IMF: Yuan to be Added to SDR

national currencies
Back in August 2015 rumors were circulated that the RMB (aka Yuan or Renminbi) would not be included in the IMF’s basket of currencies (the international monetary system of reserve currencies for central banks).
At the time I remarked it was likely a ploy to profit off of the rumor’s effect in increasing a spread between certain currencies…

{I wish to know what institutions are accumulating RMBs and dumping USDs, the dollar is expected to continue to rise until suddenly it falls} ~Ron

China Currency RMB or Renminbi is also called Yuan

The IMF will make its decision on enlarging the Special Drawing Rights currency reserve basket to include the Chinese yuan by November.

WASHINGTON (Sputnik), Leandra Bernstein — The International Monetary Fund (IMF) will make its decision on enlarging the Special Drawing Rights (SDR) currency reserve basket to include the Chinese yuan by November, an IMF spokesman told Sputnik on Monday.

“One of the discussions that the members of the IMF — i.e., the 188 member countries — are going to have to decide on is whether or not to enlarge that basket to eventually add the yuan as well, and that discussion will take place in November,” the spokesman confirmed.

The SDR currencies together act as the international currency reserve. The value of the international reserve is currently set by the US dollar, Japanese yen, the British pound, and the euro.

A change in the current makeup of the SDR currency basket will require a 70 percent of the IMF vote.

“The decision is ultimately a decision that our member countries, represented by the IMF Executive Board, have to take,’ the spokesman noted.

During the last five-year SDR review, which concluded at the end of 2010, the Chinese yuan met one of the two major criteria for joining the SDR basket, due to China’s status as a powerful export economy. However, at the time the yuan did not meet the IMF Board’s criterion as a “freely usable” international currency, according to IMF reports.

On Monday, media reported that a draft document on the yuan’s inclusion in the SDR basket had reached favorable conclusions ahead of the planned November vote.

Source: http://sputniknews.com/world/20151026/1029137735/imf-yuan-reserve-spokesman.html

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RELATED:
https://ronmamita.wordpress.com/2013/11/14/what-would-be-a-signal-that-the-new-financial-system-is-being-implemented/
https://ronmamita.wordpress.com/2014/10/15/puzzle-pieces-monetary-reset-plan/
https://ronmamita.wordpress.com/2014/12/15/when-the-financial-centers-computers-are-ready-the-yuan-will-be-accepted-as-a-world-reserve-currency/
https://ronmamita.wordpress.com/2015/03/24/is-the-china-led-aiib-the-new-bretton-woods/
https://ronmamita.wordpress.com/2015/08/07/use-this-as-a-important-cypher-sdr-structural-reform-test-case/
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5 comments on “IMF: Yuan to be Added to SDR
  1. RonMamita says:

    IMF Seen Approving Yuan As “Reserve Currency”

    http://www.zerohedge.com/news/2015-10-23/imf-seen-approving-yuan-reserve-currency

    Several days ago, Citi announced that it “expects the upcoming IMF review (scheduled for early-November) will probably lead to China’s inclusion in the SDR basket from late-2016. But we expect that the CNY will over time weaken versus the USD either way — either because of a poor outcome from SDR review or (if China joins the SDR) because of gradual (and limited) FX liberalization.”

    While it remains to be seen just how negative the impact on the CNY would be as a result of any possible SDR inclusion, and the definition of China’s currency as a reserve currency, it now appears virtually assured that the IMF will include the CNY in its SDR basket, “validating efforts by President Xi Jinping to push through policies aimed at making the world’s second-biggest economy more market oriented, boosting China’s prestige as it prepares to host Group of 20 gatherings next year.”

    Just a few short weeks after The IMF appeared to snub China by delaying its decision on Yuan inclusion in the SDR basket, Bloomberg reports that Otaviano Canuto, executive director at the IMF for 11 countries including Brazil, said “prospects for approval seem to be favorable,” adding that the story “is going in the direction of the renminbi becoming a necessary component of the SDR.” China is taking that as a ‘yes’ and is preparing statements celebrating IMF SDR approval.

