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1-800#'s and Instructions for Currency Redemption/Exchange

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"Will You Qualify For The High Rates?" - One Who Believes - 12.3.16

Entry Submitted by One Who Believes at 12:48 PM EST on December 3, 2016 (Image: Animated green check mark.) "Will You Qualify Fo...

Sunday, August 28, 2016

"Time to Finish up" - Sun. AM KTFA News Articles

KTFA

Don961
 » August 28th, 2016


Yup....Ding DONG!...It's time to finish up Mosul and everything else in sync...jmo

August 26, 2016 2:00 am JST

World Bank to issue SDR bonds in China for first time


YUSHO CHO, Nikkei staff writer

SHANGHAI -- The World Bank will issue bonds denominated in Special Drawing Rights in Shanghai at the end of August -- marking a status boost for the Chinese yuan.

The float is seen comprising three-year bonds totaling 500 million SDR units. This comes to around $700 million, though the value of the International Monetary Fund's reserve asset varies based on the dollar, euro, yen and pound. Details will be announced as soon as Friday.

Though denominated in SDRs, the bonds will be payable in yuan for both Chinese and foreign banks. Interest and principal upon redemption will be paid in the Chinese currency as well, with the amount depending on the SDR market. The bonds will be tradable on the Chinese interbank market, making them an important first step in setting up an SDR-based bond market in this country.

The yuan will join the currency basket backing SDRs in October, and will thus help determine the bonds' value at the time of redemption. The People's Bank of China has authorized the World Bank to issue 2 billion SDR in bonds in the country. If the first float is successful, others could follow.

The state-owned China Development Bank is gearing up to issue its own SDR bonds in September or later. These were initially to hit the market before the World Bank's, though Chinese authorities ultimately "prioritized the better-known" instruments, a financial-sector source said. The government in Beijing is encouraging a variety of banks and international bodies to put out SDR bonds.

The World Bank's float comes just days before the Group of 20 summit in Hangzhou on Sept. 4-5. This is China's first time hosting the gathering -- an occasion the government hopes to use to demonstrate progress on making the yuan an international currency. Meeting that goal fully will take time, given that China still heavily regulates cross-border capital transactions. Issuing SDR instruments is seen as a step to improve the soon-to-be component yuan's global standing.

But the complex nature of SDRs makes hedging currency risks challenging and often costly. Yields on the SDR bonds are also likely to be low, given that they are backed in part by the yen and euro. Investors may not be as hungry for the debt as Chinese authorities hope.

http://asia.nikkei.com/Markets/Capital-Markets/World-Bank-to-issue-SDR-bonds-in-China-for-first-time

Samson
 » August 28th, 2016

IMF chief: China adds new ideas to G20 summit

International Monetary Fund chief Christine Lagarde has described China's preparation work for the G20 meetings as thoughtful. She also praised China's idea of adding "inclusiveness" to "strong, sustainable and balanced" as important characterizations of healthy growth.

"The objectives were set out from the beginning. The meetings were orderly, organized and disciplined. I would say that most of the objectives that had been set out have actually been achieved. There's always substantial progress when people talk to each other and there was clearly a good spirit of cooperation between the finance ministers, governors of central banks and the international financial institutions."

"The G20 has been talking about strong, sustainable and balanced growth. We know those words by heart. Well, on the occasion of the Chinese presidency, we have included a fourth characterization, which is inclusive. And it's terribly important to talk about the inclusiveness of growth. It's only a simple word, but if by that we mean, making sure that everybody benefits, making sure that small- and medium-sized enterprises and entrepreneurs have access to financing, understand the tax environment in which they operate," she said.

http://english.cctv.com/2016/08/28/VIDEGg21i4l9DqI2nhzYMFH6160828.shtml

AIIB to increase to 90 member states

August 26, 2016

The Asian Infrastructure Investment Bank (AIIB) will review more than 30 new membership applications beginning in September, and the bank may have as many as 90 members by early 2017, outstripping the membership numbers of U.S. and Japan-led Asian Development Bank (ADB), said Jin Liqun, the bank's president, at the China Entrepreneurs Forum on Aug, 25.

“As the first multilateral financial institution initiated by a developing Asian country, the China-initiated AIIB is going to absorb the experience of current multilateral banks.However, we don’t want to clone them, but rather innovate and expand on them,” Jin said.

According to Jin, AIIB is initiating cooperation with private capital on pension and commercial insurance projects, aiming to foster the role of private capital in public affairs.The bank is also working on developing new financial instruments to build a more flexible and efficient investment system.

“AIIB upholds its universal procurement procedures and gives players from all countries afair appraisal when bidding for contracts,“ Jin said.

The institution won’t be limited to any one sphere, but plans to embrace projects in allfields, including transport, energy, electricity, communications and logistics. It will alsoconsider both new projects and intelligent upgrades, according to Jin.

In June, AIIB approved $165 million in loans for a project in Bangladesh--the first batch ofloans for the country from the China-led development bank.

AIIB, which launched formally in December 2015, particularly aims to support theconstruction of infrastructure in the Asia-Pacific region. Its 57 founding members includenot only the BRICS countries (China, Russia, India, Brazil and South Africa) and fourGroup of Seven countries (Britain, France, Germany and Italy), but also Egypt, Australiaand New Zealand. So far, the U.S. and Japan have not joined.

The AIIB expects to lend $10 to $15 billion per year to members for at least the next five years.

GLOBAL BANKS SEND WARNING FED TO BUY CORPORATE DEBT?

By Howard Schneider August 28, 2016

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