Walkingstick: CNY: Free floating Yuan coming soon - Investec
Mon, Oct 26 2015, 10:09 GMT | FXStreet
FXStreet (Delhi) – Research Team at Investec, suggest that IMF’s recent comments about the inclusion of Yuan in SDR basket will soon make the dream of free floating Yuan come true.
“Over the weekend, comments from Chinese officials were the main event following last week's monetary easing. In addition, the IMF gave a big hint they may soon be including the Yuan as an SDR currency, giving the Chinese currency reserve status and allowing major central banks access to freely swap into it as part of the network of major currencies in the SDR reserves.
A major step to a free floating Yuan.”
“On Friday China cut both their main interest rates and bank reserve requirements, responding quickly to ECB policy talk and perhaps giving the Fed sufficient confidence that China has steadied so that the Fed can raise interest rates - although Wednesday's FOMC meeting seems too soon, Investec's Economics team are still comfortable this could be December.”
Sun Oct 25, 2015 6:02pm EDT Related: CURRENCIES, MARKETS
Walkingstick: IMF set for green light on China's yuan joining currency basket-sources
Oct 25 International Monetary Fund staff are set to give the all-clear for China's yuan to be included in the lender's benchmark currency basket, laying the groundwork for a favorable decision by policymakers, people familiar with the discussions said on Sunday.
The IMF's executive board is scheduled to decide in November on putting the yuan on a par with the dollar, yen, euro and pound sterling and a key factor will be its performance against a checklist of technical criteria, as assessed by IMF staff.
Three people briefed on the IMF discussions, who asked not to be named because of the sensitivity of the issue, said a draft report from staff reached a favorable conclusion on including the yuan, also known as the renminbi (RMB).
"Everything is on course technically and there is no obvious political obstacle. The report leans clearly towards including the RMB in the (basket) but leaves the decision for the board," one of the officials said, adding that a penciled-in early November date for staff to circulate their report to board members has been pushed back by several weeks.
Two other officials said staff would recommend the yuan join the basket, which determines the mix of currencies that countries like Greece receive as part of disbursements from the IMF.
"There is no real discussion, no obstacles, all seems on course," a second official said.
Beijing is pushing for the yuan to join the Special Drawing Rights (SDR) basket as part of its long-term strategic goal of reducing dependence on the dollar and to mark the country's coming of age as an economic power.
An IMF spokesman said staff were finalizing a report to be considered at a formal board meeting planned for November, although no date had yet been set.
"The decision on the possible inclusion of the RMB in the SDR basket will ultimately be made by the IMF's Executive Board when the meeting is held," he said.
The second official said that may be postponed until early 2016. Any change to the basket will take effect in October 2016.
POLITICAL WINDS FAVORABLE
China has rolled out a flurry of reforms recently to liberalize its markets and also help the yuan meet the SDR criterion of being "freely usable", or widely used to make international payments and traded on foreign exchange markets.
China's central bank on Friday said it was freeing the interest rate market by scrapping a ceiling on deposit rates. Authorities have began weekly issuance of three-month Treasury bills and plan to extend yuan trading hours to overlap with Europe -- all moves aimed at addressing IMF concerns, but also making it difficult to close out the checklist of technical criteria.
A positive staff review will cement a lower hurdle for board approval: a 70 percent voting majority rather than the 85 percent which is normally reserved for the IMF's toughest decisions.
Experts said the political winds were blowing in Beijing's favor.
France and the United Kingdom have backed the yuan's inclusion and countries including Germany and Italy have said they are open to the move, depending on the technical criteria.
Eswar Prasad, a professor at Cornell University and former head of the IMF's China Division, said he could not see the United States or Japan bucking a positive staff recommendation.
"I think it will be very difficult for the IMF, especially given all that China has done this year, to deny China the prize it really wants," he said. (Additional reporting by Lidia Kelly in Moscow and Richard Cowan in Washington; Writing by Krista Hughes; Editing by Christian Plumb)
Walkingstick: Access project Balancing Act 2016 to Parliament
Written by AH Date: 10/26/2015 13:21
Baghdad - INA / announced the House of Representatives, on Monday, receiving the draft 2016 budget law of the government.
He said in a parliamentary finance committee member, Masood Haider, for "the official Iraqi News Agency," "The draft 2016 budget that law arrived to the parliament, today." Link
Emailed to Recaps
This is my good bye from Martha
It would seem that "We the People " are about to help change the world. There were several confirmations last night that say today is our day. Don’t believe the naysayers that still say 2016….Like Tony says who does that make sense to.
Everyone has been well prepared. Be ready; have your plan in place to implement and most of all stay calm and in control. Believe me it will all come together. Show the world how educated you are and how professional you have become.
We are waking up to a new world which we actually helped to re-mold.
Don’t ever forget the past history; the present and what the future is about to be. As Tony has said in the past that this investment became part of something so big that we are only a very small piece of it but if it weren't for TNT perseverance, we, the people would still be sitting here with nothing and the world would still be controlled by PTB who want TOTAL control.
It is now up to us to start to help change the world if only a small piece at a time.
