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And The Next Country To Join The Renminbi Fan Club Is...

Tyler Durden's picture




 

Submitted by Simon Black via Sovereign Man blog,

When you think about “strong banking”, what country comes first to mind?

A few years ago, the most obvious answer would be Switzerland.

Today, however, Switzerland’s reputation for banking is nowhere near where it once was.

Starting in 2009, the US, as chief financial bully, led the charge in assaulting the country’s banking sector and dragging it down brick by brick.

The pummelling has continued ever since, culminating in the end of banking secrecy in the country altogether.

Meanwhile, as Switzerland endured one blow after the next, the Chinese renminbi (RMB) quietly slipped past the steadfast Swiss franc to become a more popular currency for use in trade settlements.

Eager to restore some of its former banking luster, Switzerland has taken note of this and is rapidly positioning itself to become a major center of European RMB trade.

So the government of Switzerland recently signed a bilateral currency swap agreement with China, enabling the two countries to buy and sell up to 150 billion RMB or 21 billion Swiss Francs of each other’s currencies.

Switzerland is just the latest to join the queue, as nearly 25 other central banks already signed similar agreements with China.

Every few weeks, and with increasing frequency, we’re hearing news of the next country that is accepting China’s future financial primacy.

There’s no denying that both sovereign nations and market participants are accepting the validity of the RMB as a major trade currency. This is no longer an anomaly, but part of an obvious trend.

To be fair, it’s not that the RMB is a shoe-in for the next global reserve currency—because the country and its currency undoubtedly both have problems.

What’s really being revealed with these latest developments is relative confidence.

It may not be clear whether or not the RMB will make it to the top, but what is clear to everyone is that the USD is going down.

Here we see ambitious countries like the UK and Switzerland proactively trying to adapt to and take advantage of the changing financial climate.

The sole tactic of the US government, on the other hand, is to lash out at countries which make them feel threatened.

They rally the whole world against Russia for acts of war. They blast China as a currency manipulator.

And all of this as if the US wasn’t dropping bombs by remote control drone… or heavily manipulating its own currency.

This has accomplished nothing other than to demonstrate just how weak and insecure the former financial superpower has become.

Continuing to believe that the dollar is going to maintain its global reserve status is now not only foolish, but financially hazardous. To countries, businesses and individuals.

Those that accept these changes and try to get out in front of this trend will do incredibly well. They are the ones who will survive intact when the financial system resets.

Those who ignore the trend do so at their own peril.

 

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Wed, 08/06/2014 - 12:10 | 5054361 funthea
funthea's picture

It's Russia's fault.

Wed, 08/06/2014 - 12:15 | 5054391 Uchtdorf
Uchtdorf's picture

It's Simon's Black fart, er, I mean fault.

Wed, 08/06/2014 - 13:15 | 5054689 Keyser
Keyser's picture

Next will be sanctions on any country transacting bi-lateral trade in RMB... And oh how they larfed... 

Wed, 08/06/2014 - 13:20 | 5054709 Save_America1st
Save_America1st's picture

the globalists fucking with Switzerland via the U.S. criminal mafia may have been the plan all along as just another method to pave the way for the exit of the dollar as reserve currency and open more doors for the Yuan world-wide.

They're always planning 100 steps ahead of the rest of us...they've been playing these games for centuries.

Wed, 08/06/2014 - 13:38 | 5054793 NotApplicable
NotApplicable's picture

As well as making Switzerland banking less of a "safe-haven."

"Gold Wars" by Ferdinand Lips is a worthwhile read on the subject.

Wed, 08/06/2014 - 22:49 | 5057244 AldousHuxley
AldousHuxley's picture

How much of banking business in Switzerland have customers who are Chinese slave factory owners?

 

They might have carved out a niche business but I wouldn't call Swiss morally superior to douche bags in DC.

Wed, 08/06/2014 - 12:23 | 5054435 agent default
agent default's picture

Just retirning the FATCA favor.

Wed, 08/06/2014 - 14:14 | 5054493 Volaille de Bresse
Volaille de Bresse's picture

"Just returning the FATCA favor"

Yup you had to be extremely dumb to think you could eviscerate Swiss banking secrecy without an act of retaliation.

I mean Swiss bankers have been around since the 16th century. Did the D.C. upstarts like Obozo think they could overpower this truly tough bunch? Nah!

