backdoc » November 17th, 2014, 11:26 am
BY NOW WE HAVE ALL SEEN THE OPENING OF THE RMB "YUAN" INTO WORLD MARKETS.
RUSSIA AND ASIAN COUNTRIES WILL UTILIZE THE RMB AS IT MOVES TO BE THE SECOND WORLD RESERVE CURRENCY.
CHINA IS ALSO LOOSENING ITS GRIP ON THEIR CONTROLLED STOCK MARKET.
THEY ARE BEGINNING A PROCESS TO ALLOW FOREIGNERS TO BUY IN TO THEIR MARKETS IN A BIGGER WAY!
THIS PROCESS LEADS US ONE STEP CLOSER TO THE NEW REALITY.
WHAT WE ARE SEEING IS A GRADUAL MERGING OF EAST VS. WEST! IMO
stochastics » November 10th, 2014, 11:40 am
Shanghai-Hong Kong Link to Start in a Week as China Opens
By Bloomberg News Nov 10, 2014 4:28 AM ET
HK-Shanghai Link to Start November 17
China said the Shanghai-Hong Kong exchange link will debut in a week, sparking equity rallies in both cities as the nation gives foreign investors unprecedented access to its $4.2 trillion stock market....
CHINAS' STOCK MARKET HAS BEEN IN DECLINE OVER THE PAST 5 YEARS AS REFERENCED BELOW.
"The Shanghai Composite initially opened higher, rising as high as 2508, before slipping into negative territory, ending the day down around 0.2 percent. The index is down around 25 percent over the past five years and still well off its peak of just over 6000 in late 2007.
17 NOV 2014 - 6:14PM\
China trade opened up by currency hub
An Australian trading hub for China's currency is being hailed as a major development for co-operation between the two countries.
The creation of a Sydney hub to trade China's currency will further open up the world's largest economy to Australian businesses, bankers say.
The Reserve Bank and the People's Bank of China have agreed to establish official renminbi (RMB) clearing arrangements in Australia, allowing more direct trading with Chinese entities.
This will further support the economic and financial links between Australia and China, and strengthen financial cooperation, the RBA said.
ANZ chief executive Mike Smith said the creation of a trading hub was a significant achievement.
"The Renminbi is expected to dominate Asian trade and could become a genuine rival to the US dollar as a global reserve currency," he said.
Westpac will be one of the first local banks to connect with the RMB hub, and its chief executive Gail Kelly said it would create greater opportunities for the bank's customers.
"The ability to settle transactions in RMB in real time through Sydney will make it faster and easier for customers to trade and transact in RMB," she said.
Rob Whitfield, the head of Westpac's institutional bank, also said it would encourage a build of Australian deposits of RMB and stimulate activity in RMB-denominated financial products.
Treasurer Joe Hockey said Chinese authorities would shortly announce the designated clearing bank, which will support Australian importers and exporters in their cross-border RMB transactions.
Meanwhile, Australian-based financial institutions will also be given unprecedented direct investment access to China's previously restricted equity and bond markets.
"Today's announcements will help ensure Australia is prepared to benefit from RMB-related trade and investment opportunities that emerge as China continues to deepen its integration into the global economy," Mr Hockey said.