Walkingstick: BRICS bank to begin borrowing in yuan
Published time: 1 Dec, 2015 09:34
The BRICS New Development Bank (NDB) could start operations by borrowing in the Chinese currency, according to the bank’s Vice President Vladimir Kazbekov.
He says the bank will focus on loans in the national currencies of the bank’s potential customers.
“Considering the stability of the Chinese currency and the scale of the Chinese debt market, I think that one of the first steps in providing the New Development Bank with funds may be entering the Chinese market to borrow in yuan," Kazbekov said on Tuesday at the opening of a BRICS media summit in Beijing.
On Monday, the Chinese yuan was included in the IMF Special Drawing Rights (SDR) joining the US dollar, euro, British pound and the Japanese yen.
Kazbekov said the NDB is examining ways of entering the financial markets of other BRICS members, Brazil, Russia, India and South Africa.
"We want to find new flexible instruments of lending, to significantly reduce the time to consider a loan, and try to actively use the model of private-public partnership," he added.
There might be a lack of resources for long-term projects without the active attraction of private capital, according to the NDB Vice President.
NDB was established by the BRICS countries Brazil, Russia, India, China and South Africa in 2014. Its main goal is to promote sustainable development projects within the BRICS complementing the World Bank. In July the bank opened operations in Shanghai with start-up capital of $50 billion.
https://www.rt.com/business/324090-bric ... borrowing/
JJonesmx: The first draft amendment to the law the sale and rental of state funds No. (21) for the year 2013
Council of Ministers decided to approve the first draft amendment to the law the sale and rental of state funds No. (21) for the year 2013, the auditor of the State Council, and forwarded to the House of Representatives, according to the provisions of Articles (61 / I and item 80 / item II) of the Constitution.
Walkingstick: Kurdistan imported 46 tons of gold during the past nine months
04:59:52 2015-12-01 | (Voice of Iraq) - Twilight News official in the Kurdistan Regional Government said that the region imported during the past nine months about 46 thousand tons of gold from abroad, noting that the Arab Emirates and Turkey comes at the forefront of exporting gold states to Kurdistan.
The standardization and quality control of gold Director ornaments in the province Bakr Aziz said in remarks told Anatolian and followed up Twilight News, said the past nine months of this year saw import about 46 000 tons of gold to the region, adding that 16 thousand and 347 kg of which responded to Arbil and 28 thousand 224 kilograms other to Sulaymaniyah in Dohuk imported 983 kilograms of gold. Aziz said that the 1500 vacation formulation given in the provinces of the region in addition to the 200 maintenance workshop and industry gold ornaments.
And on the comparable imported from gold quantities of Kurdistan to the same period last year, said last year saw the import of 77 779 kg of gold, he is stressing that the UAE is at the forefront of gold exporting countries of the region and followed by Turkey. Add Comment
Read more: http://www.sotaliraq.com/newsitem.php?i ... z3t4wKkiM9
Walkingstick: BY REQUEST....SNIPPET:
IMF’s Executive Board Completes Review of SDR Basket, Includes Chinese Renminbi
Press Release No. 15/540
November 30, 2015
The Executive Board of the International Monetary Fund (IMF) today completed the regular five-yearly review of the basket of currencies that make up the Special Drawing Right (SDR). A key focus of the Board review was whether the Chinese renminbi (RMB) met the existing criteria to be included in the basket.
The Board today decided that the RMB met all existing criteria and, effective October 1, 2016 the RMB is determined to be a freely usable currency and will be included in the SDR basket as a fifth currency, along with the U.S. dollar, the euro, the Japanese yen and the British pound.
Launching the new SDR basket on October 1, 2016 will provide sufficient lead time for the Fund, its members and other SDR users to adjust to these changes.
JJonesmx: China Focus: China takes over G20 presidency on Dec.1
Xinhua Finance 2015-12-01 10:05 BEIJINGshare
China will host the 2016 Group of Twenty (G20) summit in the eastern city of Hangzhou from Sept. 4 to 5, and formally take over the presidency of G20 on Dec. 1, 2015.
China's host of the summit shows not only a high degree of trust in China from the international community, but also China's sincere willingness to contribute more to the international community, Chinese President Xi Jinping said in a statement released on Monday night.
The G20 presidency rotates annually among its members. To ensure continuity, the presidency is supported by a "troika" made up of the current, immediate past and next host countries.
In 2015, the members of the "troika" are Turkey, Australia and China. Last year's G20 summit was held in Brisbane, Australia, and this year' s summit was in Antalya, Turkey.
In 2008, the first G20 summit was held in Washington, D.C., the United States, and the group played a key role in response to the global financial crisis.
Xi reviewed the past development of G20 and emphasized that the most valuable thing is the members' partnership, and cooperation will be an inevitable choice for all countries to meet challenges and realize development.
At present, the world economy and international economic cooperation face an important turning point, can we consolidate the foundation of economic recovery and growth to resist risks? Can we grasp the historic opportunity of technology progress and new industry revolution to make the global economy a new round of growth? The answer depends on our common choice and action, Xi said.
At the moment, the international community switches their attention to G20, Xi said, noting that as an important platform where developed countries, developing countries and emerging-market economies have cooperation, G20 plays a crucial role in promoting international economic cooperation.
Xi called on G20 to do more to promote the solution of some extrusive problems of global economy, so as to make efforts to realize the goal of strong, sustainable and balanced growth.
The president called on countries concerned to devote themselves to build an innovative, invigorated, interconnected and inclusive world economy, adding that they will invigorate the global economy and inject impetus to economic growth in relevant countries through innovation-driven development and structural reform.
