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Anonymous
China Says “No Dollars” for New Yuan =Tuesday, April 19= 2016-04-19 05:37:58 Post No. 39541
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China Says “No Dollars” for New Yuan =Tuesday, April 19= 2016-04-19 05:37:58 Post No. 39541
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China Says “No Dollars” for New Yuan =Tuesday, April 19=
Anonymous
2016-04-19 05:37:58
Post No. 39541
[Report]
In a shocking move likely to crush the US economy overnight, China is refusing to make its new gold-backed Yuan, convertible from or to US Dollars. The new Yuan will be introduced next Tuesday, April 19.
When the International Monetary Fund (IMF) agreed to add the Yuan to the basket of world currencies used for Global Reserves and International Trade, they wanted China to make the Yuan more reliable as a currency. Since then, China has almost un-pegged its Yuan from the Dollar, allowing its value to fluctuate on world markets.
But for years, China has been amassing huge amounts of gold bullion; some have said their appetite for bullion has been “staggering.” And with a new gold-backed Yuan to be issued next Tuesday, the entire world will have a choice of a new currency to use for international trade: The old US Dollar which is backed by nothing, or the new Chinese Yuan, which is backed by gold. Which currency would YOU use?
When this new currency is issued, countries that have been forced to use US Dollars for decades, and have had to keep billions of dollars in their foreign currency reserves, will be free to dump those dollars. But they won’t be able to dump them to China for the new gold-backed, Yuan!
China has reportedly decided ”there can be no conversion of gold-backed Yuan to or from US dollars.” What China fears is that many countries around the world will want to trade their reserve US dollars for the new Yuan, leaving China with mountains of worthless US dollars. China already has several trillion in US dollar reserves and does not want or need more.
If news of this decision by China is correct, then countries around the world may just have to decide whether or not they wish to continue trading with the USA at all?
The upheaval this could cause as early as next week, would be staggering.
This is a fast-developing story; check back.
http://archive.is/yhU7j
http://www.globalresearch.ca/china-says-no-dollars-for-new-yuan/5520618
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>>39541
>globalresearch.ca
This isn't a news site. Anyone can type a "story" for that site. It's like examiner.com or wordpress or CNN's iReports. Random tinfoil youtube videos have more news value.
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>>39544
http://www.cnbc.com/2016/04/19/reuters-america-china-launches-yuan-gold-fix-to-boost-power-in-global-bullion-market.html
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>>39546
http://articles.economictimes.indiatimes.com/2016-04-13/news/72295094_1_china-construction-bank-agricultural-bank-foreign-banks
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>>39546
>The benchmark price will be set twice a day based on a few minutes of trading in each session. The London benchmark, quoted in dollars per ounce, is set via a twice-daily auction on an electronic platform with 12 participants.
>The 18 trading members in the yuan price-setting process includes China's big four state-owned banks, foreign banks Standard Chartered and ANZ, the world's top jewelry retailer Chow Tai Fook and two of China's top gold miners.
>The yuan price will be complementary to the prices in London and futures trading hub New York, the World Gold Council (WGC) said.
>"It is a stepping stone to a new multi-axis trading market consisting of London, New York and Shanghai and signals the continuing shift in demand from West to East," WGC's CEO Aram Shishmanian said in a statement.
This contradicts the speculation of the author of the globalresearch.ca piece, "SuperStation95".
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>>39549
Nice try CIA.
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>>>/sci/8010654
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is this legit? i didnt find it on forbes and googling gave me only very few results
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>>39557
welcome, my son
welcome to the machine
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>>39557
Read the thread dipshit, the source us about as valuable as a schizophrenic sufferer conjuring tulpas on /x/.
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>>39556
Wait until after Trump wins the election!
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>>39548
>SuperStation95
The same idiot was the author of a unfactual article about science and the government covering up radioactive sea food, that was linked in the boar thread.
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>>39624
But it is true that today China is backing their currency by gold. Check Bloomberg.
