China, EU agree to swap currencies



The central banks of China and the European Union have agreed to supply each other with their currencies. The deal is aimed at accelerating the internationalization of China's currency, the yuan, and increase trade and investment between the country and the eurozone. The People's Bank of China said on Thursday that it concluded the currency swap with the European Central Bank. The agreement provides a maximum of 350-billion yuan, or about 56-billion dollars, to the ECB and 45-billion euros, or 60.8-billion dollars, to the PBC. The deal is to last for 3 years with the possibility of extension if the banks consent to do so. The agreement allows the banks to borrow currency from each other to provide funds to banks in China and eurozone countries in case of financial emergencies. PBC officials say the deal will provide additional liquidity for Europe's yuan market and boost trade and investment involving the currency. China has already set up currency swap lines with Singapore and Britain to internationalize the yuan.

Comments

  1. China is set to create East Asian dollars or Asian dollars
  2. Don't forget we hit the debt ceiling again in February I believe so who knows what that will bring. 
  3. this news has been published since 2008!!!
  4. aaaaaaand we're one step closer to global currency
  5. The petrol dollar is dead. Russia, China and India are already buying their oil with gold and now China has this currencies deal with the EU. Quantitative easing is the only thing that is propping up you're economy. Americans need to consider moving their money to overseas accounts and only keep enough dollars for day to day stuff. guys if the shit does hit the fan then you need too support each other. don't turn it into a dog eat dog only the strongest survives.
  6. Suck shit Amerika. This is a whole row of nails in the US dollar reserve status coffin. Good riddance!
  7. Bye bye Amerika
  8. This is a "Shot across the bow" since QE infinity has assured the dollar is in a death spiral in order to placate Wall Street criminals who have bought off congress. If the US could really take on China and the EU militarily, it would defame them and then attack them. This could be the end of US dollar hegemony, but people have been saying that since Bush jr tanked the economy in '08.
  9. FOX? MSNBC? CBS? ABC? CNN? You know, if one of them does not tell me this, I don't think it happened... LOL!!! Their silence is deafening, considering this really is the death knell for the dollar.
  10. HAHAHAHAHAHA
  11. My, My is right. There goes the USD as a reserve currency.
  12. My....My...


Additional Information:

Visibility: 8272

Duration: 0m 0s

Rating: 17