China Intensifies Efforts to Topple U.S. Dollar

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‘The pace of expansion has been explosive’ for China’s new yuan-denominated oil futures contract.

Less than a year after China launched an oil futures contract denominated in the Chinese currency, the contract is beginning to be embraced by global commodities traders.

The Chinese Communist Party has long desired to see the United States dollar sidelined and the Chinese currency, the yuan, take on a more central role in global finance. The latest major push toward that goal came on March 26 when China launched a new oil futures contract on the Shanghai International Energy Exchange denominated in yuan. Now the contract is finding increasing acceptance among multinational commodity traders, which could threaten the dollar’s position. Continue reading

Hong Kong Overtakes New York as City With Most Super-Rich People

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More proof that the Hong Kong transfer was a colossal loss for Great Britain, and a massive gain for China

Hong Kong has overtaken New York City to become the city home to more super-rich people than any other metropolis on the planet, according to a study published on September 6 by the Wealth X research firm.

The study tallies the number of individuals worth $30 million or more, labeling them ultra-high net worth individuals. In recent years, the number of these individuals living in Hong Kong has risen to about 10,000. Continue reading

Global finance fears grow as Greece faces economic meltdown

Several Western countries issued travel warnings for Greece on Sunday, as the Greek government shut down all banks and imposed capital controls following the breakdown of talks between Athens and the European Union. British and American citizens traveling or living in Greece were advised to have enough cash on hand, as ATMs were quickly running out of currency. In a late-night televised address to the nation, Greek Prime Minister Alexis Tsipras said banks would remain closed until July 6 –the day after Greeks vote in a nationwide referendum on whether to accept the bailout terms proposed to Greece by its creditors. Police tightened security around ATM machines, as lines were reportedly formed in petrol stations in the capital. Continue reading

BRICS Nations Plan New Bank to Bypass World Bank, IMF

The leaders of the so-called BRICS nations — Brazil, Russia, India, China and South Africa — are set to approve the establishment of a new development bank during an annual summit that starts today in the eastern South African city of Durban, officials from all five nations say. They will also discuss pooling foreign-currency reserves to ward off balance of payments or currency crises. Continue reading