Socio-Economics History Blog

Socio-Economics History Blog

Cross Border Yuan Loans – "Before it(Yuan) Becomes a Global RESERVE Currency"!

by mosesman

[youtube=http://www.youtube.com/watch?v=P02vjiEZyUs]

  • Chinese News Article: Crossborder Yuan Loans – “Before it becomes a Global RESERVE Currency.”! 
    by http://sherriequestioningall.blogspot.com/ 
    It is the first time I am seeing the words from China that comes right out and says what the plans for the Yuan is.
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    The first batch of cross-border yuan loans agreements were signed on Monday after the central government approved the Qianhai area in Shenzhen to test a freer yuan before it becomes a global reserve currency.
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    As the loans come from HongKong, the move is a test of further capital accounts opening by allowing offshore funds to be transferred to the mainland.
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    Previously, offshore yuan could flow back to the mainland only through yuan-denominated trade and renminbi qualified foreign institutional investors. He added that the yuan is marching gradually and steadily toward becoming a global currency,and he expects more breakthroughs on that front this year.
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    They have never said “Global Reserve Currency” before.  They have said “Convertible currency” and other words.
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    China has actually imported more gold and silver than they admit to.  They imported an estimated 1000 tons of gold over the last few years but experts believe it was much more than that.   They have also been importing silver in major quantities that are not being revealed.  I read a story the other day about someone in China trying to buy silver and gold bullion but the place was nuts with crowds all trying to buy the gold and silver the dealer had just gotten.
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    Kingworld News has an article about China being a gold backed currency.
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    Jim Willie did an interview last week and he mentioned that China was going to take it slow and not be totally overt in becoming the Global currency because they don’t want the U.S. to start a war for some made up reason against china.
    Mining.com has the rumor China plans on importing 5000 to 6000 tons of gold this year (article from 2012).
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    unconfirmed speculation” that China – the world’s number one producer and second-placed consumer (at the moment) – is gearing up to buy up to at least 5,000 to 6,000 tonnes starting before the end of the year.
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    read more!

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