UK Hints At Next Reserve Currency, To Issue Chinese Yuan-Denominated Bond

UK Hints At Next Reserve Currency, To Issue Chinese Yuan-Denominated Bond (ZeroHedge, Sep 15, 2014):

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.

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

3 thoughts on “UK Hints At Next Reserve Currency, To Issue Chinese Yuan-Denominated Bond

  1. Noise.
    Electronic currencies that translates the value of each nation’s currency at the time of any international transaction has rendered the entire idea of a world reserve currency obsolete.
    Also, if you want a nation that lies every bit as much (if not more, if that’s possible) as the US, choose China. They lie about everything, especially their debt level. Their true debt level, depending on who you refer to for information averages between 5-12X their true GDP.
    China lies about their GDP, they base it on what they build, not what they earn. If you go to usdebtclock.org, then click on World, you will see they claim about 6-7% debt to GDP. They lie, and they don’t care if you know it or not. Like the US politicians, they just keep the lies going.
    China would be worse than the US, they have the paper mill going 24/7 as well……

  2. Awwww Marilyn………Surely the jew owned and run British MI5 and MI6 taught everyone else…including Joseph Goebbels’ Ministry of Propaganda at how to lie convincingly.

    Be fair, the poor chinks haven’t yet enjoyed the ‘benefit’ of the disproportionate influence of the yids yet.

  3. Squodgy: China was closed to the rest of the world for centuries. I have a teak chest that belonged to my great grandmother. When I first inherited it, the China label was a shock, no Chinese items were sold here. Carved, and black with age, I still use it to keep my linens. I found another one In an estate sale that stands about 4 and a half feet high, the carving is so intricate, you do not easily see the drawers, and the chest is at the top. I use it for my linens, the cedar lining in both chests make them smell wonderful….Chinese things used to be wonderful, now, they are junk.
    Globalization has given the workers little, the government uses them as slaves. They riot for work a couple of hundred times a day. When a riot hits media, the government shuts down the TV and the Internet.
    I don’t see much difference between a corrupt dictatorship as they have and greedy gut corporations, such as we have.

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