    Per Bloomberg:

    International Monetary Fund representatives have told China that yuan is likely to join the fund’s basket of reserve currencies soon, according to Chinese officials with knowledge of the matter.

     

    IMF has given Chinese officials strong signals in meetings that yuan is likely to win inclusion in current review of Special Drawing Rights, said three people who asked not to be identified because talks were private

     

    Chinese officials are so confident of winning approval that they have begun preparing statements to celebrate the decision, according to two people

     

    Board has requested that IMF staff members look into some operational challenges of including yuan in the basket, such as ability of fund’s 188 member nations to quickly convert SDRs into yuan, according to another person familiar with the matter.

     

    “We realize that although we’ve done a lot, it’s really first up to the staff, and second up to the board, to make a final judgment,” Jin Zhongxia, China’s representative to the IMF executive board, said in interview Friday. “We have to fully respect their decision”

    As one analyst notes, “I think a political decision has already been made,” said Domenico Lombardi, director of the global economy program at the Centre for International Governance Innovation in Waterloo, Ontario.

    “The Chinese have invested considerable political capital. They’ve mobilized their intellectual and political resources to this purpose, and it’s a case that’s difficult to argue against.”

    * * *

    “The most probable outcome is the board will vote to include the renminbi in the SDR basket,” said Meg Lundsager, who served as the U.S. representative on the IMF’s executive board from 2007 to 2014. “I really haven’t heard any big opposition. If there were countries which had real problems with it, they would have been raising their concerns.”

     

    The U.S. took a step toward backing China’s SDR bid last month, when it softened its insistence that the Chinese implement financial reforms to win support. The U.S. now says it will support inclusion of the yuan if it demonstrates it meets the IMF’s technical criteria.

     

    “This is going to make it very hard for the Chinese to undo a lot of these reforms,” said Lundsager, now a public-policy fellow at the Woodrow Wilson International Center for Scholars in Washington. “Once you move into this group of major currencies, it becomes pretty much impossible to backslide.”

    The bottom line is that the “internationalization” and an increasing free float of the Yuan is bearish. And since the currency urgently needs even more devaluation as today’s PBOC rate cut confirmed, this may just be the IMF’s way of greenlighting even more devaluation for China’s currency. And since any devaluation would lead to a surge in capital outflows, what the IMF is doing is merely blessing the Yuan’s weakness while pretending it is in a position of strength, in an attempt to slow down the capital outflow as much as possible.

    China’s offshore Yuan has plunged to 1-month lows in the last few days (and decoupled – for now – from the onshore market suggesting outflows are accelerating)

    • RonMamita says:

      U.S. & China Economies Almost Half The World’s Economy

      Globalization = Monetary Empire
      A New Consensus (reform and restructuring) among the current empires, is effectively the collapse of the Washington Consensus and the emergence of the G-20 Consensus

      China’s commitment to the criminal international banking cartel may be on display as Mr. Lundsager, from the Woodrow Wilson International Center, had the very curious comment:

      “This is going to make it very hard for the Chinese to undo a lot of these reforms,” said Lundsager, now a public-policy fellow at the Woodrow Wilson International Center for Scholars in Washington. “Once you move into this group of major currencies, it becomes pretty much impossible to backslide.”

      Now that sounds like China has a “Life and Death Commitment” into the Club (it always was a member, but apparently China has rose above the ranks and is very much expected to reap in larger shares of the rewards) or as George Soros put it China has to be part of creating the NWO“They have to own it” :

      In the above interview for the Financial Times reporter, (unfortunately that short clip doesn’t include this) Soros went further to say that a “Orderly decline of the U.S. Dollar is preferable”

      Indeed the international Money Cartel are engineering the decline of the USDOLLAR.
      The BIG Question is does the plan include escalating World War?

  2. More evidence of the decline of the Washington Consensus.

    • RonMamita says:

      Knowing their past, without a consensus they are willing to wage world war at the citizens’ level to create a consensus. A orderly decline of the USDollar apparently is meeting some resistance, but also the fraud that is the monetary system is also exposed…

      Sovereign Debt Crisis: Speaking Out At The U.N.

