Canada 1st country in Americas to get Chinese currency hub designation
Powerful BRICS Nations Plan Competition for World Bank, IMF, Federal Reserve System
The five-nation BRICS group—Brazil, Russia, India, China and South Africa—announced recently that it is launching new financial institutions to compete with and serve as alternatives to the World Bank and the International Monetary Fund (IMF).
The New Development Bank (NDB) and the Contingent Reserve Arrangement (CRA) will each be capitalized with $100 billion. The former will compete with the World Bank while the latter will work against the IMF
Global Currency Reset Well Planned for Some Time BRIC to topple the IMF
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China currency Yuan
Canada and China have signed a reciprocal currency deal that’s expected to dramatically boost exports.
The hub will foster far easier trade between the Canadian dollar and the Chinese yuan, also known as the renminbi. It makes Canada the first country in the Americas to have a deal to trade in the renminbi.
The deal was announced by Prime Minister Stephen Harper and Premier Li Keqiang in Beijing.
Authorized by China’s central bank, it will allow direct business between the Canadian dollar and the Chinese yuan, cutting out the middle man — in most cases, the U.S. dollar.
Canadian exporters forced to use the American currency to do business in China are faced with higher currency exchange costs and longer waits to close deals.
Canada given China is the second largest economy in the world after the U.S.
If Canada is to maintain the standard of living that it enjoys today, he adds, it needs to tap into the Chinese market. The currency deal is the first step on that path.
Earlier Saturday, Canada and China also signed more than 20 commercial deals valued at more than $1 billion.
Chinese, Canadian central banks agree to 200 billion yuan currency swap
This is just the beginning of many more nations to move further from the US currency as
We must hold our thumbs up to the BRICS member states as long as they stand for our human liberties. We must keep the Zionists away from this as they have enslaved mankind.
China Warns US About Cutting Tapering Too Soon, Proposes BRIC Foreign Currency Fund
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