IMF approves China's Renminbi as a world currency
Nov 30, 2015
History has been made today, as the IMF approved China’s currency in the “basket of currencies.” It was something that the IMF had said would be postponed until next September. China fought back. China won.
HONG KONG — The International Monetary Fund on Monday designated the Chinese renminbi as one of the world’s elite currencies, a major milestone that underscores the country’s rising financial and economic heft.
The decision will help pave the way for broader use of the renminbi in trade and finance, securing China’s standing as a global economic power. Just four other currencies — the dollar, the euro, the pound and the yen — have the I.M.F. designation.
Time will show how important this event was. To me it is the overthrow of Babylon by one of the kings of the east.
The other king of the east (Russia) is now in the process of overthrowing Turkey, which is the final hope of the Babylonian oligarchs for starting a war to maintain its power. The ISIS oil money which has been flowing through Turkey to Israel and the West has suddenly ceased to flow, as up to 1300 of ISIS’ tanker trucks have been destroyed. The road to Turkey is now unsafe, as it can no longer be protected by the US air force.
Israel will have to find a new source of oil for its refineries. It gets 30% of its oil from ISIS coming via Turkey. The oil stream from ISIS to Israel was reported as early as August 2014.
This means, of course, that the money ISIS uses to buy arms and other supplies is coming from Israel. Is that a conflict of interest? Or is Israel simply a co-sponsor of ISIS?