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Recent developments indicate that we are going to see some dramatic fundamental changes in the world of international payments. Changes that will move rocks and pave the way for a quite different financial landscape. Even to the extent that we can hardly imagine at this time. We better get used to the idea that the U.S. dollar is not the world’s leading currency although we have been warned already often and from different sides that the confidence in the so familiar greenback is not so justified as we think. It sure feels odd that we in the western world have to start thinking in the Chinese renminbi or yuan as the most desirable currency. Yet, I would not be surprised if that is what we will have to face in a not too far future.
First let me clear the confusion about what is a renminbi and what is a yuan. They are the same, the same word for the same currency. Renminbi, also described as RMB or RMB¥, literally means “People’s Currency” and is mostly used in the sense of Chinese legal tender where Yuan is the name for the actual
money, the unit of payments. To make it extra confusing, the ISO code, the internationally recognized standard of currency, for the Renminbi/Yuan is CNY such as USD is used for the U.S. $.
Why do we have to know more about the Chinese currency? Because China seems determined to pursue its previously announced plans to introduce a China International Payment Platform (CIPS), an international clearing system. Earlier this month, China announced that it is now ready with the development of the system and that it could be launched as early as September or October this year. The general idea is to make international payments of yuan transactions less complicated than they are now, internationalizing the yuan as a widely recognized leading currency, setting its level of acceptance in the same order as the U.S. dollar. Upon implementation, international yuan payments can be processed smoothly by cutting processing times and transaction costs. China has selected 20 banks to do the testing, including 7 subsidiaries of international banks.
These plans and the resulting larger impact of China on the rest of the world certainly give food for further thoughts. We have already seen articles that reported about plans of China and Russia to join forces in building a new monetary system, suggestions that China may be preparing a new kind of gold standard to back up their currency, possible economic and monetary associations between China and India and of course, the scenario of THE BIG RESET allegedly prepared by China and the United States to re-value America’s gold when China has completed to establish itself as one of the world’s largest gold holders. With all these different possibilities, plus the one that we have not heard about yet, it will be interesting to see how things develop over the next few years. Fact is, in my view that is, that the current financial fundamentals of the world have come to some ridiculous proportions, with an incredible level of debts, a staggeringly increasing money supply and still, an insolvable problem: all debts cannot and will not ever be repaid. There is no backing of any real value. But as long as money can be created by using and printing more paper, the current situation can be maintained and prolonged for some unknown more time. There is no one saying that it is enough.
These days, HOUSE OF CARDS is one of the most popular series on TV, dealing with the intricate manipulations that seem to be usual in today’s politics. Wouldn’t this title have been even more applicable for a series about international finance, featuring the roles of treasury departments, the government banks, the commercial banks and the prominent investment houses? I am sure it would be an enormous success too, if only it would not be so scary…….and, unfortunately, so realistic.
Against the background of all this, I have no problem whatsoever to remain confident on the future of gold and the other precious metals in line. Since last week, the market has been a little better, let’s just wish that it continues the current trend…….$1,200 is in sight and still so……… incredibly cheap…
after writing my above editorial comment, I found two interesting articles that are relating to the matters I discussed. I feel you may find them of value to you too.
150316: GOLD PRICE BACK AT DECISIVE LEVEL AGAIN: SIT TIGHT
150308: GOLD PRICE HAMMERED BY REACTIONS TO U.S. JOB FIGURES
150302: I CAN IMAGINE GOLD IS STILL CONFUSING INVESTORS
150216: GOLD ALWAYS GETS ATTENTION BUT WATCH SILVER TOO
150208: WHY IS IT THAT THE GOLD PRICE GOES DOWN EVERY TIME
150126: EUROPEAN MEASURES TO STIMULATE ECONOMY COPYING THE U.S.
150118: A NEW GOLD CYCLE? IT COULD VERY WELL BE!
150101: A NEW YEAR, A NEW WEBSITE, A NEW GOLDVIEW: A NEW GOLD CYCLE?
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