Citigroup Launches Yuan Bank Accounts In London!
With yet more news on the forward march of the Chinese yuan: Citigroup has just announced that it will offer customers of its London branches yuan-based bank accounts, for the first time ever.
It won’t be long before you see the same thing happening here in the United States: Bank accounts offered in Chinese yuan. You may not need one or want one, but that’s not the point. The point is simply this: The forward march of the yuan is occurring at a very rapid pace. Indeed, in the past several weeks, we have seen:
— Chinese banks get the green light to open branch offices in the U.S.
— Taiwan cut the U.S. dollar out of the middle in its trade with China
— London’s major banks enter into a joint effort with Beijing to make London a major yuan trading center
— Japan and China sign a deal to trade yuan directly, eliminating the U.S. dollar as an intermediary
And now, Citigroup offering yuan-denominated bank accounts in London. We’ve even seen the International Monetary Fund and our own Treasury Secretary Geithner officially back Beijing’s bid to make the yuan a reserve currency. This is all part and parcel of an evolutionary process that will see the U.S. dollar eventually lose its role as the world’s reserve currency. (C) Larry Edelson
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| Sorry babe: You're yesterday's gal... I'm trading you in for ma new hottie, Yuan. |
It won’t be long before you see the same thing happening here in the United States: Bank accounts offered in Chinese yuan. You may not need one or want one, but that’s not the point. The point is simply this: The forward march of the yuan is occurring at a very rapid pace. Indeed, in the past several weeks, we have seen:
— Chinese banks get the green light to open branch offices in the U.S.
— Taiwan cut the U.S. dollar out of the middle in its trade with China
— London’s major banks enter into a joint effort with Beijing to make London a major yuan trading center
— Japan and China sign a deal to trade yuan directly, eliminating the U.S. dollar as an intermediary
And now, Citigroup offering yuan-denominated bank accounts in London. We’ve even seen the International Monetary Fund and our own Treasury Secretary Geithner officially back Beijing’s bid to make the yuan a reserve currency. This is all part and parcel of an evolutionary process that will see the U.S. dollar eventually lose its role as the world’s reserve currency. (C) Larry Edelson
