Silver as an investment

Category Archives: Renminbi

2018: The Year Central Banks Begin Buying Cryptocurrency

Authored by Eugene Etsebeth via CoinDesk.com, Behind closed doors, G7 central banks are sluggish traders that buy and sell the same foreign currencies, marketable securities, special drawing rights (SDR) and gold day in and day out. Central bank traders follow the investment policy enforced by the executive committees with specific asset allocation targets. In order […]

China Busts Gang That Smuggled $3 Billion Out Of The Country

China’s crackdown on capital outflows has been a boon for organized crime in the region, with Chinese triad gangs and even Japanese Yakuza organizations partaking in the smuggling bonanza. Over the summer, we reported on a case of Yakuza gangsters teaming up with wealthy Chinese to smuggle thousands of tons of gold out of the […]

Kyle Bass Warns: Xi Has “Built The Chinese Economy On A Foundation Of Sand”

Earlier this week, Chinese leader Xi Jinping became the third ruler in the communist country’s history to have his named enshrined in its constitution – and the first to receive this honor while still alive. But as China celebrates its most popular, and most powerful, leader since at least Deng Xiaoping, Kyle Bass, hedge fund […]

Traders Paralyzed, Markets Flat Ahead Of Today’s Main Event: The ECB’s Taper Announcement

US equity futures and Asian shares are flat this morning with European shares treading water ahead of the ECB’s policy meeting in which it’s expected to announce a tapering to its €60bn in monthly QE. On this busiest day of Q3 earnings season, companies set to report earnings include Alphabet, Microsoft, Amazon and Intel, while […]

“It’s A Huge Story”: China Launching “Petroyuan” In Two Months

As a reminder, nothing lasts forever… The World Bank's former chief economist wants to replace the US dollar with a single global super-currency, saying it will create a more stable global financial system. "The dominance of the greenback is the root cause of global financial and economic crises," Justin Yifu Lin told Bruegel, a Brussels-based […]

The Next Generation Of Currency Wars: Private Vs State-backed Crypto

Authored by Tho Bishop via The Mises Institute, Recently Russia announced that it will be unleashing a CryptoRuble, just a week after Vladimir Putin strongly criticized Bitcoin and other private cryptocurrencies.  When announcing the move, Minister of Communications Nikolay Nikiforov acknowledged that it was in part inspired by the aim of getting ahead of other governments: I confidently […]

Chinese Capital Outflows Return As Soon As PBOC Halts FX Intervention

Since the addition of the Chinese renminbi (RMB), i.e. Yuan, to the IMF’s SDR basket of reserve currencies last October, more than 60 countries and regions have added and adopted the renminbi as a new reserve currency, according to the latest report on renminbi internationalization by the People’s Bank of China. As a reminder, one […]

The Gold-Backed-Oil-Yuan Futures Contract Myth

On September 1, 2017, the Nikkei Asian Review published an article titled, “China sees new world order with oil benchmark backed by gold”, written by Damon Evans. Just below the headline in the introduction it states, “China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in […]

Rickards Warns “Prepare For A Chinese Maxi-Devaluation”

Authored by James Rickards via The Daily Reckoning, China is a relatively open economy; therefore it is subject to the impossible trinity. China has also been attempting to do the impossible in recent years with predictable results. Beginning in 2008 China pegged its exchange rate to the U.S. dollar. China also had an open capital […]

China Launches Yuan-Ruble Payment System

The monetary regimes of China and Russia, two of the world’s most resource-rich nations, are drawing closer with every passing day. In the latest push for convergence, China has established a payment versus payment (PVP) system for Chinese yuan and Russian ruble transactions in a move to reduce risks and improve the efficiency of its […]