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  • November 22, 2014
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  1. Talk of a world currency just financial pie in the sky

    Posted Mar 26th 2009, 12:00am by Tom Holland

    ... with Tom Holland On Monday, the governor of China's central bank called for the adoption of a 'super-sovereign reserve currency' to replace the US dollar. His proposal triggered a vigorous debate among academic economists and financial pundits about the merits of an international currency, almost all of which was utter gibberish. At first, the concept ...

  2. Prepare for renewed yuan strength after a stable year

    Posted Jun 11th 2009, 12:00am by Tom Holland

    ... is the foreign-exchange market stopped expecting the yuan to fall against the US currency and returned to pricing in yuan appreciation. The first of the two charts below illustrates this change of heart ... below the line shows when they have turned bearish on the mainland currency. As the chart shows, the market has mostly expected yuan appreciation since the currency was revalued back in 2005. ...

  3. Outlook for HK dollar not as black as painted

    Posted Oct 06th 2008, 12:00am by Tom Holland

    ... will drive the US dollar to new lows on the foreign exchange markets. That's a daunting prospect for the city, which pegs its currency to the US dollar. A sliding dollar would either drag Hong Kong's currency down with it, igniting double-digit inflation, or it would precipitate the end of the 25-year-old peg, exposing Hong Kong's economy to a whole new era of turbulence ...

  4. Business - Comment - MONITOR

    A Singapore-style system just wouldn't work in Hong Kong

    Posted Oct 17th 2013, 12:00am by Tom Holland

    ... Tom Holland The city state's managed currency float has worked for it in the past, but its performance since the financial crisis has not been spectacular A Singapore-style system ... should peg its currency to the yuan. Although he accepted that a yuan peg would be a non-starter, he pointed out that Hong Kong's current peg to the US dollar or a link to the mainland ...

  5. No sense in report of plot to engineer US dollar's demise

    Posted Oct 07th 2009, 12:00am by Tom Holland

    ... to pricing oil in a basket of currencies comprising the yuan, the yen, the euro, gold and a new unified currency for the Gulf states, possibly using gold in an intermediate phase. As his authority ... Keynes came up with his 'Bancor' idea for an international trade currency more than 60 years ago, people have been proposing alternatives to the US currency, especially for pricing oil. ...

  6. Adding fuel to the fire in blazing row over the yuan

    Posted Oct 29th 2009, 12:00am by Tom Holland

    ... with Tom Holland The eternally smouldering row over China's currency has flared up once again. With United States President Barack Obama due to make his first official visit ... economists have recently attacked Beijing for suppressing domestic demand and exporting deflation to the rest of the world by tying the Chinese currency to a depreciating US dollar. They have ...

  7. China's message to the G8 unlikely to go down well

    Posted Jul 03rd 2009, 12:00am by Tom Holland

    ... of L'Aquila, he will be keen to push Beijing's proposals for a new international reserve currency. Mr Hu's eagerness is understandable. After years of running massive trade surpluses and intervening heavily in the foreign-exchange market to prevent the yuan appreciating against the US dollar, China is now sitting on a vast pile of foreign-currency assets. At the end of March, ...

  8. Brazil and China need to get real about international trade

    Posted May 21st 2009, 12:00am by Tom Holland

    ... 'Between Brazil and China, we need to establish a trade that is paid for in our own currencies. We don't need dollars,' Mr Lula da Silva told Caijing magazine. 'It's crazy ... for Chinese goods with reals and China paying for Brazilian goods with [yuan]'. Commentators immediately seized on the remarks as evidence of the US currency's weakness. When major economies ...

  9. Why panda bonds won't save China from US$ risk

    Posted Jun 10th 2009, 12:00am by Tom Holland

    ... In other words, the PBOC would still face a currency mismatch and would still be vulnerable to a steep fall in the US dollar. The underlying reason isn't hard to work out. China has generated much of its growth in recent years by suppressing the value of its currency and diverting capital investments into industries which produce goods for export, largely to customers paying with US ...

  10. Massive wealth erosion sure to affect demand before long

    Posted Mar 11th 2009, 12:00am by Tom Holland

    ... with Tom Holland It will come as no consolation at all to those Hong Kong investors who have seen their shareholdings in HSBC Holdings dwindle to just a quarter of their former value over the last 17 months, but there are plenty more people in the same bo ...




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