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  • dby034 dby034 May 1, 2013 9:01 PM Flag

    Payments Using Chinese Yuan Continue to Surge as Currency Tops Russian Rouble in Popularity


    A press release from the Society for Worldwide Interbank Financial Telecommunication (SWIFT) shows that the value of payments using Chinese Yuan currency grew by 171 percent between January 2012 and January 2013.

    In January 2013 alone, payments in the Chinese currency grew in value by 24 percent from December, pushing the Yuan past the Russian Rouble to the thirteenth slot for world currency payments.

    This 24% spike is nearly double the 13% increase recorded across all currencies.

    The SWIFT "RMB Tracker" (RMB is short for Renminbi or Yuan) was launched in September 2011 and provides monthly reporting on the progress made by the Yuan towards becoming an international currency.

    The latest RMB Tracker report, released on April 25, shows that global Yuan payments gained 32.7 percent in value for the month of March, reaching an all-time high market share of 0.74%.

    This increase compares with an average monthly increase of just 5.1% across all currencies.

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    • One reason Ob is afraid of the Chinese is because you are looking at the next possible international currency BACKED by GOLD. This seems to be the plan and if this happens which seems HIGHLY plausible you can bend over and kiss your #$%$ good by. The petro dollar will be dead and that means all those dollars out there will inflate like you won't believe and we can't print money willy nilly like we have and others wont be forced to trade in the dollar. That is why Nixon went off gold/silver standard and set up petro dollar so we could print money. (petro$--all oil traded in dollars so every country had to convert their currency to buy oil). So tell me now liberals is it important to balance our budget NOW, just bury your head in the sand and blame someone else.

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