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Established in 2006 as a Community of Reality

Welcome to the Neno's Place!

Neno's Place Established in 2006 as a Community of Reality


Neno

I can be reached by phone or text 8am-7pm cst 972-768-9772 or, once joining the board I can be reached by a (PM) Private Message.

Established in 2006 as a Community of Reality

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Established in 2006 as a Community of Reality

Many Topics Including The Oldest Dinar Community. Copyright © 2006-2020


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    CHINA SAYS "NO DOLLARS" FOR NEW YUAN

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    • Post n°1

    CHINA SAYS "NO DOLLARS" FOR NEW YUAN Empty CHINA SAYS "NO DOLLARS" FOR NEW YUAN

    Post by Proven Wed 13 Apr 2016, 4:03 pm

    CHINA SAYS "NO DOLLARS" FOR NEW YUAN

     
    Post by U.S.Reporter   - Apr 13, 2016



    CHINA SAYS "NO DOLLARS" FOR NEW YUAN 788ff92e9a59aeb146ed681b6c832028_XL 
     
    In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars.  The new Yuan will be introduced next Tuesday, April 19.


    When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets.  


    But for years, China has been amassing huge amounts of gold bullion; some have said their appetite for bullion has been "staggering."  And with a new gold-backed Yuan to be issued next Tuesday, the entire world will have a choice of a new currency to use for international trade:  The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold.  Which currency would YOU use?


    When this new currency is issued, countries that have been forced to use US Dollars for decades, and have had to keep billions of dollars in their foreign currency reserves, will be free to dump those dollars.  But they won't be able to dump them to China for the new gold-backed, Yuan!


    China has reportedly decided "there can be no conversion of gold-backed Yuan to or from US dollars."  What China fears is that many countries around the world will want to trade their reserve US dollars  for the new Yuan, leaving China with mountains of worthless US dollars.  China already has several trillion in US dollar reserves and does not want or need more.


    If news of this decision by China is correct, then countries around the world may just have to decide whether or not they wish to continue trading with the USA at all?


    The upheaval this could cause as early as next week, would be staggering.

    https://www.superstation95.com/index.php/world/1152
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    CHINA SAYS "NO DOLLARS" FOR NEW YUAN Empty Re: CHINA SAYS "NO DOLLARS" FOR NEW YUAN

    Post by Proven Wed 13 Apr 2016, 4:33 pm

    China plans to launch yuan-denominated gold fix on April 19 – sources



     25  600  881 Google+6
    Feb 25, 2016 - 12:56 PM GMT
    by Meimei Qin  
    (Updated to include background on banks that may participate in the yuan-denominated fixing)

    London 25/02/2016 – China plans to launch its new yuan-denominated gold pricing fix on April 19 this year, sources familiar with the matter said on Thursday.

    The launch date has been officially settled and draft trading rules have been sent out to those banks that will be involved in the Shanghai fixing, FastMarkets understands.

    The banks that will participate in the planned launch are predominently Chinese but FastMarkets understands that foreign banks could also be involved, according to sources.

    It is likely that the 10 banks that are official market makers in the system set up by the SGE in January to facilitate interbank gold trading will participate in the yuan-denominated fixing, one source said.

    Most Chinese banks in the list of  ‘official’ market makers probably will be involved in the fix, the source noted, alongside one foreign bank.

    The 10 ‘official’ market makers are ICBC, Agricultural Bank of China, Bank of China, China Construction Bank, Bank of Communications, China CITIC Bank, China Merchants Bank, Industrial Bank Co, Bank of Ningbo and ANZ (China).

    The SGE is looking to bring more foreign banks on broad, a well-informed source said.

    The new benchmark will be run through the state-owned Shanghai Gold Exchange (SGE), the world’s largest physical gold exchange.

    The SGE declined to comment.

    - See more at: http://www.bulliondesk.com/gold-news/update-china-plans-to-launch-yuan-denominated-gold-fix-april-19-sources-109581/#sthash.Z89whyhA.dpuf
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    Post by Proven Wed 13 Apr 2016, 5:00 pm

    Written in 2013 and happening now!

    Prepare for a new gold standard

    Thanong Khanthong
    thanong@nationgroup.com August 9, 2013 12:00 am


    CHINA SAYS "NO DOLLARS" FOR NEW YUAN 30212197-01_big

    China continues to hoard gold en masse. In June, China imported 104.6 tonnes from Hong Kong. That would bring China's gold imports from Hong Kong to 1,160 tonnes since the beginning of this year. Officially, China reports its total gold holdings at around 1,000 tonnes. Yet speculation is widespread that it could be holding somewhere between 7,000 to 10,000 tonnes, surpassing the United States' 8,113 tonnes. China is apparently preparing to adopt an impending gold standard.

    Yao Yudong, a member of the People's Bank of China's Monetary Policy Committee, recently penned an article in the China Securities Journal, in which he called for a new Bretton Woods system. This would help stabilise the global exchange rates. By implication, he is calling for a return to the gold standard.

    Under the old Bretton Woods system, the US dollar was the global reserve currency, fixed to gold at US$35 per ounce. This is known as the gold standard system, based on which paper currencies were issued. But President Richard Nixon ended this gold standard in 1971 by floating the US dollar outright.

    By doing so, the world moved into the fiat currency system - or paper money system. Ever since, the dollar has been printed out of thin air. But the US has also been able to guard the dollar as the world reserve currency. This fiat currency system has given rise to huge debts, an expansion of the banking system and financial markets, and has become the mother of all volatility.

