Winnerdinar: Chattels I am curious, whats your interest in the war side of iraq come from
Winnerdinar: is it from personal experience
chattels: not sure, but i gravitated to it as part of my analysis / understanding of the stability in Iraq attendant to our liquidity event
Winnerdinar: thank you
chattels: i have no military service background, but i have always had an interest in history with war from Alexander the Great to the American Civil War -- maybe I was a warrior in another life :)
Winnerdinar: My history knowledge is more from WW2
Winnerdinar: thats what we focused on in school
chattels: WWII was a watershed event in british history
Winnerdinar: and more recently i did quite a lot of research on the marshall plan
Winnerdinar: yes it was
~~~
Winnerdinar: is it from personal experience
chattels: not sure, but i gravitated to it as part of my analysis / understanding of the stability in Iraq attendant to our liquidity event
Winnerdinar: thank you
chattels: i have no military service background, but i have always had an interest in history with war from Alexander the Great to the American Civil War -- maybe I was a warrior in another life :)
Winnerdinar: My history knowledge is more from WW2
Winnerdinar: thats what we focused on in school
chattels: WWII was a watershed event in british history
Winnerdinar: and more recently i did quite a lot of research on the marshall plan
Winnerdinar: yes it was
~~~
chattels: the end of the colonial period, the sun never set on the British Empire
Winnerdinar: we dont have the power we used to have. Without the USA the Uk really is nothing
Winnerdinar: although our SAS are suppose to be the best
chattels: curious that the Sykes - Picot agreement at the end of WWI may have had much to do with the current dynamic in middle eastern affairs
chattels: we owe much to our english heritage in law, culture and politics
Winnerdinar: I gotta do some work now but will check in later
Winnerdinar: i would love to pick up where we left later on
chattels: nice chatting with you
Sam: OOTW - [excerpt] WE SAW A VIDEO PRESS RELEASE A FEW MONTHS AGO, INDICATING THAT THE 50K NOTE WAS GOING TO BE WORTH 100.00… This is neither a correct nor accurate statement. There was no such “release” nor have they indicated the value of the 50k note would be $100. However, in virtually every ACTUAL report they have talked about the 100k note being worth $100 – so roughly what it is now. No change… the 5ok/100k note plan is a “tread water” scheme – not a change value plan.
chattels: Erbil-Baghdad oil relations swing between deal, no deal ERBIL, Iraq — Encouraged by more international interest in purchasing its oil, coupled with the apparent failure of the federal Iraqi government to provide agreed-upon budget handouts, the autonomous Kurdistan Regional Government (KRG) has embarked on a new policy of unilateral independent oil sales.
chattels: Since the beginning of June, the KRG has unilaterally sold the bulk of oil produced from its zone as well as Kirkuk’s fields, much to the Iraqi government’s ire. Figures compiled by the KRG’s Ministry of Natural Resources show that out of around 17 million barrels of oil pumped in June to the Turkish Mediterranean port of Ceyhan, almost 12 million barrels were sold directly by the KRG,
cutting out the federal authorities in Baghdad. The rest was delivered to Iraq’s State Oil Marketing Company (SOMO). Multiple KRG sources told Al-Monitor on condition of anonymity that the KRG has continued its independent oil sales in July.
chattels: Tariq Gardi, an Iraqi Kurdish member of the Iraqi parliament’s Oil and Energy Committee, told Al-Monitor that in the first 20 days of July, the KRG supplied around 150,000 barrels per day from the Kirkuk fields to SOMO and up to half a million barrels from fields under its official jurisdiction in the Kurdistan Region.
If true, those figures would be well below the 550,000 barrels per day (bpd) rate agreed upon by the KRG and the central government.
“This is a partial fulfillment of the deal, a new approach taken by the KRG,” said Gardi, who added that the Kurdish government has exported a daily average of slightly over half a million barrels of oil independently in July.
chattels: Despite the dramatic shift in policy, the KRG has not closed the door on reaching a solution with the Iraqi authorities, possibly in the form of renegotiating a new deal, a number of Kurdish officials told Al-Monitor.
