Comments on: Gulf, Asia eye currency bloc based on gold, oil

By: Ivo Cerckel

Ivo Cerckel — Fri, 03 Jul 2009 07:37:47 +0000

Zeng Urges Oversight of Reserve-Currency Nations (Update3)
By Bloomberg News
Last Updated: July 3, 2009 03:17 EDT
http://www.bloomberg.com/apps/news?pid=20601087&sid=apWwNzoIflIM
SNIP
July 3 (Bloomberg) — Former Chinese Vice Premier Zeng Peiyan highlighted the nation’s concern at the risks posed by a global financial system dominated by the dollar, urging more oversight of countries issuing reserve currencies.
“There should be a system to maintain the stability of the major reserve currencies,” said Zeng, the head of a research center under the government’s top economic planning agency. Fiscal and current-account deficits must be supervised as “your currency is likely to become my problem,” he said in a speech in Beijing today.

By: Ivo Cerckel

Ivo Cerckel — Fri, 03 Jul 2009 02:46:44 +0000

China to allow renminbi trade payments
By Richard McGregor in Beijing
Published: July 2 2009 18:04 | Last updated: July 2 2009 18:04
http://www.ft.com/cms/s/0/088d8158-6726-11de-925f-00144feabdc0.html
SNIPS
China has taken another step towards internationalising its currency and reducing reliance on the US dollar with the announcement of new rules to allow select companies to invoice and settle trade transactions in renminbi.
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To many minds in China the US dollar’s time is almost up, the Eurozone suffers from political paralysis and a too-conservative central bank, while two decades of economic stagnation and a shrinking population do the yen no favours,” said Stephen Green of Standard Chartered in Shanghai.

By: Ivo Cerckel

Ivo Cerckel — Wed, 01 Jul 2009 23:32:07 +0000

GCC AND ASEAN JOINT STATEMENT
date: 30 06, 2009
http://english.bna.bh/?ID=80198
SNIPS
Manama, June 30 (BNA) Foreign ministers of the Cooperation Council for the Arab States of the Gulf (GCC) welcomed today the signing of a Memorandum of Understanding (MoU) between the secretariats of both the GCC and ASEAN.
On this occasion the foreign Ministers affirmed the desire to seek additional areas for cooperation and assigned to the two secretariats to develop a plan of action within two years in order to ensure effective cooperation and make concrete results.
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With regard to the financial crisis and the current economic situation, the ministers voiced their concern on this crisis and its impact.
They stressed the importance of increased cooperation between international financial, economic and trade organisations.

By: Ivo Cerckel

Ivo Cerckel — Wed, 01 Jul 2009 23:18:31 +0000

China Plans to Start Yuan Settlement With Asean Soon (Update3)
By Bloomberg News
http://www.bloomberg.com/apps/news?pid=20601080&sid=aG7dxkAkzrAk
SNIPS
June 30 (Bloomberg) — China may soon allow companies in its southern provinces of Yunnan and Guangxi to use yuan to settle cross-border trade with Southeast Asia to reduce foreign- exchange risks, a government official said.
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Malaysia, Indonesia, Brazil and Russia have all indicated interest in settling transactions in the currency. PT Perusahaan Listrik Negara, Indonesia’s state utility, may negotiate to pay its Chinese suppliers and contractors in yuan to cut foreign- exchange costs, Finance Minister Sri Mulyani Indrawati said on April 24.