By 2020 Obozo will be an old defeated asshole whoring his memoirs book while the Swiss bankers will be fine and healthy.

Wed, 08/06/2014 - 12:11 | 5054364 McMolotov
McMolotov's picture

The writing is on the wall, Uncle Sam. Maybe you should bust out a copy of Hooked on Phonics.

Wed, 08/06/2014 - 12:14 | 5054379 BanksterSlayer
BanksterSlayer's picture

The Muppet Movie telegraphed the rise of China/Russia oh so many years ago.

 

China's Xi and Russia's Putin: "Movin' Right Along"  

Opportunity Knocks, Let's Reach Out And Grab It.

http://youtu.be/MMR5JVo21wQ

#Muppets

Wed, 08/06/2014 - 12:18 | 5054407 Urban Redneck
Urban Redneck's picture

This writing was on the wall 3 weeks ago... Simon is a bit slow on the uptake.

The one thing I would add to what I wrote previously is that the scale of commodity trading business in Switzerland is in the same league as banking, which is one of the reasons why the Chinese have been so interested and the Americans should be more careful...

http://www.zerohedge.com/news/2014-07-25/de-dollarization-spreads-swiss-...

Power in a currency is being able to export your debt.

CNY 150 billion is not the actual target.

Wed, 08/06/2014 - 12:37 | 5054515 Dutti
Dutti's picture

Switzerland is being pushed by the US to seek closer ties with China etc. Switzerland has always adapted, slowly and steadily to new situations.

Wed, 08/06/2014 - 13:01 | 5054619 Freddie
Freddie's picture

Americans should be more careful...

Americans voted twice for an African to turn America into an African country like Zimbabwe.

Wed, 08/06/2014 - 13:19 | 5054712 Keyser
Keyser's picture

In deference to the American people, in 2008 the people had no idea what Obama meant when he said that he wanted to fundamentally change America... The people cheered like little bitches, while Obama grinned like a cheshire cat... The Dems stole the election in 2012 through fraud, pure and simple... 

Wed, 08/06/2014 - 12:11 | 5054367 LawsofPhysics
LawsofPhysics's picture

Is the Yuan still pegged to the dollar? 

Wake me when that changes.  It's still very much a fiat world with fractional reserve banking.

Wed, 08/06/2014 - 12:14 | 5054385 BlindMonkey
BlindMonkey's picture

Arms control will be taking away sharp sticks when the dominant money is something tangible and not fiat.  Not a good thing, just a fact.

Wed, 08/06/2014 - 12:22 | 5054423 LawsofPhysics
LawsofPhysics's picture

No shit sherlock.  Just about as informative as this information.

The consequences of the moral hazard being unleashed on the planet for the last 100 or so years.

"Interesting times" indeed.

Wed, 08/06/2014 - 13:05 | 5054607 Dubaibanker
Dubaibanker's picture

While people remain skeptical, but what the rest of the world says (by trading goods with China in yuan / renminbi) says a lot. USD 759bn worth of trade was settled in yuan and not in USD last year. Global trade of China is at USD 5 trillion. The trade by foreigners with China in their currency is rising at an abnormal speed.

"In 2013, China's crossborder RMB trade settlement hit 4.63 trillion yuan (759 billion U.S.dollars), up 57.5 percent year on year, and RMB direct investment 

 totaled 534 billion yuan,up 90 percent year on year.

By the end of the fourth quarter of 2013, direct investments settled in renminbi amountedto 533 billion yuan, (about $88 billion), an increase of 190% against that of the sameperiod of 2012.

The Govt understands and appreciates the challenges ahead with regard to Yuan becoming No.1:

"In spite of the rapid expansion of the RMBit still faces four challenges:"

China’s RMB to be next world currency - four challenges tobe faced

 

Instead of quoting the yuan just in USD terms, direct trading agreements have been signed with UK as well as NZ. Australia should follow any day now.

China to Start Direct Foreign-Exchange Trades With U.K.

