Serpo
13th August 2014, 04:01 AM
US Loss is China and Brazil’s Gain as Dollar Falls; Russia’s Food Import Sanctions Hit
Posted by Stephen Cook (http://goldenageofgaia.com/author/stephen/) on August 13, 2014 / Comments Off Category: World Economy (http://goldenageofgaia.com/category/world-economy-2/), World Protests (http://goldenageofgaia.com/category/world-protests/) Tags: Dollar (http://goldenageofgaia.com/tag/dollar/), Russian Food Bans (http://goldenageofgaia.com/tag/russian-food-bans/), YTuan (http://goldenageofgaia.com/tag/ytuan/)
https://d3ojdig7p1k9j.cloudfront.net/wp-content/uploads/2014/08/yuan-dollar-300x200.jpg (http://goldenageofgaia.com/2014/08/13/us-loss-is-china-and-brazils-gain-as-dollar-falls-russias-food-import-sanctions-hit/yuan-dollar/)The yuan devalued slightly against the US dollar earlier in the year after the central bank started to implement financial reforms [Xinhua]
Yuan Steady After Strong Rise Against US Dollar From BRICSPost – August 12, 2014 – http://tinyurl.com/laqw548
The Chinese yuan held somewhat steady in its central parity against the dollar late on Tuesday after a seven-day hike.
The upward trend has pushed the increasingly popular currency to its highest level since March 2014.
According to the China Foreign Exchange Trading System, the central parity rate is based on a weighted average of prices offered by market makers.
At the end of trading on Tuesday, the yuan fell slightly to 6.158 after briefly hitting 6.14 on Monday. The People’s Bank of China held the mid-point trading rate at 6.1517.
In late May, the yuan hit an 8-month low of 1.1699 against the dollar.
China’s Central Bank has enacted restrictions which allow the yuan the flexibility to rise or fall by 2 per cent from the central parity rate each trading day.
Beijing is keen on substituting the US dollar with the yuan in all of China’s trade with other countries. The Chinese currency now trades directly with the Japanese yen, the Australian dollar, the Brazilian real, the EU’s euro, the New Zealand dollar and many other currencies.
In June, the UK government agreed to establish a yuan-clearing bank in London that would “act as a signal for London’s growing yuan activities”.
China and the UK had signed an agreement last year to establish a reciprocal 3-year sterling/renminbi (RMB, or Chinese yuan) currency swap line.
China has also signed an agreement with Germany to work on appointing a clearing bank in Frankfurt.
In March, Philip Lowe, the Deputy Governor of the Reserve Bank of Australia (RBA), told delegates at the Centre for International Finance and Regulation (CIFR) conference in Sydney that the internationalization of China’s currency could eventually transform global capital markets.
He added that while China’s transition to a more flexible exchange rate will be gradual, it nevertheless carries with it the “potential to create a seismic shift in the international monetary and financial landscape”.
https://d3ojdig7p1k9j.cloudfront.net/wp-content/uploads/2014/08/brazil-meat-300x168.jpg (http://goldenageofgaia.com/2014/08/13/us-loss-is-china-and-brazils-gain-as-dollar-falls-russias-food-import-sanctions-hit/brazil-meat/)The volume of Brazilian meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes [AP]The volume of Brazilian meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes [AP]
BRICS Gain from Russia Ban on EU, US Food Imports From BRICSPost – August 13, 2014 - http://tinyurl.com/mzkn599
The volume of Brazilian meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes [AP]
Following the near total food imports ban imposed by Russia on the US and certain EU nations, BRICS exports to Russia are growing substantially, new data revealed.
After 90 new meat plants in Brazil were recently approved to send beef, chicken and pork to Russia, Brazilian meat exports to the country has soared.
Brazil’s Association of Meat Exporters said on Tuesday that beef exports rose 19 per cent in July to $692 million over the same period last year. Exports to Russia rose 113 per cent to $181 million last month, compared to July 2013.
The volume of meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes.
Brazil is the world’s top exporter of beef and chicken. Brazil’s secretary of agricultural policy, Seneri Paludo said in Brasilia last week the void left by the EU in Russian markets had huge potential for Brazilian exports.
The Brazilian official said this Russian opportunity was similar to the “revolution” that Brazil’s exports experienced when China’s commodities market opened a decade ago.
The Kremlin had last week approved a ban on food imports from countries that had sanctioned Russia over the Ukraine crisis. More than a third of Russia’s agricultural imports came from the EU. Russia banned all imports of US food products and certain goods from the European Union, Australia, Canada and Norway.
