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[Closed--as much as any trade negotiation with the EU can be] The EU has slowly been extending its vast array of free trade agreements to cover much of the world, and, quite simply, China, as a member of our peaceful and prosperous rule-based international order, wants in. This new FTA would massively expand the EUs zone of free trade, increasing it by nearly twenty trillion, as well as increasing our trade ties with the world by a roughly equivalent amount. While we understand that developing this trade agreement will be a difficult and complex task, we have some thoughts on where to start:
Allow China general access to European financial systems
Allow Chinese nationals 30-day visa-free access to Schengen
General access to the EU of Chinese manufactured goods
Relax or eliminate restrictions on Chinese investment in the EU, including in R&D
Improved IP protections, patent sharing agreement
Establishment of internationally-staffed tribunal for arbitration of dumping/subsidy disputes
Expanded market for European [in particular] films and culture products, with European films receiving a separate annual quota in addition to being eligible to be part of our general quota
Improved human rights conditions, including wrapping up of our counter-terror operations in Xinjiang which you all seem so concerned about
General allowance of imports of European agricultural products
EU citizens will receive 30-day visa-free access to China [EMSCO partners, as a result, will receive either 30, 60 or 90-day visa-free access to China--will be in other post]
China will implement EU-standard sanctions on Russia until it drops this whole expansionism thing. It's bad for business and making everyone freak out.
Replacement of US-backed SWIFT system with joint Euro-Chinese interbank payments system designed for security and processing of transactions in EUR and RMB
China will shift to the Euro and Euro-denominated debt as its preferred reserve currency holding; and will purchase significant [ultimately, $1 trillion, as we migrate our forex holdings down to one-third USD, one-half EUR, one-sixth yen/pound/other] quantities of European debt. Note that this will be a gradual process to avoid financial panic, and one that will involve Chinese purchase of higher-risk Euro-denominated bonds from Italy and Spain--we expect a reasonable guarantee on the part of the ECB that they will not default.
Rail standardization; including adoption by China of ETCS [and subsidization of adoption of ETCS by Central Asian nations, including all the 'stans', and Iran/Turkey], and synchronization of rolling-stock standards to allow trains to run seamlessly from China to Europe
These are really just a starting point, and we'd like to hear the EU's thoughts on this matter. Negotiating trade agreements with the EU is known to be difficult, but we think we may find it worthwhile.
Hello to anyone reading this, My question is, does anyone on this sub day trade or deal with Forex, holding max length of a month and sell them? If so what platform do you use? I know this sub is more geared towards to FIRE as am I but I have an itch/interest/hobby of always wanting to trade shares on short run for shits and gigs with money I can spare to lose. So quite interested to know if there are some like me who are or like doing the same :) Cheers.
#EURUSD #TechnicalAnalysis The counter is maintaining its positive bias by holding the support of the #ascendingchannel.As the preceding move also steep, price needs a #bullish correction at the least.We expect the pair to be bullish for next few sessions. https://traderpulse.com/forex-analysis-app/
Press Conference with the Governor of the People's Bank of China 任中国人民银行行长 Yi Gang 易纲 on current monetary and regulatory matters in the People's Republic of China for the year 2022
Dear Ladies and Gentlemen The People's Bank of China (PBOC) is gladdened to announce that the efforts made by the Bank to consolidate financial markets and reign in unproductive credit and the misappropriation in debt lending are seeing bountiful returns. For the 2022 year forecast, we are thus heartened to state that the economy has exponentially preformed to bring growth above 7 percent, beating negative analysis on efforts on the PBOC and government's meaningful reforms to address core structural issues that have threatened the Chinese and global economy. While we have identified specific measures in relation to consumer demand and business growth, in conjunction with the improving regulatory framework, we foresee promising inflationary movement and are pleased to see an adaptive labour market take hold in overall trends for key benchmarks. In regards to the current developments in the Banks's stimulus efforts, we shall maintain the current level of market guidance and capital assistance. While we continue this approach, we are constantly assessing the Mainland's capital markets liquidity and should concerns be spotted that identify general overheating, the PBOC is ready to address those concerns and enforce targeted measures. Now, onto the main elements of the year's statement: the current status on the internationalisation of the Renminbi and policy responses to optimise a favourable environment as well as new guidelines on capital market The following discussion shall be complimented with the following handout:
The Renminbi - The People's Currency, and Soon the World's?
