Jake's ViewGlobal yuan meets down-to-earth reality
Junk the hype and behold a rigged currency tied to a weak financial sector and a dysfunctional stock market that all spells funny money
March of the yuan as global currency has passed the point of no return
Two days earlier it was the same message with the same placement on the Insight page but under the heading "Price volatility signals the yuan is close to becoming a global currency". One was written by a functionary from HSBC, the other by a Standard Chartered counterpart.
I assume the purpose was the same. In order to lead a trouble-free corporate life across the border, a bank must periodically demonstrate that it has joined the choir singing the praises of Beijing's "unwavering and resolute political will" (yesterday's offering).
Beijing is rattling the cage bars of a balance of payments trap from which it can see no escape
Just what is a global currency? On one level the term implies that its coin comes in the form of an orb rather than a disc but, no, I have an even more pointless definition.
A global currency is one that makes people around the world sit up and say: "Wow, look at that currency go. Ain't that some currency? I wish I had a currency like that. Gee whiz, them people in China sure are lucky. They must be No1 country in the world with that currency."