 

Kiwi starts direct trading with renminbi from today

Chinese, Swiss Central Banks Sign Bilateral Swap Agreement

 

China and Russia may even end up creating a new currency rumored by experts ot be named as RuYuan:

"By and large, the combination of Ruble and Yuan may soon become one currency – maybe the ‘Yuanru ’ or the ‘Ruyuan ’ – that could substitute for the dollar as a reserve currency and eventually together with other international trading currencies like the Euro, replace the dollar altogether,"he said.
Read more: http://voiceofrussia.com/2014_07_08/Ruble-and-Yuan-to-pave-the-way-for-US-dollar-substitution-expert-3108/


Ruble and Yuan to pave the way for US dollar substitution - expert

All the above news has happened just in the last 1 month and now the international FX trading companies and banks are preparing for allowing their clients to trade in Chinese yuan directly with various currencies, WITHOUT THE USD!

The trade and investment demand is rising far rapidly than anyone can even think.

All the above news has barely occured in the 
Read more: http://voiceofrussia.com/2014_07_08/Ruble-and-Yuan-to-pave-the-way-for-US-dollar-substitution-expert-3108/
Wed, 08/06/2014 - 13:25 | 5054739 Freddie
Freddie's picture

The USA exports war and misery while importing Ebola and illegal aliens.

Wed, 08/06/2014 - 14:44 | 5055144 Kirk2NCC1701
Kirk2NCC1701's picture

First things first:  (1) First they put the market and mechanism in place, and work out all the bugs & kinks.

(2) Then they do a Copy/Paste with more and more countries.  (Set up Global Franchise)

(3) Then... They SCALE the biz model (Franchise):  Scale the Volume.  When that happens, watch out! 

1,2,3.  Bing, Bang, Boom.  Chinese Chess:  Fut You, Yankee!

Wed, 08/06/2014 - 15:12 | 5055296 Dubaibanker
Dubaibanker's picture

This is how US did it too.....before that was Britain........

From 2 ports in The Top 10 in the world just in 2004, today China commands 7 out of the Top 10 ports in the world. US has none! LA has dropped from No 8 in 2004 to No 16 in 2012.

It is not that China needs us, but the fact is that we need China! They are probably the only country in the world who not only has the cash reserves and a rating to boot but also produce more than half the goods that we consume around the world. Like it or not, most of the factories for things that we use, are based inside that country. But now they are even buying companies in our countries as well!

List of busiest container ports in the world

Wed, 08/06/2014 - 15:17 | 5055314 Badabing
Badabing's picture

"Is the Yuan still pegged to the dollar? "

It's like playing chess, you got to think three moves ahead!
1 peg to the dollar to become just like the dollar for trade.
2 the transition begins, weakening the dollar until the peg changes to another currency, gold.
3 when a country wants settlement in gold, give them COMEX contracts this will crash the paper game reseting to the new gold price. At this point China can use the gold it has been stockpiling.

Wed, 08/06/2014 - 12:20 | 5054371 NOTaREALmerican
NOTaREALmerican's picture

When the Chinese currency isn't valued in dollars wake me up.  Otherwise, I'll see it when I believe it. 

Wed, 08/06/2014 - 12:44 | 5054543 CouldBeWorse
CouldBeWorse's picture

That peg is only needed if you have something your valuing in dollars or have dollars to spend on Chinese goods.  If you don't need or have dollars the peg is a useless number.   Russia sells gas to China.  The Chinese pay in Renminbi.  The Russians take those Renminbi from the gas sale and turn around and buy electronics manufactured in China paying in Renminbi.   The peg would only be a factor if Russia wanted to take its Renminbi and buy something like gold, oil or something currently priced in dollars.  If China can produce what they need there is no need to ever deal with dollars and the peg is irrelevant.

 

Wed, 08/06/2014 - 12:51 | 5054575 NOTaREALmerican
NOTaREALmerican's picture

That might be true IF most of the trade of Russia and China were BETWEEN Russia and China, but it's not (and not even a big percentage).   So,  it's still all fiat, and the Chinese still like having their currency valued in DOLLARS.  

Wed, 08/06/2014 - 13:22 | 5054724 Keyser
Keyser's picture

The canary in the coal mine is the talk of the HK dollar is de-coupling from the USD... It's coming, only a matter of time... Remember that Chinese culture has been around thousands of years longer than western culture... They are patient and play the long game... 

Wed, 08/06/2014 - 13:37 | 5054787 Jano
Jano's picture

Therefor have the Chinese made the agreement with Switzerland, Germany, UK, France, Australia, ....this enables the Russians to buy and sell in RMB all over the world.

