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Author Topic: Yuan Joins Elite Currency Club  (Read 1944 times)
jaylin
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December 06, 2015, 07:06:26 AM
 #21

I wonder if this means that that the Chinese State will have less control over the Yuan but it means on a good note that it is a trusted and respectable player among world currencies..At least the Yuan is a much more solid fiat currency to invest in I think for the time being..

Don't go running to invest in it just yet!
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December 06, 2015, 07:19:47 AM
 #22

I wonder if this means that that the Chinese State will have less control over the Yuan but it means on a good note that it is a trusted and respectable player among world currencies..At least the Yuan is a much more solid fiat currency to invest in I think for the time being..

Don't go running to invest in it just yet!

Wouldn't it be good to invest in a bag of Yuan for long term? I would of course be looking out for the economic growth of China as well of course..That would impact my decision as well..Bur overall I see China as a more stable country than most at the moment..  Smiley

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spirit of btc
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December 06, 2015, 08:23:31 AM
 #23

I dont think bitcoin will join the Elite club, maybe some country's own digital currency (if created) will join the elite currency club.
Bitcoin price will go crazy if it is added to the elite club. 

bryant.coleman
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December 06, 2015, 08:59:27 AM
 #24

Just stumbled upon this news:

http://timesofindia.indiatimes.com/business/international-business/RBI-chief-bats-for-Yuan-as-international-currency/articleshow/49876721.cms

So the Chinese Yuan is receiving support from a large number of nations, including Russia, India, and some of the African nations. Seems like everyone is getting tired of the USD.  Grin

                               
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Pab
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December 06, 2015, 06:04:19 PM
 #25

I wonder if this means that that the Chinese State will have less control over the Yuan but it means on a good note that it is a trusted and respectable player among world currencies..At least the Yuan is a much more solid fiat currency to invest in I think for the time being..

Don't go running to invest in it just yet!

Wouldn't it be good to invest in a bag of Yuan for long term? I would of course be looking out for the economic growth of China as well of course..That would impact my decision as well..Bur overall I see China as a more stable country than most at the moment..  Smiley

That is a point QI,not only you are  thinking like that,if Chinise will be  wise more investors may prefer Yuan than dollar and for  sure than dieing Euro or massive printed Yen

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Erkallys
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December 07, 2015, 10:17:31 PM
 #26

I bet that in 5 years from now (even faster) Bitcoin or other cryptocurrency will join too.

That is highly unlikely.

First, Bitcoin would need to become a reserve for a country.

Its very possible that a government will create their own crypto currency. But you're right, for Bitcoin, I don't see that happening.

For me, that don't seem impossible. Let's say that in an Eastern Europe country, where corruption and devaluation are big, a libertarian could propose Bitcoin as an alternative national devise, he could win and apply his political program.

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navaman
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December 07, 2015, 10:37:18 PM
 #27

I bet that in 5 years from now (even faster) Bitcoin or other cryptocurrency will join too.

Bitcoin or other cryptocurrency will join too, but it will take decades. It took 35 years for Chinese Yuan to join the club.
Bitcoin is attracting users from across the globe, to be used as a internet currency. You can't say the same about any other fiat.

You mean except the Dollar or do I need to explain that it is the Eurodollars which refer to the fact Dollars are used around the world before the internet and on the internet after it's creation?

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navaman
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December 07, 2015, 11:10:18 PM
 #28

The SDR is irrelevant as an international reserve tool as is almost any aspect of the IMF in the global economy.  This is from the Guardian which notoriously in love with anything communist or anti-U.S.  The only statement with any ring of understanding about this or anything to do with economics is this:

Quote
“Given the heavy-handed government intervention in Chinese markets of late, from the currency devaluation to disallowing institutions from selling shares, there are fears the IMF may be bending the rules to accommodate the world’s second largest economy into its special drawing rights.”

Well, this is true as such that it was based on a fantasy:

Quote
Beijing has long hoped the yuan would be added to the small list of currencies that help set the value of SDRs, an international reserve asset that was created by the IMF to supplement its member countries’ official reserves.

This also true:

Quote
Experts say a vote to include the yuan in the SDR is a big political victory for China.
Which should also indicate that most of the article is wrong and the first quote that actually ends the article is rings true.  This is because the only people that think the SDR is relevant is the IMF, Chinese leaders and Guardians readers.  It was a political decision.  The experts are right but the Guardian goes on to explain why it is important in economics terms anyways and gets nearly everything wrong:

Quote
China hopes this stamp of approval will increase the yuan’s desirability as a reserve currency for investors and undermine the hegemony of the dollar as a global reserve currency.
Central Banks will hold reserves in currencies that are the result of either capital inflows or outflows and trade in goods and services.  It mind boggling that any investor would hold a worthless pretend "reserve".  No trade is conducted or investment conducted in SDRs.  I would say more but I don't want to get bogged down is silly few sentences.

Wait I found another actual expert that rebuts the premise of the article:

Quote
Currency strategists at RBC Capital Markets think that the inclusion of the yuan will mean more politically than financially. “More than anything, it is a symbolic and political milestone in China’s long path to renminbi internationalisation,” they wrote in a research note before the widely expected decision to add the yuan to the basket.

Haha.

Wait another expert says it was just a political decision:

Quote
Getting the yuan in the SDR basket is a big achievement for the Chinese government, agrees Prof Kamel Mellahi at Warwick business school. He sees the move as a vote of confidence in the economic and financial reforms under way in China. But authorities, including the People’s Bank of China (PBOC) central bank, still have more work to do.

