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China's economy just overtook the USA's
 Leviathan.Chaosx
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By Leviathan.Chaosx 2014-10-12 06:06:30
Quote: The European Central Bank will discuss next week whether to begin laying the groundwork to add the Chinese yuan to its foreign-currency reserves, according to two people with knowledge of the matter.
Governing Council members gathering in Frankfurt for their Oct. 15 mid-month meeting will consider the move, said the people, who asked not to be named because the discussions aren’t public. Should officials eventually decide to buy the currency, initial purchases would be small and might start in a year at the earliest, one of them said.
Such a measure by the ECB would mark a major step in the internationalization of China’s currency, also known as the renminbi. While China is the world’s second-largest national economy, the yuan isn’t ranked among the most-held foreign reserve assets, according to data from the International Monetary Fund. The U.S. dollar leads at 61 percent of holdings.
The agenda of the Governing Council is confidential, an ECB spokesman said, declining to comment further on the matter.
Leviathan.Chaosx
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By Leviathan.Chaosx 2014-10-12 19:19:20
So while the ECB is considering adding some Yuan to their reserves let's not forgot the U.K. is already issuing bonds in RMB.
Quote: Britain is in the process of issuing a government bond denominated in the Chinese renminbi (RMB), making it the first country (aside from China, of course) in the world to do so.
It's not unheard of to issue sovereign debt in a foreign currency, but what makes it somewhat unusual is that the RMB isn't freely tradable or convertible despite being the currency of the world's second largest economy. However, that's changing as the offshore market for RMB develops and the currency has already quickly jumped into the top 10 of the most used currencies in the world.
Britain will use the proceeds to finance its reserves, which currently consists of only US dollars, euros, yen and Canadian dollars, according to HM Treasury. The UK isn't the first country to hold RMB in its reserves, as central banks largely in emerging markets have also begun to do so.
It is an important step on the path toward the rise of the RMB as an internationally used currency.
As such, for London to maintain its position as the dominant market for foreign exchange trading, being in pole position as an offshore RMB hub will matter if the Chinese currency continues to gain in importance.
But, there's competition. And not just from Hong Kong, which is part of China. Soon after the announcement of a Chinese clearing bank for London, Frankfurt and Luxembourg got them as well.
And that's why Britain is issuing debt not in its own currency, but the RMB. The gesture seeks to cement Britain's ambition to be the Western hub for the RMB. Now let's see how the competition responds.
Rumor is Canada wants to set up a hub as well.
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Leviathan.Chaosx
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By Leviathan.Chaosx 2014-11-11 15:14:45
And just like that, Canada is in!
Quote: Canada and China have signed a reciprocal currency deal that's expected to dramatically boost exports.
The hub will foster far easier trade between the Canadian dollar and the Chinese yuan, also known as the renminbi. It makes Canada the first country in the Americas to have a deal to trade in the renminbi.
The signing of the deal was announced in Beijing today by Premier Li Keqiang and Prime Minister Stephen Harper.
"It's a great boon for the Canadian business community, both importers and exporters, because they can now do business in China with the currency and not have to go through multiple financial exchange transactions," Stewart Beck, president and CEO of the Asia Pacific Foundation of Canada, told CBC News.
"So the pundits are saying it could double maybe even triple the level of Canadian trade between Canada and China," he said.
Authorized by China's central bank, the deal will allow direct business between the Canadian dollar and the Chinese yuan, cutting out the middle man — in most cases, the U.S. dollar.
By Blazed1979 2014-11-11 15:56:12
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Leviathan.Chaosx
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By Leviathan.Chaosx 2014-11-17 07:22:53
Australia actually.
Quote: China is giving Australia more access to its capital markets and allowing it to clear yuan trades, measures that would boost Beijing's efforts to free Chinese financial markets and promote global usage of its renminbi currency.
The agreements, which were announced by the Chinese central bank, coincided with China and Australia signing a landmark free trade deal on Monday as President Xi Jinping began his state visit to Australia.
Under the Renminbi Qualified Foreign Institutional Investor, or RQFII scheme, Australian investors have been given the right to invest up to 50 billion yuan ($8.2 billion) in the capital market in mainland China.
Created to allow foreign investors a channel through which to use yuan to buy Chinese stocks, bonds and other money market instruments, the RQFII scheme was meant to be a way of slowly freeing China's capital markets.
