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Old 12-05-2011, 03:16 PM   #1
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CME Group to Accept Offshore Renminbi as Futures Collateral

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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.
...
More: http://www.bloomberg.com/news/2011-1...ollateral.html

China's march to internationalize the Renminbi and undermine the dollar's world reserve status continues.
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Old 12-05-2011, 03:23 PM   #2
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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.
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Old 12-05-2011, 03:38 PM   #3
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Originally Posted by swissaustrian View Post:
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.
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Old 12-12-2011, 04:14 PM   #4
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Exclusive – Jim Rogers: “MF Global to Help Push Commodities Business Away from Chicago and Towards Asia.”
http://bullmarketthinking.com/exclus...-towards-asia/
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Old 12-13-2011, 03:33 AM   #5
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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.
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