Iranian Rial

[screwball]

Just now, pokerplayer said:

All I have after the Riel is the Dong and of course the Dinar. bought some Icelandic Krona on a hunch, but it remains to be seen.

pp

I will set up yuan and yen accounts and that's it....I have a little yuan planned to have ready for October 1st just to see what happens...hopefully given me a nice little cash injection if not I will keep because yuan will gain in value from whatever the starting point...and Japanese yen told years ago to look at this by a very smart banker so will place a **** load in thank in a currency account let it earn interest and let it roll see what happens but they are expected to be a powerhouse and the article suggest it...emerging Asian currncies are the go, the dong will adjust in time I have a little of that as well but very big into rial and dinar...

[screwball]

Follow the big money and if you remember Asian countries in particular maayalsia, China, Vietnam, Japan, Thailand etc placed either Boeing or Airbus orders totalling in the 100's of billions....and India!! Another emerging economy!

[screwball]

28 minutes ago, screwball said:

Follow the big money and if you remember Asian countries in particular maayalsia, China, Vietnam, Japan, Thailand etc placed either Boeing or Airbus orders totalling in the 100's of billions....and India!! Another emerging economy!

Also don't forget the IMF in numerous artciles has talked about emerging economies in particular Asia and expects 5% growth...

[screwball]

US Vows to Address Concerns of European Banks over Dealing with Iran: FM Zarif 

News ID: 1196513 Service: Economy 

 September, 26, 2016 - 14:53 

TEHRAN (Tasnim) – Iranian Foreign Minister Mohammad Javad Zarif said Washington has pledged to allay the concerns of European banks about trading with Iran following the removal of anti-Tehran sanctions. 

US Secretary of State John Kerry has given assurances that Washington will not punish the European banks engaged with Iran’s financial entities, Zarif told Japan’s Kyodo news agency on Sunday.

"The US says they encourage everybody outside the US to engage in business with Iran,” he said.

“Of course, we believe that was not sufficient, so we asked them to take further action to convince and actually remove the concerns of foreign institutions, particularly banks, about working with Iran.”

While the Joint Comprehensive Plan of Action (JCPOA) - a lasting nuclear deal between Tehran and world powers- came into force in January, some Iranian officials have complained about the US failure to fully implement the accord.

Back in March, Leader of the Islamic Revolution Ayatollah Seyed Ali Khamenei said Americans have yet to fulfill what they were supposed to do as per the nuclear deal.

Iran still has problems in its banking transactions or in restoring its frozen assets, because Western countries and those involved in such processes are afraid of Americans, the Leader said at the time, criticizing the US for its moves to prevent Iran from taking advantage of the sanctions removal.

[screwball]

 

Australia to Reopen Trade Office in Tehran ahead of Ciobo’s Visit 

News ID: 1196617 Service: Economy 

 September, 26, 2016 - 15:52 

TEHRAN (Tasnim) – Australia’s government announced Monday it will reopen its trade office in Iran later this month. 

According to a report carried by Australia’s ABC News on Monday, Canberra will re-launch its office in the Iranian capital ahead of a visit by the country’s Minister for Trade and Investment Steven Ciobo to Tehran this week.

A business delegation led by Ciobo is expected to discuss rebuilding trade ties between Iran and Australia after a very long hiatus.

"There are significant trade opportunities as Iran re-engages with the world following the easing of sanctions," Ciobo told ABC following the announcement. 

"There's opportunity in a myriad of areas, from agribusiness and food through to education, training and water management and not to mention the fact that we, of course, have a really strong and powerful track record in relation to resources and energy — something that is in abundance in Iran as well,” he added.

Back in May, the Australian government said it planned to allocate $5.3 million to re-launch its trade office following a lasting nuclear deal between Tehran and world powers.

There has been growing international interest in ties with Iran since Tehran and the Group 5+1 (Russia, China, the US, Britain, France and Germany) on July 14, 2015 finalized a comprehensive deal on Tehran’s nuclear program and implemented it on January 16.

The comprehensive nuclear deal, also known as the Joint Comprehensive Plan of Action (JCPOA), terminated all nuclear-related sanctions on Iran after coming into force.

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[screwball]

Trumps  comments about iran being a powerhouse? Hmmmm....starts with the currency!

