₦airaland Forum

philGeo:
You see better government? What about our NAIRA now? Buhari!!! You see what you promise us China don the copy, so be fast about, but this white people like themselves oh, on a serious note if Euro is there British pound don't Support to have place there, my suggestions is that like every continent currency be there instead of countries.

My guy you funny,kai you tink say na today chinko stat.

If true watch and see AMERICA next move.

You can’t buy a beer with it. You can’t trade in it. Yet China’s push to win an arcane currency status bestowed by the International Monetary Fund is driving policy makers in Beijing to ease capital restrictions.


Board members of the IMF will vote this year on whether to add the yuan to its Special Drawing Rights basket along with the U.S. dollar, euro, yen and British pound. An IMF mission in China Tuesday said it will work closely with authorities toward inclusion, which is “not a matter of if but when.”

The SDR , an accounting unit usually deployed in bailout packages, would deliver few direct benefits to China’s 1.3 billion people. But on Beijing’s streets and in the popular press, the issue is being followed, with taxi driver Wang Jiansheng saying the yuan’s fate is “definitely important” to China’s future and his own.

“Internationalization of the renminbi means that foreign tourists in Beijing could use it in a more convenient way,” he said, using the yuan’s alternative name. “It’s good for us.”
People’s Bank of China Governor Zhou Xiaochuan and Premier Li Keqiang seem to agree with that assessment. In March, Zhou dropped a plan to speak about monetary policy at a forum in Beijing so he could lobby fellow panelist, IMF Managing Director Christine Lagarde, for admission. A day later, Li promised to speed up financial market reforms to help win access to the SDR, which endows reserve status on a currency.

“It’s importance is as a tool to build political support for China’s financial and capital account liberalization,” said David Loevinger, former U.S. Treasury Department senior coordinator for China affairs and now an analyst at TCW Group Inc. in Los Angeles. “SDR inclusion will lock in reforms.”

‘Freely Usable’

To admit the yuan to the SDR basket, the IMF has to deem it “freely usable.” The currency is convertible for transactions such as trade and tourism while the capital account, which measures inflows and outflows of capital, remains restricted.

“Chinese authorities have stated publicly their interest in including the Renminbi in the SDR basket,” the IMF officials said in a statement at the end of their so-called Article IV mission to assess the economy. “We welcome and share this objective and will work closely with the Chinese authorities in this regard.”

The IMF also dropped its long-held view that the yuan is undervalued. The People’s Daily newspaper had an editorial on May 21 saying SDR inclusion would be “major progress” for yuan internationalization. The IMF’s commentary on the yuan Tuesday was reported on popular Chinese website Sina.com.

Controls Relaxed

Currency controls have been relaxed and are likely to ease further this year after Zhou said in March that steps will be taken to increase the yuan’s convertibility under the capital account. Steps to free the use of the yuan have already included allowing foreign investors to trade Shanghai-listed stocks through a link with Hong Kong’s exchange and giving overseas funds greater access to Chinese stocks and bonds.

The latest initiative was announced on Friday, when Chinese regulators and their Hong Kong counterparts said that cross-border sales of funds can begin July 1 with an initial quota of 300 billion yuan ($48 billion) in each direction.

That comes six months after a link between the Shanghai and Hong Kong stock exchanges was opened.

China is pressing ahead with its bid to join the SDR even as its economy slows. Raising the stakes: Capital outflows are tightening domestic liquidity and policy makers are seeking to deleverage the economy after a debt binge.

China must think carefully about costs and benefits and should not subject its financial liberalization agenda “to the desire of putting the RMB into the SDR basket,” said former central bank adviser Yu Yongding.
‘Financial Fragility’

“Especially due to China’s financial fragility, it is still too early to liberalize its capital account,” Yu said. “If a fully liberalized capital account is a condition for joining the SDR, China should and can wait another five years.”

Former Federal Reserve Chairman Ben S. Bernanke Monday warned in a speech in Shanghai that opening the capital account is “a two-edge sword and a drop in the currency could cause panic and an exodus of money, he said. ‘‘When opening the capital account you need to make sure the economy is strong enough to handle the fund flows out,’’ he said.

