"One more domino in the dollar reserve supremacy regime falls. Following the
announcement two weeks ago that "Australia
And China will Enable Direct Currency Convertibility", which in turn was the
culmination of two years of Yuan internationalization efforts as summarized by
the following: "World's
Second (China) And Third Largest (Japan) Economies To Bypass Dollar, Engage In
Direct Currency Trade", "China,
Russia Drop Dollar In Bilateral Trade", "China
And Iran To Bypass Dollar, Plan Oil Barter System", "India and Japan sign new
$15bn currency swap agreement", "Iran,
Russia Replace Dollar With Rial, Ruble in Trade, Fars Says", "India
Joins Asian Dollar Exclusion Zone, Will Transact With Iran In Rupees", and
"The
USD Trap Is Closing: Dollar Exclusion Zone Crosses The Pacific As Brazil Signs
China Currency Swap", China has now launched yet another feeler to see what
the apetite toward its currency is, this time in the heart of the Eurozone:
Paris. According to China Daily, as reported by Reuters, "France intends to set
up a currency swap line with China to make Paris a major offshore yuan trading
hub in Europe, competing against London." As a reminder the BOE
and the PBOC announced a currency swap line back in February, in effect
linking up the CNY to the GBP. Now it is the EUR's turn..."
at http://www.zerohedge.com/news/2013-04-13/china-takes-another-stab-dollar-launches-currency-swap-line-france
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