CME Group to Accept Offshore Renminbi as Futures Collateral

[pmbug]

CME Group Inc. (CME), the world’s largest futures exchange, will accept the so-called offshore renminbi as collateral on futures trading as China seeks to promote the yuan as a global currency.

The currency will be accepted as collateral in January, Chicago-based CME Group said in a statement on its website dated yesterday. HSBC Holdings Plc (HSBA)’s Hong Kong unit will serve as the firm’s Asian clearing custodian.
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More: http://www.bloomberg.com/news/2011-...l-accept-offshore-renminbi-as-collateral.html

China's march to internationalize the Renminbi and undermine the dollar's world reserve status continues.

 

[swissaustrian]

This move is meant to defend the status of the CME imho. They´re fearing an exodus of Chinese market participants to exchanges located in the homeland.

 

[ancona]

This move is meant to defend the status of the CME imho. They´re fearing an exodus of Chinese market participants to exchanges located in the homeland.

I totally agree. The Chinese are getting nervous about all of the hinky bullshit going on in our "free markets" these days. They are especially pissed that no one has gone to jail or done the honorable thing by falling on their sword. No, the Brotherhood of Darkness is still in business and still out of jail. John Corzine? He's sipping lattes in the Hamptons between rounds of golf with Clinton and Obama. What a douche. That guy needs fifty years of hard time in Pelican Bay or Angola.

The CME Group? The biggest bunch of ponzi scheme crooks of them all.

 

[swissaustrian]

Exclusive – Jim Rogers: “MF Global to Help Push Commodities Business Away from Chicago and Towards Asia.”
http://bullmarketthinking.com/exclu...-business-away-from-chicago-and-towards-asia/

 

[white&yellow999]

This is one step closer in the US Dollar loosing its status as the world reserve currency. People here in the US are going to have to get used a different way of life if that happens.

 

[searcher]

Third time lucky? China’s push to internationalise the renminbi​

Executive summary

Western concerns that the renminbi could rival the dollar as an international currency contrast with underwhelming numbers in terms of global settlements in renminbi and with the experience of China’s two main previous failed attempts to achieve renminbi internationalisation. However, China is moving towards a more realistic plan for renminbi internationalisation, focusing on China’s strengths in trade and financing. China is now the main trading partner for a very large number of countries and has become a major creditor for a good part of the Global South. This, together with the increasingly frequent restrictions on the use of the dollar, is strengthening the renminbi.

More here:

Third time lucky? China’s push to internationalise the renminbi

This paper analyses China’s different attempts to internationalise its currency and how they have fared.

www.bruegel.org