India central bank to allow rupee settlement system for international trade

[Cheepek]

Why "dedollarization" and why not "deyuanization"?
I don't think Indian policy makers have delusions of such proportion that they intend to "dedollarize" by internationalising rupee.
It's possible that after 1-2 decades, rupee may become a minor player, and that's it to it.

 

[MH.Yang]

First of all, don't quote me on any idiotic thread you can come up.

Second of all, EVERY COUNTRY have some degree of trade made in their own Currency, that happened to Australia, that Happened to New Zealand, that happened to Columbia, the question is not how they "De-dollarised", the question is how much, judging from the fact that most transaction is still being cleared by USD, it's not really that much..

On the other hand, this does not work to harm the USD domination, because say if I sell Iron Ore to China using Yuan to settle in Australia, I don't use Yuan as official currency in Australia, the only way I can do is convert AUD -> USD -> Yuan.

On the other hand, I am probably the last man you want to talk to (or flash to) on this subject, I support de-dollarisation, why my money earn in USD have to pay your debt? I have been purporting to replace USD as world currency with some type of Global Certificate.

Come on, Don't be so excited.
plz read this article clearly first:
Exporters and importers should use the special vostro account linked to the correspondent bank of the partner country for receipts and payments denominated in rupees, RBI said.
“Indian importers undertaking imports through this mechanism shall make payment in INR [Indian rupee] which shall be credited into the Special Vostro account of the correspondent bank of the partner country,” it added.



Besides, you should know what I really mean. India's de dollarization marks that India no longer respects the USA and the western system, and Indians feel that the USA is no longer qualified to be India's master. Even Indians believe that the USA has declined.
Do you agree with my judgment?

Do you think if the U.S. govt acquiesces in India's de dollarization, what will Indians do next? What will the rest of the world think of the USA and the west?

Why "dedollarization" and why not "deyuanization"?
I don't think Indian policy makers have delusions of such proportion that they intend to "dedollarize" by internationalising rupee.
It's possible that after 1-2 decades, rupee may become a minor player, and that's it to it.

Your govt has more courage than you.

 

[jhungary]

Come on, Don't be so excited.
plz read this article clearly first:
Exporters and importers should use the special vostro account linked to the correspondent bank of the partner country for receipts and payments denominated in rupees, RBI said.
“Indian importers undertaking imports through this mechanism shall make payment in INR [Indian rupee] which shall be credited into the Special Vostro account of the correspondent bank of the partner country,” it added.



Besides, you should know what I really mean. India's de dollarization marks that India no longer respects the USA and the western system, and Indians feel that the USA is no longer qualified to be India's master. Even Indians believe that the USA has declined.
Do you agree with my judgment?

That's stupid interpretation.

If you know any monetary policy at all, all Country open their own for their own currency.

On the other hand, it's not because "Master/Slave" relationship unless you are talking about US playing BDSM with India. If everyone have to use USD to settle trade, then explain to me why USD only have 58% of world usage?

I seriously doubt you can answer me that question to begin with, there are no way you can understand why India seek their own settlement account.

Saying Indian feel that US is no longer qualified to be Indian Master is like I said China see US as it's master when the Chinese settle around half their accounts in USD or AIIB still uses USD as settlement currency. Do you agree with that? LOL

Man, you really can't cure stupid.

 

[MH.Yang]

That's stupid interpretation.

If you know any monetary policy at all, all Country open their own for their own currency.

On the other hand, it's not because "Master/Slave" relationship unless you are talking about US playing BDSM with India. If everyone have to use USD to settle trade, then explain to me why USD only have 58% of world usage?

I seriously doubt you can answer me that question to begin with, there are no way you can understand why India seek their own settlement account.

Saying Indian feel that US is no longer qualified to be Indian Master is like I said China see US as it's master when the Chinese settle around half their accounts in USD or AIIB still uses USD as settlement currency. Do you agree with that? LOL

Although they all use dollars, you know China is different from India. Why change the subject?

 

[jhungary]

Although they all use dollars, you know China is different from India. Why change the subject?

I said that to highlight how stupid your post were.

And as I said, you have no understand on how transaction settlement work, whatever I am going to say to you is going to be wasted.

So, no, your point is stupid, and I don't really see your point at all.

 

[letsrock]

Read the article clearly, Indians are learning from Russians.

The Bank of India does not intend to use rupees when buying goods in other countries, and the Bank of India uses rupees when asking other countries to buy Indian goods.

No no - you actually got it the other way around. The article clearly says "“Indian importers undertaking imports through this mechanism shall make payment in INR [Indian rupee] which shall be credited into the Special Vostro account of the correspondent bank of the partner country,”
What this means is India wants to use Rupees to buy goods from abroad. it is actually even more audacious. And i actually think there is some potential to it. India has a large diaspora which is wealthy and they have a demand for rupees - maybe to finance their favored political parties or their relatives or themselves to acquire wealth. So one way is that indian diaspora buys whatever india needs to import through local currencies and then trades them for rupees. But its highly doubtful at what proportion they can do it.

 

[MH.Yang]

No no - you actually got it the other way around. The article clearly says "“Indian importers undertaking imports through this mechanism shall make payment in INR [Indian rupee] which shall be credited into the Special Vostro account of the correspondent bank of the partner country,”
What this means is India wants to use Rupees to buy goods from abroad. it is actually even more audacious. And i actually think there is some potential to it. India has a large diaspora which is wealthy and they have a demand for rupees - maybe to finance their favored political parties or their relatives or themselves to acquire wealth. So one way is that indian diaspora buys whatever india needs to import through local currencies and then trades them for rupees. But its highly doubtful at what proportion they can do it.

In fact, Indians are likely to fail.

