This is why the US has been trying to pass the Trans Pacific Partnership(NAFTA for just about every asian country....except China.)
China Begins To Reset The World’s Reserve Currency System
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No need to wonder, you know whats going to happen??? Welcome to the new world!!
Saddam and Gaddafi died trying to do this.September 1, 2017 8:56 pm JST
China sees new world order with oil benchmark backed by gold
Yuan-denominated contract will let exporters circumvent US dollar
DAMON EVANS, Contributing writer
Yuan-denominated gold futures have been traded on the Shanghai Gold Exchange since April 2016 as part of the country's effort to reduce the pricing power of the U.S. dollar. © Imaginechina/AP Images
DENPASAR, Indonesia -- China is expected shortly to launch a crude oil futures contract priced in yuan and convertible into gold in what analysts say could be a game-changer for the industry.
The contract could become the most important Asia-based crude oil benchmark, given that China is the world's biggest oil importer. Crude oil is usually priced in relation to Brent or West Texas Intermediate futures, both denominated in U.S. dollars.
China's move will allow exporters such as Russia and Iran to circumvent U.S. sanctions by trading in yuan. To further entice trade, China says the yuan will be fully convertible into gold on exchanges in Shanghai and Hong Kong.
"The rules of the global oil game may begin to change enormously," said Luke Gromen, founder of U.S.-based macroeconomic research company FFTT.
The Shanghai International Energy Exchange has started to train potential users and is carrying out systems tests following substantial preparations in June and July. This will be China's first commodities futures contract open to foreign companies such as investment funds, trading houses and petroleum companies.
Most of China's crude imports, which averaged around 7.6 million barrels a day in 2016, are bought on long-term contracts between China's major oil companies and foreign national oil companies. Deals also take place between Chinese majors and independent Chinese refiners, and between foreign oil majors and global trading companies.
Alan Bannister, Asia director of S&P Global Platts, an energy information provider, said that the active involvement of Chinese independent refiners over the last few years "has created a more diverse marketplace of participants domestically in China, creating an environment in which a crude futures contract is more likely to succeed."
China has long wanted to reduce the dominance of the U.S. dollar in the commodities markets. Yuan-denominated gold futures have been traded on the Shanghai Gold Exchange since April 2016, and the exchange is planning to launch the product in Budapest later this year.
Yuan-denominated gold contracts were also launched in Hong Kong in July -- after two unsuccessful earlier attempts -- as China seeks to internationalize its currency. The contracts have been moderately successful.
The existence of yuan-backed oil and gold futures means that users will have the option of being paid in physical gold, said Alasdair Macleod, head of research at Goldmoney, a gold-based financial services company based in Toronto. "It is a mechanism which is likely to appeal to oil producers that prefer to avoid using dollars, and are not ready to accept that being paid in yuan for oil sales to China is a good idea either," Macleod said.
https://asia.nikkei.com/Markets/Commodities/China-sees-new-world-order-with-oil-benchmark-backed-by-gold?page=1
They tried it without permission is the difference. China families are pushing this, they run things, way higher up than govts.
Neither one of them were as powerful as China.
Ironically all china has is dick
They selectively aborted so many girls in favor of male children, they have a shortage of women
China on a warpath for cash this week. First they fuck up the Cryptomarket, then they flex with this.
Not really.Ironically all china has is dick
They selectively aborted so many girls in favor of male children, they have a shortage of women
Bruh, you gotta scream that reply!! So, kats can hear ya!! Ive been saying it for awhile, theres people/group that runs and controls everything!!
There are so many Chinese whores bruh this don't affect me.
I didn't see this shit in this mornings IBD, nor did I see it last few months.
They let the powers that be run things for a min, but Chinese think differently, while Rothschilds families looking at the last century, China focuses on dynasty type lengths. Hundreds of years and humanity as a whole. They actually care more about longevity of humanity.
You have been overlooking a lot of what's been going on and if you put together the pieces you'd follow the money and see. Along with that, how much is pushed down in the media and not broadcast mainstream because many don't care also. But it's happening. Do your due diligence. China has been on the path to become a world reserve currency and will be asset backed along with mostly all countries to follow.I didn't see this shit in this mornings IBD, nor did I see it last few months.
If you don't bring your country's gold and minerals forward as an asset then you'll be left behind. But too many countries have had this in the works for many years. This is not news to me, just been waiting for this to come, so maybe I see it differently.
Buy Bitcoin^^^ THIS!!
Also, could currency revaluation be remotely possible in this scenario as well? I know I know (just answer the question)
https://www.reuters.com/article/us-...-dollar-in-favor-of-yuan-others-idUSKCN1BJ06O
Venezuela's Maduro says will shun U.S. dollar in favor of yuan, others
Reuters Staff
(Reuters) - Venezuelan President Nicolas Maduro said on Thursday his cash-strapped country would seek to “free” itself from the U.S. dollar next week, using the weakest of two official foreign exchange regimes and a basket of currencies.
Maduro was refering to Venezuela’s “DICOM” official exchange rate in which the dollar buys 3,345 bolivars, according to the central bank.
