Friday, April 28, 2017

Tag: Yuan

China’s Army of Global Homebuyers Is Suddenly Short on Cash

China's escalating crackdown on capital outflows is sending shudders through property markets around the world. In London, Chinese citizens who clamored to purchase flats at the city’s tallest apartment tower three months ago are now struggling to transfer their down payments. In Silicon Valley, Keller Williams Realty says inquiries from...

China’s Xi Jinping At Davos, World’s Most Powerful Beggar

Xi Jinping will address the World Economic Forum on Tuesday in Davos, the first time a Chinese leader has done so. Chinese state media tells us he will speak strongly in favor of globalization. That message will be difficult to accept, however, as his country is closing off its market,...

China Reserves Hover Above $3 Trillion on Government Support

China's foreign currency holdings remained above $3 trillion in December even as the yuan capped its steepest annual decline in more than two decades. Reserves fell $41.08 billion to $3.01 trillion, the People’s Bank of China said in a statement Saturday. That matched a $3.01 trillion estimate in a Bloomberg survey...

China Considers Options to Back Yuan, Curb Outflows

China has studied possible scenarios for the yuan and capital outflows this year and is preparing contingency plans, according to people familiar with the matter. The offshore yuan surged the most in a year. The authorities have used stress tests, models and field research, said the people who asked not...

James Rickards: The Petro Dollar Is Dead, Dollar Devaluation, Pensions Lost, World Currency

James Rickards is the Editor of Strategic Intelligence, a financial newsletter, and Director of The James Rickards Project, an inquiry into the complex dynamics of geopolitics + global capital. He is the author of The New Case for Gold (April 2016), and two New York Times best sellers, The...

IMF Officially Gives China A Seat at the Adult Table of World Economies

China has the world’s second-largest economy, but its currency, the renminbi, has long been kept out of the International Monetary Fund’s elite club of the world’s strongest national tenders. That changed this weekend. After years of liberalization reforms, the IMF announced Saturday the renminbi would join the bank’s group of...

What China’s SDR Bond Issue Really Means

This is the first step toward one world currency. They promised, they delivered. The World Bank will issue a $2.8 billion SDR bond, or Special Drawing Rights bond, in China in August. Separately, the China Development Bank will also issue between $300 million and $800 million of SDR notes. China, the...

SDR bonds are China’s next step to take yuan global

SHANGHAI -- With the yuan set to enter the Special Drawing Rights currency basket in October, China looks to create a market for SDR-denominated bonds as a step toward internationalizing the country's currency. The government-linked China Development Bank as early as this month will issue $300 million to $800 million...

China to stick to stable yuan against currency basket, says central bank chief

Zhou Xiaochuan underscores Beijing’s ongoing commitment to keeping currency's value steady. The value of the yuan would remain stable against a basket of currencies, central bank chief Zhou Xiaochuan said on Sunday on the sidelines of the G20 meeting of finance ministers and central bankers in Chengdu. Speaking to the South...

How China’s Currency Manipulation Enhances the Global Role of the U.S. Dollar

But it's not quite that simple. In fact, Beijing benefits from the dollar’s dominance. On April 16, Zhou Xiaochuan, the governor of China’s central bank, the People’s Bank of China, once again set off alarm bells during a speech at the International Monetary Fund (IMF). “Starting from this April,” he...

China Bank Bailout Calls Grow Louder as Markets Seen Vulnerable

Predictions of a Chinese banking system bailout are going mainstream. What was once the fringe view of permabears and short sellers is now increasingly being adopted by economists at some of the world’s biggest banks and brokerages. Nine of 15 respondents in a Bloomberg survey at the end of last month,...

Asia markets capitulate as UK votes to leave European Union

Asian stocks cratered, gold prices surged and the dollar briefly plunged below 100 against the yen on Friday as financial markets were rocked by results from the UK referendum on European Union (EU) membership that pointed to a Brexit. The UK voted to leave the EU, a dramatic turn that...

Potential U.S. Consequences of China’s Capital Account Liberalization

In recent years, the United States has had positive net international income (e.g., stock dividends and bond coupon payments) despite being a net debtor to China. China, however, has had negative net income, despite being a lender to the United States. Recent policy changes in China could end this...

U.S. to Press China to Curb Industrial Output

BEIJING — The Obama administration plans to use annual talks with leaders in Beijing to push for cuts in excess Chinese industrial output, which has inundated foreign markets with discounted steel, aluminum and other products, Treasury Secretary Jacob J. Lew said in Beijing on Sunday ahead of the meeting. The...

Five Signs of China’s Growing Influence in the World Gold Market

As we’ve been reporting for months, China is quietly becoming a dominant player in the world gold market, as the yellow metal shifts from the West to the East. Now the mainstream media is starting to take notice. Not only is China the top consumer of gold in the world,...

