The Israel Deception

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Showing posts with label internationalization. Show all posts
Showing posts with label internationalization. Show all posts

Tuesday, March 14, 2017

As China accumulates gold for RMB internationalization, estimates have their holdings at nearly 20,000 tons

One of the more difficult things financial analysts have had to do is to try to piece together just how much gold China has accumulated over the past 10-20 years.  For some analysts like Dr. Jim Willie, the estimates range between 25,000 and 40,000 due to market insiders who provided him information that China had been buying at least 1,000 tons of gold per month for more than a year and a half.

Additionally, China has become the world's largest gold producer and per state policy, does not export any of its metals to foreign markets.  Meaning that they produce between 276 tons (2006) and 450 tons (2014) per year, every year.

And lastly of course is the fact that China does not have the same type of storage and documentation procedures as the Western markets do, meaning that while they occasionally report gold holdings attributed directly to the Peoples Bank of China (PBOC), they do not report any holdings or distributions among the vast myriad of other banks that function under the umbrella of state control.

Thus in the end it is nary impossible to know exactly how much gold China owns and controls.  But one analyst believes that through his research he can get within the ballpark of their holdings, and why China has been purposefully accumulating gold in such quantities.

China, it seems, wants to make the rules in the international monetary system, which is why it has been acquiring vast amounts of gold both through private and official channels. 
Because of the obscure nature of the Chinese gold market and the reluctance of Chinese officials to show their hand, nobody has been able to accurately calculate how much gold the Chinese have amassed since about 2000, when they began amassing it. 
Enter Koos Jansen, an analyst with Singapore bullion dealer Bullion Star. He has studied the Chinese gold market for years and recently came up with an estimate of total Chinese gold holdings: 19,500 metric tons, or 21,495 U.S. tons, at the end of January 2017. 
“They have promoted gold ownership as a store of value since at least 2002, but more so when they introduced the ‘storing gold with the people’ concept in 2004,” says Jansen, a campaign encouraging private citizens to buy gold. - Epoch Times
And the purpose behind China's ongoing 15 year plan for gold accumulation...
According to Jansen’s contacts at Chinese banks, official holdings are closer to 4,000 tons rather than the published figure of 1839 tons. What does China need that gold for? 
“They buy official gold to internationalize the Renminbi. If there are enough reserves behind it, they can make it a credible currency.” He who has the gold makes the rules. 
That’s also why China doesn’t allow even one ounce of gold and silver to leave its shores once it enters. “The West has been selling gold into a black hole,” says Jansen.

Tuesday, August 23, 2016

Chairman of China's Gold Association confirms SDR just one step in the future backing of the Yuan with gold

Song Xin is the Chairman of China's Gold Association and has spoken strongly in the past of the need to see a return to a gold standard for global currencies.  And on the Association's website, Xin has a publication out where he suggests that the nation's push to internationalize the SDR basket of currencies is just one step of many towards the ultimate goal of a gold backed Yuan which will be the cornerstone of the Silk Road initiative.

