China cuts interest rates again to spur economic growth

[Publicus]

The CCP China is known globally as a "slow-pay" country in banking tansactions, personal or institutional which was not going to change for some time but which will not change now with Beijing going broke as it has done. It takes months to complete a transaction with the CCP China even after it has been finalized for settlement. Thailand, on the other hand, as with Japan, South Korea, USA, EU and others like them is a "fast pay" country.

The China International Payments System sounds like something but it is nothing, no big deal. Like everything else coming out of the CCP, it is another grandiose scheme that already has been delayed, set back, reduced. Same as the Asia Infrastructure and Investment Bank, same as the nothing happening canal through Nicaragua, same as the failing reforms of the CCP economy.

The emerging markets are submerging led by the CCP China, Russia, Brazil.

As I'd noted, yuan is 2% of global forex reserves and less than 2% in global trade.

CIPS was initially expected to launch last year, but it was delayed due to “technical problems." The watered down version of CIPS means that it would be a network for handling trading deals with Chinese currency.

The revised version of the payments system would now only be used for cross-border yuan trade deals and won’t have capital-related transactions, the sources said. That has a significant impact on the system because it would delay billions of dollars in transactions, which would be another setback for China’s plans to rollout the system.

“I think ambition stood before ability,” said an anonymous source involved in the project, according to Reuters. “It doesn’t include a lot of things, but there is pressure for delivery.”

http://www.pymnts.com/news/2015/china-international-payments-system-faces-setback/

The CCP dictators and tyrants in Beijing are now displaying openly their reverse midas touch with their economy that they'd hidden for such a long time. They keep popping up with grandiose proposals, grand schemes, complicated designs that are far beyond their realistic reach. To point out the unrealistic nature of the CCP Boyz in their dreamworld is hardly 'spin.' It's the liege followers of the dictators in Beijing (and Moscow) who keep coming up with scheme after scheme none of which go anywhere who have their feet dancing in the air. Scheme after grandiose scheme, one after the other being dumped onto an ever growing heap of 'em.

China being the us's biggest creditor and Brazil being the US's 5th biggest creditor. Most people like you will get this backwards. Perfectly backwards. In 1997, Asia was running current account DEFICITS. Selling their forex reserves this time is not like throwing them down a black hole because they are not debtors. They can and are exporting their problems by selling dollars.

Brazil’s Real Strengthens Against Dollar

SAO PAULO—The Brazilian real strengthened against the dollar on Thursday, the first time in six sessions, after the president of the central bank said he is willing to use the country’s foreign reserves to defend the currency.

Traders and economists have criticized the central bank for not selling down some of its approximately $370 billion in foreign-currency reserves to help support the real, relying instead on derivatives contracts.

On Thursday central bank President Alexandre Tombini addressed those complaints, saying the reserves are a form of insurance for Brazil that “could and should be used.”

...and...?

...Btw, you offend most people and you offend myself besides in the condescending post when you say, "Most people like you will get this backwards. Perfectly backwards." The problem in all of this for the few on the margins is that "most people" are facing reality instead of a dream time of how the usd is going to crash and take the US and the global economy with it. The gold bugs for a gold standard have been hopping in the high grass for a long time about this.

The post is a report that has no point, no context, no significance stated in it. Your posts need to provide the clarifying and incisive point. Assuming there is one. Once you state the point of all of the posts, we can take it from there. Until then there are only reports absent meaning, direction, purpose.

Foreign governments to include the CCP can sell all the US Treasuries they like and it will not crash or stall the US economy, nor would it crash the fiat currency system. Period. All the Mad Max mumbo-jumbo about debtors and creditors not withstanding.

Edited September 30, 2015 by Publicus

[Harsh Jones]

The CCP China is known globally as a "slow-pay" country in banking tansactions, personal or institutional which was not going to change for some time but which will not change now with Beijing going broke as it has done. It takes months to complete a transaction with the CCP China even after it has been finalized for settlement. Thailand, on the other hand, as with Japan, South Korea, USA, EU and others like them is a "fast pay" country.

The China International Payments System sounds like something but it is nothing, no big deal. Like everything else coming out of the CCP, it is another grandiose scheme that already has been delayed, set back, reduced. Same as the Asia Infrastructure and Investment Bank, same as the nothing happening canal through Nicaragua, same as the failing reforms of the CCP economy.

The emerging markets are submerging led by the CCP China, Russia, Brazil.

As I'd noted, yuan is 2% of global forex reserves and less than 2% in global trade.

CIPS was initially expected to launch last year, but it was delayed due to “technical problems." The watered down version of CIPS means that it would be a network for handling trading deals with Chinese currency.

The revised version of the payments system would now only be used for cross-border yuan trade deals and won’t have capital-related transactions, the sources said. That has a significant impact on the system because it would delay billions of dollars in transactions, which would be another setback for China’s plans to rollout the system.