"It's making it much easier for Australian fund managers to be able to access the domestic Chinese market," said Andrew Whitford, general manager and country head Greater China, Westpac Banking Corp.
Chinese state news agency Xinhua said separately that China was also opening its interbank bond market wider to Australia's central bank by increasing the investment quota for the Reserve Bank of Australia (RBA) to 10 billion yuan. It did not say what the RBA's previous quota was.
As China's maturing economy slows, Beijing wants to find new growth drivers to reduce the nation's reliance on export-led manufacturing, and developing the domestic financial market has been identified as an area for change.
Encouraging greater use of the yuan CNY=CFXS globally is also key to the government's long-term plans of reforming its economy and reducing its vulnerabilities to the dollar.
China owns the world's largest foreign exchange reserves at $3.9 trillion, about a third of which is invested in dollars.
To promote international usage of the yuan, China has signed yuan clearing agreements with over a dozen countries including Canada, Malaysia and Qatar to allow them to set up a yuan clearing bank within their borders.
Clearing banks handle all parts of a currency transaction and in doing so reduce the costs of and time taken for each deal.
But as China works on building a worldwide payments super highway that can clear yuan payments globally, some experts say yuan clearing centers will be obsolete once the payments system starts running.
By rexcipher 2014-11-17 07:25:28
Well, there's one good thing about this:
Now the Yuan exchange rate will be more accurate than the governmental inflated numbers. They can't control the global markets, just their own.
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By Leviathan.Chaosx 2014-11-17 08:07:35
To be fair, Germany was the first European country.
Quote: Frankfurt, which is seeking to corner a share of the burgeoning offshore yuan market, is setting the ball rolling with its first clearing of transactions in the Chinese currency.
Bank of China Ltd., chosen by the People’s Bank of China in June to clear payments in the euro-area’s financial capital, has spent the last five months building the infrastructure to facilitate settlements before the official start of clearing today. More than 10 German banks, from regional lenders to globally operating banks, have opened accounts at its Frankfurt branch, according to Bernd Meist, its managing director.
Frankfurt became the first financial center in Europe to win the right to clear and settle payments in yuan when the Bundesbank and the People’s Bank of China signed a memorandum of understanding on March 28. The clearing bank makes it easier for German lenders and their clients to access the yuan and cut costs by making euros directly convertible with the Chinese currency without having to be changed into U.S. dollars first.
“Companies will be able to transact their business as usual via their house bank,” said Lutz Raettig, the head of lobby group Frankfurt Main Finance. “Regardless of which bank they have their renminbi account with, they’ll always be able to benefit from clearing in Frankfurt,” he said, using another name for the yuan.
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By Leviathan.Chaosx 2014-11-19 07:47:27
Quote: On Nov. 17, China finalized the completion of their linking the Shanghai stock exchange with the Hong Kong exchange, creating a $4.2 trillion capital market that is also open to foreign investors. Debuting yesterday during Asian trading hours, this new and dynamic market will provide an alternative for American and other global traders to invest in a massive stock exchange that is free from the manipulation and High Frequency Trading (HFT) that occurs on U.S. exchanges, and will even exempt foreign investors from paying capital gains taxes.
This move by China is just another step towards expanding their reach into and over the global financial system, adding another capital outlet to go with their increasing use of the Yuan in global payments and in new trade agreements with countries like Qatar, Canada, and Australia. In addition, China also announced that plans for global capital investment through the Asian Infrastructure Investment Bank (AIIB) are going ahead of schedule, and will increase Asia's presence around the world as countries seek an alternative to the World Bank and Western dominated finance.
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By Siren.Lordgrim 2014-11-22 04:54:49
I am not a supporter for any centralized banking institutions. It is no coincidence that we had a century of total war that coincide with a century of centralized banking. It only succeeds in devaluing a nations currency and crushing economies of nations who use it.
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 Lakshmi.Saevel
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By Lakshmi.Saevel 2014-11-22 05:36:35
I am not a supporter for any centralized banking institutions. It is no coincidence that we had a century of total war that coincide with a century of centralized banking. It only succeeds in devaluing a nations currency and crushing economies of nations who use it.
You got that reversed. Central banking, or rather the centralization of capital markets, enables extremely rapid advances in technology and ideas. It speeds up nearly every economic process which is generally a good thing. It also speeds up the negative consequences of bad investment and the wars associated with economic development.
