EURUSD - Trends, Forecasts and Implications (Part 3) - page 530

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margaret:

Here's another thing... there was a news show last night, but I didn't see all of it... I turned it on at the end... They showed Chinese people with banners... and the last words of the commentator: the Chinese demand that the US dollar should cease to be a reserve currency...

I'm looking now and there's nothing about it...


Let them demand it. As they get older in their capabilities, they will stop demanding and abolish .... reserve currency.... I don't think it will happen any time soon....)))))

 
margaret:

Here's another thing... there was a news show last night, but I didn't see all of it... I turned it on at the end... They showed Chinese people with banners... and the last words of the commentator: the Chinese demand that the US dollar should cease to be a reserve currency...

Now I'm looking and there's nothing about it...


from MT5 someone wrote about it...
 

There may be a decent tail in the news

 
ZetM:


Let them demand it. When they grow in capacity, they will stop demanding and abolish .... reserve currency.... I don't think that's going to happen anytime soon....)))))

It could happen here.


 
margaret:

Here's another thing... there was a news show last night, but I didn't see all of it... I turned it on at the end... They showed Chinese people with banners... and the last words of the commentator: the Chinese demand that the US dollar should cease to be a reserve currency...

Now I'm looking and there's nothing about it...

This could have been chanted by anti-globalists. But at the meeting of 20 Chinese representatives said they did not want their yuan to be the new world reserve currency. Sarkozy urged China to use their currency more vigorously and thus make the yuan one of the world's major currencies. China has 65% of its reserves in dollars and they don't benefit from a cheap dollar.
 
margaret:

Here's another thing... there was a news show last night, but I didn't see all of it... I turned it on at the end... There were Chinese people with banners... and the last words of the commentator: the Chinese demand that the US dollar should cease to be a reserve currency...

Now I'm looking and there's nothing about it...

http://news.finance.ua/ru/~/1/0/all/2011/04/01/233408
 
margaret:

Here's another thing... there was a news show last night, but I didn't see all of it... I turned it on at the end... They showed Chinese people with banners... and the last words of the commentator: the Chinese demand that the US dollar should cease to be a reserve currency...

Now I'm looking and there's nothing about it...

I've already written about China's ambition to make the yuan the world's main reserve and payment currency, instead of the quid.
 
Temnyj:
I have written before about China's ambition to make the renminbi the world's main reserve and settlement currency, instead of the dollar.
At a summit in Nanjing, China, the finance ministers and central bank governors of the twenty most developed and emerging industrial nations agreed to consider adding the Chinese yuan to a basket of currencies that would constitute the International Monetary Fund's artificial reserve and payment vehicle, called SDR (Special Drawing Rights). The move was initiated by French President Nicolas Sarkozy. He was supported in his comments by US Treasury Secretary Timothy Geithner. The decision was intended to push the Chinese authorities to loosen control over its national currency.

"Isn't it time to agree to expand the SDR basket and add new emerging market currencies such as the yuan to it. We must support the inevitable internationalisation of the world's major currencies," Nicolas Sarkozy said in his comments. The introduction of the Chinese renminbi into the SDR currency basket means recognition of the country's economic strength. However, it certainly entails an appreciation of the renminbi. Currently, the SDR basket includes currencies such as the U.S. dollar, the euro, the pound sterling and the yen.

Since 2005, official Beijing has gradually loosened control over its national currency. However, a number of countries, led by the US, believe that the renminbi's pace of strengthening is insufficient. Creating artificial weakness in its national currency gives an unfair advantage to Chinese exporters. "Asymmetry in exchange rate policy creates many problems. The risk of inflation in emerging economies with an undervalued currency is increasing." - Timothy Geithner noted in his remarks.

Including the yuan in the SDR basket could be a major political victory for Nicolas Sarkozy, but many experts strongly doubt the reality of the idea.
 
voinG:
This could have been chanted by anti-globalisation activists. But at the meeting of 20 Chinese representatives said that they did not want their yuan to be the new world reserve currency. Sarkozy urged China to use their currency more vigorously and thus make the yuan one of the world's major currencies. China has 65% of its reserves in dollars and they don't benefit from a cheap dollar.

All right....)))) The only problem is that the US has a machine that can print dollars and turn 65% into 0.65% .....)))) Here's the thing....))))
 
Temnyj:
I have already written about China's ambition to make the yuan the world's main reserve and payment currency, instead of the dollar.
It's not about ambition...it's about the Chinese people coming out en masse to abolish the US dollar as a reserve currency...
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