Song Xin, Chairman of the China Gold Association, General Manager and Party Committee Secretary of the China National Gold Group Corporation: Stick to the gold mission and boost innovative development 
As the sole central enterprise in the gold industry, China National Gold Group Corporation is a firm defender of renminbi internationalization, pioneering demonstrator of the country’s “One Belt and One Road”, and faithful guardian of a happy life for people. It’s the direction that we should strive for. 
On March 10 during the two assemblies, Song Xin, Chairman of the China Gold Association, General Manager and Party Committee Secretary of the China National Gold Group Corporation, was the guest in Xinhuanet’s 2016 two assemblies special Interview. In the program Dialogue with New State-owned Enterprises and Cheer up in the “13th Five-Year Plan”, he proposed the conclusions above. Besides, in the in-depth dialogue, Song Xin systematically illustrated topics including the functions of renminbi internationalization, effectively enhancing gold supply, realizing improved quality and efficiency of enterprises, practicing the central party’s “Five Development Theories”, and fulfilling the responsibilities of central enterprises. 
About Gold’s Functions: Increase Gold Reserves And Accelerate Renminbi Internationalization. A Close Relationship between Increasing Gold Reserves And Joining The SDR 
When the credit lines of paper currency declines and there are enough gold reserves, people can be less worried about the existing credit system and enhance their confidence in the currency. 
Last year, China joined the IMF (International Monetary Fund) Special Drawing Rights (SDR), signifying the renminbi's march towards internationalization.
Song Xin pointed out that the renminbi is closely related to gold. Gold is priced in US dollars throughout the world and in renminbi in China. There is a special relation between the renminbi and gold. We have continuously increased gold reserves since China strove to join the SDR basket of currencies. By the end of February this year, our gold reserves have increased to 1788.45 tonnes. In other words, China has continuously increased its official gold reserves and publicized the amount to the world, keeping a close relation with renminbi internationalization and joining the SDR. - CNGold.Org.CN
China is moving fast and furiously towards a full scale internationalization of their currency in global trade and settlement, and as Koos Jansen notes in his own article on this...
I think for China the SDR is just a means to an end. The end being to internationalize the renminbi, which of course is connected to the dollars retreat. And as Song Xin clearly states, “gold forms the very material basis for modern fiat currencies” and, “gold reserves should become the cornerstone … for renminbi internationalization”.

Friday, July 8, 2016

The big winner in the Brexit vote may be China and the RMB

Prior to the UK Brexit vote two weeks ago, the City of London had already begun issuing Yuan denominated bonds to help begin the internationalization of the Chinese currency.  And with Britain choosing to break away from the oligarchical government that was being run out of Brussels, a new allegiance with China and their monetary system could aid in lessening Britain’s financial struggles, and make China the biggest winner in the Brexit outcome.
London’s role as a major offshore yuan hub is likely to survive Britain’s decision to leave the European Union, but the vote could help foster the Chinese currency’s internationalization by encouraging multiple yuan hubs in the bloc.
In the aftermath of the referendum, market-watchers and domestic Chinese media had raised fears London’s leading role as an offshore yuan hub would be undermined, potentially setting back Beijing’s efforts to internationalize the yuan.
But as the dust begins to settle, some bankers and analysts believe the pessimism was overdone. That is not to say there will not be an impact, but the move may encourage China to foster yuan trading in cities in mainland Europe and so expand the currency’s global footprint.
“We expect London to keep its status as the world’s largest foreign exchange center though some of the city’s other financial services may have the risk to be moved to other countries following Brexit,” said Andrew Fung, head of global banking and markets at Hang Seng Bank, adding FX trading is currently the key part of the yuan’s internationalization. - Sputnik News
chinadollar

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Friday, December 4, 2015

Not even a day after the IMF added the Yuan to the SDR, the world rushing to capitalize on it

On Nov. 30 the IMF fully announced that the Chinese Yuan would be accepted as a global currency within the banks Special Drawing Rights (SDR) basket of currencies, and with this move China is now an international player in the global monetary system.  And perhaps most interesting in the next stage of support towards the future of the dollar and its singular reserve currency status, is that countries and banks are already rushing in to push the currency towards greater use just one day after it became part of the IMF.
Following the IMF’s announcement, the nation of Argentina publicly threw in their support for the Chinese Yuan to expand its reach in global trade and monetary hegemony.  And this act will help open the door for many more nations to divest their dollar reserves since many of the mechanisms that required the use of the dollar have already been duplicated by Beijing over the past three years.

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Friday, October 16, 2015

In just a few short months, China’s internationalization of the Yuan growing in massive leaps

Despite the fact that the IMF chose in August to delay for a year the inclusion of the Yuan as part of their Special Drawing Rights (SDR) basket of currencies, their extension may be closing sooner than many thought.  This is because in just a few short months, internationalization of the Yuan has accelerated to a total of 9.9 trillion in loans, which is just the spark needed by the world’s largest productive economy to gear towards a critical mass in Yuan usage, and making its inclusion into the SDR a sure thing.
In fact, the IMF is planning to once again take a look at bringing in the Chinese Yuan to the SDR as early as November when they analyze the amount and rate of Chinese monetary reforms and actions that have driven it to become the 4th most used currency in the world.

Read more on this article here...