“This was a decision forced on us by circumstances,” Sherko Jawdat, chairman of Kurdistan parliament’s Energy Committee, told Al-Monitor.
“However, we’re still ready to make a deal with Baghdad on the condition that Kurdistan’s financial dues are guaranteed and paid.”
[09:05:28 PM] chattels: The Kurdish government is now contemplating a reverse approach. “The KRG wants to turn the equation upside down. … It wants to be in control of its oil and be able to sell it and then give Baghdad [its share],” Sardar Aziz, an energy adviser to the Kurdish parliament, told Al-Monitor.
For such a formula to be accepted by Baghdad, it requires renegotiating a new deal between the two sides. Aziz, however, is not optimistic about any new deal’s prospect of success. “The expiration date on the deals between Baghdad and Erbil is getting shorter due to rapidly changing circumstances in the Middle East,” said Aziz. “You can’t have any long-term deal now because the balance of power keeps shifting all the time.”
[09:06:17 PM] chattels: Baghdad’s acceptance of Erbil’s approach will have serious ramifications for Iraq’s domestic situation, as well.
“The Shiite alliance in Baghdad fears that Kurdistan’s practices will encourage Basra to follow suit as well,” Aziz said. “If Basra manages to become a federal region like Kurdistan, then Iraq will be a totally different country.”
The question for many in Iraq is how far Baghdad is willing to go in confronting the KRG over its independent oil exports, given that both sides are locked in a struggle for survival against the powerful enemy that is IS.
chattels: wealthwatch.world/showthr... http://ift.tt/1OyQFXc
chattels: SOMEBODY ASK ABOUT REPEATED STATEMENTS ABOUT HOW HAPPY THE KURDS ARE AND THE IMMINENCE OF A PERMANENT HCL LAW PLEASE
chattels: " both sides are locked in a struggle for survival against the powerful enemy that is IS.", BUT DAESH IS NOT A PROBLEM AND ALL OF THE NEWS TO THE CONTRARY IS CORRUPTED BECAUSE WE ARE NOT SUPPOSED TO KNOW HOW WONDERFUL THINGS ARE IN IRAQ
chattels: Al-Monitor wins Free Media Pioneer Award Republished with permission from the International Press Institute Read more: http://ift.tt/1U6ADse...
http://ift.tt/1OyQDig
chattels: Given annually, IPI’s Free Media Pioneer Award was established in 1996 to honour media or organisations that have fought to ensure freer and more independent media in their country. Read more: http://ift.tt/1U6ADse...
Sassy: Arizona Cardinals just hired the first female football coach. Proud day for women
chattels: Clashes in Anbar Iraqi security forces gather at the University of Anbar, in Anbar province, July 26, 2015. Iraqi security forces entered the University of Anbar in the western city of Ramadi on Sunday and clashed with Islamic State militants inside the compound, the joint operations command said in a statement. Read more: http://ift.tt/1U6ADse...
http://ift.tt/1gjfnR3
chattels: the U. of Anbar is looking good, eh ?
chattels: even when DAESH is ousted can you imagine the cost of repairing the damage done by them or incidental to their forcible removal ?
Sassy: ‹@chattels› I imagine it is a mess when they get done with it
Sassy: Like Bush said the war would get paid for lol‹@BOBBY›
BOBBY: thank God for the contract rates lol lol lol
Sassy: Right lol‹@BOBBY›
Staner: Bobby...here is a question...expect I won't be given a time out here...are we really expecting tariffs implemented on August first?
BOBBY: Staner... My opinion. .. I have learned not to expect anything
BOBBY: others may have a different view
Staner: Bobby..articles certainly seem to indicate we may be closer...tariffs key, I suspect...but heard it all before
BOBBY: Staner...watchy
BOBBY: watch and wait... all we can do
Dianne777: oh Im so tired of waiting lol
Donnie: There will be tariffs implemented on Aug 1st and no MR. Don't shoot the messenger. :ninja:
BOBBY: there is so much garbage being said out there...
BOBBY: I am just sick of hearing the crap these guru's keep pumping year after year
Donnie: here are the options for Aug 1st: Tariffs implemented but no MR. OR Tariffs implemented and MR. OR Tariffs not implemented but a MR. OR Tariffs not implemented and no MR.
