Kevin checks in with an article on the Germans issuing bonds in RMBY.
These are financial accommodations. At a mere billion dollars, they are surely experimental for now. When the Chinese begin to offer finance management every bit as well as the West (and probably for a lower cost, but secrecy is becoming an issue in industry) then there will be a shift in the book to China accounts.
Feel free to forward this by email to three of your friends.
The Society for Worldwide Interbank Financial Telecommunication says the renminbi is now among the top ten most-used currencies for global trade payments, overtaking the Swiss Franc to occupy position seven in February.Mish has done yeoman work on how using one currency or another does not much matter, and I would add to his critique the phrase "since it is not money anyway, it is just tallies." The fact that RMBY is in the top ten SWIFT transactions should not be surprising since China is the #1 importer/exporter in the world, but some accounts.
These are financial accommodations. At a mere billion dollars, they are surely experimental for now. When the Chinese begin to offer finance management every bit as well as the West (and probably for a lower cost, but secrecy is becoming an issue in industry) then there will be a shift in the book to China accounts.
Feel free to forward this by email to three of your friends.
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