At the strongest official rate, one dollar buys just 10 bolivars, but on the black market the dollar fetches 20,193 bolivars, a spread versus the official rate that economists say has fostered corruption.
A thousand dollars of local currency bought when Maduro came to power in 2013 would now be worth $1.20.
“Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,” Maduro said in an hours-long address to a new legislative superbody, without providing details of the new mechanism.
“If they pursue us with the dollar, we’ll use the Russian ruble, the yuan, yen, the Indian rupee, the euro,” Maduro said.
Venezuela's Maduro says will shun U.S. dollar in favor of yuan, others
Reuters Staff
(Reuters) - Venezuelan President Nicolas Maduro said on Thursday his cash-strapped country would seek to “free” itself from the U.S. dollar next week, using the weakest of two official foreign exchange regimes and a basket of currencies.
Maduro was refering to Venezuela’s “DICOM” official exchange rate in which the dollar buys 3,345 bolivars, according to the central bank.
At the strongest official rate, one dollar buys just 10 bolivars, but on the black market the dollar fetches 20,193 bolivars, a spread versus the official rate that economists say has fostered corruption.
A thousand dollars of local currency bought when Maduro came to power in 2013 would now be worth $1.20.
“Venezuela is going to implement a new system of international payments and will create a basket of currencies to free us from the dollar,” Maduro said in an hours-long address to a new legislative superbody, without providing details of the new mechanism.
“If they pursue us with the dollar, we’ll use the Russian ruble, the yuan, yen, the Indian rupee, the euro,” Maduro said.
BRICS In Talks To Create Own Cryptocurrency In Another Blow To US Dollar
The Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev has stated that the BRICS may opt to create their own cryptocurrency for the purposes of global commerce.
A cryptocurrency is a digitally based means of exchange wherein the value of said currency is not determined by a central-bank. Most cryptocurrencies can be converted into state-issued currencies (Dollars, Euros, Yuan, etc.) through various foreign exchange services.
Currently, one of the biggest issues facing crypocurrency development is the fact that they are not backed up by any central bank. However, many also see this apparent disadvantage as a possible opportunity, particularly where unilateral Dollar based sanctions are concerned.
While the US Dollar remains the most popular global trading and reserve currency, this is rapidly changing. A BRICS backed cryptocurrency may be both the proverbial ‘Dollar buster’ as well as a ‘sanctions buster’.
In May of this year, China and Russia agreed to begin a process of trade in local currencies. Turkey and Iran have also begun steps to break away from the Dollar.
Even more recently, China announced that is plans to allow for oil trading in Yuan which will be convertible to gold at the Shanghai and Hong Kong international gold exchanges.
Full story: http://www.globalresearch.ca/brics-...currency-in-another-blow-to-us-dollar/5607920
The Head of the Russian Direct Investment Fund (RDIF) Kirill Dmitriev has stated that the BRICS may opt to create their own cryptocurrency for the purposes of global commerce.
A cryptocurrency is a digitally based means of exchange wherein the value of said currency is not determined by a central-bank. Most cryptocurrencies can be converted into state-issued currencies (Dollars, Euros, Yuan, etc.) through various foreign exchange services.
Currently, one of the biggest issues facing crypocurrency development is the fact that they are not backed up by any central bank. However, many also see this apparent disadvantage as a possible opportunity, particularly where unilateral Dollar based sanctions are concerned.
While the US Dollar remains the most popular global trading and reserve currency, this is rapidly changing. A BRICS backed cryptocurrency may be both the proverbial ‘Dollar buster’ as well as a ‘sanctions buster’.
In May of this year, China and Russia agreed to begin a process of trade in local currencies. Turkey and Iran have also begun steps to break away from the Dollar.
Even more recently, China announced that is plans to allow for oil trading in Yuan which will be convertible to gold at the Shanghai and Hong Kong international gold exchanges.
Full story: http://www.globalresearch.ca/brics-...currency-in-another-blow-to-us-dollar/5607920
On mobile so couldn't copy the articles, but more news today on the topic.
http://www.newsmax.com/t/newsmax/article/812544
https://sputniknews.com/business/201709071057180089-sberbank-gold-china-russia-economy/
http://www.newsmax.com/t/newsmax/article/812544
https://sputniknews.com/business/201709071057180089-sberbank-gold-china-russia-economy/
China is going all in with the gold.. Thats going to hurt the monopoly money we call the petro dollar/ fiat dollar!!
How Petrodollars Affect The U.S. Dollar
After the 1970s, the world switched from a gold standard and gave birth to the rise of petrodollars.
These extra-circulated dollars have helped elevate the U.S. dollar to the world reserve currency.
The petrodollar system also facilitates petrodollar recycling, which creates liquidity and demand for assets in the financial markets.
http://www.investopedia.com/articles/forex/072915/how-petrodollars-affect-us-dollar.asp
After the 1970s, the world switched from a gold standard and gave birth to the rise of petrodollars.
These extra-circulated dollars have helped elevate the U.S. dollar to the world reserve currency.