BOBBY: boots on the ground intel, 3 letter agencies,etc.etc... its just a joke
Donnie: but what do I know....
Donnie: i'm still on month 10 of owning Dinar
BOBBY: i am going on 6 years now,,,, all you can do is sit back and wait
BOBBY: i know to many people who base there life around this.... i just watch them run in circles
Donnie: 800 entities to be removed from sanctions list in 1st stage Tehran Times Political Desk TEHRAN - An Iranian deputy foreign minister said embargoes on 800 Iranian individuals and financial institutions will be lifted in the first stage of easing sanctions on Iran.
The relief will address economic and financial entities, but not those which are in connection with arms and missile programs, Abbas Araqchi told Tasnim News Agency on Monday.
This will free access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global payment network vital to many international transactions. Araqchi was Iran’s second most senior diplomat in the nuclear talks leading on July 14 to a comprehensive deal which entails the removal of sanctions on Iran.
Donnie: http://ift.tt/1OyQFXi...http://ift.tt/1h1fEbb
Donnie: Dow sheds 128, oil slips under $48 after China plunge
Donnie: Stocks fell Monday, the Dow losing 128 points, after the Shanghai Composite plunged 8.5% and Europe benchmarks got hammered. The U.S. stock market kicked off the new week on a rocky note as investors reacted to the biggest one-day stock plunge in mainland China since 2007 and a continued sell off in commodities. Here is where major indexes finished the day:
Donnie: Dow: Down 0.7%
Donnie: S&P 500: Down 0.6%
Donnie: Nasdaq: Down 1%
Donnie: Oil sold on U.S. markets: Down about 2% and now under $48 per barrel
GJMAN: ‹@Donnie› Your powers of observation and deductive reasoning are astounding, " here are the options for Aug 1st: Tariffs implemented but no MR. OR Tariffs implemented and MR. OR Tariffs not implemented but a MR. OR Tariffs not implemented and no MR." :w00t:
BOBBY: @Donnie.... do you believe Iran will stick to there part of the deal?
Donnie: Other Asian markets were rattled — Japan's Nikkei 225 index lost 1% while Hong Kong's Hang Seng index dropped 3.1%
Donnie: http://ift.tt/1NAf7Ha...
http://ift.tt/1JKBEhq
Donnie: ‹@BOBBY› Iran has a potentially huge financial gain to realize by sticking to the deal.
Donnie: Read about the Silk Road from China
BOBBY: Oh i believe they will at first....
Donnie: Monday’s sharp sell off follows a warning from a big U.S. hedge fund last week that risks in China are rising due to the massive losses and what impact it would have on the psyche of investors there.
The massive one-day drop in China comes despite a spate of steps taken by the Chinese government — such as halting trading in impacted companies and short selling, or bets that stocks will go down — to stabilize the market there.
“The China equity rout continues,” Barclays analyst Sreekala Kochugovindan told clients in a note before Wall Street’s opening bell. Last week, the broad U.S. stock market fell 2.2% as U.S. investors reacted to a mixed bag of corporate earnings.
While nearly three out of four companies in the Standard & Poor’s 500 stock index have topped forecasts, which is better than the long-term “beat” average of 63%, Wall Street punished stocks that failed to meet sales and revenue expectations.
On Wall Street, nervousness is on the rise as investors eye turbulence in China and Tuesday’s kickoff to the Federal Reserve’s two-day meeting on interest rates. Investors are bracing for coming rate hikes from the Fed, perhaps as early as September.
Low rates, of course, have been a key pillar to the bull market in stocks that began in 2009. A rout in the commodity complex, due in part to fears of slowing growth in China, is also weighing on investor sentiment.
A barrel of West Texas Intermediate crude, for example, was again trading below the key $50-per-barrel level in early trading today. U.S.-based crude was off 81 cents, or 1.7%, to $47.80.
