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.
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*)