The petrodollar system also facilitates petrodollar recycling, which creates liquidity and demand for assets in the financial markets.
http://www.investopedia.com/articles/forex/072915/how-petrodollars-affect-us-dollar.asp
https://squawker.org/analysis/china...as-it-advances-towards-global-economic-reset/
China Detains Bitcoin Executives As it Advances Towards Global Economic Reset
China is at war with the cryptocurrency markets:
Bitcoin went from $4900 down to $3200 within days. (JP Morgan bought back the dip)
The Chinese central bank is openly establishing itself as an intermediary in the cryptocurrency market – and all blockchain technology moving forward.
-Full story on the link above.
China Detains Bitcoin Executives As it Advances Towards Global Economic Reset
China is at war with the cryptocurrency markets:
- China central bank announced a limited ban on Initial Coin Offerings (ICO) in order to establish a regulatory authority to intermediate all digital currency.
- All of China’s crypto exchanges were forced to shutdown domestic trading, removing a large majority of cryptocurrency traders.
Bitcoin went from $4900 down to $3200 within days. (JP Morgan bought back the dip)
The Chinese central bank is openly establishing itself as an intermediary in the cryptocurrency market – and all blockchain technology moving forward.
-Full story on the link above.
China's GDP numbers probably exaggerate the underlying rate of economic progress. But China is hardly the only country that relies excessively on debt to sustain economic growth (take the US for example). Or that assumes that all public sector employment is equally justified and welfare enhancing.
In fact, there are lots of problems with national income statistics, for example their failure to include estimates of environmental damage and the cost of traffic congestion. Or the exclusion of non-remunerated work. Or the omission of the welfare gains from the digital economy.
That is why national income statistics need to be supplemented with a range of other indicators to gauge a country's standard of living, absolutely and in relative terms. On that basis, it is clear that China's economic progress. has been truly remarkable even if less impressive that the GDP numbers might indicate. And there is still plenty of scope for continued catching up.
Indeed, there really is nothing to suggest that China's progress is about to stop unless one assumes a massive increase in protectionism around the world and a lasting contraction in global trade. it is more reasonable to ask whether the relatively smooth sailing enjoyed by the Chinese economy in the past can continue forever, or if China eventually will suffer a disruptive financial crisis, like so many other countries. Perhaps relatively soon.
In fact, there are lots of problems with national income statistics, for example their failure to include estimates of environmental damage and the cost of traffic congestion. Or the exclusion of non-remunerated work. Or the omission of the welfare gains from the digital economy.
That is why national income statistics need to be supplemented with a range of other indicators to gauge a country's standard of living, absolutely and in relative terms. On that basis, it is clear that China's economic progress. has been truly remarkable even if less impressive that the GDP numbers might indicate. And there is still plenty of scope for continued catching up.
Indeed, there really is nothing to suggest that China's progress is about to stop unless one assumes a massive increase in protectionism around the world and a lasting contraction in global trade. it is more reasonable to ask whether the relatively smooth sailing enjoyed by the Chinese economy in the past can continue forever, or if China eventually will suffer a disruptive financial crisis, like so many other countries. Perhaps relatively soon.
This makes me wonder how digital currency and natural resources will connect, while simultaneously, potentially circumventing fiat currencies.
Everything that is deemed to have economic value, man dictated that, not nature.
For the country that has the most monolith of people in the world, this year could be very, very interesting.
The next logical step is to trade in SDRs.. The US knows that it cannot hold
the world hostage to the US dollar forever, and as the gold-backed Yuan and
crypto-currencies chip away at the hegemony of the US dollar, Washington is
going to pull another rabbit out of the hat. This time it will be IMF issued
SDR. The SDR is weighted in 5 currencies, the US- dollar accounting for
about 42%; the Europe and 30%, the Yuan at 11%, the Japanese Yen at
9%, and the the English Pound Sterling at 8%... Clearly, the US is over-
represented, and the Yuan is under represented. The US loves things the
way they are, and if this becomes the World reserve currency, it can the
continue to milk the world, even if it will have to share with the other
members of the SDR basket of currencies...
the world hostage to the US dollar forever, and as the gold-backed Yuan and
crypto-currencies chip away at the hegemony of the US dollar, Washington is
going to pull another rabbit out of the hat. This time it will be IMF issued
SDR. The SDR is weighted in 5 currencies, the US- dollar accounting for
about 42%; the Europe and 30%, the Yuan at 11%, the Japanese Yen at
9%, and the the English Pound Sterling at 8%... Clearly, the US is over-
represented, and the Yuan is under represented. The US loves things the
way they are, and if this becomes the World reserve currency, it can the
continue to milk the world, even if it will have to share with the other
members of the SDR basket of currencies...
This pissed off not only the US, but also Europeans, Zionist Jews and the mofos thats hustling in Africa right now, China.
As for this new news.....we're all connected, from my pov. So does doing something that excludes the US really help China? Or with all the gold/resource chatter, do they plan on doing bigger things with Africa? Things that could possibly make up for loses via America.
World War type shit...if all dont agree.
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