Donnie: http://ift.tt/1NAf7Ha...
http://ift.tt/1JKBEhq
Donnie: China’s Yuan Pushes Deeper Into Global Financial System The currency, otherwise known as renminbi, is the world’s fifth most used for international payments
Donnie: July 27, 2015 7:07 p.m. ET 1 COMMENTS China’s domestic stock market may be in turmoil but the country’s currency, known as the yuan or renminbi, is making a seemingly relentless push deeper into the global financial system.
The latest step: the London Metal Exchange, the world’s largest venue for trading metals where $15 trillion of metals was traded last year, is set to accept yuan as collateral for banks and brokers that trade on its platform. The Chinese currency joins the U.S. dollar, the euro, the British pound and Japan’s yen, which are all currently permissible as collateral on the LME’s platform.
“In the commodities area, it makes absolute sense to start providing renminbi-denominated services,” said Trevor Spanner, chief executive of the LME’s clearing house business.
“The renminbi is on its way to becoming one of the world’s most widely used currencies” he said. While largely a technical change, the LME move marks another milestone for China’s currency.
The yuan is now the fifth most used currency for international payments, ranking number seven a year ago, according to data from the Society for Worldwide Interbank Financial Telecommunication, a provider of payments services.
Winnerdinar: we dont have the power we used to have. Without the USA the Uk really is nothing
Winnerdinar: although our SAS are suppose to be the best
chattels: curious that the Sykes - Picot agreement at the end of WWI may have had much to do with the current dynamic in middle eastern affairs
chattels: we owe much to our english heritage in law, culture and politics
Winnerdinar: I gotta do some work now but will check in later
Winnerdinar: i would love to pick up where we left later on
chattels: nice chatting with you
Sam: OOTW - [excerpt] WE SAW A VIDEO PRESS RELEASE A FEW MONTHS AGO, INDICATING THAT THE 50K NOTE WAS GOING TO BE WORTH 100.00… This is neither a correct nor accurate statement. There was no such “release” nor have they indicated the value of the 50k note would be $100. However, in virtually every ACTUAL report they have talked about the 100k note being worth $100 – so roughly what it is now. No change… the 5ok/100k note plan is a “tread water” scheme – not a change value plan.
chattels: Erbil-Baghdad oil relations swing between deal, no deal ERBIL, Iraq — Encouraged by more international interest in purchasing its oil, coupled with the apparent failure of the federal Iraqi government to provide agreed-upon budget handouts, the autonomous Kurdistan Regional Government (KRG) has embarked on a new policy of unilateral independent oil sales.
chattels: Since the beginning of June, the KRG has unilaterally sold the bulk of oil produced from its zone as well as Kirkuk’s fields, much to the Iraqi government’s ire. Figures compiled by the KRG’s Ministry of Natural Resources show that out of around 17 million barrels of oil pumped in June to the Turkish Mediterranean port of Ceyhan, almost 12 million barrels were sold directly by the KRG,
cutting out the federal authorities in Baghdad. The rest was delivered to Iraq’s State Oil Marketing Company (SOMO). Multiple KRG sources told Al-Monitor on condition of anonymity that the KRG has continued its independent oil sales in July.
chattels: Tariq Gardi, an Iraqi Kurdish member of the Iraqi parliament’s Oil and Energy Committee, told Al-Monitor that in the first 20 days of July, the KRG supplied around 150,000 barrels per day from the Kirkuk fields to SOMO and up to half a million barrels from fields under its official jurisdiction in the Kurdistan Region.
If true, those figures would be well below the 550,000 barrels per day (bpd) rate agreed upon by the KRG and the central government.
“This is a partial fulfillment of the deal, a new approach taken by the KRG,” said Gardi, who added that the Kurdish government has exported a daily average of slightly over half a million barrels of oil independently in July.
chattels: Despite the dramatic shift in policy, the KRG has not closed the door on reaching a solution with the Iraqi authorities, possibly in the form of renegotiating a new deal, a number of Kurdish officials told Al-Monitor.
“This was a decision forced on us by circumstances,” Sherko Jawdat, chairman of Kurdistan parliament’s Energy Committee, told Al-Monitor.
“However, we’re still ready to make a deal with Baghdad on the condition that Kurdistan’s financial dues are guaranteed and paid.”
