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Venezuela Begins Publishing Oil Basket Price In Yuan
Venezuela Begins Publishing Oil Basket Price In Yuan Two days after the WSJ confirmed Maduro’s earlier threat that he would stop accepting US Dollars as payment for crude oil imports, Venezuela has done just that. As a reminder, and as we reported previously, in an effort to circumvent U.S. sanctions, Venezuela told oil traders that […]
China Battles “Impossible Trinity”
China Battles “Impossible Trinity” Just because something is inevitable does not mean it cannot be postponed. The popular name for this is “kicking the can down the road,” which is a perfectly good description. I prefer more technical terms such as dynamic systems in “subcritical” and “supercritical” state space, but it amounts to the same […]
China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold
China Readies Yuan-Priced Crude Oil Benchmark Backed By Gold The world’s top oil importer, China, is preparing to launch a crude oil futures contract denominated in Chinese yuan and convertible into gold, potentially creating the most important Asian oil benchmark and allowing oil exporters to bypass U.S.-dollar denominated benchmarks by trading in yuan, Nikkei Asian […]
China is going to hit a wall
China is going to hit a wall “There is probably no company that is more representative of the investment bubble than Evergrande. It’s the biggest pyramid scheme the world has yet seen”, says Anne Stevenson-Yang (Bild: James Wasserman ) Anne Stevenson-Yang, co-founder and research director at J Capital, warns that the monster bubble in the […]
China Losing Control? PBOC Imposes New Yuan Outflow Limits For First Time In Two Decades
China Losing Control? PBOC Imposes New Yuan Outflow Limits For First Time In Two Decades Late last week, we reported that in its latest push to limit and/or halt capital outflows, China unveiled new capital controls meant to stem further capital flight disguised as outbound M&A by clamping down with tighter controls on Chinese companies seeking to […]
China Moves Forward with Its De-Dollarization Strategy
China Moves Forward with Its De-Dollarization Strategy The world monetary order is changing. Slowly but steadily, global trade and currency markets are becoming less dollar-centric. Formerly marginal currencies such as the Chinese yuan now stand to become serious competitors to U.S. dollar dominance. Could gold also begin to emerge as a leading currency in world […]
China Relies On Property Bubbles To Prop Up GDP
China Relies On Property Bubbles To Prop Up GDP Carl Mydans Sharecropper’s family in Mississippi County, Missouri 1936Lots of China again today. Most of it based on warnings, coming from the BIS, about the country’s financial shenanigans. I’m getting the feeling we have gotten so used to huge and often unprecedented numbers, viewed against the backdrop of […]
Oilmageddon, Central Banks And Liquidity: The 3 “Feedback Loops” Keeping Citi Up At Night
Oilmageddon, Central Banks And Liquidity: The 3 “Feedback Loops” Keeping Citi Up At Night In recent months we have seen a dramatic spike in visualizations by sellside analysts, who appear to have finally grasped the reflexive nature of markets first noted so many years ago by none other than George Soros, which – with the […]
Deflation Is Blowing In On An Eastern Trade Wind
Deflation Is Blowing In On An Eastern Trade Wind Jack Delano “Lower Manhattan seen from the S.S. Coamo leaving New York.” 1941 Brexit is nowhere near the biggest challenge to western economies. And not just because it has devolved into a two-bit theater piece. Though we should not forget the value of that development: it lays bare […]
China’s Rolling Boom-Bust Cycle
China’s Rolling Boom-Bust Cycle Sweet Authoritative Nothings There is a mysterious figure making regular appearances in China’s government mouthpiece “People’s Daily”, which simply goes by the name “authoritative person” (AP). This unnamed entity always tends to show up with bad news for assorted speculators, by suggesting that various scenarios associated with monetary and/ or fiscal […]
While America Debates the $20 Bill, China Moves Closer to Gold
While America Debates the $20 Bill, China Moves Closer to Gold On Wednesday, Jack Lew announced that the US Treasury was following Ben Bernanke’s advice and keeping Alexander Hamilton on the $10, instead deciding to bring Harriett Tubman to the $20. While Lew’s news left America distracted in debate over whose portrait should grace the Federal Reserve’s most popular […]
The Trade Wars Begin: China Retaliates To Steel Tariffs With Global Anti-Dumping Duties
The Trade Wars Begin: China Retaliates To Steel Tariffs With Global Anti-Dumping Duties When looking back in history, December 23, 2015 may be the date the global trade wars officially began. On that day, as we reported at the time, the U.S. imposed a 256% tariff on Chinese steel imports. It did so perhaps with […]
China Warns Officials: Allow Social Unrest, Lose Your Job
China Warns Officials: Allow Social Unrest, Lose Your Job To be sure, there are always going to be financial and geopolitical landmines and every once in awhile we – and by “we” we’re referring to the market, or the country, or humanity, or whatever collective you want to choose – are going to step on […]
