UK Hints At Next Reserve Currency, To Issue Chinese Yuan-Denominated Bond - By Tyler Durden (17/9/14) PDF Print E-mail
Tyler Durden   
Wednesday, 17 September 2014 06:48

Zero Hedge

Yuanification continues around the world. As The USA attempts to corral its allies in a 'broad coalition', an increasing number of people - including domestic economic policy advisors - are shifting away from the USD as primary reserve currency. However, the move by British Chancellor of the Exchequer George Osborne, announced Friday, is likely the most notable yet in the world's de-dollarization. As Xinhua reports, the British government intend to be the first nation (ex-China) to issue Renminbi denominated bond and to use the proceeds to finance the government's reserves of foreign currency. Osborne described this dialogue outcome as "a historic moment" and a statement of British confidence in the potential of the RMB to become "the main global reserves currency".

As Xinhua reports,

British Chancellor of the Exchequer George Osborne announced Friday that the British government intend to issue a Renminbi denominated bond and to use the proceeds to finance the government's reserves of foreign currency.

"I can now announce that the UK government intend to be the first national government outside of China to issue a bond in China's currency. We issued bonds in U.S. dollar before, now we will be issuing a bond in RMB," said Osborne in the press release of the Sixth China-UK Economic and Financial Dialogue (EFD).

Chinese Vice Premier Ma Kai and Osborne concluded the meeting of the Sixth China-UK Economic and Financial Dialogue in London.

Osborne described this dialogue outcome as "a historic moment" and a statement of British confidence in the potential of the RMB to become "the main global reserves currency".

"And let me be clear, as China becomes a bigger and bigger part of the world economy, their currency is going to be used around the world. We here in Britain understand that, and we want us to be the first country in the west to seize the opportunities that it will bring," declared Osborne.

Meanwhile, the issuance of Chinese currency bond means jobs and investment in Britain, which the government's long-term economic plan is all about, noted Osborne.

With friends like that, does the USA need more enemies? Time for some Uk sanctions... 



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MUST-WATCH VIDEO: Documentary The Last Days Of Lehman Brothers Moral Hazard 2008 (16/9/14) PDF Print E-mail
Administrator   
Tuesday, 16 September 2014 12:15

Bonus Movie: forward to 7:30 - "The West is done, it's over! We screwed it all up. Do you want your great-grandchildren speaking Chinese?"


 



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Singapore And Hong Kong Race For Gold Benchmark - Use Brinks And Via Mat For Storage - By GoldCore (16/9/14) PDF Print E-mail
GoldCore   
Tuesday, 16 September 2014 12:14

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A Simple Primer On "War Propaganda" From An Unexpected Source - By Tyler Durden (16/9/14) PDF Print E-mail
Tyler Durden   
Tuesday, 16 September 2014 12:13

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Does Economic Stagnation Create Dangerous Financial Bubbles? - By Daniel R. Amerman (15/9/14) PDF Print E-mail
Daniel R. Amerman   
Monday, 15 September 2014 07:33

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