“I think ambition stood before ability,” said an anonymous source involved in the project, according to Reuters. “It doesn’t include a lot of things, but there is pressure for delivery.”

http://www.pymnts.com/news/2015/china-international-payments-system-faces-setback/

The CCP dictators and tyrants in Beijing are now displaying openly their reverse midas touch with their economy that they'd hidden for such a long time. They keep popping up with grandiose proposals, grand schemes, complicated designs that are far beyond their realistic reach. To point out the unrealistic nature of the CCP Boyz in their dreamworld is hardly 'spin.' It's the liege followers of the dictators in Beijing (and Moscow) who keep coming up with scheme after scheme none of which go anywhere who have their feet dancing in the air. Scheme after grandiose scheme, one after the other being dumped onto an ever growing heap of 'em.

China being the us's biggest creditor and Brazil being the US's 5th biggest creditor. Most people like you will get this backwards. Perfectly backwards. In 1997, Asia was running current account DEFICITS. Selling their forex reserves this time is not like throwing them down a black hole because they are not debtors. They can and are exporting their problems by selling dollars.

Brazil’s Real Strengthens Against Dollar

SAO PAULO—The Brazilian real strengthened against the dollar on Thursday, the first time in six sessions, after the president of the central bank said he is willing to use the country’s foreign reserves to defend the currency.

Traders and economists have criticized the central bank for not selling down some of its approximately $370 billion in foreign-currency reserves to help support the real, relying instead on derivatives contracts.

On Thursday central bank President Alexandre Tombini addressed those complaints, saying the reserves are a form of insurance for Brazil that “could and should be used.”

...and...?

...Btw, you offend most people and you offend myself besides in the condescending post when you say, "Most people like you will get this backwards. Perfectly backwards." The problem in all of this for the few on the margins is that "most people" are facing reality instead of a dream time of how the usd is going to crash and take the US and the global economy with it. The gold bugs for a gold standard have been hopping in the high grass for a long time about this.

The post is a report that has no point, no context, no significance stated in it. Your posts need to provide the clarifying and incisive point. Assuming there is one. Once you state the point of all of the posts, we can take it from there. Until then there are only reports absent meaning, direction, purpose.

Foreign governments can sell at the US Treasuries they like and will not crash the US economy or the fiat currency system. Period.

You are the one who has consistently been ranting off the cuff with no direction or meaning.

I am the one who's been trying to frame this like a debate When have I once in this thread mentioned gold ? I don't recall. I never mentioned "fiat" currency either. If I have, find it. I've been reacting to your off the cuff rants and now you are pulling things off of ZeroHedge and assuming that I have been saying them. When I haven't.

You said this:

The emerging markets are submerging led by the CCP China, Russia, Brazil.

And my reply regarding China and Brazils US creditor status was exactly to the point. With meaning. With purpose and direction.

[Publicus]

The CCP China, Russia, Brazil in January will enter their second continuous year of recession.

Nomura Securities Research Institute, which last year was the first to call the CCP China property bubble bursting, also stated that five consecutive quarters of 5% growth in the CCP's China is a recession, that such is the unique nature of the CCP China. Growth this year is less than 4% at best, probably around 2% going in to next year. Up periscope cause they've submerged.

Russia is at minus-5 percent GDP and tumbling in to the new year. Up scope.

Brazil is at minus-2% and in a freefall. Brace for collision dead ahead.

Only Russia is clinging to its forex reserves but once the new year begins that $370 bn will begin to get burned up, fast.

Global markets expect the CCP Boyz to sell up to $2 Trillion of forex reserves by the end of next year while Diawa Securities in Japan is forecasting a 20% loss off GDP by the end of 2018.

Brazil is likewise sinking deeper in to depression and is leading South America in to a serious position of impending 2016 defaults, to include the 2nd biggest economy down there, Argentina (yet again) and the 3rd biggest economy Venezuela where inflation is running at 68%. Global markets are now talking of the South American Financial Crisis of 2015-16.

The article below likely forecasts Brazil's immediate future as well. Russia and the CCP Boyz in Beijing are getting more nervous each passing day. No one in Brazil, Beijing or Moscow wants to know the going price of toilet paper which in Venezuela has become as scarce a commodity as gold...it just doesn't sit well with any of 'em.

In Venezuela, The Financial Crisis Means Banknotes Are Cheaper Than Napkins

On Monday a Reddit user uploaded a photo of an empanada with a napkin substituted by a two-bolívar note.

The average price of a pack of 100 napkins is around 500 bolívars – a single napkin costs around five bolívars.

http://www.buzzfeed.com/krishrach/in-venezuela-the-financial-crisis-means-bank-notes-are-cheap?utm_term=.qdMAVZdZ5#.gvAJdXxXe

Edited September 30, 2015 by Publicus

[Harsh Jones]

The CCP China, Russia, Brazil in January will enter their second continuous year of recession.