Edited September 27, 2016 by screwball

[screwball]

IMF Prepares for Inclusion of China’s RMB in its SDR Basket

$CNY, $USD, $GBP, $EUR, $JPY

The International Monetary Fund (IMF) Monday announced its board decision to amend the rounding methodology for determining currency accounts in the Special Drawing Right (SDR) basket, in order to make technical preparations for the inclusion of the Chinese currency, Renminbi (RMB Yuan), in the SDR Basket.

The amended methodology allows final currency amounts to produce currency weights that are very close to the weights adopted by the IMF, said the IMF, adding that it also makes the currency amount calculations easier to replicate for SDR users and market participants.

According to the IMF, currency amounts are the number of units of each currency in the SDR basket.

Currency amounts play a central role in the daily valuation of the SDR, as the value of the SDR is the sum of these amounts, valued at daily exchange rates of the currencies Vs the USD.

Currency amounts are determined on the last business day before a new SDR basket becomes effective and remain fixed over the SDR valuation period.

Last year, the IMF decided to include the RMB in the SDR Basket as a 5th currency, along with USD, the EUR, the JPY and the GBP, effective 1 October 2016.

Final currency amounts for the new valuation period will be determined and published on 30 September this year and will be fixed for 5 years.

Stay tuned…

 

[screwball]

Currency amounts are determined on the last business day before a new SDR basket becomes effective and remain fixed over the SDR valuation period.

[screwball]

Beijing Promotes International Use of RMB Yuan

Sunday, China’s state-owned currency marketplace said it is preparing to open branches in London and New York as part of efforts to promote the RMB Yuan’s global status.

The China Foreign Exchange Trade System (CFETS), a subsidiary of China’s central bank (PBOC), said in a statement that by expanding its network offshore, it aims to serve more overseas institutions and become a “main trading platform and pricing center” for the RMB Yuan globally.

China has been gradually loosening its capital controls to allow more foreign participation in its onshore RMB Yuan market. Beijing is also fostering offshore RMB Yuan centers to promote international use of the Chinese currency.

CFETS provides an electronic bidding system for RMB Yuan Vs foreign currencies. It also offers cross-rate trading, as well as RMB interbank lending and bond trading.  Yuan-based trading on CFETS totaled RMB 618.12-T ($94.24-T) in Y 2015, according to officials.

The CFETS said that it would further strengthen cooperation with overseas trading platforms, and aim to eventually provide trading services 24 hours a day, 7 days a week.

The market platform extended its trading hours for China’s onshore Yuan this year to end trading at 11:30p local time from 4:30p previously.

“CFETS is willing to provide comprehensive service and support to British institutions who participate in China’s inter-bank market, and strengthen cooperation with them as Chinese companies go offshore,” Sun Jie, executive vice president of CFETS, said in Shanghai.

The event, focused on the topic of RMB Yuan’s internationalization, was attended by Chinese and British regulators, as well as financial institutions.

Britain and China have been working hard in recent years to strengthen their economic relationship, despite strong differences due to Britain’s criticism of China’s human rights record. Chinese President Xi Jinping paid a state visit to Britain last October to seal what both call a “Golden Time” in relations.

Xavier Rolet, CEO of the London Stock Exchange Group (L:LSE) said Sunday that London is now the world’s biggest offshore Yuan center after Hong Kong.

LSE is working with the Shanghai Stock Exchange to launch a cross-border investment program to link the British and Chinese stock markets.

[screwball]

China Implements Fx Trading Reforms

$USDCNY

The RMB Yuan is facing renewed devaluation pressure over expectations of a US Fed rate hike, but a large RMB Yuan devaluation is unlikely as China continues its market-oriented Fx (foreign exchange) reform.

The central parity rate, or the fixing rate of the Chinese currency, had been weakening since May and recorded the lowest level last Monday in 5 years as US Fed Chairwoman Janet Yellen hinted at a possible interest rate raise in the next few months.

The depreciation in May was the largest monthly fall since last August’s Fx mechanism reform, raising market concerns that the Chinese government may backtrack on Fx reform with greater intervention.

Currency pessimists should be reassured that fluctuation means flexibility and is part and proof of the market-determined Fx reform, which Chinese authorities have promised to continue implementing steadily to avoid wild fluctuations that would impact on global interests.

The RMB Yuan has experienced several rounds of volatile adjustments since August, but exchange rate volatility is limited compared with late Y 2015 or early Y 2016. The market has tolerated and adapted to greater exchange rate flexibility without much panic as the formation mechanism of the fixing rate has become very transparent.

The market’s increased capability in digesting greater USD/CNY fixing volatility is likely to encourage China’s central bank to push through with more capital account liberalization and Fx reform measures.

