[Examiner]China puts a new nail in dollar coffin as it begins direct trade with Singapore

[DoTell]

China puts a new nail in dollar coffin as it begins direct trade with Singapore - National Finance Examiner | Examiner.com

On Oct. 28, Chinese Vice-Premier Zhang Gaoli announced that beginning today, China will commence direct trade with Singapore using their own currencies to facilitate economic transactions. The significance of this move is that this new trade agreement will bypass the dollar and reserve currency, and add another major economy to the growing coalition of Asian and Eurasian nations seeking an end to U.S. hegemony over the global financial system.

Singapore is not just another Asian country with little to offer to the world. In fact, Singapore is currently ranked in the top three in global GDP per capita, and are considered one of the top two economies for domestic and international development, withsurveyed opinions labeling Singapore as the easiest place in the world to do business.

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With today's new trade agreement with Singapore, China has ensured itself continued economic success and greater access to one of the richest markets in the world. And with the Yuan being floated in more and more countries, and being involved in larger percentages of global trade more and more each day, the time of reckoning for the dollar is coming on very quickly, with all that is needed is for the Yuan to reach the critical mass number of 51% for the reset world to acknowledge that the dollar is no longer the standard as the world's reserve currency.

 

[TaiShang]

China-Singapore Suzhou park marks 20 years of cooperation
2014-10-28

The 20th anniversary of the China-Singapore Suzhou Industrial Park in Jiangsu province was marked on Monday, with the signing of five bilateral agreements and the announcement of direct trading between the renminbi and the Singapore dollar starting on Tuesday in the China Foreign Exchange Trade System.

According to Vice-Premier Zhang Gaoli, direct currency trading was one of the key achievements of the 16th China-Singapore Suzhou Industrial Park Joint Steering Council Meeting.

Zhang said that Singapore serves as an important gateway for the yuan to reach Southeast Asian markets and the international market as a whole. Direct trading will also help China deepen financial reform and overseas cooperation, Zhang said.

Wang Dan, foreign currency analyst at Beijing-based financial information provider KVB Finance, said that direct trading will help create a market between the yuan and the Singapore dollar without resorting to the US dollar all the time.

"Singapore has devoted much effort to building itself into a financial hub in Southeast Asia while China has been busy developing an offshore renminbi center in Singapore. Direct trading with the Singapore dollar naturally follows. It will help with the yuan's internationalization," he said.

Cross-border renminbi business has been expanding rapidly in recent years, noted Hu Xiaolian, deputy governor of the People's Bank of China.

Hu encouraged cooperation in using and exploring both countries' financial markets with a long-term perspective, providing new financial services and pursuing supervisory cooperation.

China and Singapore also signed five memorandums and agreements covering cooperation in intellectual property rights, exchange programs for officials' training, educational cooperation, environmental protection cooperation and further educational cooperation between the Suzhou Industrial Park Administrative Committee and National University of Singapore.

Teo Chee Hean, deputy prime minister of Singapore, said that bilateral cooperation "has become extensive at all levels".

Zhang said that cooperation in recent years had expanded to a higher level and a wider range and become groundbreaking. Zhang called for cooperation in modern logistics, the Internet of Things and maritime projects.