The world is anticipating a new global reality with huge implications:
China’s yuan is poised to get recognized as a global reserve currency.
In a sign of the times, the IMF has essentially rebuffed U.S. claims of
currency manipulation, to instead affirm that China’s currency is “no longer
undervalued” – essentially giving its approval for the inner circle what many
have described as an incubating world currency.
China’s yuan currency, which Washington has long alleged was
manipulated, is “no longer undervalued”, the International Monetary Fund said
Tuesday.
The value of the yuan, also known as the renminbi, has been a source of
tension for years, with China’s major trade partners — led by the United
States — accusing Beijing of keeping it artificially low to give Chinese
exporters an unfair competitive advantage, which Beijing denied.
“Our assessment now is that the substantial real effective appreciation
over the past year has brought the exchange rate to a level that is no longer
undervalued,” the IMF said in a statement after a consultation mission to
China. (source)
#China‘s
#yuan may become
world currency after #IMF
‘approval’ http://t.co/OyAfKUI1XM pic.twitter.com/bArePaPpJe
— Sputnik (@SputnikInt) May 27, 2015
With longstanding U.S. opposition to China’s currency status, the IMF
decision has been seen as the biggest hurdle to world reserve status. This
news brings China one giant step closer to entry onto the global stage of
currencies and new financial norms for Americans, as SHTF has long reported.
The decision underscores a larger shift in the global balance of power –
there is no doubt that there are serious cracks in the foundation – as the
U.S. petrodollar has lost its potency as the world reserve currency hegemony.
U.S. allies have been easily won over to recognizing China, and partnering
with its Asian Infrastructure Investment bank, signaling a new era for
finance under globalism. The new currency will be pegged to a global basket that China
is part of.
What will this new currency look like, and will it become a reality? A mining executive shed light on the manipulation
of gold behind the scenes, with a quest for parity undervalue that is
encouraging China to accumulate gold at a rapid pace, so that it can hold
reserves equivalent to those the U.S. reportedly holds:
I think there will be a reset of the financial industry…
I think China is being allowed to accumulate gold purposefully by the
American government… I believe that the Chinese need to own at least
the same amount as the U.S. owns before this reset occurs. I
think that there’s some kind of deal that’s being made between all the
central banks behind the scenes and that’s why you’re seeing governments
accumulating the metal.
I do believe there will be some kind of new currency created with the
backing… and it might not be a direct backing of the metal… but it’ll be some
kind of blend of currency.. it could be through SDR’s… Special Drawing
Rights… or some type of mechanism… I think that’s where we’re going.
It could mean a major shake up to the norms that Americans and other
westerners have been accustomed.
But beyond that, the currency will ultimately be digital. Cash will likely
be banned to enhance control, and all payments will be authorized and
monitored. Through a new wave of bank fees and fines, and (outrageously) charges for deposits, average people will be
hurt on all sides of transaction by money that has been thoroughly debased
and manipulated.
The Federal Reserve bank and its owners, the largest banks on Wall Street,
want badly to be able to charge you interest for the privilege of depositing
your funds. The problem is getting you to stand for it.
The cashless digital grid will become fully a tool of banker control that
is global in scope and backed at its root by central planning at central
banks supported by a system of total consumer surveillance over spending,
exchanges and all other transactions.
Listen to more about IMF’s revaluation of the Chinese yuan, discussion
starts at 8:50:
