IMF - China yuan could be Reserve Currency

[alan_coaks_3]

3 - 18 - 2012

Lagarde spoke in Beijing on the status of the global economy

Said Christine Lagarde, director of the International Monetary Fund in a speech Sunday that the Chinese yuan could become a reserve currency in the future if China has undertaken further economic reforms.

She said Lagarde, who was talking to the Chinese political leaders and businessmen universal, that China needs a road map for the exchange rate system stronger and more flexible.

China operates a closed system of capital account, and are subject to the control of its currency, the yuan court.

But Beijing says it wants to increase the international use of the yuan in settling trade transactions across borders, has initiated a series of reforms in recent years to achieve that goal.

Lagarde spoke about the "signs of stability" with the global economy was still facing some difficulties in dealing with "some weaknesses".

She said that "recent years have been very difficult in many parts of the world and in recent months, the situation was disaster."

She added: "But today we see signs of stability, signs that the policies are paying off. Improved market conditions and recent economic indicators are improving, including in the United States."

Lagarde welcomed "the important progress in the renewal of support for Greece by the International Monetary Fund and European partners."

She added: "After this collective effort is no longer the economy on the brink of an abyss and we have reasons to be optimistic calls us."

But it confirmed that "there are still weaknesses of major economic and financial need to be addressed," such as the fragility of financial systems and public and private debt, which remains very high in many developed economies or high oil prices.

On the other hand, said he was on Lagarde China "continue to redirect economic growth engines of investment and exports to domestic consumption," especially in order to ensure a better sharing of the fruits of growth.

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[carlos in san diego]

Thanks Alan: Interesting

1.- that La grande is in China visiting with the leaders of the non-aligned nations that have stopped using the dollar.

2.- That She is saying that the Chinese Yuan will become the World Reserve Currency

3.- Maybe wrong on this one, but the two previous items point to a shift of the IMF policy away from the western elite bankers towards the non-aligned nations, a complete reversal of previous policies.

If I'm reading the tea leaves right, and this is true it sounds like good news. The question is when will the Chinese Yuan become Worlds Reserve Currency? Because something tells me that

this will be the time that all countries awaiting RV will do so at the same time, including the IQD!

IMHO Carlos

[frankc]

If we lose the world reserve currency status it is said the standard of living in the US will degrade from 25% up to 50%. Meaning the cost of living will jump dramatically as things will cost significantly more for Americans. That would be terrible news and is not something any of us should be wishing for.

[40oz]

If we lose the world reserve currency status it is said the standard of living in the US will degrade from 25% up to 50%. Meaning the cost of living will jump dramatically as things will cost significantly more for Americans. That would be terrible news and is not something any of us should be wishing for.

It's bound to happen sooner or later. You don't think the rest of the world will let us have this free 25-50% upgrade forever, do you?

[alan_coaks_3]

yep sumtime in the future

[frankc]

It is not something we should wish for. All of America will suffer if we lose the World Reserve Currency status.

China sucks. Let's hope they implode before they gain a foot hold. China is a bubble waiting to explode especially with all their fraud and corruption.

[HopefulTxn]

Thanks Alan: Interesting

1.- that La grande is in China visiting with the leaders of the non-aligned nations that have stopped using the dollar.

2.- That She is saying that the Chinese Yuan will become the World Reserve Currency

3.- Maybe wrong on this one, but the two previous items point to a shift of the IMF policy away from the western elite bankers towards the non-aligned nations, a complete reversal of previous policies.

If I'm reading the tea leaves right, and this is true it sounds like good news. The question is when will the Chinese Yuan become Worlds Reserve Currency? Because something tells me that

this will be the time that all countries awaiting RV will do so at the same time, including the IQD!

IMHO Carlos

They are not talking about China becoming 'the' world reserve currency, they are referring to it becoming one of the world reserve currencies... The USD is not the only one that there is... The British Pound, Japanese Yen, Euro and USD are all world reserve currencies, and they are also the currencies that determine the value of the IMF's SDR... China has announced that they would like to join that group...

[Luigi1]

China will still have tight controls on the Yuan. It can never be a world reserve currency unless it is allowed to float & be accessable to all traders. That won't happen.

[carlos in san diego]

It is not something we should wish for. All of America will suffer if we lose the World Reserve Currency status.

