The coming US dollar crisis Message Board

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Strategies & Market Trends : The coming US dollar crisis

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To: Giordano Bruno who wrote (33375)	12/13/2010 9:48:28 PM
From: John	Read Replies (1) of 71455

Offshore Trading in Yuan Takes Off online.wsj.com excerpt: "This is the beginning of a new era," said Norman Chan, head of Hong Kong's central bank. "This is a step moving to full convertibility of the yuan, and is a major change of the international financial landscape." The yuan makes up a sliver of the $4 trillion daily trading in currency markets and is dwarfed by trading in the dollar, yen and euro. But traders are surprised at how quickly it is gaining critical mass. Chinese companies are placing yuan into accounts in Hong Kong, where the offshore trading is allowed, and could have as much as 300 billion yuan ($45 billion) there by the end of the year. The yuan, which closed official trading Monday at 6.6670 per dollar, down slightly on the day, has risen 2.4% against the greenback since mid-June, when China loosened the currency's peg against the dollar and allowed the yuan greater flexibility to rise or fall in value. --- Time to begin scaling into the yuan? Nah! Just buy more precious metals. -g-

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