Yi, who is also head of the State Administration of Foreign Exchange, said in the speech that the yuan’s appreciation benefits more people in China than it hurts.
Can I laugh?
Leave the yuan roam free and we'll see China exports crumble.
Topic: China's Central Bank says: No Longer in China’s Interest to Increase Reserves - page 2. (Read 1512 times)
December 03, 2013, 05:42:46 PM
December 03, 2013, 01:12:21 PM
Consequences will never be the same.
December 03, 2013, 12:57:05 PM
Oh yeah, I knew about this ages ago as well, the difference is now it's going to be showing up all over the news, it's the same with inflation and Bitcoin, we all knew it was happening it's just that nobody wanted to admit it and now they're being forced to because of the effect its having.
December 03, 2013, 12:53:58 PM
And so it begins 
this is one of the warning signs I was waiting for.
this is one of the warning signs I was waiting for.Apparently, it began ages ago, and we're only just finding out about the fullest extent: http://www.zerohedge.com/news/2013-11-26/chart-day-how-five-short-years-breakneck-liquification-china-humiliated-worlds-centr
The above story basically explains how Central Bank of China has been creating far more extra currency than the rest of the Central Banks combined, and that they've been doing this for the 5 years since the 2008 crash. All the demonising of the Federal Reserve and ECB Seems a bit unfair in view of all this, they've been forced to at least try to keep up with the Chinese cheapening their currency the whole time.
This latest news that the dollar is no longer being accepted for settlement with China is just the latest in this battle, and the Chinese government have outplayed everyone. And as long as they increase the ringfencing of their economy with Bitcoin, I think it could turn out well for everyone in the World. Well, all the Bitcoin users anyway.
December 03, 2013, 10:49:45 AM
And so it begins this is one of the warning signs I was waiting for.
this is one of the warning signs I was waiting for. 
December 03, 2013, 10:26:52 AM
http://www.bloomberg.com/news/2013-11-20/pboc-says-no-longer-in-china-s-favor-to-boost-record-reserves.html
Quote
The People’s Bank of China said the country does not benefit any more from increases in its foreign-currency holdings, adding to signs policy makers will rein in dollar purchases that limit the yuan’s appreciation.
“It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes.
China’s foreign-exchange reserves surged $166 billion in the third quarter to a record $3.66 trillion, more than triple those of any other country and bigger than the gross domestic product of Germany, Europe’s largest economy. The increase suggested money poured into the nation’s assets even as developing nations from Brazil to India saw an exit of capital because of concern the Federal Reserve will taper stimulus.
Yi, who is also head of the State Administration of Foreign Exchange, said in the speech that the yuan’s appreciation benefits more people in China than it hurts.
read more “It’s no longer in China’s favor to accumulate foreign-exchange reserves,” Yi Gang, a deputy governor at the central bank, said in a speech organized by China Economists 50 Forum at Tsinghua University yesterday. The monetary authority will “basically” end normal intervention in the currency market and broaden the yuan’s daily trading range, Governor Zhou Xiaochuan wrote in an article in a guidebook explaining reforms outlined last week following a Communist Party meeting. Neither Yi nor Zhou gave a timeframe for any changes.
China’s foreign-exchange reserves surged $166 billion in the third quarter to a record $3.66 trillion, more than triple those of any other country and bigger than the gross domestic product of Germany, Europe’s largest economy. The increase suggested money poured into the nation’s assets even as developing nations from Brazil to India saw an exit of capital because of concern the Federal Reserve will taper stimulus.
Yi, who is also head of the State Administration of Foreign Exchange, said in the speech that the yuan’s appreciation benefits more people in China than it hurts.
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