There is not some super secret counsel of Evil Old White European sitting around in red smoking jacks with cigars lit as they discuss how to best destroy the world and squash the little man. You, like many like yourself, are inventing Bond villains because it's more mentally comfortable to believe then that the negative effects you witness are a direct consequence of the positive effects you benefit from. When the economic cycle is accelerated like it is now, you get rapid technology progress, rapid increase in standards of living but also rapid economic busts and various autocrats using you as a scapegoat to further oppress their own populations.
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By Siren.Lordgrim 2014-11-22 12:53:57
I am not a supporter for any centralized banking institutions. It is no coincidence that we had a century of total war that coincide with a century of centralized banking. It only succeeds in devaluing a nations currency and crushing economies of nations who use it.
You got that reversed. Central banking, or rather the centralization of capital markets, enables extremely rapid advances in technology and ideas. It speeds up nearly every economic process which is generally a good thing. It also speeds up the negative consequences of bad investment and the wars associated with economic development.
There is not some super secret counsel of Evil Old White European sitting around in red smoking jacks with cigars lit as they discuss how to best destroy the world and squash the little man. You, like many like yourself, are inventing Bond villains because it's more mentally comfortable to believe then that the negative effects you witness are a direct consequence of the positive effects you benefit from. When the economic cycle is accelerated like it is now, you get rapid technology progress, rapid increase in standards of living but also rapid economic busts and various autocrats using you as a scapegoat to further oppress their own populations.
You do know the greatest economic boom america had was without a central bank right ? It was also without a federal income tax as well and a agency known as the IRS did not exist. All of which came about in the year 1913. You do also know that ONE state out of our 50 did not sign the federal reserve act of 1913 and kept its State Bank open that state is North Dakota. Funny fact about North Dakota, the market crisis in 2008 did not effect it because it was not linked to wall street wolves like the other 49. Also ND citizens can actually withdrawal money from there State Bank if you try that at a federal reserve bank you would have security called on you and get kicked out.Those state citizens invest in the bank which pays for all its state needs and puts more tax money back into there pockets. We could use North Dakotas model for every State when we come to our senses and abolish the federal reserve.
Fractional reserve banking is a poison to any nation and look at our own dollar as proof Saevel. One dollar use to have a net worth of around 24 dollars of purchasing power now look at it today with you praising it how much does your dollar get today look at how wonderful centralized banking has done to devalue our national currency. There is also no accountability or oversight whatsoever and we can not even get a audit from those thieves.
Central banking and corporations go hand in hand again no accountability there. When those american tax payer corporations who were founded on american tax dollars cause more economical harm to our own nation sending jobs overseas and bringing foreign workers to our nation to train them here to steal more of our jobs over seas WHO's side are they on ? We spend more tax dollars on corporate welfare then we do for public.
I would like to share a famous quote with you from the only president our great nation ever had who abolished the central bank of his time and took our country out of DEBT within 2 years with only 15 states his name was Andrew Jackson and he said
" unless you become more watchful, you will find the most important powers of government will fall into the hands of corporations"
Look where we are today in 2014, i do not think we followed his
advise to be honest words of wisdom there. All i am trying to say is people think it is the end of our nation and they are wrong. We can rebuild A Better America. We can take ourselves out of debt Jackson left us the blue prints and North Dakota is living proof today that it can work. What he did with 15 states in 2 years to take our nation out of debt for the first time i believe can faster with 50.
Accountability will be upheld and a army of lawyers will not protect Justice from being dealt to corporation's and credit banks from committing economic treason against the american citizens. Think about it seriously we can make A Better America and restore what it was truly founded as not a plutocracy, not a oligarchy not a capitalistic society but as a Republic for and by the people and not big everything, a Republic called the United States of America.
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By Lakshmi.Sparthosx 2014-11-22 13:58:56
I'm not gonna lie: I started humming America the Beautiful reading your post.
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By Siren.Lordgrim 2014-11-22 14:20:26
your a great american sparthosx keep the faith from sea to shining sea
 Bahamut.Milamber
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By Bahamut.Milamber 2014-11-22 15:07:23
Lakshmi.Sparthosx said: »I'm not gonna lie: I started humming America the Beautiful reading your post. 
Leviathan.Chaosx
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By Leviathan.Chaosx 2014-11-22 15:45:43
Notice: I'm bored. (You've been warned)
So here's a little current currency equivalency.
The CN¥100 note ~ $16.32 ~ 1 oz silver.
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Leviathan.Chaosx
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By Leviathan.Chaosx 2015-03-22 10:00:38
Quote: World's first hydrogen-powered tramcar rolled off the assembly line in Qingdao on Thursday.
