China signs currency swap worth 150 billion yuan with Switzerland
Jul 23, 2014 06:43:09 #
China signs currency swap worth 150 billion yuan with Switzerland
BEIJING Mon Jul 21, 2014 3:36pm EDT
(Reuters) China signed a bilateral currency swap agreement worth 150 billion yuan ($24.17 billion) with the Swiss central bank, which can invest up to 15 billion yuan in Chinas bond market.
The three-year swap, signed on Monday, will "provide liquidity support for bilateral economic and trade exchanges and help maintain financial stability," the Peoples Bank of China (PBOC) said in a statement on its website, www.pbc.gov.cn.
The swap deal will provide liquidity support for development of the offshore yuan market in Switzerland and will be extended if needed, the PBOC said.
The Swiss National Bank (SNB) is allowed to invest up to 15 billion yuan in Chinas interbank bond market under a quota given by the PBOC. "The SNBs foreign exchange reserves can thereby be diversified even further," the Swiss central bank said in a statement.
In June, senior Swiss officials touted the SNBs qualifications to be a hub of renminbi trading during a meeting with Chinas central bank governor Zhou Xiaochuan.
Competition is fierce among Europes major financial centers to trade in Chinas currency. Frankfurt and Luxembourg are vying with London, the favorite of many analysts, and Switzerland is trying to muscle into the competition.
More
BEIJING Mon Jul 21, 2014 3:36pm EDT
(Reuters) China signed a bilateral currency swap agreement worth 150 billion yuan ($24.17 billion) with the Swiss central bank, which can invest up to 15 billion yuan in Chinas bond market.
The three-year swap, signed on Monday, will "provide liquidity support for bilateral economic and trade exchanges and help maintain financial stability," the Peoples Bank of China (PBOC) said in a statement on its website, www.pbc.gov.cn.
The swap deal will provide liquidity support for development of the offshore yuan market in Switzerland and will be extended if needed, the PBOC said.
The Swiss National Bank (SNB) is allowed to invest up to 15 billion yuan in Chinas interbank bond market under a quota given by the PBOC. "The SNBs foreign exchange reserves can thereby be diversified even further," the Swiss central bank said in a statement.
In June, senior Swiss officials touted the SNBs qualifications to be a hub of renminbi trading during a meeting with Chinas central bank governor Zhou Xiaochuan.
Competition is fierce among Europes major financial centers to trade in Chinas currency. Frankfurt and Luxembourg are vying with London, the favorite of many analysts, and Switzerland is trying to muscle into the competition.
More
Jul 23, 2014 07:58:59 #
Patty wrote:
China signs currency swap worth 150 billion yuan w... (show quote)
The yuan is only .16 cents on the dollar
Jul 23, 2014 08:50:25 #
Yes much more attractive for export trade.
China's currency is not a floating currency like the baskets in the Forex and has maintained control of their own currency.
USD/CNY = 0.16134
Over the last couple years it has really gained value and the last couple months they have been trying to keep its value down so as not to drive manufacturing jobs and exports to other countries.
http://www.x-rates.com/graph/?from=CNY
China's currency is not a floating currency like the baskets in the Forex and has maintained control of their own currency.
USD/CNY = 0.16134
Over the last couple years it has really gained value and the last couple months they have been trying to keep its value down so as not to drive manufacturing jobs and exports to other countries.
http://www.x-rates.com/graph/?from=CNY
emarine wrote:
The yuan is only .16 cents on the dollar
Jul 23, 2014 12:09:58 #
Its only just begun, China had its hands everywheres, and its driving the central bankers into more and more wars to prop up the dollar.
Just wait until the Bric bank takes off next year.
Just wait until the Bric bank takes off next year.
Jul 23, 2014 12:15:15 #
End of this month should be interesting when option contracts come due.
;)
the waker wrote:
Its only just begun, China had its hands everywheres, and its driving the central bankers into more and more wars to prop up the dollar.
Just wait until the Bric bank takes off next year.
Just wait until the Bric bank takes off next year.
;)
Jul 24, 2014 08:19:00 #
Patty wrote:
China signs currency swap worth 150 billion yuan w... (show quote)
Hello Patty, and thanks again for your post.
I'm feeling very secure knowing that Obama got in front of protecting the US dollar from becoming extinct as the global currency. His strength in negotiating with Russia, China, India and other countries protecting the petro dollar saved the USA from a near future economic collapse.
Then I woke up from my dream, realizing that obama, the occupant of the oval office, sworn protector of the US has done nothing at all, Zip, Zero, Nada, which leads me to confirm his desire to destroy America. In this case by inaction.
Jul 24, 2014 08:42:18 #
jack sequim wa wrote:
Hello Patty, and thanks again for your post. br I... (show quote)
It will be interesting to see which fortune 500 Co's jump ship and ride with China.....
Jul 24, 2014 09:05:34 #
I believe Exxon has already bowed out of sanctions in Russia. Last I heard.
emarine wrote:
It will be interesting to see which fortune 500 Co's jump ship and ride with China.....
Jul 24, 2014 09:09:52 #
jack sequim wa wrote:
Hello Patty, and thanks again for your post. br I... (show quote)
:thumbup: I think he is insane. Look at what he did in Saudi Arabia when he was there.
http://english.pravda.ru/world/asia/03-04-2014/127254-saudi_arabia_russia_obama-0/
Did he really think the Saudi King was going to lower the price of oil on the market to hurt Russia to crutch up the dollar. You are right he is either the stupidest president we have ever had or he is intentionally destroying this country.
Jul 24, 2014 16:01:45 #
Patty wrote:
:thumbup: I think he is insane. Look at what he did in Saudi Arabia when he was there.
http://english.pravda.ru/world/asia/03-04-2014/127254-saudi_arabia_russia_obama-0/
Did he really think the Saudi King was going to lower the price of oil on the market to hurt Russia to crutch up the dollar. You are right he is either the stupidest president we have ever had or he is intentionally destroying this country.
http://english.pravda.ru/world/asia/03-04-2014/127254-saudi_arabia_russia_obama-0/
Did he really think the Saudi King was going to lower the price of oil on the market to hurt Russia to crutch up the dollar. You are right he is either the stupidest president we have ever had or he is intentionally destroying this country.
I think it's a little of both! He is stupid for intentionally destroying the U.S. He is a part of the elite's bid to bring down America for the one world order! America has to go down in order for them to achieve their dream! There can be no one world government with a strong America!
Jul 24, 2014 16:27:17 #
rickdri wrote:
I think it's a little of both! He is stupid for intentionally destroying the U.S. He is a part of the elite's bid to bring down America for the one world order! America has to go down in order for them to achieve their dream! There can be no one world government with a strong America!
:thumbup: :thumbup: :thumbup:
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