Zhou and Li have made it clear they think the rewards outweigh the risks and are pressing ahead. The IMF’s Lagarde said in March the yuan ‘‘clearly belongs’’ in the SDR basket.

Zhou Vindicated

Winning admission would be a vindication for Zhou, who for more than five years has pushed for the yuan to be added to the SDR basket, a move that would aid China’s attempts to diminish the dollar’s dominance in global trade and finance.

The nation’s ascent to become the world’s second-largest economy has bolstered his case.

‘‘If the international monetary system is more multipolar it will also be more stable,” said Jukka Pihlman, head of central banks and sovereign wealth funds for Standard Chartered Bank in Singapore. “It’s hard to underestimate the importance of this for the entire international monetary system.”

Inclusion could spur as much as 6.2 trillion yuan of net purchases of China’s onshore bonds by end-2020, Standard Chartered estimates. AXA Investment Managers says about 10 percent of the $11.6 trillion of global reserves will flow into yuan assets. It didn’t give a timeframe.

Standard Chartered, which says the yuan broadly meets SDR criteria, estimates a 60 percent chance of it gaining admission this year; Deutsche Bank puts it at a 40 percent chance this year and 60 percent in 2016.

Rebuff Risk

A rebuff for China may have consequences for the global financial architecture if it encourages a go-it-alone approach.

China already has backed new institutions including the $100 billion Asian Infrastructure Investment Bank, a $50 billion development bank in conjunction with fellow BRICS nations, and a $40 billion fund to revive the ancient Silk Road trade route.

They are being set up after years of frustrated attempts by China and other emerging nations to revamp the existing international financial institutions to better reflect the shape of the global economy.

A key sticking point is the U.S.’s failure for more than four years to approve shifts in the IMF’s ownership structure, which would give emerging markets more influence and install China as the third-largest member nation, up from sixth.

‘Bad Blood’

“If the IMF were to sidestep the explicitly stated desire of China’s government to have the yuan included in the SDR basket, it would create more bad blood in an already contentious relationship regarding currency matters,” said Eswar Prasad professor of trade policy at Cornell University in Ithaca, New York, and senior fellow at the Brookings Institution in Washington.

“A negative ruling on the yuan’s inclusion in the SDR basket could crystallize emerging market policymakers’ concerns that the IMF remains an institution run by and for the benefit of advanced economies.”

On China’s streets there are suspicions over the U.S.’s role in the IMF’s review. A failure for China to enter the SDR basket may be because the U.S. “doesn’t want to see the rising power of China,” said Beijing-based information technology worker Miu Jie, 29.

At the Central University of Finance and Economics in Beijing, student Daniel Min is taking the long view.

“If China wants to reach the goal of becoming a developed nation, it’s an indispensable step,” said Min, 21. “Power determines everything. China is already big enough that they have to pay attention to China’s concerns. The IMF will make the decision to put the RMB into the SDR basket sooner or later.”

Nature don cash am.

idupaul:
You do ur neighbour bad belle, U do ur classmate bad badbelle now U want to do a chinese billionaire bad belle.. Did he tell U he is taking his wealth to heaven

My bro I don't understand her. Why the bad beleing

cheekilicious:
This man doesn't realize he won't take any of these to heaven.

So what are you trying to say that he shouldn't enjoy life.

Africans and their hypocritic nature.

Nonsense go and. ..m

Exchange Rate for Dollar-Naira, Tuesday 26th May 2015

CBN $1 N197.00

OFFICIAL RATE $1 N199.05

BDC $1 N204.00

PARALLEL RATE $1 N216.00 & N222.00

**Please note that the Parallel rate varies for different location

Exchange Rate for B Pound-Naira

Exchange Rate for Dollar-Naira, Tuesday 26th May 2015

CBN $1 N197.00

OFFICIAL RATE $1 N199.05

BDC $1 N204.00

PARALLEL RATE $1 N216.00 & N222.00

**Please note that the Parallel rate varies for different location

Exchange Rate for B Pound-Naira

Exchange Rate for Dollar-Naira, Monday 25th May 2015

CBN $1 N197.00

OFFICIAL RATE $1 N199.05

BDC $1 N204.00

PARALLEL RATE $1 N217.00 & N225.00

**Please note that the Parallel rate varies for different location

Exchange Rate for B Pound-Naira

Exchange Rate for Dollar-Naira, Monday 25th May 2015
CBN $1 N197.00
OFFICIAL RATE $1 N199.05
BDC $1 N204.00
PARALLEL RATE $1 N217.00 & N225.00

**Please note that the Parallel rate varies for different location

Exchange Rate for B Pound-Naira

Firefire:
Zuma or wetin dem call you?