Liang Jianying, chief engineer of Sifang Co., a wholly-owned subsidiary of China South Rail Corporation (CSR), said the new tram is the only hydrogen powered vehicle in the field, and makes China the only country in the world to have mastered the technology.
Hydrogen fuel cells are a new clean energy source, widely used in the automobile industry, but lagging behind in the field of rail transit.
"It took two years for Sifang to solve key technological problems, with the help of research institutions," Liang said.
The tram can be refilled with hydrogen in three minutes and can then run for 100 km at speeds as high as 70 km per hour.
"The average distance of tramcar lines in China is about 15 km, which means one refill for our tram is enough for three round trips," Liang said, adding the overall running costs will be greatly reduced.
No nitrogen oxides will be produced as the temperature of the reaction inside the fuel cell is controlled under 100 degrees Celsius. Water will be the tram's only emission, Liang said.
Each tram has over 60 seats and can carry more than 380 passengers.
Leviathan.Chaosx
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By Leviathan.Chaosx 2015-03-30 10:23:29
Quote: Denmark has applied to join the Beijing-led Asian Infrastructure Investment Bank (AIIB), China's Ministry of Finance said on Sunday, becoming the latest European power to join the institution despite misgivings of the United States.
The Ministry of Finance said that Denmark has written to China to "announce its intention to apply to be a founding member" of the AIIB.
"China welcomes Denmark's decision," the ministry said in a statement on its website, adding that China will first seek the views of other members. If the decision is approved, Denmark will officially be a founding member of the AIIB on April 12, the ministry said.
Danish Minister of Trade and Development Mogens Jensen called China's establishment of the AIIB "a significant and exciting development in the world order".
"Since many Danish trade interests as well as development cooperation interests will be at stake in AIIB, there are many reasons to engage in and influence AIIB’s investment decisions from its beginning," Jensen said in a statement.
On Saturday, Russia, Australia and the Netherlands became the latest countries to say they plan to join the AIIB, adding clout to an institution seen as enhancing China's regional and global influence.
China has set a March 31 deadline to become a founding member of the AIIB, which is seen as a significant setback to U.S. efforts to extend its influence in the Asia Pacific region and to balance China's growing financial clout and assertiveness.
The AIIB has been seen as a challenge to the World Bank and Asian Development Bank, institutions Washington helped found and over which it exerts considerable influence.
The United States has urged countries to think twice about joining the AIIB until it could show sufficient standards of governance and environmental and social safeguards.
But the United States' European allies Britain, France, Germany and Italy announced this month they would join the bank, leading the Obama administration to reassess its stance.
By fonewear 2015-03-30 10:28:52
Ministry of France *we need more baguettes and wine* !
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Leviathan.Chaosx
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By Leviathan.Chaosx 2015-04-06 14:55:01
The end is near!
Quote: On Monday, we published Larry Summers' latest op-ed in The Washington Post, which opened with the former Treasury Secretary and Harvard president writing, "This past month may be remembered as the moment the United States lost its role as the underwriter of the global economic system."
What Summers is referring to is the creation of the Asian Infrastructure Investment Bank, a new banking consortium led by China that will back investment in Asian and emerging-market economies. This bank serves as a direct challenge to the World Bank and the IMF, the traditional sources of international funding, and organizations in which US economic interests have a strong voice.
The AIIB's founding members include Russia, Brazil, and India, as well as major European economies like France, Germany, and the UK.
Last week, Business Insider's Mike Bird outlined how the formation of the AIIB has been an embarrassment for the US government all along.
Here's the key point from Bird (emphasis ours):
"The infrastructure bank isn't going to be a massive boom for the UK economy, or even for nearer nations like Japan, and the US will not retaliate. The point is that the UK is willing to take a very modest improvement in economic and political ties with China in exchange for a small deterioration in ties with the US. Pretty much every country has decided that this is the right move."
And so while the US has been the dominant global economic power of the past 50 years, the point is that now countries all across the globe are seemingly falling over themselves to be more closely aligned with China.
In his op-ed on Monday, Summers continues (emphasis ours):
I can think of no event since Bretton Woods comparable to the combination of China's effort to establish a major new institution and the failure of the United States to persuade dozens of its traditional allies, starting with Britain, to stay out.
