http://dinaresgurus.blogspot.ca/
SUNDAY, FEBRUARY 14, 2016
WSOMN CHAT UPDATE, 14 FEB
Brigantine: Wizofog14 : Iko, are you hearing about groups in reno exchanging? i feel like we are very very close
Iko Ward : Wiz..I am hearing that and waiting for confirmation
Iko Ward : Blackeye…I think the deval is most likely, but a couple months ago they made that statement about the dong, and the Kran scenario is coming out of political think tanks and the like.
|Iko Ward : OK…tomorrow may be a big day. Goodnight
Brigantine: Here’s another thing he posted, that I had to send by email, because PMs were messing up: 23s ago Backdoc is hearing the same things I am. There is only one person who can confirm and I really doubt we’ll hear about before it actually happens. It’ll all come down at the same time.
EKB: ANYONE- I admit I may not be the brightest bulb in the room, but I am not the dimmest either. I guess it just depends on subject matter I am reading. I do not get why the info put out by Backdoc is such Hugh News!! Will someone please help me understand
MrsGib: EKB….my take on that is now China currency is no longer dictated by the US… they can do as they please…. my opinion is that the US has had control over many and many are now saying enough is enough…stop holding us back just so that you can be first….. china is taking currency matters into their own hands…. I think it will have a negative affect on the dollar…. sort of like taking away one of the legs on a chair
Kenbbq1: I was thinking it might make the dollar crash
Stardot: crash is probably too harsh a word reset makes better sense…. level playing field… rising tide raises all ships… take from the rich give to the poor,,,,
Saddie: What it means is China depegged from US dollar, and will use currancys that are in basket…..Good morning all
Wizofog14: When talking to iko I asked if it might make markets crash/reset Tuesday… He said maybe sooner. We watch for something today imo
Dagen: Shanghai market hours: The SSE is open for trading every Monday to Friday. The morning session begins with centralized competitive pricing from 09:15 to 09:25, and continues with consecutive bidding from 09:30 to 11:30. This is followed by the afternoon consecutive bidding session, which starts from 13:00 to 15:00
MIKE POST, 14 FEB
I’ve always placed more importance and value on information from the folks at the IMF, WB and others, and if they say they have a plan for the first half of 2016, then it just might happen.
POPPY3 TIDBITS, 14 FEB
WELL, HE IS MOVING FAST NOW. [Sounds like Abadi has a deadline to meet!]
THEY ALL HAVE THEIR LIST TO COMPLETE AND HIS IS TO STOP THE INTERNAL CORRUPTION.
BACKDOC UPDATE , 14 FEB
BACKDOC: FAMILY! I HAVE SOME HUGE NEWS!
IN FACT THE BIGGEST I’VE EVER BEEN PRIVILEGED TO SHARE!
I AM TRYING TO REACH THUNDER TO BRING IT TO YOU PROPERLY!
JUST A CLUE ? OK, I WILL JUST SAY IF SOMETHING HAS ALREADY LAUNCHED WHAT IS LEFT TO DO?
RIGHT! “IMPLEMENTATION DAY” AS RUSSIA AND IRAN SAID!
WHAT DID I TELL YOU ABOUT CHINA? HEE HEE
BE BACK SOON!
China’s Central Bank Says No Basis for Continued Yuan Decline
China’s central bank governor said there was no basis for continued depreciation of the yuan as the balance of payments is good, capital outflows are normal and the exchange rate is basically stable against a basket of currencies, according to an interview published Saturday in Caixin magazine.
Zhou Xiaochuan dismissed speculation that China planned to tighten capital controls and said there was no need to worry about a short-term decline in foreign-exchange reserves, adding that the country had ample holdings for payments and to defend stability.
The comments come as Chinese financial markets prepare to reopen Monday after the week-long Lunar New Year holiday. The country’s foreign-exchange reserves shrank to the smallest since 2012 in January, signaling that the central bank sold dollars as the yuan fell to a five-year low. The weakening exchange rate and declining share markets in China have fueled global turmoil and helped send world stocks to their lowest level in more than two years.
The bank will not let “speculative forces dominate market sentiment,” Zhou said, adding that a flexible exchange rate should help efforts to combat speculation by effectively using “our ammunition while minimizing costs.”