    Now China is attempting to challenge this fiat currency system. It is no secret that China would like to float the yuan to become an international reserve currency. But China will not bank on the fiat currency system to do so. It is now pegging its yuan to the US dollar tightly. When the timing is right, China will de-link the yuan from the US dollar and fix it to gold instead. This will have far-reaching implications for the global financial system, creating further dislocations and crisis on a global scale.



    Also, China has been entering currency swap contracts with other countries to bypass the US dollar. It has currency swap agreements with Brazil, Russia, Iran, Australia and the UK, to name a few. This scheme is developing fast to supplant the dollar with the yuan.

    So it is not a surprise that China is building up its gold reserves in preparation for a big bang revolution of the global financial system.

    Even with the strong demand for gold from China, Russia and India, gold prices have continued to be hammered down. Gold prices peaked at almost $1,900 per ounce in September 2011. Now, gold prices are struggling to keep to the $1,300 level. Many commentators, from Mexican billionaire Hugo Salinas Price to former US assistant secretary for the Treasury, Paul Craig Roberts, believe that the gold price squeeze is the work of central planners, who would like to protect the value of the dollar.

    We are now seeing a battle in the gold market, which reflects a broader currency war. The central planners are holding down the gold prices, while China, Russia, India and other central banks and funds are accumulating physical gold in preparation for a big change. This seesaw battle will continue until the great unravelling.

    Interest rates are on a rise. If the US Federal Reserve fails to get control over the bond market, we are going to witness a crisis. Then gold will shine again as China and other countries move to adopt a gold standard to replace the fiat currency system. By that time, history will have been rewritten.

    http://www.nationmultimedia.com/opinion/Prepare-for-a-new-gold-standard-30212197.html
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    • Post n°4

    CHINA SAYS "NO DOLLARS" FOR NEW YUAN Empty Re: CHINA SAYS "NO DOLLARS" FOR NEW YUAN

    Post by Proven Wed 13 Apr 2016, 5:27 pm

    The great pivot on gold!

    Shanghai Gold Exchange moves a step closer to internationalising the Chinese gold market

    Friday, January 16th, 2015

    Regular readers will know that we’ve been banging the drum about the move of physical gold from West to East for some time now.

    Now we get yet more news that seems to confirm that the East will come to dominate the global gold trade in the years ahead.
    The World Gold Council have singed a ‘Memorandum of Understanding’ regarding a ‘Comprehensive Strategic Cooperation Agreement’ with the Shanghai Gold Exchange. From the press release:
    Today, the Shanghai Gold Exchange and the World Gold Council, the market development organisation for the gold industry, signed a ‘Memorandum of Understanding’ regarding a ‘Comprehensive Strategic Cooperation Agreement.’
    So just what is the Shanghai Gold Exchange?
    The Shanghai Gold Exchange is the largest physical gold exchange worldwide and the World Gold Council is the global authority on the gold industry.
    And just what is their aim?
    Together, these two organisations are joining hands to support the development of both domestic and international gold trading in China by leveraging the opportunity provided by the internationalisation of the Chinese gold market, through the Shanghai Free Trade Zone, to support market expansion. The agreement will support the development of gold investment products and solutions for the industry and investors both regionally and globally.
    Yup, the SGE has it eyes set on the ‘internationalisation’ of the Chines gold market. This is important because it’s another move to strengthen and ‘internationalise’ the Yuan – something that it must do if it is to ever knock the dollar off it’s ‘world reserve’ perch.
    This dates back to an announcement from September 18th last year:
    On September 18, 2014, the International Board was officially initiated by the Shanghai Gold Exchange beginning the process of internationalising the Chinese gold market. The International Board allows international investors to use RMB to trade in precious metals and to use physical gold services such as storage, trusteeship, delivery, leasing and transit. By making these changes, the International Board is enabling greater interaction between China and the global gold markets.
    The chairman of the Shanghai Gold Exchange, Xu Luode, has some pretty big plans for the exchange – nothing short of a ‘new global market structure in the gold industry’:
    “The launch of the International Board of the Shanghai Gold Exchange marks a significant transformation, not merely by further integrating with the global market, but also by laying a solid foundation to establish a new global market structure in the gold industry.
    Watch this space in the coming months, but this it big development in the world gold order – a move that shouldn’t surprise anyone, after all the Chinese are not only the biggest suppliers of gold on the planet they are also the number 1 buyers of gold – yes, even more than India.

    http://www.goldmadesimplenews.com/gold/shanghai-gold-exchange-moves-a-step-closer-to-internationalising-the-chinese-gold-market-12800/
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    • Post n°5

    CHINA SAYS "NO DOLLARS" FOR NEW YUAN Empty Re: CHINA SAYS "NO DOLLARS" FOR NEW YUAN

    Post by Neno Wed 13 Apr 2016, 5:55 pm

    Oh well, it's either over or just beginning.
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    • Post n°6

    CHINA SAYS "NO DOLLARS" FOR NEW YUAN Empty Re: CHINA SAYS "NO DOLLARS" FOR NEW YUAN

    Post by Proven Wed 13 Apr 2016, 6:33 pm

    Neno wrote:Oh well, it's either over or just beginning.

    Just beginning.  

    The SGE will require physical gold delivery to settle these contracts, not cash settlement.  True price discovery. 

    It also creates demand for yuan, because it is convertible into gold, thus it is gold backed! 

    If a banking crisis causes a nation to print money, it will devalue against gold.  A reset so to speak. 

    This includes the dollar.  The great pivot.

    The idea is gold has a constant value, each currency fluctuates against it.
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