The International Monetary Fund on Monday approved the
Chinese renminbi as one of the world’s main central bank reserve currencies...
* JUST OUT OF MAUDLIN CURIOSITY... IS THERE ANYONE
READING THIS WHO DOESN'T GET THAT THIS IS THE BEGINNING OF THE END...?
(*SIGHING AS I SHAKE MY HEAD*)
The I.M.F. decision will help pave the way for broader
use of the renminbi in trade and finance, securing China’s standing as a global
economic power.
* AND... THIS IS GOOD FOR AMERICA... HOW...?!?!
The renminbi will take its place alongside the dollar,
the euro, the yen and the pound.
* YOU FOLKS DO UNDERSTAND THAT THIS IS NOT GOOD - RIGHT?
Many central banks follow this benchmark in building
their reserves, so countries could start holding more renminbi as a result.
China will also gain more influence in international bailouts denominated in
the fund’s accounting unit, like Greece’s debt deal.
* AND, AGAIN... QUESTION: DOES ANYONE... ANYONE AT ALL...
CHEER CHINA'S... er... GROWING INFLUENCE?
* FOLKS... TO THROW OUT MY FAVORITE EXPRESSION: THE MASK
IS OFF.
(*SIGHING AS I SHRUG*)
The decision to include the renminbi “is an important
milestone in the integration of the Chinese economy into the global financial
system,” Christine Lagarde, the managing director of the I.M.F., said in a
statement.
* CHRISTINE LAGARDE...
(*BANGING MY HEAD AGAINST THE WALL*)
(*WISHING I WAS BANGING LAGARDE'S HEAD AGAINST THE WALL*)
China’s leadership has made it a priority to join this
group of currencies...
* AND... er... RAISE YOUR HAND IF YOU BELIEVE THAT
"CHINA'S LEADERSHIP" IS WORKING IN THE BEST INTERESTS OF ANY PLAYER
OTHER THAN... CHINA.
(*MIGRAINE HEADACHE*)
China and Britain have sold renminbi-denominated
sovereign bonds for the first time in London, which has emerged as Europe’s hub
for the currency. Even Hungary has announced plans to issue its own renminbi-denominated
bonds as well, while the Ceinex exchange in Frankfurt has begun trading funds
this month based on renminbi bonds. Preparations began to trade
renminbi-denominated oil contracts in Shanghai, where copper and aluminum
contracts are already sold.
* AND... THIS IS SUPPOSEDLY GOOD NEWS...?!?! IN WHAT
WARPED, TWISTED, FUN-HOUSE MIRROR-VERSION OF REALITY...?!?!
(*CONTINUING TO JUST SHAKE MY HEAD*)
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