      This should become a Hotbed of Controversy

      Title: Who Benefits From Sovereign Debt Crises?(part 1 of 5)
      Video posted 26 Oct 2015
      “Economist Jayati Ghosh discusses the 136-nation move to address sovereign debt in the context of global finance”

  3. RonMamita says:

    Ken Issued False Flag Alert!

    ALERT – Globalist Agenda Watch 2015: Update 84.4 – Pearl Harbor in Mayport? – A reader finds more encoded references to New York and (a new) 9/11

    Have a look at these two maps. The one on top shows the 1,800 km strike radius of a Chinese HN-2 cruise missile fired from a warship docked at Jacksonville, Florida. The bottom one shows the location of America’s active nuclear power plants…
    jacksonville1800
    nukeplants
    …This is just one of the strike packages available to the Chinese Navy when it docks two of its warships at Naval Station Mayport on November 3rd.

    Does it sound crazy to suggest that the Chinese might launch a preemptive strike against the US during their navy’s “goodwill visit” next week? Sure it does. Normally, I’d pay no attention to such a visit. But there are a discomforting number of coincidences surrounding this particular one, and it would be foolhardy to pay them no mind. So here goes…

    Let’s begin by having a look at the headline of this USNI News article

    aaavisit
    …Note the key words I’ve underlined.

    The article tells of an upcoming Jacksonville, Florida port visit by two Chinese warships and a replenishment vessel, the Type 052C Luyang II-class guided-missile destroyer Jinan (152), the Type 054A Jiangkai II-class guided-missile frigate Yiyang (548) and the Type 903 Fuchi-class fleet oiler Qiandao Hu (886).” The 2 missile ships mentioned are among the Chinese Navy’s most modern and capable surface combatants, and they’re able to carry a lot of cruise missiles. According to Wikipedia, the two ships carry a combined 24 cruise missiles of various types, and these missiles have speeds of up to Mach 0.9 and ranges of up to 1,800 kilometers. They also have a combined total of 80 vertical launch system (VLS) cells.

    Current-day VLS systems are capable of carrying a variety of missile types and can hold one or more missiles in each cell. The French Navy’s Sylver VLS system, for instance, is able to pack up to 4 rocket-propelled white flags per cell. Assuming that a longer-range cruise missile would take up a whole cell by itself, though, the Chinese ships could pack an additional 80 cruise missiles in their VLS, for a grand total of 104. And who knows what exotic varieties could be hidden in those cells.

    So on the one hand, you have two guided missile warships that will dock inside America’s defensive umbrella on November 3rd. And on the other hand, you have propaganda floating around concerning America’s freedom of navigation operations and China’s threat of military reprisal…
    zeroitson
    …from Zero Hedge

    You also have China openly proclaiming that war with the US is inevitable…
    warinev
    …from Express.co.uk

    …and you have globalist windbag Paul Craig Roberts and others telling the world that Washington is preparing a preemptive nuclear strike against Russia and China…
    nukepcrchin
    …from PaulCraigRoberts.org

    And what does all this set the stage for? For a preemptive strike by China in order to “protect itself” and respond to America’s “provocations.” All they’d have to do is sit there at Naval Station Mayport and salvo-off their cruise missiles.

    A cruise missile attack is the ideal way for China to make a first strike since it would be very hard for America to stop. Cruise missiles fly very low, and they would be hard to distinguish from the vast number of military, commercial, and personal airplanes, helicopters, and drones that operate in the airspace of the Eastern US. Not only that, they’d be hard to pick out from the ground clutter along the I-95 Corridor that runs from Jacksonville to Washington, New York City, and beyond. The driving distance from Jacksonville to New York City is 936 miles, which puts it within range of the ships’ cruise missiles. In fact, most of the Eastern US would be within range.

    BUT WHY? Why would anyone think that such a crazy thing would be attempted? Normally I wouldn’t, but I can’t ignore something the Economist magazine put on one of its covers in January of this year….
    Economist2014_cover_“üeol

    This group of images forms a symbolic statement, so let’s look at the images from left to right in order to decipher what they might mean…

    > The Turtle – The turtle on the cover is shown moving away from what’s behind it – it’s fleeing. There are also lines drawn above it, as if to emphasize its shell and/or convey alarm. Seeing the concepts of “shell” and “alarm” being shown, the first word that came to my mind is “shelter.” So the turtle can be interpreted as meaning “flee and take shelter.”