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>>39558
I prefer Shine on You Crazy Diamond
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http://www.bloomberg.com/news/articles/2016-04-19/china-starts-gold-fixing-in-bid-to-expand-global-market-sway
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>>39646
That whole album is stellar
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Communist Party Propaganda: "We will systematically destroy the U.S.'s economy for the simple reason that we are better -_- I'm not anti Communist but I feel like a lot of these "Communist" governments like to stretch and mess around with the truth and make excuses about things.
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Honestly doing something like this wouldn't even make sense, the U.S. is a large part of the Chinese economy as well.
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new money making method folks, convert US dollar into whatever other currency, then get yan and use it to redeem gold bullion. USD tanks so you then sell bullion for USD. repeat above, then when china is out of gold simply keep your US dollars as they go back up in value
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>>39721
it's a nice plan but
>convert US dollar
>then get yan
>redeem gold bullion
>sell bullion for USD
there is that jewish middlemen profiting from every transaction
not to mention that the gold price can drop if China remains the only country interested in it; they will probably devalue it on purpose one day to keep exporting cheap products
well, yes, it's bad news for dollars, just drop them as soon as possible
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>>>/pol/71505002
>>>/biz/1202378
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>tfw literally nothing major will come of this
I should just go to bed and stop browsing this early into the morning.
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>>39640
One semifactual thing in a garbage article does not make it not garbage. The source is not /news/ worthy; you may as well be citing a post from /pol/.
Protips: WSJ and The Economist are crickets, China isn't even in the top 5 for Nat gold reserves, China's currency won't be ready for prime time any time soon, & gold is shit for currency
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>>39762
Doesn't subtract from the fact that this is big news.
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>>39806
>Doesn't subtract from the fact that this is big news
It subtracts from the board, and it subtracts from the "issue". Does anyone else seriously want /news/ to continue to devolve into another litany of active measures or a bias confirmation clearing house? All that's required to stop this from becoming a /pol/ annex is to enforce the board guidelines. The OP is not a place to advertise blogs or personalities; a news board is not a place to tolerate blatent misrepresentation of facts; issues that aren't prominent enough to be published by a real source are not current.
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>>39933
you are basically saying: if the jews don't say it's worth it, then it's not worth it.
And by jews, I mean:
-Leslie Moonves (CBS)
-Bob Iger (Walt Disney)
-...
I was building the list when I stumbled on this
https://thezog.wordpress.com/who-controls-big-media/
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>>40018
>Jewish media cabals
>trust anything else, for no other reason, instead
Unconglomerated, online, non-blog news sources are not rare. Perhaps you would be happier in /x/ or /pol/?
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>>39541
Have people forgotten why gold failed to be a reliable way of stacking value?
Who would believe China has enough gold to cover an international trade coin?
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>>39541
http://beforeitsnews.com/opinion-liberal/2016/04/the-economy-china-says-no-dollars-for-new-yuan-2526381.html
Lol this is copypasta for scared old people, i bet its even posted on more shit "news" sites as well
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>>39762
>gold is shit for currency
Keynesians actually believe this.
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>>40616
For starters, gold can be stolen or bombed and, even if the Triads arent up for it for a decade, in the meantime, since the country is fanatical about mining it, it will drive up inflation and relative depravation.
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>>39541
if the last time china try this they destroy libya for cut their gold supply of africa, or at least cripple it, what a hell will happen now?
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This is already true? Econ 101
- Set your national interest rate
- Free conversion of currency
you only get one, if you didn't people would just invest their money in whatever country has the highest interest rate.
China sets its interest rate and is therefore barred from liquid exchange of funds with other currency
China doesn't get payed in yuan by a lot of US companies they get payed in USD or at least the promise of it, which is why they're sitting on trillions of unused USD they can't spend in their own country, and like 1/3rd of US debt.
like literally warehouses full of paper USD money they can't spend fast enough.
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What about the petrodollar? If everyone converts to this new magic currency no one would be able to buy oil
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Can someone please explain in (mostly) layman's terms a brief rundown of what this means/the effects? Both on the US dollar and on the global economy
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>>42267
1. It doesn't mean anything for the dollar or the world economy. The RMB is less stable, and people paid in yuan will not stop every attempt to offshore their assets.
2. It only means that China may preserve its minority-share-say in the price of gold as its service sector suffers under state capitalism and party corruption.
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