China sucks. Let's hope they implode before they gain a foot hold. China is a bubble waiting to explode especially with all their fraud and corruption.

Frankc: I am with you on that! I don't think anyone with half a brain would want to see this country and it's 308 million inhabitants suffer. I hope that you understand that "We the people" did not create the situation we find ourselves in.

I don't think anyone could blame us for being deceived into voting for a rigged political system designed so that only the elite come out on top no matter who you vote for. The elite's plan to dominate this country has taken decades for them to infiltrate their paid agents into every nook and cranny in every Department of our Government, our media, and our industrial complex .

The alledged national debt is not something "we the people" have created, the elite, through the corrupt Federal Reserve is an elitest establishment that has been printing Green Backs non-stop since the days of George Bush and basically giving the money away to their banker friends and making us pick up the tab by adding to our national debt.

The "official" figure for our national debt is somewhere around 15.2 trillion, where underground media reports it around 300 trillion and grouwing every day. The day the Federal Reserve is forced to stop printing funny money the economy will collapse completely. The reason the elite have continued to run the printing presses "hot" is because we can no longer borrow money from the non-aligned nations...they have cut us off as of last year.

IMHO, An indicator that the printing presses are running hot is the activity on Wall Street, if the trend is upward, the presses are running, just like we've seen for many months now. The upward trend is only designed so the politicians can report that the economy is improving and keep the masses content . The only ones making money off the printing are the elite bankers, look around... our personal incomes are on the decline, there is no boom anywhere to justify the upward trend on Wall Street.

Carlos

They are not talking about China becoming 'the' world reserve currency, they are referring to it becoming one of the world reserve currencies... The USD is not the only one that there is... The British Pound, Japanese Yen, Euro and USD are all world reserve currencies, and they are also the currencies that determine the value of the IMF's SDR... China has announced that they would like to join that group...

I stand corrected Texn. Thanks for the observation!

Carlos

[40oz]

Thanks for the insight Carlos. I have a couple of questions if you have a minute.

Do you think the economy would collapse even if we were to dramatically cut spending, like Ron Paul style?

300 trillion?!?

The "official" figure for our national debt is somewhere around 15.2 trillion, where underground media reports it around 300 trillion and grouwing every day. The day the Federal Reserve is forced to stop printing funny money the economy will collapse completely.

[carlos in san diego]

Thanks for the insight Carlos. I have a couple of questions if you have a minute.

Do you think the economy would collapse even if we were to dramatically cut spending, like Ron Paul style?

300 trillion?!?

I don't think so buddy. The only thing keeping the economy going is the fact that the Federal Reserve continues to print money to give the American public the impression, and the politicians the braging rights to say the economy is in a recovery.It makes no difference what you cut, nothing will keep the house of card from coming down. It's way too late for that!

I feel also that the issue of spending cuts and the debt implies that we hold ourselves responsable for the alledged 300 trillion said to have been printed by the fed. I think the question we need to ask ourselves i: why is this a debt that we must be responsable for? The elite and their cronies were the only ones to benefit, and continue to do so, while the Fed's printing presses continue to run!

All our national debt has come from two wars that did not pay for themselves as Bush had expected, wars that were designed to make the elite richer, some american companies did profit handsomely, among them the cronies of Bush/ Channey, Halliburton, KBR, GE, and the industrial war machine with countless contractors, and then came the billions and billions in bailouts for the same clowns that allowed the banks to fail...we reward them with ever increasing amounts of money just simply thrown on the pile called our national debt.

At this point, they probably thought...who cares, the idiots (us) will be paying the banks back for the same money we initially loaned them from now until hell freezes over! Then when the Non-aligned nations cut us off from further loans because they realised that their dollar holding were being jeopardized by the clowns running the printing presses, without money to borrow, the presses went into full speed ahead....this is what they have been doing to keep an economy running, because we cannot stand on our own two feet because they have gutted our industrial base and shipped it overseas.

The media seem completely scripted to give us the impression there is something we can do...the talking heads drum up one thing after another to keep our minds off of reality and occupied with nonsense to keep us distracted. I doubt Ron Pauls plan will work...I'm not sure if he's incorruptable yet, i'm undecided. It's hard to find honest people now. I though Obama was incorruptable...look at where we are at!

Later man...Carlos