At the 4th BRICS summit, the member countries agreed to work towards currency swaps when trading among themselves. For China, this is a general trend in recent years to internationalizing the renmingbi (RMB) or yuan. At the end of 2011, 9% of China's total trade were settled in yuan with 14 countries and regions. That's quite a jump considering in 2010, the percentage was … [Read more...] about RMB-Yen currency swap starts June 2012
RMB
Russia and China pour water on U.S. ‘quantitative easing’
Russian President Vladimir Putin and Chinese Premier Wen Jiabao has just jointly announced in St. Petersburg to no longer use the U.S. dollar in their two country's bilateral trade. China Daily reported the news, headlining, "China, Russia quit dollar." This is a reaction to the yet another round of printing by the Fed ($600 billion in fact). "Quantitative easing" are new … [Read more...] about Russia and China pour water on U.S. ‘quantitative easing’
Professor Jiang Ruiping:”Revaluation of Japanese Yen, a historical lesson to draw: analysis”
Under U.S. pressure, the Japanese government revalued the Japanese Yen 200% from end of 1985 through early 1988 to address the trade deficit U.S. had with Japan. Did it make any difference for the U.S.? What happened to the Japanese economy as a result of that revaluation? Professor Jiang Ruiping, Chairman of the Department of International Economics, at the Beijing-based … [Read more...] about Professor Jiang Ruiping:”Revaluation of Japanese Yen, a historical lesson to draw: analysis”
Tall expectations on RMB
Here is a quick summary of Francesco Sisci's take of what the G8 want with China's currency RMB: … [Read more...] about Tall expectations on RMB