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In a surprising turn of events, today's biggest piece of news received a mere two paragraph blurb on Reuters, and was thoroughly ignored by the broader media. An announcement appeared shortly after midnight on the website of the People's Bank of China. Reuters provides a simple translation and summary of the announcement: "China hopes to allow all exporters and importers to settle their cross-border trades in the yuan by this year, the central bank said on Wednesday, as part of plans to grow the currency's international role. In a statement on its website www.pbc.gov.cn, the central bank said it would respond to overseas demand for the yuan to be used as a reserve currency. It added it would also allow the yuan to flow back into China more easily." To all those who claim that China is perfectly happy with the status quo, in which it is willing to peg the Renmibni to the Dollar in perpetuity, this may come as a rather unpleasant surprise, as it indicates that suddenly China is far more vocal about its intention to convert its currency to reserve status, and in the process make the dollar even more insignificant.
Originally posted by Dragon33
Very misleading title...
Shame, shame, shame...
Originally posted by g146541
reply to post by raiders247
Cool we will rebuild, no problem there.
We will organize states and alliances and maybe a new US.
We can send the bankers to China to pay off their debt, maybe they can wash dishes or something.
Originally posted by Kargun
Wow this means nothing and I bet the dow rises tomorrow. Talk about spreading fear. Go hedge some money if you are scared. China needs oil. Guess what that is traded in. China holds a trillion of US foreign debt. I'm SOOOOOOOOOOO glad that when the dow hit 6500 I bought instead of selling like EVERY ats financial adviser would have had me do.
This site is good for ufo's but the WORST for making money in the market.