On the top of it USA disquailfied itself by imposing some extraterritorial laws and restrictions, see BNP.

Only a moron would accept a dollar, or he, the moron, would look to find even a greater moron, who will take the $.

I was selling worldwide software from a small Slovak company, we quoted always only in Euro and factored in the exchange rate multiplied by 1.1, if the moron on the other side wanted to pay in $.

Wed, 08/06/2014 - 12:12 | 5054373 Dr. Engali
Dr. Engali's picture

I'll withhold my comment until I see what Larry Kudlow has to say about this. 

Wed, 08/06/2014 - 13:23 | 5054729 Keyser
Keyser's picture

Bomb Gaza? 

Wed, 08/06/2014 - 12:15 | 5054386 alexcojones
alexcojones's picture

Frank Yuan?

Sounds like a Chinese detective series in there somewhere.

Wed, 08/06/2014 - 13:30 | 5054758 Freddie
Freddie's picture

His secretary is Susy Wong.

Wed, 08/06/2014 - 12:15 | 5054388 IronShield
IronShield's picture

Sure, replace one flawed currency with another. 

There has to be a better way to achieve trade balance among nations and valuing currencies accordingly.  Hmmm... 

Now what piece of (yellow) metal could accomplish that?  Inquiring minds...

Wed, 08/06/2014 - 12:19 | 5054411 NOTaREALmerican
NOTaREALmerican's picture

Well,   yellow metal implies rules.   Rules are for children.   Adults live by duplicity.   The most successful adults use bullshit to win.    That's why we don't use yellow metal for anything.

Wed, 08/06/2014 - 12:17 | 5054397 CheapBastard
CheapBastard's picture

WTF?!

Wed, 08/06/2014 - 12:17 | 5054398 yogibear
yogibear's picture

Uncle Scam wants your money and control of everyone elses. Looks like everyone else is getting tired of it.

Wed, 08/06/2014 - 12:18 | 5054403 kchrisc
kchrisc's picture

Switzerland has WMD and "yellowcake" from Niger.

Wed, 08/06/2014 - 12:20 | 5054412 alexcojones
alexcojones's picture

Hat Tip also to ALL the Tyler(s)

Who moderate/ Ban the MH17-Lost My Shirt type spammers

"My wife's sister made $1600 last night selling Swiss Swatches to the Chinese in Yuans. Ask me how @ GooGoo Doll.com" sort of spamola.

Thanks ZH

Wed, 08/06/2014 - 12:22 | 5054430 DoChenRollingBearing
DoChenRollingBearing's picture

Yes, H/T to the Tylers from me as well.

Wed, 08/06/2014 - 12:21 | 5054417 pathetic looser
pathetic looser's picture

those always neutral fags

Wed, 08/06/2014 - 12:23 | 5054429 JailBank
JailBank's picture

This means WOAR!!

Wed, 08/06/2014 - 12:23 | 5054433 The Phallic Crusader
The Phallic Crusader's picture

Is the Islamic State in Iraq and the Levant considered a country yet? 

Wed, 08/06/2014 - 12:32 | 5054486 BlindMonkey
BlindMonkey's picture

I am not thinking that those guys will be into the fractional reserve funny money type stuff.  I bet that any banking setup they do will be based on honest money and real interest rates for the loan.

 

Then again, I wouldn't want to get behind in a loan from them either.

Wed, 08/06/2014 - 12:25 | 5054447 CouldBeWorse
CouldBeWorse's picture

This move by Switzerland makes sense (cents?).   As the worlds largest gold smelter and China being one of the largest gold buyers I can see why they would strike this accord.  

 

The Renminbi also makes sense from a trade standpoint.   The US economy will be lucky to eeck out 2-3% growth every year while a smaller Chinese economy can easily sustain 7% for the next many decades.  If a country has any hopes of selling goods to a growing Chinese economy and population they are better served by doing it in their native currency.

Wed, 08/06/2014 - 12:26 | 5054455 mastersnark
mastersnark's picture

China practically invented made up government economic numbers, so it's nice to see Switzerland has gone just as crazy as the rest of the world.

Wed, 08/06/2014 - 12:44 | 5054540 orangegeek
orangegeek's picture

funny - more doom and gloom for the USD

 

well the SF carries about a 4% inverse weight against the USD

 

http://bullandbearmash.com/about/usd/

 

if the Swiss wants to convert to RMB, sure, why not? 