Meanwhile, Chinese company Baorong has opened a special customs zone for Russia for direct exports of fruits and vegetables across the Russia-China border following the EU ban.
http://goldenageofgaia.com/2014/08/13/us-loss-is-china-and-brazils-gain-as-dollar-falls-russias-food-import-sanctions-hit/?utm_source=rss&utm_medium=rss&utm_campaign=us-loss-is-china-and-brazils-gain-as-dollar-falls-russias-food-import-sanctions-hit
Posted by Stephen Cook (http://goldenageofgaia.com/author/stephen/) on August 13, 2014 / Comments Off Category: World Economy (http://goldenageofgaia.com/category/world-economy-2/), World Protests (http://goldenageofgaia.com/category/world-protests/) Tags: Dollar (http://goldenageofgaia.com/tag/dollar/), Russian Food Bans (http://goldenageofgaia.com/tag/russian-food-bans/), YTuan (http://goldenageofgaia.com/tag/ytuan/)
https://d3ojdig7p1k9j.cloudfront.net/wp-content/uploads/2014/08/yuan-dollar-300x200.jpg (http://goldenageofgaia.com/2014/08/13/us-loss-is-china-and-brazils-gain-as-dollar-falls-russias-food-import-sanctions-hit/yuan-dollar/)The yuan devalued slightly against the US dollar earlier in the year after the central bank started to implement financial reforms [Xinhua]
Yuan Steady After Strong Rise Against US Dollar From BRICSPost – August 12, 2014 – http://tinyurl.com/laqw548
The Chinese yuan held somewhat steady in its central parity against the dollar late on Tuesday after a seven-day hike.
The upward trend has pushed the increasingly popular currency to its highest level since March 2014.
According to the China Foreign Exchange Trading System, the central parity rate is based on a weighted average of prices offered by market makers.
At the end of trading on Tuesday, the yuan fell slightly to 6.158 after briefly hitting 6.14 on Monday. The People’s Bank of China held the mid-point trading rate at 6.1517.
In late May, the yuan hit an 8-month low of 1.1699 against the dollar.
China’s Central Bank has enacted restrictions which allow the yuan the flexibility to rise or fall by 2 per cent from the central parity rate each trading day.
Beijing is keen on substituting the US dollar with the yuan in all of China’s trade with other countries. The Chinese currency now trades directly with the Japanese yen, the Australian dollar, the Brazilian real, the EU’s euro, the New Zealand dollar and many other currencies.
In June, the UK government agreed to establish a yuan-clearing bank in London that would “act as a signal for London’s growing yuan activities”.
China and the UK had signed an agreement last year to establish a reciprocal 3-year sterling/renminbi (RMB, or Chinese yuan) currency swap line.
China has also signed an agreement with Germany to work on appointing a clearing bank in Frankfurt.
In March, Philip Lowe, the Deputy Governor of the Reserve Bank of Australia (RBA), told delegates at the Centre for International Finance and Regulation (CIFR) conference in Sydney that the internationalization of China’s currency could eventually transform global capital markets.
He added that while China’s transition to a more flexible exchange rate will be gradual, it nevertheless carries with it the “potential to create a seismic shift in the international monetary and financial landscape”.
https://d3ojdig7p1k9j.cloudfront.net/wp-content/uploads/2014/08/brazil-meat-300x168.jpg (http://goldenageofgaia.com/2014/08/13/us-loss-is-china-and-brazils-gain-as-dollar-falls-russias-food-import-sanctions-hit/brazil-meat/)The volume of Brazilian meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes [AP]The volume of Brazilian meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes [AP]
BRICS Gain from Russia Ban on EU, US Food Imports From BRICSPost – August 13, 2014 - http://tinyurl.com/mzkn599
The volume of Brazilian meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes [AP]
Following the near total food imports ban imposed by Russia on the US and certain EU nations, BRICS exports to Russia are growing substantially, new data revealed.
After 90 new meat plants in Brazil were recently approved to send beef, chicken and pork to Russia, Brazilian meat exports to the country has soared.
Brazil’s Association of Meat Exporters said on Tuesday that beef exports rose 19 per cent in July to $692 million over the same period last year. Exports to Russia rose 113 per cent to $181 million last month, compared to July 2013.
The volume of meat exports to Russia also surged, rising 78.9 per cent during the month to 41,000 tonnes.
Brazil is the world’s top exporter of beef and chicken. Brazil’s secretary of agricultural policy, Seneri Paludo said in Brasilia last week the void left by the EU in Russian markets had huge potential for Brazilian exports.
The Brazilian official said this Russian opportunity was similar to the “revolution” that Brazil’s exports experienced when China’s commodities market opened a decade ago.
The Kremlin had last week approved a ban on food imports from countries that had sanctioned Russia over the Ukraine crisis. More than a third of Russia’s agricultural imports came from the EU. Russia banned all imports of US food products and certain goods from the European Union, Australia, Canada and Norway.
Meanwhile, Chinese company Baorong has opened a special customs zone for Russia for direct exports of fruits and vegetables across the Russia-China border following the EU ban.
http://goldenageofgaia.com/2014/08/13/us-loss-is-china-and-brazils-gain-as-dollar-falls-russias-food-import-sanctions-hit/?utm_source=rss&utm_medium=rss&utm_campaign=us-loss-is-china-and-brazils-gain-as-dollar-falls-russias-food-import-sanctions-hit