By wmw_admin on October 11, 2015
http://www.thetruthseeker.co.uk/?p=122805

Russia Today — Oct 9, 2015
China’s Central Bank has started a global payment system which provides cross-border transactions in yuan. The China International Payment System (CIPS) intends to internationalize the yuan and challenge the US dollar’s dominance.

“The establishment of CIPS is an important milestone in yuan internationalization, providing the infrastructure that will connect global yuan users through one single system,” Helen Wong, greater China chief executive at HSBC, was cited as saying by the Financial Times.

China launches International Payment System, a milestone in #yuan internationalization http:///zM4YQrGEao pic.twitter.com/2IuJ2TacCE
-China Xinhua News (@XHNews) October 8, 2015

CIPS will accept payments in cross-border trade, direct investments, financing and personal remittances. The system is open for operations 11 hours a day. The first CIPS transaction was completed by Standard Chartered Bank for Sweden’s IKEA.

Nineteen banks have been authorized to use CIPS; eight of them are Chinese subsidiaries of foreign banks, including Citi, Deutsche Bank, HSBC and ANZ.

Prior to launching CIPS international, transfers in Chinese currency could be carried out mostly through offshore clearing banks in Hong Kong, Singapore or London. While the procedure was slow and costly, the new system is expected to significantly reduce the cost and time for money transfers.

China is also trying to reduce its reliance on the global transaction services organization SWIFT.

China’s yuan joins top 4 global currencies http:///GrKyn56lUX pic.twitter.com/YKqy5tseCO
— RT (@RT_com) October 6, 2015

Beijing has been trying to bolster its currency’s presence internationally. The yuan was the fourth most-used currency for cross-border payments in August, with more than 100 countries using it for transactions.

The Chinese currency has overtaken the Japanese yen but is still well behind the US dollar, euro and the pound. Rivaling the dollar in the global financial system has been Beijing’s ambition for the yuan since 2010. The country has already opened clearing hubs in London and Frankfurt.

China is pushing hard for the inclusion of the yuan in the International Monetary Fund (IMF) currency basket. While the IMF said the yuan still does not meet the criteria of a freely usable currency, the head of the organization Christine Lagarde said it’s “not a question of if, it’s a question of when.”

I knew it. It was always going to be a matter of time. With this move, China is strengthening its position in International Finance.

Sooner or later, the Chinese Yuan will be accepted globally for settlement of international trade, side-by-side the US dollar.

I dont doubt dis news. I've always seen dis coming.

USA wouldn't sit and watch how YUAN will take over DOLLAN and they wouldn't like this

Yuan cost pass dollar




'??

DaBullIT:
Yuan cost pass dollar




'??

what do you mean??...i didnt read the ol thing well.....economics gives me an headache.....

Cc: lalasticlala, obinoscooy,

Very smart move by China.

But the timing though. Russia is challenging the US' military hegemony, while China decided to come from the blindside to challenge the economic hegemony of the dollar.

Scary times ahead and it is only a matter of time before someone goes bonkers and turn it into a gunfight lool.

Shymm3x:
Very smart move by China.

But the timing though. Russia is challenging the US' military hegemony, while China decided to come from the blindside to challenge the economic hegemony of the dollar.

Scary times ahead and it is only a matter of time before someone goes bonkers and turn it into a gunfight lool.

Good one from China. Every empire has a date with time when it eventually collapse. With our own eyes we have seen the wickedness of Britain and America. Their time has come to answer for their wickedness. Unfortunately, there's little they can do to China.

Chineese my mentors

Yujin:

Good one from China. Every empire has a date with time when it eventually collapse. With our own eyes we have seen the wickedness of Britain and America. Their time has come to answer for their wickedness. Unfortunately, there's little they can do to China.

That's very true. Every empire has an expiry date!!

Yujin:

Good one from China. Every empire has a date with time when it eventually collapse. With our own eyes we have seen the wickedness of Britain and America. Their time has come to answer for their wickedness. Unfortunately, there's little they can do to China.

But the empire will never go down without fighting militarily - you have to defeat an empire militarily for it to collapse.

So, it's still too early for that. Even the British empire didn't collapse until the 2nd world war and it only dawned on them that the empire is no more after the Suez Crisis. Rome collapsed after the vandals (Germanic people) invaded Europe.

Hopefully, with all the nukes everywhere today - the empire won't take everyone down with it when it goes down.

Shymm3x:


But the empire will never go down without fighting militarily - you have to defeat an empire militarily for it to collapse.

So, it's still too early for that. Even the British empire didn't collapse until the 2nd world war and it only dawned on them that the empire is no more after the Suez Crisis. Rome collapsed after the vandals (Germanic people) invaded Europe.

Hopefully, with all the nukes everywhere today - the empire won't take everyone down with it when it goes down.

Then the empire will be forced down by utter destruction. It's better they step down albeit peacefully, I trust that the empire will not make the mistake of starting a war they know very well they will loose.

Yujin:

Good one from China. Every empire has a date with time when it eventually collapse. With our own eyes we have seen the wickedness of Britain and America. Their time has come to answer for their wickedness. Unfortunately, there's little they can do to China.

Which wickedness?