 

as far as the USD goes, it will be reserve for a very long time - RMB hit radar a few years ago - it has a long way to go to even be considered part of the index and building empty cities and buildings that fall over doesn't speak well for their cause

Wed, 08/06/2014 - 13:00 | 5054616 Itchy and Scratchy
Itchy and Scratchy's picture

Is the USD still linked to the Kenyan Peso?

Wed, 08/06/2014 - 13:06 | 5054644 kurt
kurt's picture

In the shed under the cans of paint a lonely red gas can of metal rusts due the condensation from the garage floor. The gasoline is old but the heat of the day causes it to swell, shrinking during the cold of night. The rusty seam continually worked in this way, over time. It leaks. A large flat pool blooms. The water heater nearby kicks on. Foom! The spray cans explode, flames climb the walls. In the attached house the family sleeps. The propane tank is getting warmer, boiling can be heard.

Wed, 08/06/2014 - 13:12 | 5054670 Bemused Observer
Bemused Observer's picture

Well, I don't think you can really count Switzerland. In matters of currencies, they're kinda like the girl who sleeps around. When she says she loves you, it really doesn't mean she thinks you're special. She loves everybody, know what I mean?

Wed, 08/06/2014 - 13:16 | 5054696 q99x2
q99x2's picture

Make mine Bitcoin thankyou.

Last Price: $586.90

Wed, 08/06/2014 - 13:25 | 5054736 SmittyinLA
SmittyinLA's picture

Renminbi is a derivative of the dollar, the primary beneficiary of America's involuntary politically forced suicide.

Wed, 08/06/2014 - 13:31 | 5054752 Clesthenes
Clesthenes's picture

That’s odd: switching assets into Chinese currency to avoid losses by the dollar.

Everyone who does this clearly isn’t doing their research.

You see, the last time I checked, the central bank of Red China was holding something like 1.27 trillion in dollars.  Thus, for every dollar on its balance sheet, the bank had to issue an equal value of its own currency or an equal value in Chinese bank reserves.  Thus, for every 1% loss of purchasing power by the dollar, the Chinese communist bank of China loses 12.7 billion dollars on its balance sheet, which equally impacts Chinese currency or bank reserves.

And then there is the matter of Switzerland, which owns (at end of last May) $174 billion in US Treasuries.

So, when Switzerland (or anyone) sells dollars and buys Chinese currency (actually, any other currency), it only transfers assets from one house of cards to another; as if all they cared about was the flowers, or faces printed on paper.  Don’t take my word for it, study my two articles on this matter (What Price Gold and Anatomy of a General Plunder) both derived mainly from data from Federal Reserve publications.

It sort of makes you think the world is dominated by bandits or idiots… well, actually, both.

Wed, 08/06/2014 - 15:12 | 5055297 napper
napper's picture

why do you think China has been quietly and voraciously accumulating gold? to go down the toilet with the US?

 

The Chinese may not be the great genius in the world but I doubt that they are that stupid.

Thu, 08/07/2014 - 21:03 | 5062407 Clesthenes
Clesthenes's picture

Napper,

No, they're not that stupid.  That's why they demanded possession of the Panama Canal before they would buy those Treasuries; that is, before they would finance the US debt.

And that's why, once they took possession of the Canal, they formed an ALLIANCE with Columbian and Mexican drug cartels, Chinese Triads,  and a few other criminal organizations, such as the US DoJ, Congress, DEA et cetera.  I learned this from testimony before a Congressional subcommittee; but see my article Anatomy of a General Plunder, part 2 for more sources.

This ALLIANCE will serve as tax collectors for Chinese communists.

Prepare for the next Dark Age.

Wed, 08/06/2014 - 14:20 | 5055003 Youri Carma
Youri Carma's picture

21 July 2014 - Swiss, Chinese central banks in currency-swap deal (MarketWatch) http://www.marketwatch.com/story/swiss-chinese-central-banks-in-currency...

