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dctxguns
08-26-2010, 09:15 PM
Banks back switch to renminbi for trade (http://edition.cnn.com/2010/BUSINESS/08/26/banks.renminbi.china.ft/#fbid=bzpeJHWCGZR&wom=false)
By Robert Cookson, FT.com
August 26, 2010 -- Updated 1908 GMT (0308 HKT)

Hong Kong, China (FT) -- 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."

HardlyPeeved
08-26-2010, 10:05 PM
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.”

Dominoes setup with Tipping Points...let e'r rip!

moonstears
08-26-2010, 10:38 PM
quote from same article: "McDonald's, the US burger chain and icon of globalisation, took advantage of the new rules this month when it became the first foreign multinational to issue renminbi-denominated bonds in Hong Kong."

This is pretty big, too, I'd say.

dctxguns
08-27-2010, 08:14 AM
quote from same article: "McDonald's, the US burger chain and icon of globalisation, took advantage of the new rules this month when it became the first foreign multinational to issue renminbi-denominated bonds in Hong Kong."

This is pretty big, too, I'd say.

Yes, and read the following article this morning.


http://www.voanews.com/english/news/asia/McDonalds-Turns-to-Chinese-Yuan-for-Funding-101551633.html

McDonald's Turns to Chinese Yuan for Funding

McDonald's Corporation became the first foreign company to issue a bond in the Chinese currency, as Beijing takes new steps to increase the use of the yuan in international transactions.

moonstears
08-28-2010, 09:04 AM
First you borrow wayyy heavy from said country(China).
Country asks for another said currency(Yuan), instead of your own? Just my loose theory.
US corps start using lenders currency, hedging with it, just in case this theory's true? I'm not sure how to reason this out, but I think this is VERY important, BIG US CORPS floating BONDS in an alternate currency, and should be watched from an investor's economic view. MSM will not discuss this, except briefly. If you don't mention the possible problem for the "dollah", then problem does not exist.

I remember when I read Jim Rodgers was moving to Singapore.
Economically I thought: "He's trying to tell us something?".

Great posts Guns! All should read IMO!