Year: 2014
Putin: It Is Time to Play Your Ace in the Hole
China To Launch Yuan Swap Trading With Russian Rubles On Monday
China will allow trading in forwards and swaps between the yuan and three more currencies in a bid to reduce foreign-exchange risks amid increased volatility in emerging markets.The China Foreign Exchange Trade System will begin such contracts with Malaysia’s ringgit, Russia’s ruble, and the New Zealand dollar from Dec. 29, it said in a statement on its website today. That will extend the yuan’s swaps trading to 11 currencies on the interbank foreign-exchange market.A plunge in Russia’s ruble this month to a record low sparked a selloff in developing nations’ assets, leading to a surge in currency volatility. The new contracts come amid efforts by China to increase the international use of the yuan, as the world’s second-largest economy promotes it as an alternative to the U.S. dollar for global trade and finance. Malaysia and Russia are China’s eighth and ninth biggest trading partners, according to data compiled by Bloomberg.“This will provide companies with better hedging tools, and at the same time, make currency trading more efficient,” said Ju Wang, a senior currency strategist at HSBC Holdings Plc in Hong Kong. “China won’t stop yuan globalization or capital-account opening because of the volatility in emerging market currencies.”The CFETS is an agency under the People’s Bank of China.
http://www.zerohedge.com/news/2014-12-26/china-launch-yuan-swap-trading-russian-rubles-monday
Continue ReadingChina Steps In as World’s New Bank
Ruble Rallies 34% After Biggest Russian Intervention In 5 Years
- *RUSSIAN INTERNATIONAL RESERVES FALL $15.7B IN WEEK TO DEC. 19
- *RUSSIAN INTERNATIONAL RESERVES AT $398.9B
- *BANK OF RUSSIA SAYS DROP IN RESERVES MOSTLY DUE TO FX REPO
- *BANK OF RUSSIA: FUNDS USED IN FX REPO WILL RETURN TO RESERVES
- *RUSSIA RESERVES ALSO FELL ON REVALUATION AS USD GAINED VS EURO
The difficulties in Russia’s economy are not only because of outside factors, including sanctions, but also because the government has not worked out some defects, Russian President Vladimir Putin said Thursday.“The difficulties that we have run into carry not only an outside factor. They are not solely tied to some sorts of limitations of sanctions or limitations tied with the objective international environment, they are tied to our not working out defects that have accumulated over the years,” Putin said during a government meeting in Moscow.Putin said the government has taken efforts in order to change the structure of the economy in order to give it a more innovative nature, but said the efforts were below the needed measures.“Much has been done in this but the latest events have shown that this is insufficient,” Putin added.Russia is currently facing an economic slowdown, with dramatic fluctuations seen recently in the value of the Russian ruble against the US dollar and the euro.The weakening of the Russian national currency is attributed to low oil prices. The sale of oil accounts for a significant part of Russian budget revenues. Economic sanctions imposed on Moscow by the West in the wake of the Ukrainian crisis are also cited among the reasons for the economic slump.During a December 18 televised press conference, the Russian president said that the country’s economic situation could begin to improve in the first quarter of 2015, with Russia’s economy recovering completely over the next few years.
Belarus In Full-Blown Hyperinflation Panic: Blocks News, Online Stores; Bans All FX Trading For 2 Years
“We have to do something with these Belarussian rubles,” exclaims one Belarussian as she shops to turn worthless rubles (BYR) into physical assets. As AFP reports, The Belarussian currency was dragged down by the slide of the Russian rub…
Continue ReadingSwiss National Bank will cut interest rate to minus 0.25%
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Deadly Fukushima radiation up 50,000% as elevated radiation levels seen across North America
(NaturalNews) Beta radiation levels are off the charts at monitoring sites all across North America, according to new reports. But experts are blaming these radiation spikes on practically everything except for Fukushima.Data gathered from tr…
Continue ReadingRussian Stocks Soar 17% – Most Since 2008; Ruble Back Below 62/USD
After falling for 15 of the last 16 days, the RTS (Russian Stocks) are surging 17% today, extending gains post CBR 7 Measures, the most since October 2008.The Ruble is soaring also – back below 62/USD.RTS biggest gain since Oct 2008…Juiced by th…
Continue ReadingThe Russian Ruble Is Hereby Halted Until Further Notice
Earlier, we reported that various currency brokers such as FXCM and FxPro, would – as a result of the soaring liquidity in the USDRUB pair – suspend trading in the Russian Ruble (while other merely hiked margins to ridiculous levels). It appe…
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