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Western Banking in Full retreat: Rise of the East & RMB

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  1. #1

    Western Banking in Full retreat: Rise of the East & RMB

    Western Banking in Full retreat: Rise of the East & RMB

    DXY - the trade-weighted US Dollar : all-data


    FXE - Long Term / static at 3/20/2015:


    Writes Cary Huang in today's SCMP, pg.16:
    Obama and Abe suffer strategic defeat over China-backed bank

    Support for AIIB will enable Beijing to finance projects and assume a more prominent role in regional development

    + Obama has been pressuring allies in Australia, Japan, and South Korea not to join AIIB, not there's a problem:
    + France, Germany, Italy, and Britain announced on Tuesday that they would join,
    + China help start the bank with $50bn in capital, and it will be based in Beijing. It will be a direct competitor of the Manila based Asian Development Bank, and may pose a threat to the IMF and the World Bank
    === ===

    The bank's increasing acceptance around the world is seen as a triumph by Beijing, and a loss of face by Washington. This could also be the beginning of the end of the US Dollar, as the world's sole, or main reserve currency
    Last edited by OffThePeak; 22-03-2015 at 11:42 AM.

  2. #2

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    So have the Chinese taken over the secret club that rules the world then?

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  3. #3

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    Quote Originally Posted by hullexile:
    So have the Chinese taken over the secret club that rules the world then?
    hull, Ur a dirty fighter. Not only was it below the belt, it was also uncalled for.

    Btw: the secret club is called either the Rothschilds society, illuminati, Freemasons or the Knights templar. It's very confusing...

  4. #4

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    Which translates best into Chinese?

    I get totally confused because apparently it is a Jewish conspiracy of which the Queen of UK is a leading member.


  5. #5

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    Is she? I thought the Bush clan was in charge. As I said, all very very confusing

    Paxbritannia likes this.

  6. #6

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    Of course. After all, it's secret.

    Anyway, good to see competition to the World Bank and the IMF! I hope the new bank will be better, though by looking at how China claims the whole South China sea, I doubt it will be much better. It's a bit like the UK claiming all territories whose inhabitants couldn't defend themselves, or the US claiming all territories whose inhabitants couldn't defend themselves. History repeats itself, further West.


  7. #7

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    What does Goldman Sachs have to say about this?

    Frankly I only believe what they say.


  8. #8

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    I couldn't exactly see the link between a strong dollar and AIIB. Or did you just want to see discuss 2 topics here?


  9. #9

    WHAT's THE POINT?

    The point of the charts is to suggest that DXY, the trade-weighted Dollar at 100 was at or near a possible (Likely?) turning point. Points like this are where prices often peak, or begin a rolling-over process.

    The point of article (on the AIIB) was to suggest that the hegemony of the US dollar as the world's sole reserve currency is ending. And so an important part of the demand for the dollar may in future be split with the RMB. As the shift towards holding more RMB as a reserve currency increases, a dollar slide off the recent peak (if that is what we are seeing), may develop into a rout of the Dollar.

    Last edited by OffThePeak; 05-04-2015 at 01:27 AM.

  10. #10

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    China will be able to use its leverage with the new bank to get other banks in the region to use its alternative to the SWIFT banking system for clearing bank/money transfers as well. The bully tactics such as FACTA may become a thing of the past.... I hope....


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