Top Chinese Banker Guo Shuqing Calls For Wider Use Of Yuan

Top Chinese Banker Guo Shuqing Calls For Wider Use Of Yuan

www.tele graph.co.uk

Guo Shuqing, the chairman of state-controlled China Construction Bank (CCB), also said he is exploring the possibility of issuing loans to trading companies in yuan, allowing Chinese and foreign companies to settle their bills in yuan rather than in dollars.

Mr Guo said the issuing of yuan bonds in Hong Kong and Shanghai would help to develop the debt markets in China and promote the yuan as a major international currency...
..."I think the US government and the World Bank can consider the issuing of renminbi bonds,"

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The head of China's second-largest bank has said the United States government should start issuing bonds in yuan, rather than dollars, in the latest indication of the increasing importance of the Chinese currency.

This is happening! HSBC and Standard Chartered have both said they are preparing to issue bonds denominated in yuan.

Two months ago, before the G20 meeting in London, Zhou Xiaochuan, the head of the People's Bank of China, the central bank, published a personal paper proposing to replace the dollar as the international reserve currency. His call came after Wen Jiabao, the Chinese premier, asked the US to guarantee the safety of China's huge pile of US debt.

It may ultimaltely not be the Yuan that replaces the dollar, but it is coming!

www.tele graph.co.uk
(visit the link for the full news article)

reply to post by burntheships



We have all seen this coming for months, I'm not surprised. I think it shows exactly how far along certain peoples plans for all of us are.

I'm not happy about this but our gov't has brought this on us deliberatly through the federal reserve and excess spending. they couldn't defeat us so they slowly dumbed us down and subjugated us.

reply to post by exile1981


Planned demolition proceeding on target!



Senior Chinese leaders have privately voiced fear over the soaring US budget deficit and are increasingly looking to diversify from the dollar, a Republican congressman said.
"We heard across the board -- in private -- substantial, continuing and rising concern," Representative Mark Kirk said after a trip to China that included talks with government officials and central bank chief Zhou Xiaochuan.

"It's clear that China would like to diversify from its dollar investments," the lawmaker said at the Center for Strategic and International Studies, a Washington think-tank.

Kirk's assessment differed with that of Treasury Secretary Timothy Geithner, who said last week on a separate visit that Chinese leaders had expressed "justifiable confidence" on the future of the recession-hit US economy. www.breitbart.com...

Good for them, at least someone notices how useless the dollar is becoming.

Meanwhile Obama is grinning ear to ear with the blue collar transit line project that's going to bring a few thousand welding jobs, while the economy sheds off hundreds of thousands.

Put the technical and academic skills on ice boys, break out the hard hats and hammers.....!!!