Xi also called for building community of common destiny, strengthening intercommunication and interconnectivity, enhancing positive economic interaction, improving global economic and financial governance, reducing imbalanced and unequal development, aiming to make people all over the world enjoy benefits equally.
China stands ready to work with relevant countries to implement the consensus reached in the G20 summits of all previous years to initiate new phase of international economic cooperation, Xi said.
U.S. President Barack Obama voiced support for China's presidency, saying that he looks forward to attending the Hangzhou summit, he told Xi on the sidelines of the Antalya summit this month.
Hangzhou, a famous historical and cultural city, is a hub of innovation and vitality. With a population of nearly 8.9 million, it is the capital and largest city of Zhejiang Province. Zhejiang, well-known for its robust private businesses, ranked fourth among the 31 provincial-level regions on the Chinese mainland in terms of GDP in 2014.
Xi worked in Zhejiang between 2002 and 2007 as head of the provincial committee of the Communist Party of China. "I am looking forward to meeting you in Hangzhou in September next year." Xi said
Nomadandboop: Everyone needs to heed somehing I've been saying many years now, if you're waiting on your ship to come in, make sure you’re not at the airport!!!!
Iko Ward : Just think, a few weeks ago 1080.7 would have had us dancing in the aisles, now it's like really? Pass the salt.
Blueblaze1962: I am surprised to see forex saying IQD back to 1165.00....that's almost exactly where it was months ago....what the heck does that mean....for the last few weeks we have seen positive movement and now back to where it was?? I'm confused?
Olesailor: blueblaze the forex is a trailing indicator and it is a trading platform. The players are just bouncing it to make money, and lots of it,
Mtnman: blueblaze IKo said that is a good thing.....forex aligning with CBI
Iko Ward: Well that was quick. Back to 1165. Somebody made a quick buck. Let's see what else happens.
Rrrr: As our lives are about to be changed…. Let’s stop and take a look at the Grand scheme of things. We are here for a reason. The world is emerging from a metamorphosis. We are an important part of this process. We are the butterfly of Love, Compassion and Generosity for the Earth. We will PIF a change to the world…It’s time to change the path of mankind Dinarians. Let us be the Light Workers for all of mankind. This is Truly OUR Moment… Our Place in Time.
Bita: Can someone answer this question? Why are banks getting ready for the currency exchange, I thought we were going to exchange centers?
Cloudwalker: Bita, because it's the banks that run the exchange centers. And when the exchange centers are done serving their purpose, it's the bank locations themselves that will do the exchanging.
TBirdd: Bita---the Banks handle the funds for their exchg centers -- jmo..
Daz: EXCHANGE CENTERS ARE STILL BANK AFFILIATED
Four2tous: China Pres. visits Zim today=
Four2atous: Old news needs restating( Asian currencies get hammered)= http://www.nationmultimedia.com/business/Asian-currencies-get-hammered-30268141.html
Four2atous: Might help our Dong play=
BuddyDog: fOREX LOOKS LIKE 6 FLAGS ROLLER COASTER... http://www.forex.tradingcharts.com/chart/US%20Dollar_Iraqi%20Dinar.html
Yecooche: New Fed rule limits its crisis bailout powers
WASHINGTON (Reuters) - The Federal Reserve Board on Monday adopted a rule that stops it from bailing out individual companies, a change that Congress demanded after the central bank's controversial decision to help rescue American International Group (AIG.N) and others during the financial crisis.
The rule is designed to help end the notion of individual financial companies being "too big to fail," by allowing the Fed to rescue only the broader financial system instead of individual companies. Under the rule, the Fed can make emergency loans that can potentially be used by at least five companies, but it cannot make more ad hoc rescues like its efforts to save AIG during the crisis.
The Fed adopted the rules after the 2010 Dodd-Frank financial reform law required the central bank to curtail emergency loans to individual companies and to insolvent companies. The final regulations define insolvent companies as those that had failed to pay "undisputed debts" in the previous 90 days.
Fed Governor Daniel Tarullo said during the meeting that the regulations would better balance the Fed's need to respond in a crisis with the concern that managers expecting a bailout in the worst-case scenario would be more likely to take big risks to try to turn their companies around in times of stress.
There has been "a longstanding tension of confronting moral hazard with wanting to retain flexibility," said Tarullo, the Fed's point person on regulatory issues.
As the financial crisis intensified in 2008, the Fed invoked its little-used emergency lending power to help stave off the failure of AIG. It also lent money to JPMorgan Chase & Co to help reduce the bank's potential losses from buying Bear Stearns, which was on the brink of collapse.
The Fed also enacted a series of more general emergency programs, in all providing $710 billion in loans and guarantees to a wide range of financial companies. Those programs were separate from the much larger Fed asset and bond purchases known as quantitative easing.
In September 2008, the Fed refused to bail out Lehman Brothers, which according to senior officials at the central bank was not solvent and therefore could not be rescued. The investment bank filed for bankruptcy in September 2008, even as other troubled financial companies, such as Citigroup Inc, (C.N) received multiple rescues from the government.
The Fed's crisis-era loans have been repaid and the guarantees ended, ultimately earning the central bank a net profit of $30 billion, according to a September Congressional Research Service review.
But critics have argued that the Fed overreached during the crisis, using its emergency authority in ways not clearly foreseen by lawmakers.
The Fed routinely lends money to banks on a short-term basis to smooth the operations of the financial system, which is part of its mandate. But since the 1930s, it has had the power to lend more broadly in a crisis.