Nomura Securities Research Institute, which last year was the first to call the CCP China property bubble bursting, also stated that five consecutive quarters of 5% growth in the CCP's China is a recession, that such is the unique nature of the CCP China. Growth this year is less than 4% at best, probably around 2% going in to next year. Up periscope cause they've submerged.

Russia is at minus-5 percent GDP and tumbling in to the new year. Up scope.

Brazil is at minus-2% and in a freefall. Brace for collision dead ahead.

Only Russia is clinging to its forex reserves but once the new year begins that $370 bn will begin to get burned up, fast.

Global markets expect the CCP Boyz to sell up to $2 Trillion of forex reserves by the end of next year while Diawa Securities in Japan is forecasting a 20% loss off GDP by the end of 2018.

Brazil is likewise sinking deeper in to depression and is leading South America in to a serious position of impending 2016 defaults, to include the 2nd biggest economy down there, Argentina (yet again) and the 3rd biggest economy Venezuela where inflation is running at 68%. Global markets are now talking of the South American Financial Crisis of 2015-16.

The article below likely forecasts Brazil's immediate future as well. Russia and the CCP Boyz in Beijing are getting more nervous each passing day. No one in Brazil, Beijing or Moscow wants to know the going price of toilet paper which in Venezuela has become as scarce a commodity as gold...it just doesn't sit well with any of 'em.

In Venezuela, The Financial Crisis Means Banknotes Are Cheaper Than Napkins

On Monday a Reddit user uploaded a photo of an empanada with a napkin substituted by a two-bolívar note.

The average price of a pack of 100 napkins is around 500 bolívars a single napkin costs around five bolívars.

http://www.buzzfeed.com/krishrach/in-venezuela-the-financial-crisis-means-bank-notes-are-cheap?utm_term=.qdMAVZdZ5#.gvAJdXxXe

So I didn't say anything about gold or fiat currency at all in this thread did I ?

[LawrenceChee]

The CCP China is known globally as a "slow-pay" country in banking tansactions, personal or institutional which was not going to change for some time but which will not change now with Beijing going broke as it has done. It takes months to complete a transaction with the CCP China even after it has been finalized for settlement. Thailand, on the other hand, as with Japan, South Korea, USA, EU and others like them is a "fast pay" country.

The China International Payments System sounds like something but it is nothing, no big deal. Like everything else coming out of the CCP, it is another grandiose scheme that already has been delayed, set back, reduced. Same as the Asia Infrastructure and Investment Bank, same as the nothing happening canal through Nicaragua, same as the failing reforms of the CCP economy.

The emerging markets are submerging led by the CCP China, Russia, Brazil.

As I'd noted, yuan is 2% of global forex reserves and less than 2% in global trade.

CIPS was initially expected to launch last year, but it was delayed due to “technical problems." The watered down version of CIPS means that it would be a network for handling trading deals with Chinese currency.
The revised version of the payments system would now only be used for cross-border yuan trade deals and won’t have capital-related transactions, the sources said. That has a significant impact on the system because it would delay billions of dollars in transactions, which would be another setback for China’s plans to rollout the system.
“I think ambition stood before ability,” said an anonymous source involved in the project, according to Reuters. “It doesn’t include a lot of things, but there is pressure for delivery.”

http://www.pymnts.com/news/2015/china-international-payments-system-faces-setback/

The CCP dictators and tyrants in Beijing are now displaying openly their reverse midas touch with their economy that they'd hidden for such a long time. They keep popping up with grandiose proposals, grand schemes, complicated designs that are far beyond their realistic reach. To point out the unrealistic nature of the CCP Boyz in their dreamworld is hardly 'spin.' It's the liege followers of the dictators in Beijing (and Moscow) who keep coming up with scheme after scheme none of which go anywhere who have their feet dancing in the air. Scheme after grandiose scheme, one after the other being dumped onto an ever growing heap of 'em.

China being the us's biggest creditor and Brazil being the US's 5th biggest creditor. Most people like you will get this backwards. Perfectly backwards. In 1997, Asia was running current account DEFICITS. Selling their forex reserves this time is not like throwing them down a black hole because they are not debtors. They can and are exporting their problems by selling dollars.

Brazil’s Real Strengthens Against Dollar

SAO PAULO—The Brazilian real strengthened against the dollar on Thursday, the first time in six sessions, after the president of the central bank said he is willing to use the country’s foreign reserves to defend the currency.

Traders and economists have criticized the central bank for not selling down some of its approximately $370 billion in foreign-currency reserves to help support the real, relying instead on derivatives contracts.
On Thursday central bank President Alexandre Tombini addressed those complaints, saying the reserves are a form of insurance for Brazil that “could and should be used.”

...and...?

...Btw, you offend most people and you offend myself besides in the condescending post when you say, "Most people like you will get this backwards. Perfectly backwards." The problem in all of this for the few on the margins is that "most people" are facing reality instead of a dream time of how the usd is going to crash and take the US and the global economy with it. The gold bugs for a gold standard have been hopping in the high grass for a long time about this.