    > The Supersonic Car (SSC) – This is an image of the UK’s Bloodhound SSC…
    bloodhoundSSC

    If you look at its Wikipedia entry, you’ll see that the project started back in 2008, and it won’t make its attempt to break the land speed record until 2016 at the earliest. So if it isn’t something new and it won’t make its record attempt till at least next year, why is it featured on a cover devoted to events in 2015? Could it be there to represent not itself, but something it looks like
    alcm
    …such as a cruise missile?

    So the SSC can be interpreted as representing a cruise missile.

    > The “Alice timeline” – I first wrote about this in a previous update, and it can be interpreted in two ways: it can represent a financial message related to the debt limit, and it can represent a warning message related to the Chinese naval visit. These are the fundamental aspects of it (excerpted from Update 83)…

    >>> It was at this point that I realized I was looking at a timeline reference…
    alicetime
    ..As Alice looks forward with the Cricket World Cup behind her (during which the debt limit suspension ended on March 15), the first thing in her line of sight is the 11/3 arrow (the “debt limit is hit” date), and the second thing is the 11/5 arrow (the “we’re out of cash and in default” date). So Alice is there to show us how to look at the dates. <<<

    Looking at this timeline from the Chinese naval visit perspective, it shows Alice seeing the date the warships arrive (11/3), and then seeing the date they launch their cruise missiles (11/5).

    > The painting on the pile of dirt – If you look closely at the cover, you’ll see that Alice’s shadow, as well as the shadows of the arrows, fall upon the pile of dirt. This reflects that the timeline and the dirt pile are connected. And if you look upon the image of the painting sitting atop the dirt pile, one gets the impression that the gallery which held the painting has been destroyed and reduced to dirt.

    Seeing this, I did a Google image search for “famous paintings of a lady,” and I found the featured painting among the results. It is a painting of an unknown lady from the Court of Milan done by Leonardo da Vinci. And once I discovered this, I decided to do a Google maps search to see if Milan had any geographic similarities to Jacksonville. Although that train of thought was a dead end, the search itself wasn’t. Off to the left side of the map, Google offered this…
    milan

    Can you think of any American city that fits the description given Milan? New York City precisely fits it, doesn’t it? So this image of a painting sitting in a pile of dirt can be interpreted as showing one of the targets destroyed by the cruise missiles, NYC.

    Now that we’ve explored the individual elements of the symbolic statement…

    > the turtle means “flee and take shelter,”
    > the supersonic car represents “a cruise missile (attack),”
    > the Alice timeline gives us “the timeframe of the attack,” and
    > the painting in the dirt gives us “a target of the attack, New York City.”

    …let’s read it from left to right in English…
    Economist2014_cover_“üeol

    Had the Economist cover not featured this specific set of symbols, and had the port visit been arranged for any other day except November 3, I would not be writing about this scenario. But lest you think that subjective interpretations of a shady magazine cover are the only coincidences causing me discomfort, have a look at what happened on Wednesday…
    jlensbreak
    …From Gizmodo

    Two “aerostats” (tethered blimps) of the JLENS system had been keeping watch for cruise missiles over the East Coast airspace between North Carolina and the Canadian border since last December. From Defense Industry Daily
    jlens2

    Due to power line damage caused by the one that broke free on Wednesday, though, the “second balloon was hauled down Wednesday and grounded indefinitely.” So in a rather unnerving real-world “coincidence,” the system that was guarding Washington, DC and New York City from cruise missile attack is now disabled. Radar-equipped AWACS aircraft can fill the gap, of course, but what if someone in the globalist-controlled National Security Establishment (NSE) arranges for a gap in AWACS coverage at the appointed time?

