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Global Currency War Reveals World’s Top Money Plays
When rumors of the Swiss central bank again intervening to drive down the value of the Swiss franc hit the world’s currency trading desks late last week, it underscored just how hard global governments are fighting against the strong currencies that can derail exports while also blunting consumer demand at home.
In fact, in the face of a stagnant world economy unrivaled since the Great Depression, we’re now looking at an era of competitive currency devaluations – where every country tries to keep its own currency from rising too much.
Far too many investors are either unaware of these efforts, or dismiss these…
23Jun2009 | Money Morning | 0 comments | ContinuedYuan’s Fight to Become a Leading Global Currency Continues
Mainland China is continuing its push to transform the yuan into a globally accepted currency.
In May, China’s central government said it would permit locally incorporated foreign lenders to issue yuan bonds on the mainland. Now HSBC Holdings PLC (NYSE ADR: HBC) and Standard Chartered Bank are preparing to issue more than $500 million in yuan-denominated bonds – which would make them the first foreign banks to make such a move on the mainland.
[However, China did last month rule that HSBC and the Bank of East Asia Ltd. (OTC ADR: BKEAY) could issue yuan-denominated bonds in Hong Kong.]
The yuan is known officially…
China Wants Yuan to Replace the Dollar as Global Currency
China has taken yet another step to transform the yuan into the dominant global currency, a long-term initiative that could ultimately dethrone the dollar as the world’s top unit of exchange.
In the last four months alone, China has signed currency swap agreements worth more than $95 billion (650 yuan) with an array of nations – including: Argentina, Brazil, South Korea, Indonesia, Malaysia, Belarus and Hong Kong – that are only too glad to move away from the increasingly shaky U.S. dollar.
For Westerners who are struggling to come to terms with the notion of a disarrayed dollar, the thought of oil, gold…
27May2009 | Money Morning | 1 comment | Continued
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