Thoughts - And this is just good for me...
Jan 22, 2023 21:16:45 #
China takes new measure to promote de-dollarization
Beijing extends hours for onshore yuan trading
The Chinese authorities have extended trading hours for the onshore yuan as part of the state goal to broaden cross-border use of the national currency and boost yuan trading activity, Bloomberg reports.
Starting January 1, trading hours for the onshore yuan have increased so that foreign-exchange t***sactions are now possible until 3am in Beijing instead of the 11:30pm cutoff that had been in place formerly. The step takes trading into the European evening and deeper into the US day.
The measure bolsters Beijing’s previous initiatives aimed at promoting the use of the Chinese national currency in t***sactions with major energy exporters and commodity supplies. Last month, President Xi Jinping confirmed that Beijing was ready to make energy purchases in yuan instead of the US dollar with the member states of the Gulf Cooperation Council (GCC).
While opening up the markets has been on Beijing’s agenda for some time, growing tensions with Washington over a wide range of issues from Taiwan and Russia to semi-conductor technology and free trade have caused growing concerns over the potential use of the US dollar as an economic weapon against China.
The nation’s attempts to ditch the greenback in international trade have also intensified against the backdrop of the sweeping sanctions introduced by Western nations against Russia, one of the world’s major energy producers and exporters.
“Beijing is trying hard to keep the yuan relevant as an international currency to counter recent geopolitical tensions and hostile sentiments, especially in the US,” Stephen Jen, the chief executive officer of London-based hedge fund Eurizon SLJ Capital, told Bloomberg.
The yuan rallied to the strongest level in four months after China announced the planned trading hour extension. The currency has advanced since November, as global investors bet on China’s economic recovery following the drop of its zero-C***d policy.
Beijing extends hours for onshore yuan trading
The Chinese authorities have extended trading hours for the onshore yuan as part of the state goal to broaden cross-border use of the national currency and boost yuan trading activity, Bloomberg reports.
Starting January 1, trading hours for the onshore yuan have increased so that foreign-exchange t***sactions are now possible until 3am in Beijing instead of the 11:30pm cutoff that had been in place formerly. The step takes trading into the European evening and deeper into the US day.
The measure bolsters Beijing’s previous initiatives aimed at promoting the use of the Chinese national currency in t***sactions with major energy exporters and commodity supplies. Last month, President Xi Jinping confirmed that Beijing was ready to make energy purchases in yuan instead of the US dollar with the member states of the Gulf Cooperation Council (GCC).
While opening up the markets has been on Beijing’s agenda for some time, growing tensions with Washington over a wide range of issues from Taiwan and Russia to semi-conductor technology and free trade have caused growing concerns over the potential use of the US dollar as an economic weapon against China.
The nation’s attempts to ditch the greenback in international trade have also intensified against the backdrop of the sweeping sanctions introduced by Western nations against Russia, one of the world’s major energy producers and exporters.
“Beijing is trying hard to keep the yuan relevant as an international currency to counter recent geopolitical tensions and hostile sentiments, especially in the US,” Stephen Jen, the chief executive officer of London-based hedge fund Eurizon SLJ Capital, told Bloomberg.
The yuan rallied to the strongest level in four months after China announced the planned trading hour extension. The currency has advanced since November, as global investors bet on China’s economic recovery following the drop of its zero-C***d policy.
Jan 22, 2023 22:12:58 #
Canuckus Deploracus wrote:
China takes new measure to promote de-dollarizatio... (show quote)
Economic weapon positioning before the war.
Jan 22, 2023 22:46:22 #
Canuckus Deploracus wrote:
China takes new measure to promote de-dollarizatio... (show quote)
Great read.
Jan 22, 2023 22:46:48 #
Jan 23, 2023 01:21:11 #
I seem to remember a song from a long time ago.
🎼Yuan is the loneliest number that you’ll ever see 🎶
🎼Yuan is the loneliest number that you’ll ever see 🎶
Jan 23, 2023 05:07:23 #
Marty 2020 wrote:
I seem to remember a song from a long time ago.
🎼Yuan is the loneliest number that you’ll ever see 🎶
🎼Yuan is the loneliest number that you’ll ever see 🎶
👍🏻 I just had a Three Dog Night flashback.
Jan 23, 2023 09:36:42 #
JR-57 wrote:
👍🏻 I just had a Three Dog Night flashback.
I had it on 45 when I was a kid!
Grass Roots too.
How bout,
Jeremiah was a bullfrog, was a good friend of mine 🎶
Jan 23, 2023 09:50:53 #
Marty 2020 wrote:
I had it on 45 when I was a kid!
Grass Roots too.
How bout,
Jeremiah was a bullfrog, was a good friend of mine 🎶
Grass Roots too.
How bout,
Jeremiah was a bullfrog, was a good friend of mine 🎶
Never Been to Spain 👍🏻
Mama Told Me Not to Come 👍🏻
Jan 23, 2023 10:05:22 #
JR-57 wrote:
Never Been to Spain 👍🏻
Mama Told Me Not to Come 👍🏻
Mama Told Me Not to Come 👍🏻
Oklahoma either 😂
But I really love the music
Jan 23, 2023 10:08:27 #
Boy I wish I could remember last week as well as I can the 60’s
Jan 23, 2023 10:32:04 #
Marty 2020 wrote:
Oklahoma either 😂
But I really love the music
But I really love the music
(I’ve been to both) 😂 But I’d kinda like to go there…..
Actually, I’d rather go back to Portugal, the ladies are insane there…
Jan 23, 2023 11:14:44 #
JR-57 wrote:
(I’ve been to both) 😂 But I’d kinda like to go there…..
Actually, I’d rather go back to Portugal, the ladies are insane there…
Actually, I’d rather go back to Portugal, the ladies are insane there…
Hahaha
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