The adjustment of the system from a highly managed Forex regime to a floating one will be a gradual process. The current fixing framework of tracking USD movements Vs China’s trading partners  serves the interests of China and the world at large.

China has allowed greater flexibility in the RMB Yuan (renminbi) exchange rate while maintaining its stability as keeping the transition stable is beneficial to both China and its trading partners.

There is limited room for China to purposely depreciate its currency to boost exports, as China is already the world’s largest trading nation and RMB Yuan uncertainty will have serrious impacts on the global financial and commodity markets, which will affect China itself.

Meanwhile, the RMB Yuan should be allowed to move moderately within a proper range. The market will gradually adapt to exchange rate volatility and strengthen Forex risk management, providing a stable financial environment for Chinese global growth and reform.

The RMB Yuan exchange rate is becoming more flexible and reflective of market forces. China is committed to making it more market-determined and increasing its 2-way flexibility within a prescribedmarket, flexible range.

The RMB Yuan may show more fluctuations as the USD moves, but the large depreciation seen earlier this year is unlikely to recur and the RMB Yuan will maintain stable in the long run.

By Zhang Zhongkai

[screwball]

The RMB Yuan exchange rate is becoming more flexible and reflective of market forces. China is committed to making it more market-determined and increasing its 2-way flexibility within a prescribedmarket, flexible range.

 

this is trading within currency band....forex

[screwball]

Sorry but iran news is slow....not much to report

[screwball]

The adjustment of the system from a highly managed Forex regime to a floating one will be a gradual process. The current fixing framework of tracking USD movements Vs China’s trading partners  serves the interests of China and the world at large.

[blueskyline]

My interest in China is ...........................are they going to back it with Gold .

[Freedomwish]

8 minutes ago, blueskyline said:

My interest in China is ...........................are they going to back it with Gold .

My hunch is a bit mixed both with Gold and that $600 billion dollar deal with Iran already made....

Screwball, congrats as Australia is opening it's doors in the trade office indeed - your area might get to see what happens first before we in the US get to see anything!   

Still, Dubai here I come!! 

[Freedomwish]

I wish I had enough to invest in the Yuan - as of now, I think it's just too expensive with not much of a return....so most of us hope Vietnam and other countries will follow suit.  

Here's to looking forward of witnessing history in about a week!!

[blueskyline]

http://www.zerohedge.com/news/2016-04-20/china-yuan-gold-fix-part-planned-shift-dollar-chinas-bocom

 

"China Yuan Gold Fix Is Part Of A Planned Shift From Dollar": China's Bocom

 

 

by Tyler Durden

Apr 20, 2016 12:51 PM

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China's shift to an official local-currency-based gold fixing is "the culmination of a two-year plan to move away from a US-centric monetary system," according to Bocom strategist Hao Hong. In an insightfully honest Bloomberg TV interview, Hong admits that "by trading physical gold in renminbi, China is slowly chipping away at the dominance of US dollars." Gold, silver, and petroleum "are the three USD-based commodites that China wants most control of" according to Hong but "gold in particular is one of the commodities that China is hoarding very hard."Finally, as Hong explains above, for those who suggest that China will never dump Treasuries or 'hurt' the dollar, since they hold so much dollars on their balance sheet, things are chganging rapidly - "The gold reserve on the China balance sheet has almost doubled since 2009. By holding gold, and moving away from a US-dollar centric system, we actually require less US dollars."

[Freedomwish]

2 minutes ago, blueskyline said:

 

"China Yuan Gold Fix Is Part Of A Planned Shift From Dollar": China's Bocom

 

Well now, there you have it! 

[jaman]

14 hours ago, screwball said:

Retire but not out of the currency game, I have one other to invest in....

I know which one you're talking about but the ...but the spread is too close to make any money

[jaman]

14 hours ago, pokerplayer said:

All I have after the Riel is the Dong and of course the Dinar. bought some Icelandic Krona on a hunch, but it remains to be seen.

pp

 

I bought my Dong same time I bought my IQD read so many positive articles, and about the Banks lowering the interest rates on business and all the new companies investing opening up

[millionaire in training]

6 hours ago, Freedomwish said:

 The Yuan -  I think it's just too expensive with not much of a return..

Here's to looking forward of witnessing history in about a week!!

 

I agree. Thats why I didn't invest  in it as well. Too expensive an not a big return . I would rather buy Dinar or Rial.  