The post is a report that has no point, no context, no significance stated in it. Your posts need to provide the clarifying and incisive point. Assuming there is one. Once you state the point of all of the posts, we can take it from there. Until then there are only reports absent meaning, direction, purpose.

Foreign governments can sell at the US Treasuries they like and will not crash the US economy or the fiat currency system. Period.

You are the one who has consistently been ranting off the cuff with no direction or meaning.

I am the one who's been trying to frame this like a debate When have I once in this thread mentioned gold ? I don't recall. I never mentioned "fiat" currency either. If I have, find it. I've been reacting to your off the cuff rants and now you are pulling things off of ZeroHedge and assuming that I have been saying them. When I haven't.



Relax mate ....he's a known China basher on this page on all things relevant or not ...I don't believe an approach of debate is the best way to describe his approach ...

Must have got the worst nappy rash when he was a kid with diapers made in China and never forgave from that point on ...

Edited October 1, 2015 by Scott

[Publicus]

China being the us's biggest creditor and Brazil being the US's 5th biggest creditor. Most people like you will get this backwards. Perfectly backwards. In 1997, Asia was running current account DEFICITS. Selling their forex reserves this time is not like throwing them down a black hole because they are not debtors. They can and are exporting their problems by selling dollars.

Brazil’s Real Strengthens Against Dollar

SAO PAULO—The Brazilian real strengthened against the dollar on Thursday, the first time in six sessions, after the president of the central bank said he is willing to use the country’s foreign reserves to defend the currency.

Traders and economists have criticized the central bank for not selling down some of its approximately $370 billion in foreign-currency reserves to help support the real, relying instead on derivatives contracts.

On Thursday central bank President Alexandre Tombini addressed those complaints, saying the reserves are a form of insurance for Brazil that “could and should be used.”

...and...?

...Btw, you offend most people and you offend myself besides in the condescending post when you say, "Most people like you will get this backwards. Perfectly backwards." The problem in all of this for the few on the margins is that "most people" are facing reality instead of a dream time of how the usd is going to crash and take the US and the global economy with it. The gold bugs for a gold standard have been hopping in the high grass for a long time about this.

The post is a report that has no point, no context, no significance stated in it. Your posts need to provide the clarifying and incisive point. Assuming there is one. Once you state the point of all of the posts, we can take it from there. Until then there are only reports absent meaning, direction, purpose.

Foreign governments can sell at the US Treasuries they like and will not crash the US economy or the fiat currency system. Period.

You are the one who has consistently been ranting off the cuff with no direction or meaning.

I am the one who's been trying to frame this like a debate When have I once in this thread mentioned gold ? I don't recall. I never mentioned "fiat" currency either. If I have, find it. I've been reacting to your off the cuff rants and now you are pulling things off of ZeroHedge and assuming that I have been saying them. When I haven't.

Relax mate ....he's a known China basher on this page on all things relevant or not ...I don't believe an approach of debate is the best way to describe his approach ...

Must have got the worst nappy rash when he was a kid with diapers made in China and never forgave from that point on ...

Sword is accepted and the terms of surrender will be generous, positive, constructive.

The poster who has resorted to the desperation of argument from diapers, and another poster who has no arguments, have thus fallen over into the ad hominem trap which is all too easy given the topic and subject, the CCP dictators and tyrants in Beijing. It is impossible to support the unmeritorious autocrats and kleptocrats in Beijing even as the young and nervous dynasty of emperors in business suits may have secret admirers, as it were, and supporters who predicate their impulses on a blind and self-destructive nativism or distant and bent ideologies of the 19th century.

Yet the Chinese people themselves do not like that the Chinese Communist Party takes as its model for the contemporary China the Europeans Marx and Engels. That is the starting point in analysing and evaluating 21st century China. The CCP are dictators period. If they though or believed they could get away with using Hitler, Stalin or Attila as their model they would do it. Anyone will do unless he is from the European Enlightenment and their offspring, the French Revolution, the American Revolution. And in Beijing, the mother of parliaments at Westminster be damned and smashed by the Middle Kingdom.

Almost everything the 21st century CCP Dictators are, believe, do, stems from the collapse of the USSR as the lesson of how the CCP needs to preclude their own inevitable demise. The consequence is a slow and constant CCP downfall rather than a sudden crash and death. It is like the oft-cited quote from the Hemingway novel (The Sun Also Rises) in which someone asks a guy how he went bankrupt. "Two ways," the guy said. "Gradually then suddenly."

Edited October 1, 2015 by Publicus

[Scott]

Troll post removed.

[LawrenceChee]

China will be successful and all these damn doomsday predictors will again slink into their little corners and suck their thumbs wondering when it will happen

[Publicus]

The annual report of the World Economic Forum guyz that meet each year in Davos have issued their 2015 global findings which continue to point out the weaknesses of the CCP"s political economy.

