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Dr. Socially Liberal Fiscally Conservative Vermin
31st March 15, 07:36 AM
Beijing calling: Australia & Denmark defy US by applying to join China-led bank

Australia and Denmark, despite previous American objections to the move, say they will join a new Beijing-backed investment bank that some in Washington say could supplant the US-dominated International Monetary Fund.

In a testament to China’s growing economic clout on the global stage, western countries are lining up to join the Asian Infrastructure Investment Bank, or AIIB.

....

Australian Prime Minister Tony Abbott and Treasurer Joe Hockey expressed their country’s willingness to join AIIB as a founding member, but have attached tough conditions to their membership.

“The government has discussed the AIIB extensively with China and other key partners inside and outside the region,” Abbott and Hockey said in a joint statement.

“Key matters to be resolved before Australia considers joining the AIIB include the Bank’s Board of Directors having authority over key investment decisions, and that no one country control the bank,” they said.

......

Also on Sunday, from faraway northern Europe, Denmark released a statement to "announce its intention to apply to be a founding member" of the AIIB.

Danish Minister of Trade and Development Mogens Jensen called AIIB, which is anticipated to begin operating by the end of the year with $100 billion in capital, a “significant and exciting development in the world order."



Full RT article (http://rt.com/business/245033-china-bank-australia-denmark/)


Switzerland, Luxembourg apply for China-led infrastructure bank

Despite negative noises from the US, Switzerland and Luxembourg have become the latest European nations to apply to join the Beijing-led Asian Infrastructure Investment Bank (AIIB), the Chinese Finance Ministry announced.

Earlier in March, the EU’s leading economies – the UK, France and Germany –announced plans to participate in the new international financial institution.

China's Finance Ministry released a statement on Friday saying it welcomes the Swiss decision to apply.

Switzerland is to become the bank’s founding member later this month if other nation members involved approve its candidacy.


Full RT article (http://rt.com/business/242897-switzerland-luxembourg-aiib-china/)


Russia to apply for China-led infrastructure bank AIIB – Deputy PM

Russia decided to apply to join the China-led Asian Infrastructure Investment Bank (AIIB), the country’s Deputy Prime Minister Igor Shuvalov said on Saturday.

“I would like to inform you about the decision to participate in the AIIB,” which was made by Russian President Vladimir Putin, Shuvalov said at the Boao Forum for Asia.

Shuvalov added that Russia welcomes China’s Silk Road Economic Belt initiative and is happy about stepping up cooperation.

"We are delighted to be able to step up cooperation in the format of the Eurasian Economic Union (EEU) and China...the free movement of goods and capital within the EEU brings economies of Europe and Asia closer. This is intertwined with the Silk Road Economic Belt initiative, launched by the Chinese leadership," he said.

Full RT article (http://rt.com/business/244805-russia-join-aiib-china/)


So is this the beginning of the end for the US dollar?

Should the US send an Audi driving, tan leather wearing missionary for the American way of life on a world tour to dissuade these crazy people?

Should I have bought shares in AliBaba?

Cullion
31st March 15, 08:38 AM
this doesn't directly challenge the dominance of the dollar as a currency as such.

overturning dollar dominance would involve shifts in what internationally traded commodities like oil were settled in.

Dr. Socially Liberal Fiscally Conservative Vermin
31st March 15, 08:48 AM
So bottom line oil is the deal breaker?

Dr. Socially Liberal Fiscally Conservative Vermin
31st March 15, 01:19 PM
$1 = £0.67

Cullion
31st March 15, 04:45 PM
So bottom line oil is the deal breaker?

I think thats why the US tends to lose patience with oil-producing nations that announce an intention to trade oil in other currencies very quickly. Those decisions were direct pre-cursors to the invasion of Iraq and the arab spring in Libya.

Dr. Socially Liberal Fiscally Conservative Vermin
17th June 15, 06:35 AM
For the gold bugs out there, a quickie: China is launching a facility that allows the yuan’s value to be fixed against gold.

A gold fixing facility exists in London, but China wants its own – reflecting its ambitions as a global financial player. The establishment of a China-based gold fix for the yuan also marginally undermines the dollar as the global benchmark currency, says Jan Dehn, an economist with the Ashmore Group in London, a $70 billion asset management firm.
....

Some see this as a direct challenge to the dollar. While a decline in the dollar’s use as a percentage of trade is already ongoing in Asia, there is also an increase in trade, which means the yuan isn’t taking dollars out of the market.
....

“A lot of central banks are already starting to move to the yuan,” says Justin Chan, HSBC’s co-head of markets in Asia Pacific. “At the moment, I don’t think the yuan will be a serious challenger to the dollar as a reserve currency. Surely it will never be the reserve currency. It will be one of the major reserve currencies, though,” Chan says.

China Goes After Dollar With Gold Fix (http://www.forbes.com/sites/kenrapoza/2015/05/11/china-goes-after-dollar-with-gold-fix/)

OZZ
17th June 15, 10:07 AM
Fucking China..their economy is going to come crashing down around their ears soon and they are trying to set this shit up before it does.
A lot of their 'growth' has been heavily exaggerated, at least over the last two years or so anyways.

India will surpass them in the next decade.

OZZ
17th June 15, 10:10 AM
Speaking of currencies - just wondering - where is the best place to go to exchange foreign currency and get the best return/avoid fees?
I was thinking about taking some US dollars to a casino and cashing it in, as it will probably yield a better return than a bank.
We had some American customers at the last big outdoor show we did and have almost $1000 US lying around...

Robot Jesus
17th June 15, 12:42 PM
Forex claims to offer better rates than banks.

OZZ
17th June 15, 09:45 PM
Any of those places will charge a fee though, no matter how incidental.
If I recall, casinos charge no fee at all its just whatever the exchange rate is.
Of course, I would have to buy chips with the money and then turn them in a while later.

Dr. Socially Liberal Fiscally Conservative Vermin
18th June 15, 04:20 AM
Thats a good tip about casinos OZZ thanks.

Pie of Hate
18th June 15, 04:37 AM
Thats a good tip about casinos OZZ thanks.

You do know that casinos and penny arcades, aren't the same thing don't you?

Dr. Socially Liberal Fiscally Conservative Vermin
18th June 15, 07:04 AM
No

Pie of Hate
18th June 15, 07:20 AM
Good.

Üser Friendly
18th June 15, 12:42 PM
When the Dr develops a gambling addiction you can blame yourself OZZ

Feryk
18th June 15, 03:07 PM
Ozz, check this thread. It has a few good points worth considering.

http://www.tripadvisor.ca/ShowTopic-g154998-i97-k6439621-Us_cash_exchange_for_Canadian-Niagara_Falls_Ontario.html