Ok, there is a few direct quotes from the IMF that are technically correct but they are irrelevent.  This one is false:

Quote
Not long after the creation of the SDR, the Bretton Woods system collapsed and the major currencies shifted to a floating exchange rate regime. But the SDR system has become more important again recently by supplementing member countries’ official reserves during the credit crunch and global financial crisis.

Ever see the movie Snakes on A Plane?  I didn't but I know what The Snake was and my advisor was also an economist in Treasury during the Bretton Woods collapse.  It was extremely radical idea to float the Dollar and even I forget that sometimes when talking about Nixon.  Most countries tried to avoid that fate and failed miserably.  See Paul Krugman 1st generation crisis model.  I feel dirty for advising anybody to read Paul Krugman.  I need to shower.

Well, you guys can figure out any more.




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bonipper
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December 08, 2015, 01:16:29 AM
 #29

Would including the yuan in the SDR force China to lift the restrictions stopping the Chinese sending their money abroad? I thought if the yuan is a reserve currency China will have to allow it to be traded against the other reserve currencies, and let the Hong Kong yuan have the same value as the China yuan. If China lifts the restrictions stopping money leaving the country it could be bad for bitcoin, but on the other hand allowing withdrawals plus deposits to Chinese bitcoin exchanges could be good for bitcoin.
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December 08, 2015, 03:35:37 AM
 #30

Would including the yuan in the SDR force China to lift the restrictions stopping the Chinese sending their money abroad? I thought if the yuan is a reserve currency China will have to allow it to be traded against the other reserve currencies, and let the Hong Kong yuan have the same value as the China yuan. If China lifts the restrictions stopping money leaving the country it could be bad for bitcoin, but on the other hand allowing withdrawals plus deposits to Chinese bitcoin exchanges could be good for bitcoin.

There are still many channels to sending money abroad.

The 50k limit is for spending. Businesses need to settle far more than that amount all the time.

 

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December 09, 2015, 08:54:05 PM
 #31

There are data ,that Chinise has sold biggest ammount of USA treasury from 2007,and that trend continue
For that money thay are  buying gold.Belgium is also selling USA treasury.That  is in fact China sell
It is still not so much  but if it will conitnue,than some people will start to be worry

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December 10, 2015, 06:44:45 PM
 #32

There are data ,that Chinise has sold biggest ammount of USA treasury from 2007,and that trend continue
For that money thay are  buying gold.Belgium is also selling USA treasury.That  is in fact China sell
It is still not so much  but if it will conitnue,than some people will start to be worry

Russia and China are selling the United States treasury bonds in their possession. But the bonds are still being sold at regular prices, which means that the demand is still there. Someone is still accumulating all those bonds which are being dumped by Russia and China. Could be a bunch of private corporations. Or it could be some rich nation like Qatar.

                               
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December 10, 2015, 07:40:26 PM
 #33

There are data ,that Chinise has sold biggest ammount of USA treasury from 2007,and that trend continue
For that money thay are  buying gold.Belgium is also selling USA treasury.That  is in fact China sell
It is still not so much  but if it will conitnue,than some people will start to be worry

Russia and China are selling the United States treasury bonds in their possession. But the bonds are still being sold at regular prices, which means that the demand is still there. Someone is still accumulating all those bonds which are being dumped by Russia and China. Could be a bunch of private corporations. Or it could be some rich nation like Qatar.

I think it is simply wise trading.Now dollar is on high becouse of rise rates speculation,so to sell and get dollars ,exchnge for low price gold  is good move.Rates will move 0.25% propably and that is all.Dollarwill stop to rise,gold will rebound a little

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jaysabi
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December 11, 2015, 04:40:23 PM
 #34

Been saying this for the last 2-years, the Yuan IS going to become the world's reserve currency. Better trade those greenbacks into something worth something very soon.


With the Chinese intentionally devaluing the Yuan and a history of intentional value manipulation, the Yuan has a steep mountain to climb to become the world's reserve currency.


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panju1
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December 13, 2015, 05:41:18 AM
 #35

Been saying this for the last 2-years, the Yuan IS going to become the world's reserve currency. Better trade those greenbacks into something worth something very soon.


With the Chinese intentionally devaluing the Yuan and a history of intentional value manipulation, the Yuan has a steep mountain to climb to become the world's reserve currency.

Not to forget the capital controls in place.
That has to go before the Yuan really goes international.

funkenstein
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December 13, 2015, 07:31:20 AM
 #36

F the IMF

OP --  this should go under altcoins - scam reports


"Give me control over a coin's checkpoints and I care not who mines its blocks."
http://vtscc.org
mkc
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December 13, 2015, 07:55:06 AM
 #37

ISIS will put all their reserve in bitcoin
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December 13, 2015, 09:36:48 AM
 #38

Well that's great. But I don't understand how this is related to Bitcoin. Are you trying to hint that Bitcoin is also going to be added to the SDR?
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December 13, 2015, 09:42:05 AM
 #39

I bet that in 5 years from now (even faster) Bitcoin or other cryptocurrency will join too.

That is highly unlikely.

First, Bitcoin would need to become a reserve for a country.

Yeah. I really doubt that Bitcoin will ever be added to the SDR. It has taken the Yuan this long to get added, and Bitcoin has only been around for 7 years....so yeah.
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