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


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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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    Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies

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    • Post n°1

    Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies Empty Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies

    Post by Proven Sat 16 Apr 2016, 8:22 pm

    The new world reserve currency has arrived.  Now implement the crisis to get everyone off the old one.

    Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies

       2016-04-17 06:16:38    Xinhua      Web Editor: Li Cong

    Chinese central bank governor Zhou Xiaochuan on Saturday called for broadening the use of the International Monetary Fund (IMF)'s basket of reserve currencies to advance the reform of the International Monetary System (IMS).

    "The IMS has inherent deficiencies and faces new challenges from globalization, financial innovation, and volatility in capital flows," Zhou said in a statement for the meeting of the International Monetary and Financial Committee (IMFC), the IMF's policy setting committee, on the sidelines of the spring meetings of the IMF and the World Bank.

    "The SDR has the potential to resolve the existing deficiencies in the IMS," Zhou said, referring to the Special Drawing Right, an international reserve asset created by the IMF in 1969.

    The value of the SDR is currently based on a basket of four major reserve currencies: the U.S. dollar, euro, the Japanese yen, and British pound. The IMF decided last year to include the RMB in its SDR basket as the fifth currency, effective October 1, 2016.

    "We can start now to gradually broaden the use of the SDR, including using it as a reporting currency in parallel with the USD and exploring issuance of SDR-denominated assets," Zhou said, adding that China has released foreign exchange reserve data denominated in the SDR in addition to the U.S. dollar starting from this month.

    Zhou said China will also explore issuing SDR-denominated bonds in the domestic market and look forward to the IMF's further analysis on strengthening the role of SDR this year.

    "We support the examination of the possible broader use of the SDR," the IMFC said Saturday in a communique after the meeting of the 24-member committee.

    "The IMF will discuss the case for a general allocation of SDRs and the reporting of official reserves in SDR," the communique said.

    http://english.cri.cn/12394/2016/04/17/2201s924481.htm
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    • Post n°2

    Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies Empty Re: Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies

    Post by Neno Sun 17 Apr 2016, 12:20 am

    I don't think many people understand this scenario happening. I'm trying as I use to read a lot from JC Collins. The SDR seems to play into the future of some sort of plans.
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    • Post n°3

    Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies Empty Re: Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies

    Post by Proven Sun 17 Apr 2016, 10:22 am

    Neno wrote:I don't think many people understand this scenario happening. I'm trying as I use to read a lot from JC Collins. The SDR seems to play into the future of some sort of plans.

    Yes, plans are now public.  

    Notice how the Chinese are embracing the SDR(s).  "Resolve the existing deficiencies in International Monetary System."  The biggest deficiency to them is having the US dollar as the reserve currency.  

    SDR(s) solves this problem for them.  

    People need to wake up!  
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    • Post n°4

    Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies Empty Re: Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies

    Post by Neno Sun 17 Apr 2016, 3:20 pm

    Well, those dollar reserves could be dumped on cheap oil. China depends heavily on foreign oil.
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    • Post n°5

    Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies Empty Re: Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies

    Post by Proven Sun 17 Apr 2016, 3:24 pm

    Neno wrote:Well, those dollar reserves could be dumped on cheap oil. China depends heavily on foreign oil.

    The Chinese are converting them to SDR(s).  If the Fed does another QE (prints money), it will not decrease the value of their holdings like it did before.
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    • Post n°6

    Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies Empty Re: Chinese Central Bank Calls for Broadening Use of IMF's Basket of Reserve Currencies

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