[09:05:28 PM] chattels: The Kurdish government is now contemplating a reverse approach. “The KRG wants to turn the equation upside down. … It wants to be in control of its oil and be able to sell it and then give Baghdad [its share],” Sardar Aziz, an energy adviser to the Kurdish parliament, told Al-Monitor.
For such a formula to be accepted by Baghdad, it requires renegotiating a new deal between the two sides. Aziz, however, is not optimistic about any new deal’s prospect of success. “The expiration date on the deals between Baghdad and Erbil is getting shorter due to rapidly changing circumstances in the Middle East,” said Aziz. “You can’t have any long-term deal now because the balance of power keeps shifting all the time.”
[09:06:17 PM] chattels: Baghdad’s acceptance of Erbil’s approach will have serious ramifications for Iraq’s domestic situation, as well.
“The Shiite alliance in Baghdad fears that Kurdistan’s practices will encourage Basra to follow suit as well,” Aziz said. “If Basra manages to become a federal region like Kurdistan, then Iraq will be a totally different country.”
The question for many in Iraq is how far Baghdad is willing to go in confronting the KRG over its independent oil exports, given that both sides are locked in a struggle for survival against the powerful enemy that is IS.
chattels: wealthwatch.world/showthr... http://ift.tt/1OyQFXc
chattels: SOMEBODY ASK ABOUT REPEATED STATEMENTS ABOUT HOW HAPPY THE KURDS ARE AND THE IMMINENCE OF A PERMANENT HCL LAW PLEASE
chattels: " both sides are locked in a struggle for survival against the powerful enemy that is IS.", BUT DAESH IS NOT A PROBLEM AND ALL OF THE NEWS TO THE CONTRARY IS CORRUPTED BECAUSE WE ARE NOT SUPPOSED TO KNOW HOW WONDERFUL THINGS ARE IN IRAQ
chattels: Al-Monitor wins Free Media Pioneer Award Republished with permission from the International Press Institute Read more: http://ift.tt/1U6ADse...
http://ift.tt/1OyQDig
chattels: Given annually, IPI’s Free Media Pioneer Award was established in 1996 to honour media or organisations that have fought to ensure freer and more independent media in their country. Read more: http://ift.tt/1U6ADse...
Sassy: Arizona Cardinals just hired the first female football coach. Proud day for women
chattels: Clashes in Anbar Iraqi security forces gather at the University of Anbar, in Anbar province, July 26, 2015. Iraqi security forces entered the University of Anbar in the western city of Ramadi on Sunday and clashed with Islamic State militants inside the compound, the joint operations command said in a statement. Read more: http://ift.tt/1U6ADse...
http://ift.tt/1gjfnR3
chattels: the U. of Anbar is looking good, eh ?
chattels: even when DAESH is ousted can you imagine the cost of repairing the damage done by them or incidental to their forcible removal ?
Sassy: ‹@chattels› I imagine it is a mess when they get done with it
Sassy: Like Bush said the war would get paid for lol‹@BOBBY›
BOBBY: thank God for the contract rates lol lol lol
Sassy: Right lol‹@BOBBY›
Staner: Bobby...here is a question...expect I won't be given a time out here...are we really expecting tariffs implemented on August first?
BOBBY: Staner... My opinion. .. I have learned not to expect anything
BOBBY: others may have a different view
Staner: Bobby..articles certainly seem to indicate we may be closer...tariffs key, I suspect...but heard it all before
BOBBY: Staner...watchy
BOBBY: watch and wait... all we can do
Dianne777: oh Im so tired of waiting lol
Donnie: There will be tariffs implemented on Aug 1st and no MR. Don't shoot the messenger. :ninja:
BOBBY: there is so much garbage being said out there...
BOBBY: I am just sick of hearing the crap these guru's keep pumping year after year
Donnie: here are the options for Aug 1st: Tariffs implemented but no MR. OR Tariffs implemented and MR. OR Tariffs not implemented but a MR. OR Tariffs not implemented and no MR.
BOBBY: boots on the ground intel, 3 letter agencies,etc.etc... its just a joke
Donnie: but what do I know....