Here are but two findings among the 140 countries examined and ranked....

To find the CCP China one needs to scroll a lot.

Here's a head-to-head measurement that has the lower rank as the better rank...

The WEF summarises the CCP in this way:

“Faced with rising production costs, an aging population, and diminishing returns on the massive capital investments of the past three decades, China must now evolve to a model where productivity gains are generated through innovation and demand through domestic consumption.

Global Competitiveness Report of 2015.

Rotsa ruck.

[ExpatOilWorker]

In a slowing down Chinese economic, Col. Liu Mingfu view's could become even more mainstream:

http://www.nytimes.com/2015/10/03/world/asia/chinese-colonels-hard-line-views-seep-into-the-mainstream.html?_r=0

[Publicus]

In a slowing down Chinese economic, Col. Liu Mingfu view's could become even more mainstream:

http://www.nytimes.com/2015/10/03/world/asia/chinese-colonels-hard-line-views-seep-into-the-mainstream.html?_r=0

Since 2009 when the revanchist CCP Boyz started berating and bashing Japan over islands from the 2005 Russo-Japanese war people have been saying the only thing we have to fear more than a rising China is a falling China. Absolutely true that.

Xi Jinping is a committed economic reformer meeting little success but is also revanchist in chief of a CCP that has stoked Chinese nationalism and the myth of victimisation at the hands of the Western powers to include Japan. Japan is behind the CCP's door number one and the USA is behind door number two. Getting the Brits to grovel rounds out the top three.

In a slowing down Chinese economic, Col. Liu Mingfu view's could become even more mainstream:

http://www.nytimes.com/2015/10/03/world/asia/chinese-colonels-hard-line-views-seep-into-the-mainstream.html?_r=0

With a Chinese military presence now in Syria, the US must be getting a bit nervous.

PLA is a corrupt incompetent joke. The PLA which means all of the armed forces to include Navy and Air Force belong to the Chinese Communist Party, not the state. The CCP is in fact the state. The first test of a potential general or admiral is CCP political correctness. Nothing else is even a close second.

Col Liu attests to the fact in his own quote from the linked NYT article:

The colonel said his intellectual interest lies in Marxist theory and Mao Zedong thought, as well as the “political work” of the Chinese military.

In other words the good colonel is yet another run of the mill CCP political hack.

In Syria the CCP military is standing around watching an actual military force in preparation and action. Say what one will, the Russians have the second most powerful and competent military of the world. The CCP military there are bystanders who more likely than not also see a quagmire in the making.

CCP Boyz could not afford a serious military engagement when GDP was growing 10% nevermind now as they know their economy is tanking. Military adventurism as a diversion from serious domestic disorder is indeed the great concern globally and regionally, for Japan especially, which is a US security treaty ally. CCP isn't ready yet for Taiwan action but no one really knows as the independence party there continues on track for a big election win for president in January.

[craigt3365]

China will be successful and all these damn doomsday predictors will again slink into their little corners and suck their thumbs wondering when it will happen

Reminds me of all the doomsday predictors about the US during the last recession. Seems the US economy is doing quite well now....China will get through this. It may be painful, but they'll make it.

[Publicus]

China will be successful and all these damn doomsday predictors will again slink into their little corners and suck their thumbs wondering when it will happen

Reminds me of all the doomsday predictors about the US during the last recession. Seems the US economy is doing quite well now....China will get through this. It may be painful, but they'll make it.

Neatly philosophical approach, the pronouncement made in the post.

China certainly won't disappear, however, the period between now and 2020 is the crucial time period for the CCP that rules it. Between now and then the many and myriad problems led by numerous bubbles bursting will be hitting and cascading one after the other as they have begun to do since August last year when the Boyz threw $400bn into their yuan parched banks despite everyone's strong advice to the contrary.

The great global concern is that the CCP economy is radically and fundamentally different from that of the USA, Europe, Singapore etc. The mind boggles concerning the fundamental differences, but they begin with the USA having a market economy and a democratic political system versus the CCP which has been commanding the economy and ordering around the financial system in the classic style of the Marxist Leninist Maoist dictatorship that the CCP is.

The political system is stalemated for or against necessary economic reforms as the two opposing factions of the CCP effectively neutralise one another. We in the United States wring our hands over gridlock in Washington but one election can (and will) blast that loose. The CCP haven't any such option as the only answer for the deadlock over economic reforms is to blast things loose with a thorough purge of the other side, which neither side is able to do. Xi Jinping's three year "anti-corruption" campaign is in fact the purging of his anti economic reform opponents, yet the stalemate continues with no end of it in sight. This is despite Xi being in the supposedly dominant reform faction along with his fellow economic reformer, PM Li Kejiang. (In politics Xi is a censoring and repressive fascist.)