Policy makers seeking to support the yuan amid slower growth and increasing outflows have been using up reserves. The draw-down has continued since the devaluation of the currency in August and holdings fell by $99.5 billion in January to $3.23 trillion, according to the central bank on Feb. 7. The stockpile slumped by more than half a trillion dollars in 2015.
China has no incentive to depreciate the currency to boost net exports and there’s no direct link between the nation’s gross domestic product and its exchange rate, Zhou said. Capital outflows need not be capital flight and tighter controls would be hard to implement because of the size of global trade, the movement of people and the number of Chinese living abroad, he added.
The country will not peg the yuan to a basket of currencies but rather seek to rely more on a basket for reference and try to manage daily volatility versus the dollar, Zhou said. The bank will also use a wider range of macro-economic data to determine the exchange rate, he said.
Thunderhawk: OKAY DOC START SPREADING THE NEWS!!!!!
BACKDOC: WOW! WHAT A PRIVILEGE TO SHARE THIS!
LOVE YOU ALL! DOC
************
Kristi: Backdoc: I know you are really excited and I read the article. But, I am not sure what it means when they said they would “The country will not peg the yuan to a basket of currencies but rather seek to rely more on a basket for reference and try to manage daily volatility versus the dollar, Zhou said. The bank will also use a wider range of macro-economic data to determine the exchange rate, he said.”
Would you mind giving me some clarity on this.
Also, when you say we have launched and waiting for the implementation, will that take place the US’s tomorrow as it is China’s Monday.
BACKDOC: OK, WHAT THEY ARE SAYING IS THAT THEY ARE NO LONGER PEGGED TO THE DOLLAR BUT ARE PEGGED TO A REFERENCE BASKET OF CURRENCIES!
THINK OF IT AS A SOFT PEG TO OTHER CURRENCIES FOR NOW! THE IMPORTANT POINT IS THEY HAVE DEPEGGED FROM THE DOLLAR! YIPPIE! DOC IMO
Mountainman: And That Is A HIGH (8) BALL…..CORNER POCKET!!!!!!!!
Thanks Guys…..Mountainman
OK……. IRAQ/IRAN……..It’s YOUR TURN…..ISN’T IT!!!!!!!!
ACTIONS MEAN THINGS!
WHO’S TALKING TONIGHT? GLAD YOU ASKED! CHINA!
REMEMBER ABOUT 3 DAYS AGO I MENTIONED THAT CHINAS’ CURRENCY HAS BEEN UNDER PRESSURE BECAUSE OF ITS PEG TO THE DOLLAR. WELL, THAT PRESSURE IS NOW OVER AS I PREVIOUSLY PREDICTED! WOW!
AS THE CENTRAL BANK GOVERNOR SAID, THEY HAVE BEEN BURNING THEIR RESERVES TO DEFEND THEIR CURRENCY UP TILL WHEN FAMILY? RIGHT! DECEMBER 7TH! WOW! THIS IS HUGE NEWS!
SO WHAT DIDN’T THEY TELL YOU? THEY DID SOMETHING ON THE 8TH JUST LIKE WE THOUGHT! THEY LAUNCHED SOMETHING DIDN’T THEY? YES, YES, YES!
ACTIONS MEAN THINGS!
WHO’S TALKING TONIGHT? GLAD YOU ASKED! CHINA!
REMEMBER ABOUT 3 DAYS AGO I MENTIONED THAT CHINAS’ CURRENCY HAS BEEN UNDER PRESSURE BECAUSE OF ITS PEG TO THE DOLLAR. WELL, THAT PRESSURE IS NOW OVER AS I PREVIOUSLY PREDICTED! WOW!
AS THE CENTRAL BANK GOVERNOR SAID, THEY HAVE BEEN BURNING THEIR RESERVES TO DEFEND THEIR CURRENCY UP TILL WHEN FAMILY? RIGHT! DECEMBER 7TH! WOW! THIS IS HUGE NEWS!
SO WHAT DIDN’T THEY TELL YOU? THEY DID SOMETHING ON THE 8TH JUST LIKE WE THOUGHT! THEY LAUNCHED SOMETHING DIDN’T THEY? YES, YES, YES!
saintandrewstwinflame 