You are warned!

Stori for ZEUS. Guys did you guys know una de insult the gods of the land. Na so so talk una de talk without any action.

Kai! My people. Hmmmm.

IdiAmin1:
NAN=Toothless bulldogs.

Fuel crises:NANS action-warning.

Subsidy crises:NANS action-warning.

Third term agenda:NANS action-warning.

Boko Haram:NANS action-warning.

Military Regimes:NANS action-warning.

ND militancy:NANS-warning.

Boko haram:NANS action-warning.

Xenophobia in SA:NANS action-warning

And now, they have issued another warning when we all know that Zuma's plane to Nigeria is be fuelled as we talk.

Shame on NANS and shame on Nigerian youths.

Seriously mental case.

You know. .......

This their case de serious.

Oboi keep it up.

Wow is this for real. May God heal us.

You know. ...

Let the game begins. Nigerians are watching the game of politics.

Idrismusty97:
Yet the US have been romancing the country for decades and will do anything to maintain a proper relationship with the country just as they will do for Israel with their numerous human rights record. Isn't that ironic? This has nothing to do with Obama, the US will do anything to please Saudi Arabia even before Bush tenure.

Are you surprised.

coolzeal:
Wow!!.... The biggest joke of the century.

You did not paste it well. It the wildest imagination of the milinium.

Got it.

GenBuhari:
Is this man not overstepping the brief of a VP?

I am getting increasingly concerned that he is being groomed by America and European allies to take over government after they remove Buhari by whatever means.

Clearly all these events he is doing may be designed to make him acceptable as a replacement. The worrying thing about the photo from the economic summit is that a white man is sat right next to him

Let us continue to ask to gods to punish all those plotting against the people's General and Nigeria.

No make yaro dem hear this won .

Forget this. Let the work be done.

APC and their way should not be t....

Tjerison1:
Kill them all

Not only that erase their existence away from the universe.

You know. ....

Pavarottii:
Gallant soldiers! Carry ON! We the concerned citizens are behind you.
God bless the NA!
God bless GEJ!
God bless Nigeria!

Love this bro.

Dinocarex:
Boko Haram shall soon be a thing of the past in this nation soon. #Amen

Our name will rise again among other nations. UN will flock into our obodo naija for support.

ROSSIKE:
There is nothing wrong in praising them for good service delivery. It encourages them to do better. That money could easily have been embezzled, as was the case in years past.

Mr ROSSIKE long time.

I know they need to be encouraged but we are not doing it at the right manner.

EbubeOnoh:
GEJ purpose left us in this bad condition simply becasue he has not less than 3days to vacate the seat for CHANGE

Guy did you know your brain need to be reset for proper functioning. Because something nut is actually missing.

Don't tell you don't know.

You know. ....

I am still surprise that we continue to praise them for a normal amenities they ought to offer to the population.

When others are going extra further.

Africans oh, .

You know. ......

write2obi:
* just remembered how someone, rubbed kerosene on a gallon of water and sold it to my mum in place of kerosene . i'm sure will be in prison now or even dead. *

That's how he was walking around with gallon, and the kind hearted woman took pity on him, only to be swindled

Sowi bro welcome to Naija.

coollexy:
Black marketers will always have petrol to sell

Oh! So you don't know that it's the filling stations idea.

Wake up bro this is Nigeria.

You know. ......

coollexy:
Black marketers will always have petrol to sell

Oh! So you don't know that it's the filling stations idea.

Wake up bro this is Nigeria.

jupitre:
Petrol seller dey find buyer in abuja wea in oda states,petrol buyers dey look 4 sellers seriously.itz amazn

That's the irony of Nigeria.

Remember we praise thiefree politician but insult clean hand citizen.

Abi na lie l de lie .

You know. ........

orobs93:
Rubbish

Don't blame them bro remember a businessman will make use of any slight opportunity.

You know. .....