Possibly another important step towards reducing the global dependence on the US Dollar as a reserve currency and standard of value. "World Bank Bond Issue Gives China Chance to Promote Yuan" http://www.wsj.com/articles/world-bank-bond-issue-gives-china-chance-to-promote-yuan-1472643973 "World Bank backs China's push to challenge US dollar dominance by selling SDR bonds ahead of G20 summit" http://www.scmp.com/news/china/econ...cks-chinas-push-challenge-us-dollar-dominance For those who are wondering what an SDR is composed of: Source: http://www.imf.org/external/np/sec/pr/2015/pr15543.htm
Headline: The Pound Sterling, the worst asset of 2016? Fineprint: also, renminbi bends over uncle Sam once more.
Appendix 1 Over subscribed 4:1 Winning bidders (fictional ) Bank of China Chinese Industrial Bank Chinese commercial bank Development bank of China All bid the max allowed for the measly $700m lol
This is a list of the most traded currencies. Of interest is that the Australian Dollar is in the top 5 traded currencies in the world but the Drawing Rights Bonds remove the Australian dollar and replace it with the Yuan. 1. United States dollar USD ($) 2. Euro EUR () 3. Japanese yen JPY () 4. Pound sterling GBP () 5. Australian dollar AUD ($) 6. Canadian dollar CAD ($) 7. Swiss franc CHF (Fr) 8. Chinese yuan CNY ()
^^ a reserve currency is meant be stable right Also I think I am looking at the same list, it NZ$ is 11th above HK$ at 13th and Korean Won at 15th there must be guidelines that it's using that is skewing the numbers.
When i buy a newspaper under the clocks at Flinders St, do i offer the paper boy an SDR? ...and how does he make change? OC
As long the paperboy is willing to accept, it is not an issue. As for getting change well.... I wouldn't expect the paperboy to carry around enough cash to give you change, just like if you gave him a 400oz Gold bar, $1m US T-Bill or $100,000 Australian issued bonds either... Maybe you can accept a personal cheque or an IOU written on the newspaper.
"or an IOU written on the newspaper." That's what the Yanks have been doing for the past 25 years or more. And the mugs of this world are still buying them. OC
SDR's seem to be ramping up. Still small number over all, but increasing. US Government held 52 Billion last year and now 160 Billion. https://fred.stlouisfed.org/series/FGSDRSQ027S Also Noticed the RBA held about 6 billion last year and now 19 billion. https://www.rba.gov.au/statistics/frequency/reserve-assets.html Looks like the vaccine was used to get more governments to hold SDR's. https://www.imf.org/en/About/Factsheets/Sheets/2016/08/01/14/51/Special-Drawing-Right-SDR
The RBA recently did a article on SDR's https://www.rba.gov.au/publications...ion-for-australia-and-the-global-economy.html
Good article that. Maybe explains why the RBA and other CBs entered into an agreement with The Fed to increase USD liquidity temporarily https://www.federalreserve.gov/newsevents/pressreleases/monetary20210616c.htm Can't buy SDRs from countries if you don't have enough FX.
Maybe they should also add Gold and BTC into the SDR basket Interesting how small the Chinese Yuan still is in the SDR basket, that must piss them off