Posted By: Jordon [Send E-Mail]
Date: Tuesday, 29-Jan-2013 10:12:31
Chinese News Article: Crossborder Yuan Loans - "Before it becomes a Global RESERVE Currency."
It is the first time I am seeing the words from China that comes right out and says what the plans for the Yuan is. The first batch of cross-border yuan loans agreements were signed on Monday after the central government approved the Qianhai area in Shenzhen to test a freer yuan before it becomes a global reserve currency.
As the loans come from Hong Kong, the move is a test offurther capital accounts opening by allowing offshore funds tobe transferred to the mainland.
Previously, offshore yuan could flow back to the mainland onlythrough yuan-denominated trade and renminbi qualified foreigninstitutional investors.He added that the yuan is marching gradually and steadily toward becoming a global currency,and he expects more breakthroughs on that front this year.
They have never said "Global Reserve Currency" before. They have said "Convertible currency" and other words.
China has actually imported more gold and silver than they admit to. They imported an estimated 1000 tons of gold over the last few years but experts believe it was much more than that. They have also been importing silver in major quantities that are not being revealed. I read a story the other day about someone in China trying to buy silver and gold bullion but the place was nuts with crowds all trying to buy the gold and silver the dealer had just gotten.
Read more here: http://sherriequestioningall.blogspot.com/2013/01/chinese-news-article-crossborder-yuan.html