    Let us not forget that during 9/11, the NSE fired one of its own cruise missiles at a lightly-occupied section of the Pentagon (and then covered it up by hiding surveillance footage from the thousands of security cameras monitoring the building’s interior and exterior). Given this fact, is it so hard to believe that they might be in cahoots with the Chinese in arranging this November attack? Considering that the Chairman of the Joint Chiefs of Staff, Joseph Dunford, is a “fervent Catholic” / Jesuit asset, it’s rather easy to imagine that his network of cronies in the officer ranks could arrange for an AWACS crew mixup, mechanical problem, or network failure at the critical moment.

    +++++++++++++++++++++++++++++++++++++++++++++++
    ++++++++++Update 84.4 – 31 October 2015++++++++++
    +++++++++++++++++++++++++++++++++++++++++++++++

    As I’m in the process of writing this entry module-by-module, an eagle-eyed reader has contacted me with more references he’s deciphered from the Economist cover…

    > The turtle was drawn with 9 toes and 11 emphasis marks above its shell…
    Economist2014_cover_“üeol
    …(there is a tenth toe on the back foot — which I have dubbed the “plausible deniability toe” — but it is obstructed by another toe, so only 9 were drawn to be clearly visible)

    So is it merely a coincidence that the turtle was drawn with a 9/11 encoding? Most unlikely. And if we add this additional information to what we’ve already covered, the turtle can be interpreted as meaning “flee and take shelter from (the next) 9/11.”

    > Spider-Man is seen as he is about to swing between Alice and the painting on the pile of dirt, and his body is oriented towards the painting…
    Economist2014_cover_“üeol
    …And in the fairy tale land of comic books, where does Spider-Man live? New York City. So this is another possible reference to New York City being a target.

    > Alice is looking at the Cheshire Cat’s grin, and the cat is drawn in front of Chinese President Xi, who is also grinning…
    Economist2014_cover_“üeol

    I had previously puzzled over the Cheshire Cat’s meaning, and I’d done searches on the cat’s relationship to Alice in order to figure it out. But I think the reader has found the true answer in something called the “Cheshire Cat Effect”…

    “The Cheshire Cat effect, as described by Sally Duensing and Bob Miller, is a binocular rivalry which causes stationary objects seen in one eye to disappear from view when an object in motion crosses in front of the other eye. Each eye sees two different views of the world, sends those images to the visual cortex where they are combined, and creates a three-dimensional image. The Cheshire Cat effect occurs when one eye is fixated on a stationary object, while the other notices something moving. Since one eye is seeing a moving object, the brain will focus on it, causing parts of the stationary object to fade away from vision entirely.

    So how does this relate to the potential attack next week? Think about it… what will be in motion next week? What will be stationary? Next week, we may see another US Navy ship doing a freedom of navigation cruise in the South China Sea, and on the 5th, Xi (who represents the Cheshire Cat) will be on the move to Vietnam (one of the nations in contention with China over its island building). So there will be lots of movement in the South China Sea on the 5th, while the Chinese warships will be sitting stationary at Naval Station Mayport. While everyone is focused on what’s happening over there, they’ll be overlooking what’s about to happen right here.

    The Cheshire Cat Effect is drawn right into the symbolic statement. While Alice’s gaze is fixed on the Cheshire Cat’s grin, she is overlooking the arrows with the warning dates on them.

    Another thing the reader pointed out is that the mushroom cloud at the top of the cover is aligned with Spider-Man’s head, but that connection is a bit too tenuous for my taste. Besides, I’m not expecting the potential attack to include any nuclear weapons at all. If the Chinese were to nuke New York City, they might damage or destroy the UN, and they don’t want to alienate or obliterate the institution they’re about to overhaul. My current expectation is that they would use conventional warheads to attack the big New York financial houses (Goldman Sachs, JPMorgan, etc.) and the New York Fed. I’ll explain why in the next module.

    There is much more to this story of course, and this entry will continue to grow until it’s complete. Check back a bit later…

    Source: http://redefininggod.com/2015/10/globalist-agenda-watch-2015-update-84-2-pearl-harbor-in-mayport-a-look-at-the-disturbing-coincidences-surrounding-a-chinese-navy-visit-on-november-3rd/

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