China Economy Forum

[terranMarine]

That's weird.

Since America basically has veto power in the IMF (America + allies have majority voting rights). They could have vetoed it.

Instead they are supporting it?

What is the game here?

Who knows, perhaps China is trying "harder" dealing with cyber attacks in return the US soften her stance?

 

[Chinese-Dragon]

Who knows, perhaps China is trying "harder" dealing with cyber attacks in return the US soften her stance?

I think it's more likely to have something to do with the AIIB.

The lack of reforms in the IMF caused China to create the AIIB. Maybe they are afraid we will create even more of these institutions, if the Yuan is not recognised by the IMF as a Reserve currency?

Anyway, when it comes to America, there is always some "game" going on.

 

[googly]

Got rejected few months back. Now you people are celebrating some vague promise.

 

[大汉奸柳传志]

That's weird.

Since America basically has veto power in the IMF (America + allies have majority voting rights). They could have vetoed it.

Instead they are supporting it?

What is the game here?

China gave a greenlight to TPP.

 

[zeronet]

That's weird.

Since America basically has veto power in the IMF (America + allies have majority voting rights). They could have vetoed it.

Instead they are supporting it?

What is the game here?

they want a free rmb as a currency, that's why the sdr standard is set for rmb to meet. having a free exchange currency means china will lose part of its leverage to control the finance security of the country, in favor of international money flow, and cannot 'manipulate the currency' as us has been charging, at the same time enjoying benefits as a reserve currency. its a double blade sword all the time.

 

[BuddhaPalm]

First they ignore you...

Then they laugh at you...

Then they try to sanction you...

Then they try to contain you...

Then you win when they are forced to accept reserve currency terms!

 

[Spectre]

First they ignore you...

Then they laugh at you...

Then they try to sanction you...

Then they try to contain you...

Then you win when they are forced to accept reserve currency terms!

Channeling the inner Gandhi

 

[BuddhaPalm]

Pretty much a done deal now.

China just entered the big boys club.

Recognition of your currency as a reserve currency is the ultimate.

Nearly 40 years of development has been rewarded.

Congratulations to China!

To be precise, almost 70 years. Much credit goes to the generation who laid the foundations!

 

[chauism]

That's weird.

Since America basically has veto power in the IMF (America + allies have majority voting rights). They could have vetoed it.

Instead they are supporting it?

What is the game here?

Recently it seems that when it comes to how to deal with China, USA and its allies often don't see eye to eye with each other. So it isn't a surprise that maybe they just don't have the consensus to block China out in the IMF. So why not support it instead as a favor to China.

 

[Economic superpower]

Renminbi is still pegged to the dollar but will be included in the SDR.

 

[qwerrty]

that ain't right. according to our vietdong friends, china is collapsing and chinese currency is worthless toilet paper.

 

[Economic superpower]

Now countries that hold renminbi can count it as part of their official foreign exchange reserves.

Only currencies that are in the SDR basket can be counted as part of official foreign exchange reserves.

You will see countries wanting to trade with China in renminbi since the renminbi they earn can now be counted as part of their forex reserves.

This will increase the usage of the renminbi big time.

With CIPS starting operation, renminbi transactions can be cleared using CIPS which reduces time and cost of clearing. China can monitor all renminbi transactions.

CIPS was a big deal, SDR inclusion is even a bigger deal.

 

[Luca1]

IMF Said to Give China Strong Signs of Reserve-Currency Nod - Bloomberg Business

I look in my pocket. Voila! There are pink colored bills of an IMF reserve currency. Much more potent now than the same bills yesterday.

Congrats. And how many time did China beg for it or did China earn it. This show that begging does not work. You have to work hard to get something instead of begging for it, like this one supA powa who is begging for UNSC permanent seat.

 

[Martian2]

That's weird.

Since America basically has veto power in the IMF (America + allies have majority voting rights). They could have vetoed it.

Instead they are supporting it?

What is the game here?

The deal is China's Yuan becomes an IMF reserve currency in exchange for a free-floating Yuan by 2020.
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Yuan free float set for 2020 deadline - The Standard

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What Will It Mean If the Yuan Gets Reserve-Currency Status? - Bloomberg Business

 

[applesauce]

buy your yuans now lol, once it gets reserve status trillion+ reserve demands around the world will raise the value