25 July 2014 - EU Says Global Trade Talks Risk Collapse as India Resists (Bloomberg)
23 July 2014 - Australia Plans To Set RMB Clearing Bank In Coming Months, Says RBA's Lowe (RTT)
23 July 2014 - China Inks Cuba Accords as Xi Wraps Up Latin America Trip (Bloomberg)
22 July 2014 - China's Signed A Series of Oil and Mineral Deals With Venezuela (BBC News)
22 July 2014 - Turkish PM Cuts Ties With US, Mulls De-Dollarization With Russia (Zero Hedge)
21 July 2014 - Swiss, Chinese central banks in currency-swap deal (MarketWatch)
21 July 2014 - China signs currency swap worth 150 billion yuan with Switzerland (Reuters)
21 July 2014 - Gazprombank’s GPB Global Signs Oil-Exploration Deal in Ethiopia (Bloomberg)
19 July 2014 - India throws WTO free-trade agreement in doubt (MarketWatch)
18 July 2014 - India Rules BRICs as Modi Scores Big in Investor Poll (Bloomberg)
16 July 2014 - A Shocking First: Mainstream Media Rushes To Defend Dollar Reserve Status (Zero Hedge)
11 July 2014 - The Number Of US Firms Willing To Trade in Chinese Yuan Has Tripled This Year (Zero Hedge)
11 July 2014 - Germany Instructs Its Companies To Limit Cooperation, Procurement Orders With US (Zero Hedge)
09 July 2014 - BRICS Nations Will Have Seven Years to Buy Into New Bank (Bloomberg)
08 July 2014 - French and German Companies Lead in Yuan Trade Usage, HSBC Says (Bloomberg)
08 July 2014 - US Set To Alienate Angry Germany Next, As Crackdown Shifts From BNP To Commerzbank, Deutsche Bank (Zero Hedge)
07 July 2014 - Top Russia Gold Miner Courts Chinese as Moscow Looks East (Bloomberg)
07 July 2014 - Europe Seeks Alternative To Dollar Dominance – 70 Year Shift (Max Keiser)
07 July 2014 - Germany Gets 80 Billion-Yuan Investor Quota for Chinese Market (Bloomberg)
06 July 2014 - US company signs billion-dollar energy deal with Iran (RT)
06 July 2014 - Ifo’s Sinn Urges Debt Cut to End Southern Europe’s Crisis (Bloomberg)
06 July 2014 - France Says Boosting Use of Euro Is Issue of ‘Global Balance’ (Bloomberg)
05 July 2014 - Lufthansa to sign joint venture deal with Air China this weekend: paper (Reuters)
05 July 2014 - CEO Of One Of The World's Largest Energy Majors "Sees No Reason For Petrodollar" (Zero Hedge)
05 July 2014 - UPDATE 1-Total CEO calls for bigger euro role in oil payments (Reuters)
05 July 2014 - Total’s de Margerie Sees No Need for Dollars in Oil Purchases (Bloomberg)
05 July 2014 - French stock market watchdog frustrates acquisition by GE, Alstom (NU)
04 July 2014 - By "Punishing" France, The US Just Accelerated The Demise Of The Dollar (Zero Hedge)
04 July 2014 - JPMorgan Said to Have Unwittingly Helped BNP’s Transfers (Bloomberg)
04 July 2014 - South Korea, China agree to direct trade in national currencies (RT)
03 July 2014 - South Korea Agrees Won-Yuan Trading Link, RQFII Quota With China (Bloomberg)
03 July 2014 - Ecuador Says China Signed $2 Billion Oil Deal to Access Crude (Bloomberg)
03 July 2014 - GE Taps China CEO to Integrate Alstom’s Energy Business (Wall Street Journal)
02 July 2014 - The BRICs Are Morphing Into An Anti-Dollar Alliance  (Zero Hedge)
02 July 2014 - Emerging BRICS Nations Are About To Launch New Bank!
01 July 2014 - Alstom minority investors criticise GE deal (Reuters)

Wed, 08/06/2014 - 14:49 | 5055180 Kirk2NCC1701
Kirk2NCC1701's picture

Ho Lee Fuk!

Wed, 08/06/2014 - 15:20 | 5055329 Lea
Lea's picture

Ok, the game's over. Next questions, first, when are the so-called 'elites' going to realize this and act accordinlgy - I mean do something productive instead of dropping bombs? Second, what are the USA going to survive on? The jobs are outsourced, next to nothing but GMO nobody wants is being produced in the country. So what next?

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