Credit Writedowns Wed 2009-10-14 12:12 EDT

Currencies pegged to the dollar under pressure to drop peg

...as the dollar continues to weaken, those countries with pegs will be under pressure to drop their peg or to revalue their pegs higher. The Bloomberg video linked below explains. The dichotomy whereby the adjustment process is done only through free-floating currencies is inherently unstable -- and invites a nationalistic response. A busted peg in any major U.S. trading partner's currency is likely to have a very negative psychological impact on currency markets and severe knock-on effects... [dollar losing reserve status]

credit writedowns; currency pegs; Dollar; drop peg; pressures.

Sat 2009-10-10 14:19 EDT

A financial revolution with profound political implications

Robert Fisk

The plan to de-dollarise the oil market, discussed both in public and in secret for at least two years and widely denied yesterday by the usual suspects -- Saudi Arabia being, as expected, the first among them -- reflects a growing resentment in the Middle East, Europe and in China at America's decades-long political as well as economic world dominance. [dollar losing reserve status]

financial revolution; profound political implications.

Ambrose EvansPritchard Finance and business comments Thu 2009-10-08 17:07 EDT

China calls time on dollar hegemony

Ambrose Evans-Pritchard

You can date the end of dollar hegemony from China's decision last month to sell its first batch of sovereign bonds in Chinese yuan to foreigners. Beijing does not need to raise money abroad since it has $2 trillion (£1.26 trillion) in reserves. The sole purpose is to prepare the way for the emergence of the yuan as a full-fledged global currency. [dollar losing reserve status]

Ambrose EvansPritchard Finance; Business Comment; China calls time; dollar hegemony.

Thu 2009-09-17 10:31 EDT

China, Bernanke, and the price of gold - Telegraph Blogs

Ambrose Evans-Pritchard

China has issued what amounts to the ``Beijing Put'' on gold. Former Vice-Chairman of the Communist Party's Standing Committee Cheng Siwei: China has fundamentally lost confidence in the US dollar and is going to shift to a partial gold standard through reserve accumulation. [dollar losing reserve status]

Bernanke; China; gold; Price; Telegraph Blogs.

Credit Writedowns Thu 2009-09-17 09:49 EDT

China issues bonds to ``promote the RMB in neighbouring countries''

In the latest move toward China's long-term strategy of internationalising its currency, the Chinese Ministry of Finance announced today it will issue government bonds valued at 6 billion yuan in Hong Kong. [dollar losing reserve status]

China issues bonds; credit writedowns; Neighbouring Countries; promote; RMB.

Credit Writedowns Tue 2009-09-08 15:10 EDT

China to diversify out of U.S. dollars

According to an account published in the Daily Telegraph by Ambrose Evans-Pritchard, the Chinese government is quite anxious about money printing in the United States and the effect this printing could have on China's dollar denominated reserve assets. Dollar losing reserve status; Chinese buying gold.

China; credit writedowns; diversifying; U.S. dollar.

Credit Writedowns Tue 2009-09-01 19:11 EDT

China ``serious about the plan to internationalise'' Yuan

Chinese vice-premier Wang Qishan has been appointed to lead a taskforce to make the renminbi the currency of choice for trade settlements, especially with regional trading partners. Dollar losing reserve status.

China; credit writedowns; Internationalising; plans; serious; Yuan.

ClubOrlov Wed 2009-08-26 10:59 EDT

The new new money

kollapsnik

It's official: The government in Beijing has announced that the Yuan can now be used in international trade. Their mouthpiece for this occasion was the Industrial and Commercial Bank of China, a private entity, which made the announcement on their behalf. By the end of this year, it is expected that fully 50% of all transactions with Hong Kong will be denominated in the Yuan. In turn, Hong Kong re-exports 90% of its Chinese imports. Importer #1 is the European Union; importer #2 is the United States. Some of these countries may soon find themselves hard-pressed to earn enough Yuan to continue importing Chinese-made products. This is only the next small step in Beijing's "policy of small steps." Already the Chinese government has ramped down its purchases of US... US dollar losing reserve status; yuan-denominated accounts available in Hong Kong.