[millionaire in training]

15 hours ago, screwball said:

Trumps  comments about iran being a powerhouse? Hmmmm....starts with the currency!

This is why it's just a matter of time before the USA lifts all sanctions on Iran. They know there's money to be made.

[screwball]

Just remember iran has said single forex before March, we have only had one article indicating october...so let us pray!

[screwball]

Iran has introduced credit cards for the first time in what appears to be a plan to encourage spending by the public.  

The credit cards will be presented to applicants with three limits of Rials 100 million ($3,000), Rials 300 million ($10,000) and Rials 500 million ($15,000). They can be used for purchases in shops or online, the media reported. 

The cards have been devised within Murabahah Islamic financing structure.  Murabahah by definition involves the purchase of a commodity by the bank, on behalf of the customer, which is to be sold to the customer on a cost-plus-profit basis.  The profit that the Central Bank of Iran (CBI) has devised for Iran’s Murabahah credit cards is 18 percent. The customers can repay the funds they receive through the cards in 36 installments.

Reports said only two banks – Bank Melli Iran and Ayandeh Bank– had started to issue credit cards. 

IRNA reported that Ayandeh Bank alone had issued above 12,000 credit cards on the first day the mechanism had been introduced to the public. 

The government of Iran had for months put the promotion of credit cards on its agenda. 

Communications and Information Technology Minister Mahmoud Vaezi said in August that the country was preparing to introduce credit card services processed by global payment operator MasterCard for the first time. 

Credit and debit cards, accepted in more than 210 countries where MasterCard is valid, will be distributed at financial branches of the Iran Post Company, Vaezi emphasized.

On the same front, the CBI announced in March that it is preparing the grounds for its nation to use credit cards provided by Asian banks such as Japan Credit Bureau (JBC) as well as China UnionPay (CUP).

[screwball]

China’s CITIC Group Corporation has expressed readiness to provide Iran with $10 billion of financing, mostly in the mining sector, announced a top official with the Chinese company.

Zhou Yafang was speaking during a meeting with Mehdi Karbasian, the head of Iranian Mines and Mining Industries Development and Renovation Organization, at IMIDRO’s headquarters in Tehran on Monday.

The Chinese government is expected to issue the required permits by the end of this year and the financing process will start in 2017, the Chinese official was quoted as saying by IMIDRO’s news portal.

Zhou added that the financing is fully backed by China Export and Credit Insurance Corporation known as Sinosure.

Sinosure is a major state-owned enterprise that offers export credit insurance, in particular coverage for the export of high-value added goods in China. It also offers coverage against political, commercial and credit risks. This includes short-, medium- and long-term export credit insurance, investment insurance, bond and guarantee business, debt and capital retrieval business and credit assessment business.

Zhou called on IMIDRO to provide CITIC Group with a list of its prioritized mining projects and expressed his company’s interest in Iran’s steel, coal, copper and aluminum sectors.

Karbasian, who is also deputy minister of industries, mining and trade, said $2 billion worth of mining projects are underway in steel, copper and aluminum plants alongside the Persian Gulf, coal projects in central Iran, in addition to the development of Pars Special Economic Energy Zone.

IMIDRO is firm on absorbing investment to the mining sector so that it can increase annual production capacity of steel, aluminum and copper cathode from the current 24 million, 460,000 and 255,000 tons to 55 million, 1.5 million and 800,000 tons respectively by the end of the 20-Year National Vision Plan (2005-25).

The Iranian Mines and Mining Industries Development and Renovation Organization estimated in its annual general meeting held on Saturday that Iran’s mining sector requires $15.3 billion in foreign direct investment to meet the goals stipulated in the sixth five-year development plan (2016-21).

Development plans are laws drafted by the government and ratified by parliament every five years since 1991 and are meant to provide the broad directions for a wide range of economic reforms and social priorities.

The Beijing-based CITIC Group Corporation, formerly the China International Trust and Investment Corporation, is a state-owned investment company established in 1979. Its initial aim was to “attract and utilize foreign capital, introduce advanced technologies and adopt advanced and scientific international practice in operation and management”, according to its website.

It now owns 44 subsidiaries, including China CITIC Bank, CITIC Holding, CITIC Trust Co. and CITIC Merchant Co. Ltd in China, Hong Kong, the United States, Canada, Australia and New Zealand. As one of China’s largest holdings, the value of CITIC Group’s assets reach up to $200 billion. The group provided Chinese companies with $100 billion of loans in 2015.

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