The Continued Dollar Dominance
First, a blunt fact: while multiple reserve currencies have co-existed before, and of course dominance today does not guarantee dominance in the future, with the British pound's fall as a gentle reminder of this, the PBOC is pragmatic in stating that dollar's demise looks a long ways off. Part of this is the on-the-ground data indicating that the drive to internationalisation has indeed lost much of its momentum as a reserve currency.
There is no better reminder that the US dollar is dominant than the rout across emerging market economies sine 2016-2020. The worst-performing currencies of 2019 shared a disproportionate reliance on the greenback. In 2015, 62 per cent of countries anchored their currencies to the dollar and about the same percentage of developing countries borrow in the currency.
On the other hand, less than 30 per cent of countries use the euro as an anchor for their exchange rates and only 13 per cent of external debt for developing countries is euro-denominated. The pound and the yen barely show up in the data.
When it comes to global currency reserves held by central banks, the dollar is unrivalled. While its share of global foreign-exchange reserves has fallen for five consecutive quarters, global central banks have more or less held some 60 per cent or more of their reserves in the greenback since 1996. Even with a loss of confidence in US markets, forex holdings in the Renminbi have been somewhat insignificant.
Chinese Efforts to Open Up the Renminbi - An Uneven Effort
In March 2019, China introduced its first renminbi-denominated oil futures contract, an attempt to have an alternative for domestic and international investors and traders to the petro-dollar order. However until the central government creates bilateral agreement with major oil-producing (OPEC) states to accept payment in Renminbi, this will continue to see sub-optimal results.
Since gaining a spot in the IMF's Special Drawing Rights basket of reserve currencies in 2015, China has also extended local currency swaps with various countries, including those along its landmark Belt and Road initiative, as well as took steps to open up its local bond market to foreign investors. Though given the sputtering results in BRI agreements and the concerns on excessive lending to questionable projects/governments, the BRI as a route to internationalisation has taken a backseat for policy makers.
Of concern to the PBOC and MOF policy analysts is that internationalisation of China's currency has stalled, and by some measures even reversed. As in 2016, the Renminbi was the fifth most actively used currency for domestic and international payments, with a roughly 2 per cent share, according to SWIFT. That's a drop from 2014 and 2015 when the use of China's currency doubled — in a year — to 2.8 per cent.
When only international payments are considered, the Renminbi drops to eighth place behind: the dollar, which comprises nearly 45 per cent; the euro with 32 per cent; followed by the Japanese yen, British pound, Swiss franc, Canadian dollar and Australian dollar, which all have a share of 5 per cent or less.
Allowing market forces to play a larger role in determining the Renminbi's value and opening up the capital account would require a complete overhaul of the country's financial system. While we realise that such a policy shift would bring some expected gains, the PBOC sees little reason to make a great pivot towards liberalisation, but instead a concerted series of smaller policies - or to put it more traditionally, 'Crossing the river by grasping the stones on the riverbed.'
Making The Cross Across the Riverbed Towards A More Global Renminbi The PBOC has issued the following in its Guiding Measures to the Chinese Mainland and SAR financial markets:
A new rule shall be instituted on cross-border Renminbi FDI which stipulates that, in principle, all the foreign enterprises are allowed to raise Renminbi funds in offshore Renminbi markets and repatriate them back to the mainland in the form of FDI. Previously, the foreign firms’ behaviours of remitting Renminbi back into Mainland were subjected to the PBOC’s approval on a case-by-case basis.
These transactions are to be settled in Hong Kong accounts, thus increasing the amount of Yuan in circulation offshore; these offshore Renminbi will be distinctly referred to as CNH rather than the onshore CNY. Furthermore, this allows the PBOC to act should the policy be abused by market speculators looking for an easy entry into China's domestic capital markets.
This new rule will further buoy the offshore Renminbi (“Dim Sum”) bond market and accelerate the pace of Renminbi internationalisation.
The Ministry of Finance and the Ministry of Foreign Affairs shall begin to broker with OPEC states an agreement on settlement of trade in crude oil and its derivatives be conducted in Renminbi, in a further boost to the Shanghai International Energy Exchange and Shanghai crude oil futures market.
The extension of the “mini-QFII” scheme to India, Pakistan, ASEAN, the Republic of Korea and Japan which will allow some foreign central banks, beyond only a handful of smaller nearby Asian countries, to start building a limited amount of currency reserves even before anything like full currency convertibility will be authorised and conducted. QFII stands for Qualified Foreign Institutional Investor, a designation that allows a company to invest in Chinese bonds and equities — though again, within guiding limits issued by the PBOC on a case-by-case basis.
