A statement from the Kremlin said that Putin submitted to the State Duma a draft federal law which seeks an integrated currency market in the CIS. Continue reading
Confusion hits the markets as stocks, currencies and commodities fall sharply across the region as investors fear a stalling China economy and possible currency war despite Beijing’s assurances. We warned that this devaluation was NOT A FLUKE, and far too many people just misrepresent what is truly going on within the world economy so it comes as no surprise they missed this one. Continue reading
The UK economy is a ticking time bomb set to explode after the general election, according to a leading City commentator who has warned of a fresh crisis for the pound.
Albert Edwards, who heads the global strategy team at investment bank Société Générale and is well known for downbeat views, chides the coalition for a legacy of “grotesquely wide deficits” in both the public sector finances and on the UK’s current account – its overall trading position with the rest of the world. Continue reading
On September 6th, 2011 the Swiss National Bank (SNB) was aiming for a substantial and sustained weakening of the Swiss franc after Swiss companies threatened to leave because the rising franc reduced their exports. The SNB would no longer tolerate a EUR/CHF exchange rate below the minimum rate of CHF 1.20. The SNB set out to enforce this minimum rate with the utmost determination and it began to buy Euros in unlimited quantities.
Socrates has been warning about January for the last year. Here is the forecast array on a daily level and it pinpointed the rise in in volatility for today the 15th with a Panic Cycle and turning point due as well as we can see. Continue reading
The China-Canada agreement on establishing North America’s first offshore renminbi center in Canada accelerates the process of the Chinese currency’s internationalization, said a Canadian expert.
“We should prepare to see the RMB to be much more widely used to become an international currency,” said Domenico Lombardi, an expert on global economy from Canada’s think tank Centre for International Governance Innovation’s global (CIGI).
The establishment of the RMB center symbolizes a key development in the process, Lombardi said in a recent interview with Xinhua. It will help deepen the bilateral relationship between China and Canada, the expert added. Continue reading
Is Russia boosting its gold stockpiles in anticipation of a possible economic war with the West?
Russia accounted for 59 per cent of net gold purchases by central banks in the third quarter of 2014, according to data from the World Gold Council.
Russia, Kazakhstan and Azerbaijan have all taken advantage of a subdued gold market, for which demand eased by 2 per cent in the quarter. The WGC has attributed this to an increasing effort to diversify away from the US dollar. Continue reading
A referendum that would force the Swiss central bank to hold a fifth of its assets in gold could rock foreign exchange markets, analysts have warned.
On the 30th November, voters in Switzerland will head to the polls to decide whether the Swiss National Bank (SNB) should boost its gold holdings and refrain from any further selling of Swiss gold.
The referendum, proposed by the ultra-conservative Swiss People’s party, will also require the bank to repatriate all Swiss gold holdings currently held outside of Switzerland if passed.
The ban on selling gold would go into effect immediately and the SNB would have five years to reach the 20 percent requirement. Continue reading
(Reuters) – A senior Deutsche Bank regulatory lawyer has been found dead in New York after committing suicide, New York City officials said on Saturday.
Calogero Gambino, 41, was found on the morning of Oct. 20 at his home in the New York borough of Brooklyn and pronounced dead on the scene, according to New York City police. Continue reading
On Thursday, fears seemed to prevail once again, with the Dow Jones Industrial Average tumbling more than 300 points, reversing Wednesday’s big rally.
It was the third move in a row of more than 200 points by the blue-chip index—a roller-coaster ride that ranks as the most volatile stretch for the Dow since August 2011 Continue reading
The growing stature of the Chinese yuan in global trade and finance has brought exciting opportunities in yuan-related businesses, said Standard Chartered Group CEO Peter Sands in Beijing on Tuesday.
The renminbi is now among the most actively traded currencies in the world as the Chinese government moves to make it easier for the yuan to flow across its borders.
“We are very excited at the prospects of the renminbi becoming even more integrated into the global economy,” said Sands, who is accompanying British Prime Minister David Cameron on his second visit to China since taking office. Continue reading
The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation.
“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes. Continue reading
Within the next few years, look for the yuan/renminbi to become one of the world’s ‘convertable currencies.’ There are only seven at the time being.
For the first time ever, the Chinese yuan is one of the world’s ten most frequently traded currencies, according to a Bank of International Settlements (BIS) survey.
The currency ranked ninth on the bank’s top-ten list, jumping eight places from the seventeen spot it held when the survey was last conducted three years ago. Continue reading
This is obviously a white washing article with a pro-China and Russia stance, but noteworthy in regards to what ‘the other side’ is doing. It conveniently leaves out the fact that both SCO nations are waging economic warfare against the United States, thus contributing in part the state of affairs it is in today. This is not to say the USA isn’t fiscally reckless, but that’s only one part of the many problems it faces.
China has been notably relaxed about her own people acquiring gold, and the government itself appears to be absorbing all of China’s mine output. Russia is also building her official reserves from her own mine supply. The result over time has been the transfer of aboveground gold stocks toward these countries and their allies. The geo-political implications are highly important, but have been ignored by western governments.
China and Russia see themselves as having much in common: They are coordinating security, infrastructure projects and cross-border trade through the Shanghai Cooperation Organisation. Furthermore, those at the top have personal experience of the catastrophic failings of socialism, which have not yet been experienced in Western Europe and North America. Consequently neither government subscribes to the economic and monetary concepts prevalent in the West without serious reservations. Continue reading
Global finance chiefs may have denounced it, but that has not stopped Japan joining other central banks in driving its exchange rate lower. With Australia and South Korea forced to respond, will the Asia-Pacific region be the main battleground in a global currency war? Continue reading
In case anyone didn’t catch last week’s currency news:
The so-called currency wars progressed further in today’s session, as two new countries jumped on the bandwagon of selling or threatening to sell its own currency to unwind recent strength.
Overnight, RBNZ Governor Wheeler announced that the central bank had already once intervened in Forex markets to bring down the price of the New Zealand Dollar. During European trading hours, Swedish Finance Minister Borg said the Krona’s strength may become an issue for the country’s central bank. Continue reading