Good luck to all and as Tony says "Vegas, Vegas, Vegas. Martha
Iko Ward: GM all, have to make a few calls. Just wait for Tony update. Nothing left now but banks to say they are ready
Iko Ward: Forex finally polled Dinar and Dong. Dinar at 1101.5 so I'm back in elmer's camp for Tuesday. Good night folks. We're there, just waiting for the cook to call dinner.
BestBuy: IMF give green light to Chinese YUAN as a world currency. http://finance.yahoo.com/news/imf-set-green-light-chinas-012014737.html
Jthrnh: I have to say that it's encouraging to see that China has the green light for a reserve currency on Yahoo Finance. I was pretty sure that this would be contingent on the VND/VNN to be revalued
Venus7: Tony: If so many of the Wealth Managers and Bank Foreign Currency Tellers are clueless and are calling this a scam. Then why should they be the ones who get to decided who gets the contract rates when they say that they do not or will not be exchanging the Iraqi Dinar.
Imperium: venus, Tony has made clear that the current scenario is that there are specific people within the banking structure that will be dealing specifically with the exchange. We will NOT be interfacing with ordinary, untrained, clueless tellers.
Smartblonde55: I was in OM (Open Mic Call) late last night & someone called in a story from a friend that the Admirals group were "guaranteed" to get paid today. She said that was the first time that word was ever said. ...time will tell
Jim32: It's going to happen for us when it happens. Have faith and believe it is coming. Some people have little to look forward to. Be thankful you will be part of this thing. When it does finally happen the wait will have been worth it.
Movack: if you want to see where we have been and where the world is going watch this http://www.imf.org/external/mmedia/index.aspx#
Go to 40 mins http://www.imf.org/external/mmedia/index.aspx#
Colorado Lady: A new take on where we are, what's happening and our world pre-RV
I don't know how long this post will stay up, but for those of you who are interested in what's happening from different perspectives, please check out these sites, thanks CL, please feel free to share and PM me about your opinions. thanks CL
Main site is: http://www.geoengineeringwatch.org/
So many of you may think I've gone off the deep end on this, but after reading for about three hours on this site....I'd feel I'd not done my duty in sharing this information with you, draw your own conclusions etc.,
I just wanted to share this, as I had been aware of the ChemTrails for years, but never to this extent, the information below is a copy of one of the posts on this site's post, books to read in order to educate yourselves about what is happening in our country if you care to do so, Love R
Dane and everyone else that visits this site, I want to give you a list of information that I have written down after watching televised programs on C-Span, PBS as well as what friends and family have told me. Kleptocracy- power rule, rule by thieves, a form of political and governmental corruption, the government exists to increase personal wealth and power, at the expense of the population, of their citizens.
You can also research on Wikipedia 'List of Whistleblowers' a list of individuals is shown, with complete details of the corruption and crimes, the agencies were and are currently conducting. The following is a list of books published about War, Corruption, The Stock Market and past presidents.
1. STATE OF WAR "The Secert History of the CIA and Bush Administration" by James Risen.
2. THE SHOCK DOCTRINE "The Rise of Disaster Capitalism" by Naomi Klein.
3. 935 LIES "The Future of Truth and the Decline of Americas Moral Integrity" by Charles Lewis
4. THIEVES IN HIGH PLACES by Jim Hightower.
5. UNSTOPPABLE "The Emerging Left-Right Alliance to Dismantle the Corporate State" by Ralph Nader.
6 FLASH BOYS "A Wall Street Revolt" "The Big Short and Moneyball" by Michael Lewis.
7 HACKING H(APP)INESS. "Why Your Personal Data Counts and How Tracking It Can Change The World" by John C. Havens.
8. THE FIRST FAMILY DETAIL "Secret Service Agents Reveal the Hidden Lives of the Presidents" by Ronald Kessler.
9. AN INQUIRY into the NATURE and CAUSES of the WEALTH of STATES "How Taxes Energy and Worker Freedom Change Everything" by Wiley
10. BREAKING FREE "The Shale Rock Revolution". this is a documentary by Mr. Faulkner.
11 THE FRACKING TRUTH (Platform Press 2014 by Mr. Faulkner CEO of Breitling Energy Corporation.
12. FULL SPECTRUM DOMINANCE. "Totalitarian Democracy In The New World Order" by F. William Engdahl.
13. FIELD NOTES FROM A CATASTROPHE " Man Nature and Climate Change" by Elizabeth Kolbert.
14. THE SIXTH EXTINCTION " An Unnatural History" by Elizabeth Kolbert.
15. SEEDS of DECEPTION "Exposing Industry and Government Lies about the Safety of the Genetically Engineered Food Your Eating" by Jeffrey Smith
16. GENETIC ROULETTE "The Documented Health Risks of Genetically Engineered Food" by Jeffrey Smith.
You can research the Environmental Working Group EWG dirty dozens fruits and vegetables and the clean fifteen athttp://www.ewg.org The State and Government Seals say "In God We Trust" but those agencies, are constantly and continually full of lies, corruption and crime.
ANOTHER REALLY INTERESTING FRENCH SITE IS:
Now perhaps we know why Mr. McCain spends so much time in the Middle East......