Regulators will begin a similar pilot scheme - RQFII - that would allow financial institutions with a physical mainland presence to remit currency from their Hong Kong subsidiaries back to the mainland — and, potentially, foreign central banks to invest small amounts of Renminbi in the Chinese interbank bond market.
The Hong Kong Monetary Authority already has QFII status, and the Monetary Authority of Singapore has applied, with the PBOC accepting further applications.
Foreign institutions will be given a capped access of no more than $100 million in Hong Kong accounts to derivatives, including financial futures, commodity futures and options in testing the markets' reaction to foreign operators.
5 Reasons Why International Investors Are Holding Gold In Dubai.
Do you hold any precious metals? If not why? I've been researching precious metals for a number of years. In my opinion the time to buy gold is now! As geopolitical instability increases central banks are doubling down on their hoarding of gold, pawn shops are buying our 'scrap gold' for next to nothing and the working class and poorer families are getting more and more into debt. China is dumping dollars and stacking gold faster than ever, so is Russia and India. Yet when Governments want to scrap notes like the 500 and 1,000 rupees overnight who suffers. Dubai claims their vault to be the largest non-sovereign vault in the Middle-East. The vaults are located Seven Storeys Below Ground And One Storey Below Sea Level. Central Banks in the Middle East are building up their gold reserves, while reducing their dollar forex holding. China acquiring gold, dumping US dollars. Holding Precious Metals in Dubai is an Ideal Portfolio Safeguard. To know more about [gold investments] go here (www.goldinvestment.ae)
http://twitter.com/forex_in_world/status/1276430707653476354EURUSD outlook: Bears are taking a breather above key supports and expected to live in play whereas holding under 20DMA https://t.co/klW9TVOLWy— FOREX IN WORLD (@forex_in_world) June 26, 2020
http://twitter.com/forex_in_world/status/1295276516859764736GBP/USD hold, The buyers will help to get out of it. - #GBPUSD chart https://t.co/XK8mWO1a6v— FOREX IN WORLD (@forex_in_world) August 17, 2020
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To the Cascadian Union, the Southern Federation, and the Republic of Texas The American Pacific is deeply concerned about the current state of our currencies, pegged as they are to the USD. This peg creates a situation where:
A single negative event in the former US, be it a war, a natural disaster, or an economic collapse, would cause the entire region to go down with it as currency speculation took over.
We have no ability to exact fine control over inflation rates, in response to crises or even simply to slow down excessive or speed up lackluster growth rates.
Our currencies are not individually suitable for substantial forex holdings, reducing seigniorage income and making trade more difficult.
By having separate currencies, we create barriers to intra-FUS trade.
Dropping the peg with the USD would eliminate the first two issues, but the third and fourth are not so easily solved. To combat these problems, we propose the creation of a new currency, name to be determined, that is shared between several former-American countries, with a central bank in a location to be determined. This currency would help to stabilize our economies, prevent currency speculation on any of our currencies, ease trade, and allow for the collection of seigniorage. Several of you expressed interest in such an arrangement, so we would like to try to formalize plans for a common currency in a shared setting.
Australia bought $1.6 billion of Chinese government debt in 2013, and assuming a typical 10 year bond life, this has become approximately $1.7 billion worth of Chinese Yuan. We are currently in the process of building a gold reserve, and would like to exercise the conversion into gold option on these Yuan in a staged approach, where we convert 10% of our current Yuan holdings into gold per year, through the Chinese convertibility plan. As such, the Royal Bank of Australia would like to convert $160 million worth of Yuan currently held as forex into gold each year for the next 10 years. Additionally, we hold considerable forex reserves from less stable countries, and would be interested in transitioning them to Yuan denominated Chinese bonds. However, we want to inquire as to if we can convert Yuan holdings into gold at the same rate in the future? We want to make sure that our forex holdings are sound, and gold-convertible Chinese debt appears to be our best option for the foreseeable future.
http://twitter.com/forex_in_world/status/1276038212935389184EUR/USD Forecast: 1.1215 holds the predominant for bulls; ECB meeting minutes, US macro recordsdata eyed https://t.co/DLItxVdNKs— FOREX IN WORLD (@forex_in_world) June 25, 2020
http://twitter.com/forex_in_world/status/1270283638639378432EUR/USD Forecast: Next leg higher or a deeper downside correction? Fed, EU leaders hold the keys https://t.co/TzqN3squMx— FOREX IN WORLD (@forex_in_world) June 9, 2020
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