China's YUAN Goes Global: Replaces US Dollar as Reserve?

www.rt.com...

China launches global yuan payment system

China is about the oldest civilization and does not interfere or loot bomb other nations into oblivion. Then use the wealth for "progress of citizens". Progress is relative. What is the cost of progress? Fact is USA is all over the world bombing looting and piling up dead bodies by the millions. The present European refugee crisis is a direct result of USA "democracy" spread in Libya, Iraq, Syria etc.China has a much better human rights record contrary to western propaganda - which goes against all available statistics.

Is it going to be devastating to US? Right now, the dollar is like at a 3 year high... but its propped up based on 'speculation' and could burst again like 2008.. Maybe chinese yuan is more transparent?

a reply to: eugenic

My limited understanding is that the Yuan is no better than the dollar. Who do you think bought up all the US debt? When the Dollar falls the Yuan will come with it.

Might be good for the dollar to be low..the debt would be less...the money paid to China would also be less.

Trade you some paper with ink on it for that horse.
Throw in a couple cans of beans and we have a deal.

This will have zero effect on the dollar. Their are 9 reserve currencies and all of them are more stable than what the Chinese have to offer. It will be along time before Chine even gets in Euro league much less the US which is at 87%. Not to mention China protects the Dollar because it props up it reserves and is needed for its trade.

a reply to: eugenic
Given the current trend of the Chinese economy you would have to be madder than the proverbial hatter to use the Yuan as a reserve currency.

PS.
Or George Osbourne........

sure,sure and remember when Gaddafi was going to float his gold Dinar i remember the same words being spoken, blah blah blah wont effect anything, we are the best, america rocks , think in entish. and what happened we watched NATO swoop in train up the terrorists bomb the place to the ground and had the pleasure of seeing Gaddafi get bayoneted in the ass.
so i think this time i will just hold back a little and wait to see what happens.

The Chinese Yuan became the fourth highest traded currency this week, ousting the Japanese yen.

the Chinese money unit will not get into the IMF world reserve basket of currencies until September 2016... this news was known for quite awhile now.

but other factors might/should weaken the USD strength in the interim

the world is watching as the USA is embarrassed in Syria, as the USA financial system is blatantly corrupt, the Metals futures are corrupt (as was the rigged LIBOR)...confidence in the USA & the USD is fast evaporating,,, the global community is thinking out with the old - in with the new












on a side note, I will be increasing my buying of gold miner stocks (in a mutual fund) by 50%....up until they get too pricy because of the panic buyers out there..... remember the date 10-10-2015 as the day you too could have jumped on the gravy train too

Does China manufacture anything the world needs? Adding value to the Yuan is only going to hurt China.

There is something most dont realize. the dollar is backed up by our selves even if the rest of the world drops it the U S can simply go back to isolationism and be fine itself. OR sell our oil off.

originally posted by: onthedownlow
Does China manufacture anything the world needs? Adding value to the Yuan is only going to hurt China.

China exports 141 billion worth of products to the USA. I guess WE need it.

But here's a chart of the world export industry to give you a better picture of just how much China supplies the world:

Rank___ Country_________EXPORTS

1______ China________ $2,252,000,000,000
2_____ European Union _$2,173,000,000,000
3_____ United States___ $1,610,000,000,000
4_____ Germany______ $1,547,000,000,000

www.google.com...=how+much+does+China+export+to+the+world

I heard that china will also stop putting any reference on their silver and gold pandas to the purity of the gold or silver.
And, I also heard that the US is the top buyer for these coins...so well, I find myself wondering what is up with that? there's plenty of fake pandas being sold, and well one way to tell if it's good or a fake is that mark on them stating the purity. are they trying to keep their gold from flying out of the country like it has been, or well, just hoping that it will make the fakes not so easy to be identified??

a reply to: StoutBroux

China manufactures cheap labor. As the value of the Yaun increases, so will the cost of labor. China would be foolish to think that cheap labor was a Chinese specific commodity.