Tag Archives: renminbi

Business/Economics

To Destroy U.S. Dollar: Yet another U.S. ‘ally’ abandons U.S. dollar for Chinese Yuan! China blames USD for bad economy!

01 December 2014 (12:38 UTC-07 Tango)/08 Safar 1436/10 Azar 1393/11 Bing-Zi 4712

“If the won-yuan market matures, transaction costs for the two currencies will fall and the bilateral trade will rise, contributing to economic growth for both countries.”-Lee Ju-yeol, Bank of Korea

An east Asian ally of the United States, Korea (south), has stopped using the U.S. dollar for international trade deals!  At least when it comes to buying products from China.

The Bank of Korea has begun officially trading in Chinese yuan (aka renminbi), and admitted it was to get away from the U.S. dollar!  The Republic of Korea’s won to People’s Republic of China’s yuan trading system was test run last week.

The Bank of Korea has approved 12 smaller Korean banks to directly trade won for yuan.

Chinese administrators said that under the old U.S. dollar (USD) system converting from one local currency to the USD then back to another local currency actually doubled the cost of the products purchased.  In other words, the USD is a main reason why the World economy sucks!

Anybody notice the main streamer U.S. news media rarely (if ever) talks about the World’s rejection of the U.S. dollar?

Germany & Russia fully embrace Chinese Yuan!

Business/Economics, International, U.S.

Global Economic War: Chinese Yuan could replace the U.S. Dollar within 10 years

“Chinese financial authorities are laying the groundwork for these ambitions via a series of bilateral arrangements with foreign companies and financial centers. While dollar denominated financial markets retain a substantial advantage over their RMB denominated counterparts in terms of new issuances, the RMB markets have made remarkable progress in less than one year.”-U.S.-China Economic and Security Review Commission

RMB; aka renminbi, aka yuan.

“Chinese economic dominance is more imminent and more broad-based, encompassing output, trade and currency, than is currently recognized. By 2030, this dominance could resemble that of the United States in the 1970s and the United Kingdom around 1870.  And this economic dominance will in turn elevate the renminbi to premier reserve currency status much sooner than currently expected.”-Arvind Subramanian, economist