the renminbi in the SDR of the IMF basket reflects the financial and monetary stability of China.

    Basket of currencies
    and included the renminbi officially on Saturday , within the global reserve currency to become an international currency fifth alongside the US dollar sterling, yen, pound Japan and the European euro.

    strong Chinese currency is enough to be used in international transactions and stored as a reserve currency.

    among Ignacio Martinez Curtis, a professor at the status of international relations of theindependent national University of Mexico, the need to move to modify the global financial system , which has remained largely unchanged since 70 years.


    data the «Swift»
    the renminbi 's fifth most widely used currency in international payments in value terms in July, with a share of 1.9 percent, up from 1.72 percent in June, according to data from the global transaction services organization SWIFT.

    Martinez said that » the first impact of the entry RMB currency basket of the IMF is that the loans , which would give the fund from now on will be linked to the Chinese currency ».

    he added that« this no doubt reflects the cash strength of China around the world. If it is not China 's strong economy, and not its currency strong support, what was the renminbi got a share of 10.92 percent from the beginning of October October », referring to the distribution of the International Monetary Fund in what is called the weight of each currency in the new SDR basket.



    Weight renminbi
    came« Weight »renminbi Third after the dollar (41.73 percent) and the euro (30.93 percent) and pre - yen (8.33 percent) and sterling (8.09 percent).

    According to the international monetary Fund,« the currencies that qualify for the basket are those issued by the members of the monetary union , which plays a pivotal role in the global economy. »

    said Martinez: China is moving gradually to participate in a big way and directly in thedecision - making of the IMF process.


    national force
    noted academic to be one of the factors that prompted the international Monetary Fund to expand its global currency reserves are enhanced national strength of China.

    he explained the enhanced China 's national strength , including the global impact growing today is « as a result of its national conditions of strong and healthy and their purchasing power is very strong and sustainable development of its economy», as well as characterize China in many key areas such as science and technology, education and development, according to him.

    He concluded Martinez saying: »there is a range of factors that drive China now to achieve this global presence, nothing more than the result of continued growth in the years
    past».


    http://www.alsabaah.iq/ArticleShow.aspx?ID=124082


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