Donnie: i'm still on month 10 of owning Dinar
BOBBY: i am going on 6 years now,,,, all you can do is sit back and wait
BOBBY: i know to many people who base there life around this.... i just watch them run in circles
Donnie: 800 entities to be removed from sanctions list in 1st stage Tehran Times Political Desk TEHRAN - An Iranian deputy foreign minister said embargoes on 800 Iranian individuals and financial institutions will be lifted in the first stage of easing sanctions on Iran.
The relief will address economic and financial entities, but not those which are in connection with arms and missile programs, Abbas Araqchi told Tasnim News Agency on Monday.
This will free access to the Society for Worldwide Interbank Financial Telecommunication (SWIFT), a global payment network vital to many international transactions. Araqchi was Iran’s second most senior diplomat in the nuclear talks leading on July 14 to a comprehensive deal which entails the removal of sanctions on Iran.
Donnie: http://ift.tt/1OyQFXi...http://ift.tt/1h1fEbb
Donnie: Dow sheds 128, oil slips under $48 after China plunge
Donnie: Stocks fell Monday, the Dow losing 128 points, after the Shanghai Composite plunged 8.5% and Europe benchmarks got hammered. The U.S. stock market kicked off the new week on a rocky note as investors reacted to the biggest one-day stock plunge in mainland China since 2007 and a continued sell off in commodities. Here is where major indexes finished the day:
Donnie: Dow: Down 0.7%
Donnie: S&P 500: Down 0.6%
Donnie: Nasdaq: Down 1%
Donnie: Oil sold on U.S. markets: Down about 2% and now under $48 per barrel
GJMAN: ‹@Donnie› Your powers of observation and deductive reasoning are astounding, " here are the options for Aug 1st: Tariffs implemented but no MR. OR Tariffs implemented and MR. OR Tariffs not implemented but a MR. OR Tariffs not implemented and no MR." :w00t:
BOBBY: @Donnie.... do you believe Iran will stick to there part of the deal?
Donnie: Other Asian markets were rattled — Japan's Nikkei 225 index lost 1% while Hong Kong's Hang Seng index dropped 3.1%
Donnie: http://ift.tt/1NAf7Ha...
http://ift.tt/1JKBEhq
Donnie: ‹@BOBBY› Iran has a potentially huge financial gain to realize by sticking to the deal.
Donnie: Read about the Silk Road from China
BOBBY: Oh i believe they will at first....
Donnie: Monday’s sharp sell off follows a warning from a big U.S. hedge fund last week that risks in China are rising due to the massive losses and what impact it would have on the psyche of investors there.
The massive one-day drop in China comes despite a spate of steps taken by the Chinese government — such as halting trading in impacted companies and short selling, or bets that stocks will go down — to stabilize the market there.
“The China equity rout continues,” Barclays analyst Sreekala Kochugovindan told clients in a note before Wall Street’s opening bell. Last week, the broad U.S. stock market fell 2.2% as U.S. investors reacted to a mixed bag of corporate earnings.
While nearly three out of four companies in the Standard & Poor’s 500 stock index have topped forecasts, which is better than the long-term “beat” average of 63%, Wall Street punished stocks that failed to meet sales and revenue expectations.
On Wall Street, nervousness is on the rise as investors eye turbulence in China and Tuesday’s kickoff to the Federal Reserve’s two-day meeting on interest rates. Investors are bracing for coming rate hikes from the Fed, perhaps as early as September.
Low rates, of course, have been a key pillar to the bull market in stocks that began in 2009. A rout in the commodity complex, due in part to fears of slowing growth in China, is also weighing on investor sentiment.
A barrel of West Texas Intermediate crude, for example, was again trading below the key $50-per-barrel level in early trading today. U.S.-based crude was off 81 cents, or 1.7%, to $47.80.
Donnie: http://ift.tt/1NAf7Ha...
http://ift.tt/1JKBEhq
Donnie: China’s Yuan Pushes Deeper Into Global Financial System The currency, otherwise known as renminbi, is the world’s fifth most used for international payments
Donnie: July 27, 2015 7:07 p.m. ET 1 COMMENTS China’s domestic stock market may be in turmoil but the country’s currency, known as the yuan or renminbi, is making a seemingly relentless push deeper into the global financial system.