(It is inside baseball to say Xi has to heed the strong advice of his closest advisers to arrest former Prez Jiang Zemin who for 13 years out of office has been leading the fierce fight against economic reform, to include two successive unsuccessful coup attempts against Xi engineered by Jiang, involving two separate defense ministers Jiang got in to place and which Xi did arrest. Remember when in 2012 Xi disappeared for a week while on the verge of becoming president then suddenly resurfaced, which was caused by Jiang's machinations against Xi and his economy reformers. The then Prez Hu Jintao similarly had had to disappear for a week in 2006 due to Jiang's machinations against Hu while Jiang had continued in his position as chairman of the Central Military Commission, a position Hu as prez/party chairman should have held.)

The problem with the CCP and the CCP's China is that the party controlled command economy from soup to nuts is distorted and mangled beyond comprehension or redemption. The CCP Boyz have never had actual control over the skyrocketing economy. It over time became an increasingly huge and gargantuan beast. The Boyz cheerfully fed its growth but without realizing it became unable to deal with its outsized manifestations. It is only during the latter part of this year that the realities of it have become increasingly apparent.

From the outset Deng Xiaopeng never accounted for externalities that would in one way or another affect his grand design that had brought the CCP China to its present internal state of development. Deng never allowed for the possibility --indeed the inevitablity-- of a 2008 kind of event in the USA, or for a Greece creating a euro and EU emergency, or sanctions against Russia due to a Ukraine; the 1997 East Asia Financial Crisis etc. Deng had simply assumed the export based model was in fact a given eternal one and that the CCP could also build infrastructure from here to the moon (literally). So now the Boyz are confused and they can't agree on anything economic or financial. The great concern throughout China and indeed globally is that the confusion and the ideological standoff in Beijing is terminal.

.

Edited October 5, 2015 by Publicus

[Naam]

Bloomberg 2015-10-06

China’s yuan overtook Japan’s yen to become the fourth most-used currency for global payments, shrugging off a surprise devaluation to rise to its highest ranking ever and boosting its claim for reserve status.

The report comes as the International Monetary Fund prepares to conduct a twice-a-decade review of its Special Drawing Rights basket, which currently comprises the U.S. dollar, euro, yen and the British pound.

http://www.bloomberg.com/news/articles/2015-10-06/yuan-overtakes-yen-as-world-s-fourth-most-used-payments-currency

facts talk, bullsh** walks

[Publicus]

Bloomberg 2015-10-06

China’s yuan overtook Japan’s yen to become the fourth most-used currency for global payments, shrugging off a surprise devaluation to rise to its highest ranking ever and boosting its claim for reserve status.

The report comes as the International Monetary Fund prepares to conduct a twice-a-decade review of its Special Drawing Rights basket, which currently comprises the U.S. dollar, euro, yen and the British pound.

http://www.bloomberg.com/news/articles/2015-10-06/yuan-overtakes-yen-as-world-s-fourth-most-used-payments-currency

facts talk, bullsh** walks

So we see in the post.

As for realities, a certain amount of yuan was already in process and in the global pipelines when the CCP Boyz devalued it August 11th.

So, the yuan comprised 2.79 percent of all global trade currency payments in August. Yes, the yuan now ranks fourth, displacing Japan and the yen, which comprised 2.76 percent of global trade currency payments in August.

Ahead of the yuan are the following currencies:

USD comprises 44.8&

Euro comprises 27.2%

British Pound 8.45%

Looking past the headlines can tend to keep things in some proper perspective.

Such as the fact also the four countries that in August most increased their use of the yuan in global trade currency payments were, in order, UK, USA, Singapore, France. This is due in large part to the fact the emerging economies are submerging.

http://origin-www.channelnewsasia.com/news/business/china-yuan-overtakes-yen/2173498.html

[metisdead]

Off topic posts and replies have been removed.

[sandyf]

BEIJING, Oct 8 — China's central bank today launched the China International Payment System (CIPS), a worldwide payments superhighway for the yuan to facilitate trade settlement and investment dominated in the yuan. - See more at: http://www.themalaymailonline.com/money/article/china-launches-yuan-cross-border-interbank-payment-system#sthash.CPS9me6y.dpuf

[ExpatOilWorker]

BEIJING, Oct 8 China's central bank today launched the China International Payment System (CIPS), a worldwide payments superhighway for the yuan to facilitate trade settlement and investment dominated in the yuan. - See more at: http://www.themalaymailonline.com/money/article/china-launches-yuan-cross-border-interbank-payment-system#sthash.CPS9me6y.dpuf

They better hurry up to get that yuan trading going, the whole country is leaking $1 million a minute.

http://www.cnbc.com/2015/10/07/china-fx-reserves-fall-in-september-to-351-trillion.html

[sandyf]

BEIJING, Oct 8 China's central bank today launched the China International Payment System (CIPS), a worldwide payments superhighway for the yuan to facilitate trade settlement and investment dominated in the yuan. - See more at: http://www.themalaymailonline.com/money/article/china-launches-yuan-cross-border-interbank-payment-system#sthash.CPS9me6y.dpuf

They better hurry up to get that yuan trading going, the whole country is leaking $1 million a minute.

http://www.cnbc.com/2015/10/07/china-fx-reserves-fall-in-september-to-351-trillion.html

"Chinese officials have said they have allowed the yuan to slide to hitch the currency to the global market and not to boost exports and help the economy."