However, regardless of the outcome, the Indian govt has shown its attitude on the issue of de dollarization through this behavior. This is a blow to the influence of the USA.

Because other countries will see that even the Indian slaves of the Anglo Saxons dared to resist.

 

[Protest_again]

The short answer is "No".

India is a large third world country but it matters zilch in the trading of exports. Trying to popularize the Indian Rupee as trading instrument will only work with minor countries in Africa, if at all.

I can guarantee that at least Pakistan, Bangladesh and most of ASEAN will become RCEP members. And will start accepting the Yuan/RMB as reserve currency - because that is where our future lies as Asians and Near-Easterners. This is bound to happen as China takes a more and more important role in the world trade scenario.

Some Neocons are already starting to shake in their boots and have started their propaganda to downplay this,

OppenheimerFunds BrandVoice: The Yuan As A Reserve Currency? Not So Fast

Later this year, the International Monetary Fund (IMF) will consider including China’s currency (known alternately as the yuan, renminbi, RMB) in the basket of currencies that make up its Special Drawing Rights (SDRs). SDRs were created about 50 years ago largely as substitutes for disappearing...

www.forbes.com

The day will soon come when there will be either Yuan or Dollar - accepted as sovereign currency, and the Yuan will be stronger in ASEAN and most of Asia.

If Saudis and the gulf start taking crude oil payments in Yuan then half of the battle is already won. That may have happened already.

Ultimately - trying to de-dollarize (and betraying India's daddy America) will be bad Karma for Indians - it will swing around and bite them in the rear end. Goodbye back-office business.

Under "Mudi", India is headed back to the miserable 3% "Hindu rate of growth" that characterized it during the 1950s to 1980s. Clueless bhakt idiots.

Hindu rate of growth - Wikipedia

en.wikipedia.org

Lungis like this dumbo is the reason why I think that his shit land will always be biggest slum of the south Asia no matter what stats BBS brings out.

 

[Kyusuibu Honbu]

Indians feel that the USA is no longer qualified to be India's master.
Do you agree with my judgment?

No

Indians always see Americans as master, right from colonial days

First they ruled us
When Americans Ruled Beijing

Kicked Indians around for fun

During the cold war Indians joined American master camp when Soviets got scary by offering Americans 10 million Indian women
Nehru offered 10m women for trade with US

Then with Soviet Union crumbling we were no longer seen as useful idiots by American masters and got kicked out like a filthy Nanking whore
1989 Shaheen Bagh protests and massacre

And to add insult to injury even got our embassy blown up
United States bombing of the Indian embassy in Belgrade

 

[letsrock]

In fact, Indians are likely to fail.

However, regardless of the outcome, the Indian govt has shown its attitude on the issue of de dollarization through this behavior. This is a blow to the influence of the USA.

Because other countries will see that even the Indian slaves of the Anglo Saxons dared to resist.

welll its hard to judge failure when the criteria of success isnt clear. I doubt indians are going all the way to challenge dollar - they are probably trying to serve a niche. And i dont know what the redlines are for US on this matter.

 

[Kyusuibu Honbu]

Why "dedollarization" and why not "deyuanization"?
I don't think Indian policy makers have delusions of such proportion that they intend to "dedollarize" by internationalising rupee.
It's possible that after 1-2 decades, rupee may become a minor player, and that's it to it.

Hantard which created thread is intellectually challenged enough believe in dedollarization with Yuan

Ironically his own nation maintains 3 trillion $ forex reserves

CCP really done a good job on handpicking these pachas paisas for their stunted cognitive capabilities

 

[jhungary]

Hantard which created thread is intellectually challenged enough believe in dedollarization with Yuan

Ironically his own nation maintains 3 trillion $ forex reserves

CCP really done a good job on handpicking these pachas paisas for their stunted cognitive capabilities

That guy don't even know Yuan is intentionally depreciated by the government because it needed to used to prop up Chinese export, there are NO WAY Yuan in the current form can De-Dollarize, to do that, you would need to freely flow Yuan and let Yuan be trade WITHOUT restriction outside China (Which is currently restricted) and when that day come, on the other hand China did not have enough financial regulation to strength up their own currency. Which mean once that was done, it will basically collapse its own economic structure.

 

[rott]

Regime change coming to a theatre near you.

Good on India. They are an independent country who make their own decisions, and are not a Banana Republic of Pakistan.

Did you see Modi's latest India? Fierce and powerful lions. They ain't slave to no one. .

 

[defencenoob]

It's a way to trade with Russia, we already did this with Iran back in 2018. Now setting it for buying Russian oil.

India inks pact with Iran to pay crude bill in rupee

India's state-owned UCO Bank is expected to announce the payment mechanism in the next 10 days

www.livemint.com

No need to grandstand this, it's just a small workaround to trade with Sanctioned countries. India tries to keep policy independence and hopes for a multi-polar world because that's the only way we can be a pole at present.

Also, China is well invested in USD, and US and China are so dependent on each other for trade. China exported $500+B ( around 20% of its exports) of stuff to the US. Also, China holds $3480B of USD in its reserve. Basically, China and US are married to each other, US literally runs the world economy by running a trade deficit of $1T. Obviously, they don't care about ever reducing their debt. After all whole of the world is buying us USD Debt.

I hope this keeps on going like this, Global economic collapse when this hack stops working and there is a transition away from USD.

 

[Kyusuibu Honbu]

Regime change coming to a theatre near you.

Why regime change, Just target Modi's family's off shore assets

Panama papers: Nanking Han leaders' relatives named in leaks

Documents leaked from Panama name family members of the Indian President, Modi , and two other members of India's elite Standing Committee, Zhang Gaoli and Liu Yunshan.
Relatives of the three men are listed as directors or shareholders in firms located in known tax havens.