End of US Dollar as Reserve currency..


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ashedfc   
Member since: Jun 10
Posts: 2153
Location: GTA

Post ID: #PID Posted on: 25-02-11 11:32:55

Here's another important development - in the process of the "Beginning of the End" of US Dollar as the world reserve currency..
Bank of India (significant move):
BEIJING: Bank of India has become the first Indian bank to offer trade settlement facility between the rupee and the Chinese RMB from Hong Kong. This follows intense persuasion by the China Banking Regulatory Commission, which is trying to gain acceptance of the RMB as an international currency.

Read more: Bank of India becomes first to offer trade settlement in yuan - The Times of India http://timesofindia.indiatimes.com/world/china/Bank-of-India-becomes-first-to-offer-trade-settlement-in-yuan/articleshow/7565143.cms#ixzz1Ez7NCo50

They already have a similar deal with Russia, & several other countries.. (over a period of time, its bound to take the whole world & replace the US Dollar)



hchheda   
Member since: Aug 05
Posts: 2245
Location: Woodbridge

Post ID: #PID Posted on: 25-02-11 11:58:58

Quote:
Originally posted by ashedfc

Here's another important development - in the process of the "Beginning of the End" of US Dollar as the world reserve currency..
Bank of India (significant move):
BEIJING: Bank of India has become the first Indian bank to offer trade settlement facility between the rupee and the Chinese RMB from Hong Kong. This follows intense persuasion by the China Banking Regulatory Commission, which is trying to gain acceptance of the RMB as an international currency.

Read more: Bank of India becomes first to offer trade settlement in yuan - The Times of India http://timesofindia.indiatimes.com/world/china/Bank-of-India-becomes-first-to-offer-trade-settlement-in-yuan/articleshow/7565143.cms#ixzz1Ez7NCo50

They already have a similar deal with Russia, & several other countries.. (over a period of time, its bound to take the whole world & replace the US Dollar)



Actually this process started way back in 2009 when China started trading oil contracts in Euro instead of US$. Infact most of our suppliers from China/HK have switched currency from US$ to CAD in the past 6 months. A smart move by the Chinese govt.

The above news have to looked from the other end. BOI is the first bank to give into the pressure of the chinese govt. to accept RMB as a trade against Rs. When RMB value is not controlled by market, how can anyone really peg its price? Anyone trading RMB HAS to accept whatever 'rate' the chinese govt. offers (dictates).

Hiren



ashedfc   
Member since: Jun 10
Posts: 2153
Location: GTA

Post ID: #PID Posted on: 25-02-11 12:03:22

RMB will eventually de-peg from USD. It will happen its just a matter of time (They don't like taking orders from Tim/Obama/Ben).





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