Western Rifle Shooters Association

Do not give in to Evil, but proceed ever more boldly against it

Friday, August 27, 2010

Hao Yun*

From FT:

Banks back switch to renminbi for trade
By Robert Cookson in Hong Kong
Published: August 26 2010 17:55 | Last updated: August 26 2010 17:55

A number of the world’s biggest banks have launched international roadshows promoting the use of the renminbi to corporate customers instead of the dollar for trade deals with China.

HSBC, which recently moved its chief executive from London to Hong Kong, and Standard Chartered, are offering discounted transaction fees and other financial incentives to companies that choose to settle trade in the Chinese currency.

“We’re now capable of doing renminbi settlement in many parts of the world,” said Chris Lewis, HSBC’s head of trade for greater China. “All the other major international banks are frantically trying to do the same thing.”

HSBC and StanChart are among a slew of global banks – including Citigroup and JPMorgan – holding roadshows across Asia, Europe and the US to promote the renminbi to companies.

The move aligns the banks favourably with Beijing’s policy priorities and positions them to profit from what is expected to be a rapidly growing line of business in the future.

The phenomenon will accelerate Beijing’s drive to transform the renminbi from a domestic currency into a global medium of exchange like the dollar and euro.

Chinese central bank officials accompanied StanChart bankers on a roadshow to Korea and Japan in June. The bank held similar events in London, Frankfurt and Paris...
Read the rest.

While increased global acceptance of the RMB does not spell 'doom' per se for US interests, it is clear that the PRC is positioning itself as a primary heir to American hegemony as our country continues to spiral towards disaster.

Got Mandarin lessons?

*Mandarin for "good luck"


Anonymous GardenSERF said...

If more banks switch AND oil is traded in something besides dollars, THEN the real problems begin.

"May you live in interesting times" indeed....

August 27, 2010 at 3:28 AM  
Blogger drjim said...

And so it begins.....

August 27, 2010 at 3:56 AM  
Anonymous Anonymous said...

By the way, Rosetta Stone is a really bad product. I have been quite dissatisfied with them.

I suggest trying to learn the traditional Mandarin characters, not the simplified ones. Textbooks are available for free on the Internet; resources like nciku.com are also handy.

However, if you do business with PRC or Singapore, you'll need simplified, just try to learn about 1000 traditional characters first.

August 28, 2010 at 8:31 AM  

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