[ExpatOilWorker]

BEIJING, Oct 8 China's central bank today launched the China International Payment System (CIPS), a worldwide payments superhighway for the yuan to facilitate trade settlement and investment dominated in the yuan. - See more at: http://www.themalaymailonline.com/money/article/china-launches-yuan-cross-border-interbank-payment-system#sthash.CPS9me6y.dpuf

They better hurry up to get that yuan trading going, the whole country is leaking $1 million a minute.

http://www.cnbc.com/2015/10/07/china-fx-reserves-fall-in-september-to-351-trillion.html

"Chinese officials have said [/size]they have allowed the yuan to slide to hitch the currency to the global market and not to boost exports and help the economy."[/size]

There is a good 14 page special report in The Economist about the dollar's role as a reserve currency and they also touch on the subject of the Chinese yuan.

The bottom line is pretty much that the dollar and US banks will still be dominant for a long time to come.

[Publicus]

More of the same from the boyz of the Middle Kingdom who have always lived in their own world of fantasy, make-believe, and to wish upon a star.

China shrugs off IMF warning on ‘unprecedented’ economic challenges

The IMF cautioned yesterday that China faces unprecedented challenges modernising its economy, carrying risks for the whole world, but a Chinese official brushed off the warning, saying: "Don't worry."

China's effort to transition to a more market- and consumption-based economic model will be a monumental, risk-fraught task that will "require great care," the International Monetary Fund said in its new review of global financial risks.

But a senior Chinese central bank official sought to downplay concerns that China's slowdown will weigh on the global economy. "I would say don't worry," said Yi Gang, deputy governor of the People's Bank of China.

- See more at: http://www.themalaymailonline.com/money/article/china-shrugs-off-imf-warning-on-unprecedented-economic-challenges#sthash.ZCq52uzq.dpuf

The world learned hundreds of years ago about China as the land of grandiose make-believe. Now the make-believe is in the mode of Marxism-Leninism-Maoism with a touch of Deng Xiaopengism to include Tianamen Square 1989.

[Publicus]

BEIJING, Oct 8 — China's central bank today launched the China International Payment System (CIPS), a worldwide payments superhighway for the yuan to facilitate trade settlement and investment dominated in the yuan. - See more at: http://www.themalaymailonline.com/money/article/china-launches-yuan-cross-border-interbank-payment-system#sthash.CPS9me6y.dpuf

So?

And??

Did the CCP Dictators in Beijing settle the dozen outstanding issues that have delayed the system start since last year? For instance....

Did the system radically increase its standards to equal or surpass the existing model of the SWIFT cyber banking system in Belgium that processes $6 Trillion a day?

Is is finally decided whether settlement will be on a gross or a net basis? Net settlement would of course require a sophisticated system.

Are new language codes modeled on the US or the UK system?

Will the People's Bank of China implement language and document codes for domestic state-owned banks that a compatible with an international system? Does CIPS now have an international language and document system?

Will the Chinese Commercial Code become standardised and published in English too?

Is CIPS membership still open to only state-owned banks in China? Will CCP banks become able to do business 24/7 or will they continue to keep "bankers hours"?

Will the CCP China continue to be a "slow-pay" country in all international transactions, taking several months to complete the payout of a settled and finalised transaction?

Will the CIPS respect international money laundering lists?

There is much more that has delayed this and that has led to a late partial rollout, and which has left global banks wondering if the CCP Boyz know what they're doing, or care.

Even under the most optimistic or rosy scenarios, the CCP Boyz could never do better than having the yuan as the 3rd most traded currency in about ten more years, behind the usd and the euro. The rosiest of scenarios meaning everything goes perfectly according to the Boyz' always grandiose plans and predictable predictions.

[Naam]

Publicus

More of the same from the boyz of the Middle Kingdom who have always lived in their own world of fantasy, make-believe, and to wish upon a star.

you clearly beat the boyz with your biased phantasies

[Publicus]

Dawei Securities in Japan last month said the CCP Boyz would lose 20% off their GDP by the end of 2018.

Nobody believes the data out of Beijing and for good reason. The Boyz even know better than to believe themselves.

The Boyz need to shift to a consumer based economy yet consumption remains at 35% of GDP, half that of the US and other Western or successful East Asia economies.

There never has been a realistic self-conception there or of the outside world. Not for 3500 years consecutively.

The Middle Kingdom.

[LawrenceChee]

Dawei Securities in Japan last month said the CCP Boyz would lose 20% off their GDP by the end of 2018.