The latest step: the London Metal Exchange, the world’s largest venue for trading metals where $15 trillion of metals was traded last year, is set to accept yuan as collateral for banks and brokers that trade on its platform. The Chinese currency joins the U.S. dollar, the euro, the British pound and Japan’s yen, which are all currently permissible as collateral on the LME’s platform.
“In the commodities area, it makes absolute sense to start providing renminbi-denominated services,” said Trevor Spanner, chief executive of the LME’s clearing house business.
“The renminbi is on its way to becoming one of the world’s most widely used currencies” he said. While largely a technical change, the LME move marks another milestone for China’s currency.
The yuan is now the fifth most used currency for international payments, ranking number seven a year ago, according to data from the Society for Worldwide Interbank Financial Telecommunication, a provider of payments services.
Donnie: A Bank of England survey on Monday showed that trading in yuan rose 25% in London in the six months to April this year, even as trading volumes in other currencies fell by 8% on average over the same period.
Meanwhile, China, whose economy is a major driver of demand for a range of commodities, is also taking a greater role in metals markets specifically.
Last year, Hong Kong Exchanges and Clearing Limited, which owns the LME, launched yuan-denominated futures contracts for some industrial metals, while the LME signed agreements with two Chinese companies to explore ways of expanding use of the yuan.
In June this year, the London Bullion Market Association said that Bank of China Ltd. will become the first Chinese bank to participate in the daily process for setting the price of gold.
China vies with India as the world’s largest consumer of gold, according to the World Gold Council.
The yuan’s gains in the global financial system come as investors turn cautious on China’s domestic markets, where stocks have been on a volatile ride of late.
And international use of China’s currency remains tiny compared with the dollar, the euro and sterling. David Clark, chairman of the U.K.-based Wholesale Markets Brokers Association, said global renminbi trading infrastructure is falling into place, but volumes will only really take off when China’s currency can be freely converted into dollars, euros or other foreign currencies.
“The renminbi is getting more and more important for global finance. But there is a big question mark: when it will be fully convertible?” he said. Still, a number of major financial centers are racing to become a hub for the yuan, including London.
“The role of the renminbi in foreign exchange trading and cross-border payments has surged,” said Dan Marcus, CEO of London-based currency trading platform ParFX. The rise of China’s currency on global markets “is arguably the most significant development in currency trading since the introduction of the euro in 1999. Ten years from now, it will be
Donnie: http://ift.tt/1gjfo7j...
http://ift.tt/1JKBEhq
chattels: thanks donnie
Donnie: YW
Meanwhile, China, whose economy is a major driver of demand for a range of commodities, is also taking a greater role in metals markets specifically.
Last year, Hong Kong Exchanges and Clearing Limited, which owns the LME, launched yuan-denominated futures contracts for some industrial metals, while the LME signed agreements with two Chinese companies to explore ways of expanding use of the yuan.
In June this year, the London Bullion Market Association said that Bank of China Ltd. will become the first Chinese bank to participate in the daily process for setting the price of gold.
China vies with India as the world’s largest consumer of gold, according to the World Gold Council.
The yuan’s gains in the global financial system come as investors turn cautious on China’s domestic markets, where stocks have been on a volatile ride of late.
And international use of China’s currency remains tiny compared with the dollar, the euro and sterling. David Clark, chairman of the U.K.-based Wholesale Markets Brokers Association, said global renminbi trading infrastructure is falling into place, but volumes will only really take off when China’s currency can be freely converted into dollars, euros or other foreign currencies.
“The renminbi is getting more and more important for global finance. But there is a big question mark: when it will be fully convertible?” he said. Still, a number of major financial centers are racing to become a hub for the yuan, including London.
“The role of the renminbi in foreign exchange trading and cross-border payments has surged,” said Dan Marcus, CEO of London-based currency trading platform ParFX. The rise of China’s currency on global markets “is arguably the most significant development in currency trading since the introduction of the euro in 1999. Ten years from now, it will be
Donnie: http://ift.tt/1gjfo7j...
http://ift.tt/1JKBEhq
chattels: thanks donnie
Donnie: YW
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