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VERITAS Q&A for December 4, 2016

Received via email by VERITAS at 11:05 PM EST. ~ Dinar Chronicles THIS INFORMATION IS FOR EDUCATIONAL PURPOSES ONLY. CONSULT A LICENSED P...

Friday, September 30, 2016

"New SDR Basket" - Last Night's TNT Thoughts/News

TNT

Dinara:

Deutsche Bank is failing and causing a run on the bank. All of our banks are tied to them and so they need to do something fast I would think! Otherwise there will be runs on our banks also. They don't want that to happen I'm sure.

GJHHonor:
correct

DrD.
Here's an article from the IMF archives regarding the Yuan in the SDR ​baket- Link

NWMontana:
October 1, the IMF will make effective the new SDR basket, and the new basket includes the Chinese renminbi in addition to the current SDR basket currencies, which are the U.S. dollar, euro, yen and pound sterling. ….. From the article posted by Drd..

When the decision is effective October 1, it will be the first time in the history of the IMF that the number of currencies in the basket will be increased. We started with 16 currencies in 1974, we went down to 5 currencies in 1981, and with the advent of the euro, we went down to 4 currencies in 1999; and these are the 4 currencies in the basket.

NWMontana:
In the broader scheme of things, the inclusion of the RMB as a fifth currency further diversifies the SDR basket and makes its composition more representative of the currencies trading in the world
.
This has come after a series of measures, broad measures that the Chinese authorities have taken to facilitate RMB operations by the Fund and its membership. This included, as you know, last year the utilization of assets to the onshore fixed income and foreign exchange market, for Fund Members and agents acting on their behalf

So with this as background, the inclusion of the RMB in the basket as a freely usable currency is an important milestone for the international monetary system. The inclusion of the RMB will include in its attractiveness for the consolidation and internationalization of the currency, together with the responsibilities that come with it.

In terms of next steps, let me just walk you through what will happen between now and October 1st. So, on the September 30th the IMF will publish the new currency amounts that will drive for the SDR basket going forward, on October 1st, and this will be the currency amounts including the renminbi.

These currency amounts will reflect the rates that have already been agreed by the IMF Executive Board, and they are calculated based on the average exchange rates that apply over the three months through September 30th. And also they are calculated so that there is continuity in the SDR basket so there will be no change in the value of the SDR, and is holding from this transition from the old to the new basket.

What will change over time is the actual weights in the basket. As exchange rates move amongst the major currencies the effective weights will fluctuate, but the currency amounts, the amount of renminbi, the amount of U.S. dollars, euro, yen, and sterling are fixed and they are the amounts that we will calculate on September 30th

http://www.imf.org/EN/NEWS/ARTICLES/2016/09/22/TR092216-SDR-BASKET-CON​FERENCE-CALL

DrD:
nwmontana-thanks for posting the complete article as I beleive it was/is pertinent to our current situation answering some questions (from the "horses mouth") regarding the Yuan inclusion....I'm just lurking usually between patients and remembered reading this the other day...

SassyD:
Some Deutsche Bank Clients Reduce Collateral on Trades

September 29​, 2016 — 12:02 PM CDT --

http://www.bloomberg.com/news/articles/2016-09-29/some-deutsche-bank-c​lients-said-to-reduce-collateral-on-trades -

"A number of funds that clear derivatives trades with Deutsche​ Bank AG have withdrawn some excess cash and positions held at the len​der, a sign of counterparties’ mounting concerns about doing busines​s with Europe’s largest investment bank."

ShastaConnect:
Ten of the large hedge funds are withdrawing from Deutsche Bank.

What ​must be understood here is that Deutsche Bank is the main clearing hou​se for trades in Europe.

https://www.armstrongeconomics.com/international-news/europes-current-​economy/deutsche-bank-the-meltdown-crisis/

UKfan1972:
I have a question concerning the Yuan.... If in fact it will be gold backed....why make it part of the SDR at 10 percent ? Why not allow it to stand on its own.

Weeneedit:
U.K. Bingo

JerseyBoysFaninMN:
UKfan... aren't there some issues with China going gold backed before the US? The US told China that if they went gold backed it would be considered an act of war?

SassyD:
I see, over & over, that China is going asset backed on Oct. 1..... my understanding is ONLY that China will be added to the IMF basket of reserve currencies on Oct 1.... ! do believe that China will be asset/gold back in the near future.... no date implied !!

UKFan1972:
My question is...why make it apart of the SDR at 10 percent...if it will be gold backed any time soon...

SassyD:
Ukfan1972.. Because it Isn't until it IS !!

Ecubucs:
SassyD, that's my understanding as well... Being announced as the 5th currency to be a part of the SDR Basket... To my knowledge nothing has been put out that it will be announced as "Gold or Asset Backed". YET!!!

UKfan... After so many years of be deflated currency... Now it will be and have to trade at the same or about numbers of the other 4 currencies around the world as well. What's now backing their currency? Yep... Just watch and see... I'm looking for what may be coming over the weekend and next week! Lots of changes for OUR betterment IMO!

CowboyPastor:
China & Russia have been buyin lots of GOLD for some time

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