Nobody believes the data out of Beijing and for good reason. The Boyz even know better than to believe themselves.

The Boyz need to shift to a consumer based economy yet consumption remains at 35% of GDP, half that of the US and other Western or successful East Asia economies.

There never has been a realistic self-conception there or of the outside world. Not for 3500 years consecutively.

The Middle Kingdom.

The general mood of pessimism is there for sure ....the Chinese have now also understand international politics and banking better that just like USA which has failed in many recessions it has bounced back ....the Chinese have taken a few leaves off that and prepping for a bounce back ...they will lose something along the way but not much as predicted by the doom and gloom gang

They have ingrained themselves into almost every economy in the world as trading partners ...they have become like the USA too big to fail and every country is out to support that as in good times China is more beneficial than anything else just like the USA

As such right now you have two Super giants on the world platform ....one is clearly sulking and don't enjoy sharing that attention and the other is clearly getting smarter politics and a strong CCP is a the way to go

[Credo]

In reality, I don't think any country wants China to fail. It's really not in anybody's interest. With failure, comes instability, and with a population as large as China and a gov't which tends toward dealing with unrest rather strictly, failing would be dangerous to more than just China.

It would be nice if the Chinese gov't had more credibility in the information that is released.

[Naam]

In reality, I don't think any country wants China to fail. It's really not in anybody's interest. With failure, comes instability, and with a population as large as China and a gov't which tends toward dealing with unrest rather strictly, failing would be dangerous to more than just China.

It would be nice if the Chinese gov't had more credibility in the information that is released.

proof for your claim is that some people are raving and ranting, others are shitting in their pants all because the Chinese let the value of their currency drop to (presently) minus 1.81%, an insignificant percentage when compared with most other daily currency fluctuations.

[LawrenceChee]

In reality, I don't think any country wants China to fail. It's really not in anybody's interest. With failure, comes instability, and with a population as large as China and a gov't which tends toward dealing with unrest rather strictly, failing would be dangerous to more than just China.

It would be nice if the Chinese gov't had more credibility in the information that is released.

If they did that ...they won't really be communist right ? They would be disappointing a lot of people including some doom squads here in this forum

Even USA has enough corporate secrets that the NSA don't want to revealed for fear of the leaks on how much government interference there is in the "free economy"

Edited October 13, 2015 by LawrenceChee

[Publicus]

Dawei Securities in Japan last month said the CCP Boyz would lose 20% off their GDP by the end of 2018.

Nobody believes the data out of Beijing and for good reason. The Boyz even know better than to believe themselves.

The Boyz need to shift to a consumer based economy yet consumption remains at 35% of GDP, half that of the US and other Western or successful East Asia economies.

There never has been a realistic self-conception there or of the outside world. Not for 3500 years consecutively.

The Middle Kingdom.

The general mood of pessimism is there for sure ....the Chinese have now also understand international politics and banking better that just like USA which has failed in many recessions it has bounced back ....the Chinese have taken a few leaves off that and prepping for a bounce back ...they will lose something along the way but not much as predicted by the doom and gloom gang

They have ingrained themselves into almost every economy in the world as trading partners ...they have become like the USA too big to fail and every country is out to support that as in good times China is more beneficial than anything else just like the USA

As such right now you have two Super giants on the world platform ....one is clearly sulking and don't enjoy sharing that attention and the other is clearly getting smarter politics and a strong CCP is a the way to go

Problem is that in the 21st century China and the Communist Party of China are inseparable. So long as that is true, the CCP China with its ideology against parliamentary democracy and human rights will be a menace to global stability. With CCP top-down command economics and finance, combined with corruption that in the 21st century China is incomprehensibly humongous, the society and people will fail. The whole thing is presently collapsing and crashing.

No one in the United States is sulking and neither is anyone in the CCP getting smarter. People of the US experience cycles of uplift then disappointment, which is the nature of the market system, in both economics and in our open and competitive politics and government. The linear movement in the US is always upward despite up-down spikes on the graph. In the CCP, the nature of dictatorship is that they simply become more crafty and incestuous in their skills and cynical techniques of self-survival, which in the longer term is only and always self-destructive.

Fact remains, the next several years for the CCP China will consist of a consistently downhill trajectory. Sometimes as in the coming year of 2016 the decline will be a very steep and drastic one. To put the plight of the current dynasty of CCP emperors in business suits in a classic Chinese terminology, the Boyz are deep in the woods surrounded by lions, tigers and bears...with an eagle flying high overhead.

[LawrenceChee]

Some stories are just fathom like ....just like some people dream USA will dominate the world politics alone and the entire business environment

The only lone eagle flying will be the dumb one thinking it's the most important eagle of all, not knowing there are many species of eagles around the world way way way more majestic than the bald eagle ...the fat panda is way smarter than one gives it credit for ....but then again it's dumb looks means it continues to feed well

Edited October 13, 2015 by LawrenceChee