ClubOrlov; new new money.

Tue 2009-06-16 00:00 EDT

naked capitalism: Guest post: Breaking news - China has been secretly stocking up on gold

dollar losing reserve status

breaking news; China; gold; Guest Post; naked capitalism; secret stock.

Tue 2009-06-16 00:00 EDT

A 'Copper Standard' for the world's currency system? - Telegraph

by Ambrose Evans-Pritchard; Beijing is trying to extricate itself from dollar dependency as fast as it can; dollar losing reserve status

Copper Standard; Telegraph; world's currency system.

Wed 2009-06-10 00:00 EDT

Terms of Service

Russia, Brazil to Buy $20 Billion IMF Bonds, Diversify Reserves - Bloomberg.com; dollar losing reserve status

services; term.

Fri 2008-11-07 00:00 EST

Mish's Global Economic Trend Analysis: EU Calls For Summit To End Bretton Woods

2008-10-16; dollar losing reserve status

End Bretton Woods; EU Calls; Mish's Global Economic Trend Analysis; Summit.

Fri 2008-11-07 00:00 EST

naked capitalism: Bretton Woods 2, R.I.P.

dollar losing reserve status

Bretton Woods 2; naked capitalism; R.I.P..

Fri 2008-11-07 00:00 EST

Jesse's Café Américain: Europe and Asia Seek a Consensus Ahead of Washington Meeting

Jesse's Café Américain: Europe and Asia Seek a Consensus Ahead of Washington Meeting; 2008-10-24; dollar losing reserve status

Asia Seek; consensus; Europe; Jesse's Café Américain; Washington Meeting.

Sun 2008-10-26 00:00 EDT

naked capitalism: China Launches Salvo Against Dollar Hegemony (Updated)

dollar losing reserve status; great comment discussion

China Launches Salvo; dollar hegemony; naked capitalism; Update.

Wed 2008-07-09 00:00 EDT

Econbrowser: UAE & Other Gulf Countries Urged to Switch Currency Peg from the Dollar to a Basket That Includes Oil

Econbrowser: UAE & Other Gulf Countries Urged to Switch Currency Peg from the Dollar to a Basket That Includes Oil, by Jeffrey Frankel; dollar losing reserve status

basket; Dollar; Econbrowser; Gulf Countries Urged; include oil; Switch Currency Peg; UAE.

Wed 2008-07-09 00:00 EDT

SPIEGEL ONLINE - Druckversion - West Wing: The Shrinking Influence of the US Federal Reserve - International

SPIEGEL ONLINE - Druckversion - West Wing: The Shrinking Influence of the US Federal Reserve, by Gabor Steingart; dollar losing reserve status

Druckversion; Federal Reserve; International; Shrinking Influence; Spiegel Online; West Wing.

Wed 2008-07-09 00:00 EDT

naked capitalism: The End of Exceptionalism? IMF to Examine US Financial System

dollar losing reserve status

ending; examiner; exceptional; Financial System; IMF; naked capitalism.

Tue 2008-07-08 00:00 EDT

Jesse's Café Américain: Internal Report Urges Gulf States to Rethink Their Dollar Pegs

Jesse's Café Américain: Internal Report Urges Gulf States to Rethink Their Dollar Pegs; dollar losing reserve status

dollars pegged; Internal Report Urges Gulf States; Jesse's Café Américain; rethink.

Mon 2007-11-12 00:00 EST

Money Matters: Weeping And Wailing Over Dying Dollar

dollar losing reserve status

dying dollar; money matters; wails; weep.

Thu 2007-10-18 00:00 EDT

naked capitalism: August International Capital Flows Turn Negative

(dollar losing reserve status)

August International Capital Flows Turn Negative; naked capitalism.