China’s yuan fixing by PBOC jumps most since 2005

China's central bank guided the yuan higher at the sharpest pace since 2005 on Friday in a move analysts attributed to the dollar's weakness against major currencies. The central bank, the People's Bank of China (PBOC), set the midpoint of the yuan trading band against the dollar at 6.4589, down...

The Collapse of the Western Fiat Monetary System may have Begun. China, Russia and...

On 19 April 2016, China was rolling out its new gold-backed yuan. Russia’s ruble has been fully supported by gold for the last couple of years. Nobody in the western media talks about it. Why would they? – A western reader may start wondering why he is constantly stressed...

China’s New Gold Fix First Step In Moving The Price Of Gold To $10,000...

Today one of the top money managers in the world told King World News that China's new gold fix is the first step in moving the price of gold to $10,000 – $20,000. China Introduces Its Own Gold Fix Stephen Leeb: “What China has essentially done today is introduced their own...

It’s All Suddenly Going Wrong in China’s $3 Trillion Bond Market

The unprecedented boom in China's $3 trillion corporate bond market is starting to unravel. Spooked by a fresh wave of defaults at state-owned enterprises, investors in China's yuan-denominated company notes have driven up yields for nine of the past 10 days and triggered the biggest selloff in onshore junk debt...

China’s obsession with IMF’s accounting unit and forging new global financial order reaches new...

Beijing is reviving efforts to broaden use of Special Drawing Rights to achieve longstanding strategic aim of dethroning US dollar in international monetary system. It is just one line in a foreign exchange document, but it signals a renewed seriousness. Last week, China's central bank started publishing the nation’s foreign exchange...

China SDR announcement enshrines move away from its dollar focus

China pushes a multicurrency reserve system at heart of the world’s financial order. China's utterances over the years on the International Monetary Fund's special drawing rights confirm the Beijing authorities’ reputation for long-term thinking as well their ability to create riddles on what the goals actually are. The mystery is starting...

Chinese Central Bank Vows to Expand Use of IMF Reserve Currencies

The Chinese yuan was included in the IMF's elite basket of reserve currencies last year. BEIJING—China’s central bank Governor Zhou Xiaochuan said the government will make efforts to expand the use of the International Monetary Fund’s basket of reserve currencies in its domestic economy. Mr. Zhou said China will use both...

China’s yuan set for biggest quarterly gain since Sept 2014

SHANGHAI: China's yuan is poised for its biggest quarterly gain since September 2014, underpinned by firmer central bank guidance as the country's financial markets continue to stabilise and the dollar loses momentum. Federal Reserve Chair Janet Yellen's cautious view on U.S. rate hikes this week, which dampened views of other...

Chinese Stocks in Hong Kong Enter Bull Market; Shanghai Rebounds

China’s Shanghai Composite Index capped its steepest monthly advance in almost a year, while a gauge of Chinese companies trading in Hong Kong entered a bull market amid signs the nation’s economy and currency are stabilizing. The Shanghai Composite rebounded 12 percent in March, led by consumer and technology companies....

James Rickards: You Are Going to See World Money

Why a reform of the financial system is inevitable, with or without crisis. An introduction to lawyer, portfolio manager, government adviser, lecturer, and author James Rickards could easily be five pages long. Sifting through his CV, it’s easier to pick the things he doesn’t do rather than listing all the...

Too Big to Sanction

How the internationalization of China’s currency hurts Washington’s ability to punish human rights violators. In November 2015, when the International Monetary Fund announced it was adding China’s currency, the renminbi (RMB), to its basket of four reserve currencies known as Special Drawing Rights (SDR), the fund’s managing director, Christine Lagarde,...

China’s yuan hits 2016 high on strong fixing, global US dollar weakness

SHANGHAI (REUTERS) - China's onshore yuan on Friday (March 11) hit its strongest level against the US dollar in 2016, buoyed by the central bank's firmest midpoint this year and the greenback's slide after the European Central Bank suggested it was done cutting rates for now. Offshore yuan strengthened 0.3...

Dollar falls for second week as central banks spur risk appetite

The dollar rose against a basket of currencies on Friday, bolstered by an increased appetite for riskier assets following unexpected action from the European and Chinese central banks. Despite Friday's gains, the dollar index still moved lower for the second straight week with most of the losses coming after Thursday's...

Yuan Soars Most In A Month Ahead Of National People’s Congress

With all western eyes firmly focused on US payrolls tomorrow, China is preparing for the biggest leadership gathering of the year this weekend. Offshore Yuan (USDCNH) is soaring (up over 5 handles in the last 24 hours) ahead of The National People's Congress as PBOC Deputy Governor hinted at...

China rules out weakening yuan to boost trade

SHANGHAI - China's central bank chief promised Friday to avoid weakening its yuan to boost sagging exports as he tried to reassure nervous financial markets about his government's handling of its economy and currency at the start of a closely watched gathering of global finance officials. Beijing wanted to use...

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