China's yuan hits record high amid US pressure

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posted on Oct, 13 2012 @ 12:46 PM
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According to the article China's yuan is stronger than the US dollar, 6.2640 to $1.0 according to the China Foreign Exchange Trade System, and all of this just before the Big Election. This isn't hard to believe because of the way the Federal Reserve and US Gov't continue to devalue America's currency. The article also points out that the US Gov't has accused the China Foreign Exchange Trade System of manipulating the numbers and that they will soon release their own report of the exchange rates so stay tuned, I guess.

In recent ATS threads, It's Over! - China Selling Oil in Yuan?

China's yuan hits record high amid US pressure


www.france24.com...


AFP - China's currency hit a record high against the US dollar on Friday, in what analysts said could be a response to US political pressure over claims the yuan is vastly undervalued.

The upcoming US presidential election and expectations the US government will soon release its semiannual report on exchange rate policies could have prompted Beijing to guide the yuan higher, analysts said.

The yuan touched an intraday high of nearly 6.2640 to $1.0, according to the China Foreign Exchange Trade System, marking the highest level since 1994 when the country launched its modern foreign exchange market.

"We don't rule out the possibility of China taking pre-emptive action ahead of the US election," Liu Dongliang, an analyst at China Merchants Bank, told AFP.


And this part I found funny,


US presidential hopeful Mitt Romney has turned China into a campaign issue and on Thursday he renewed his vow to brand China a currency manipulator.


because if Mitt does become POTUS he will never go against China, just ask Hilary Clinton what happens when you do
edit on 13-10-2012 by Swills because: (no reason given)




posted on Oct, 13 2012 @ 12:53 PM
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So 2 minute noodles will become so expensive that a lot of people will not be able to afford them.

Most people knew of the upcoming correction.

USA will see hyperinflation shortly as will a lot of other countries.



posted on Oct, 13 2012 @ 01:04 PM
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reply to post by Swills
 
China is buying oil with the Yuan, they are backing the Yuan by gold and have melted their gold down to 1 kilo bars in preparation for this move.

They are also moving to become the biggest buyer of oil from Saudi Arabia, in turn to push the US out as the big boy, this will be the end of the Petrodollar and help to end the dollar period..


This is one of the reason they took out Libya, Khadafi was ready to launch the Golden Dinar and sell oil for gold..

The Petrodollar will die, so will the dollar as world currency, once the dollar is no longer back by oil or anything else it's done, well done.
edit on 13-10-2012 by OOOOOO because: (no reason given)



posted on Oct, 13 2012 @ 01:06 PM
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reply to post by Swills
 


The Yuan will be the new world currency.. I cannot work out how to flag a thread.



posted on Oct, 13 2012 @ 01:08 PM
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reply to post by onedering
 
Push flag-it at top right



posted on Oct, 15 2012 @ 11:29 PM
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Originally posted by OOOOOO
China is buying oil with the Yuan, they are backing the Yuan by gold and have melted their gold down to 1 kilo bars in preparation for this move.

They are also moving to become the biggest buyer of oil from Saudi Arabia, in turn to push the US out as the big boy, this will be the end of the Petrodollar and help to end the dollar period..

This is one of the reason they took out Libya, Khadafi was ready to launch the Golden Dinar and sell oil for gold..

The Petrodollar will die, so will the dollar as world currency, once the dollar is no longer back by oil or anything else it's done, well done.
edit on 13-10-2012 by OOOOOO because: (no reason given)



I agree. That's the best post in the whole thread.
edit on 15-10-2012 by USN1983 because: (no reason given)



posted on Oct, 15 2012 @ 11:36 PM
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7 years back , 100$ = 800 Yuan
Now , 100 $ = 626 Yuan



posted on Oct, 15 2012 @ 11:37 PM
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Originally posted by magma
USA will see hyperinflation shortly as will a lot of other countries.


Yes

Esp China.

Think about it.



posted on Oct, 15 2012 @ 11:40 PM
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Originally posted by OOOOOO
They are also moving to become the biggest buyer of oil from Saudi Arabia


Your data is a bit old.
China is already Saudi Arabia's largest oil purchaser.



posted on Oct, 16 2012 @ 12:37 AM
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reply to post by Swills
 


I love ATS you have so many armchair experts claiming China will rise and take over the world and the reserve currency.
They can not even sustain themselves internally. They will crumble from the inside out as the world watches and I cheer it on.



Either they will follow the rules or they will be split apart from the inside out. They should be held to the same exact standards everyone else in this world is. Personally I hope they stick to the same path with stealing and manipulation and are torn apart.





China is about as evil as it gets and the people who live there deserve and should demand better.





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