China attacks dollar, intends to use yuan for all trade.
71 replies, posted
[url]http://www.reuters.com/article/2011/03/02/china-economy-yuan-idUSBJA00246420110302[/url]
or
[url]http://www.activistpost.com/2011/03/china-attacks-dollar-moves-to-further.html[/url]
or
[url]http://translate.googleusercontent.com/translate_c?hl=de&ie=UTF-8&sl=de&tl=en&u=http://www.spiegel.de/wirtschaft/soziales/0,1518,748730,00.html&rurl=translate.google.com&twu=1&usg=ALkJrhhZ7zUbfzXL_uJ0YMxoDyVSEa85Dg[/url]
from reuters;
[B]"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 [url]www.pbc.gov.cn[/url], 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. (Reporting by Zhou Xin and Koh Gui Qing; Editing by Ben Blanchard)"[/B]
This has huge implications in the world, if you understand economics, this will make more sense to you.
The dollar will not be very important at all now. If I am correct, Chinese products will become more expensive - at least if you are purchasing them with dollars, but this move will most likely make other currencies weaker too.
America isn't going to appreciate this in the slightest.
And that is putting it as lightly as possible.
Arr haior our chinese overrords
[QUOTE=BANNED USER;28407530]America isn't going to appreciate this in the slightest.[/QUOTE]
Say
[quote][b]"China hopes to[/b][/quote]
It'll come down to this.
[IMG]http://i48.tinypic.com/2n1fhvq.jpg[/IMG]
Good one, China.
stop it china, go back to censoring your internet and torturing pro-democratic people
In all honesty I can understand why they'd want to.
What about all the billions of dollar China lend to you Americans :v:'
Dollar made in China.
If the cost of their products rises, good. Maybe it will bring some jobs back home.
This could infact, bite them in the butt.
[QUOTE=carcarcargo;28408267]In all honesty I can understand why they'd want to.[/QUOTE]
It's time for change.
Out with the old in with the new.
China!! =D
[QUOTE=iusehax;28408695]It's time for change.
Out with the old in with the new.
China!! =D[/QUOTE]
Fuck yeah! China! Go China!
[img]http://kvnomusic.files.wordpress.com/2010/11/mao01jpg.jpeg[/img]
Hey, as long as they're waging war over coins rather than bombs, I'll sleep safely at night.
I JINX'D IT FUCK.
the US could do with a little less economic power, this could have some positive effect :P
[QUOTE=BANNED USER;28407530]America isn't going to appreciate this in the slightest.
And that is putting it as lightly as possible.[/QUOTE]
China is not going to appreciate the fact that one day America will be forced to default on that growing $1.7 trillion dollar debt loan.
Hmm, how will this affect England? I heard a while back that the GB pound is the strongest currency in the world.
so instead of 1164.1 billion dollars, we'll give them 1164.1 billion yuan
Welp, new overlords etc.
[QUOTE=Jallen;28408874]Hmm, how will this affect England? I heard a while back that the GB pound is the strongest currency in the world.[/QUOTE]
Depends if you mean strongest or healthiest. Very different terms.
Though I was under the assumption that the Euro was more or less becoming the world trade backup currency in some areas already pushing the dollar out due to a slightly higher stability.
Though this could be a bit funny in the loan market. If the dollar does actually go down in value because of this, you'll see a lot of debts loose a lot of price.
I hope China doesn't want to start an economic cold war with the USA, they'll lose.
In fact I dare them.
[QUOTE=NoDachi;28408831]China is not going to appreciate the fact that one day America will be forced to default on that growing $1.7 trillion dollar debt loan.[/QUOTE]
Just a small note, most major nations have debt in other major powers. Since its no longer backed by the gold standard its pretty much massive IOU cards we've been handing eachother.
[QUOTE=Swilly;28409402]Just a small note, most major nations have debt in other major powers. Since its no longer backed by the gold standard its pretty much massive IOU cards we've been handing eachother.[/QUOTE]
metaphysical money always ends badly.
This is retarded, if anything, the dollar should be universal.
[QUOTE=NoDachi;28409470]metaphysical money always ends badly.[/QUOTE]
Welcome to the last 60 years.
[QUOTE=Explosions;28409538]Welcome to the last 60 years.[/QUOTE]
You gave me a disagree, then point out I was stating the obvious.
Make up your mind.
[QUOTE=DienDwemar;28409524]This is retarded, if anything, the dollar should be universal.[/QUOTE]
Having one unified currency is a pretty bad idea. Like in business, you need competitors.
[QUOTE=NoDachi;28408831]China is not going to appreciate the fact that one day America will be forced to default on that growing $1.7 trillion dollar debt loan.[/QUOTE]
I thought it was $7 or $9 trillion
[editline]3rd March 2011[/editline]
god I hope that doesn't sound dumb
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