This failure of strategy and tactics was a long time coming, and it should lead to a comprehensive review of the U.S. approach to global economics. With China's economic size rivaling that of the United States and emerging markets accounting for at least half of world output, the global economic architecture needs substantial adjustment. Political pressures from all sides in the United States have rendered the architecture increasingly dysfunctional.
In his post, Summers has some policy prescriptions for US lawmakers, among which is a suggestion that US leaders have a "bipartisan foundation," which is the kind of thing you can write when you're not an elected official but which few people in and around US politics likely believe is anywhere near possible.
But the point of Summers' commentary is clear and significant: The global economic tide has started receding from the US and moving toward China.
Seraph.Ramyrez
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By Seraph.Ramyrez 2015-04-06 15:07:29
but lagging behind in the field of rail transit.
Meanwhile, rail transit continues to lag behind just about every other form of motored transportation in the world.
By volkom 2015-04-06 15:09:44
but lagging behind in the field of rail transit.
Meanwhile, rail transit continues to lag behind just about every other form of motored transportation in the world.
what about freight railroads
Seraph.Ramyrez
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By Seraph.Ramyrez 2015-04-06 15:14:13
but lagging behind in the field of rail transit.
Meanwhile, rail transit continues to lag behind just about every other form of motored transportation in the world.
what about freight railroads
Well, China does lead the world in environment-obliterating things like coal burning/usage and the like, so I'm sure it will be useful to them to be able to move all of it around in an...environmentally friendly fashion...?...to...smoke up other places...
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By Leviathan.Chaosx 2015-04-06 15:17:51
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By Lakshmi.Sparthosx 2015-04-06 15:50:13
Rail travel in the US is tricky given how massive the US is.
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Leviathan.Chaosx
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By Leviathan.Chaosx 2015-04-06 15:54:10
Well for some Americans they do need a freight train in order to move around...
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By Lakshmi.Sparthosx 2015-04-06 15:57:52
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By Asura.Kingnobody 2015-04-06 16:06:30
Lakshmi.Sparthosx said: »Rail travel in the US is tricky given how massive the US is. Personally, I wouldn't mind a train system in the US similar to the Japanese method, but that will never happen, cities are too far away, not every town is connected to a railroad, and it would require either a corporate sponsor (which people will fight against) to do it or have a massive governmental project (again, which people will fight against, due to the fact that the federal government doesn't even get the smallest and easiest concepts right) that costs more than people are willing to spend.
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By Lakshmi.Sparthosx 2015-04-06 16:11:54
Thats the problem. Look at AMTRAK. Tickets are more pricey than air travel, the rail system is a mess, bullet trains aren't happening outside maybe CA or the NE hub.
In some cases a coach bus ends up more efficient. A coach bus!
By anik 2015-04-06 16:19:39
Lakshmi.Sparthosx said: »Rail travel in the US is tricky given how massive the US is. Personally, I wouldn't mind a train system in the US similar to the Japanese method, but that will never happen, cities are too far away, not every town is connected to a railroad, and it would require either a corporate sponsor (which people will fight against) to do it or have a massive governmental project (again, which people will fight against, due to the fact that the federal government doesn't even get the smallest and easiest concepts right) that costs more than people are willing to spend.
It's that old saying, "a camel is a horse designed by committee." This is what happens when you have weak leadership that allows everyone to plug in their idea somewhere on the bill, or else, you don't get my vote and it won't pass congress. The problem with America is that the voters keep picking people who DO NOT have the respect of his associates and peers. Lifetime politicians have no idea how to run a business for profit, let alone with their own money. It's a game, and they feel they are entitled to their wages for talking on camera using generalities like "economic growth" without specifics, and doing absolutely nothing. No accountability either, and that's the big bonus, they can all blame each other, yet no one gets financially busted. Ohhhhh nooooo, the people don't like me anymore ; ; booo hoooo, now I am broke, like Hillary Clinton who could barely manage to keep up with payments on her 2 vacations homes on Park Place and Boardwalk ; ;
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By Asura.Kingnobody 2015-04-06 16:23:50
Lakshmi.Sparthosx said: »Thats the problem. Look at AMTRAK. Tickets are more pricey than air travel, the rail system is a mess, bullet trains aren't happening outside maybe CA or the NE hub.
In some cases a coach bus ends up more efficient. A coach bus! In more cases driving yourself is more efficient, cheaper, and faster.
But not everyone has a driver's license.
We had a shot to get it right, and we failed. Oh well, what exactly did we lose anyway?
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