Renminbi - Wikipedia, the free encyclopedia

Russia will probably have to buy chinese goods..

Nope....... unlikely. They'll be multitude of ways for use but the key thing is that they are avoiding the US dollar and that is devastating for the petrodollar.

Bottom line is that the Chinese are doing many bi-lateral swap agreements with different countries and I believe it has been done with all the majors now, so it wont be long im sure before the Yuan (Renminbi) is a fully convertible currency. We're probably talking no more than 6 - 8 years from now but some say much sooner:

How Long Before China's Renminbi Becomes Fully Convertible? - Forbes

Shame they have to avoid USD but RMB is a great holding by the way. I have as many RMB as I have USD. Right now you get 6 RMB for 1 USD. Within twenty years from now it'll no doubt will have reached one for one.

China is one hot fast growing economy - 4 Trillion USD foreign currency reserves. Name me one country in the world which is a "creditor nation" and that has even a quarter or that?

not possible, unless China has plans to stop producing and exporting all the shit they make:winkwink:

There's no way to predict the future but everything is possible and twenty years is a reasonable time horizon. They are in the process of rebalancing their entire economy towards a substantial increase in domestic consumption:

Nielsen CEO Predicts Boost in Chinese Household Consumption by 2020

So there's no way of knowing what the outlook will be but I think most analysts expect the RMB to continue to appreciate (in the long term) which is why I hold some. I'd rather hold RMB than Euros that's for sure.

yes, but it can't an argument to think the reality.

http://quotes.ino.com/charting/histo...15&a=50&v=dmax

Yep, and I am stuck with all those worthless (petro)dollars:upsidedow

interesting how everyone talks about RUB when it sinks, but nobody talks about it when it recovers

True and a lot of people just do not understand it because it can get into complex economics. Paul Craig Roberts (Former Assistant Treasury Secretary during Ronald Reagan era and former editor of NY Times) puts it much better than I can on Ruble's decline:

bump me. 65/1$

Ruble follows the oil prices. Good news anyways :thumbsup

yes for you :)

:thumbsup

Not 63 anymore and that's sad :(

http://kurs-dollara.net/image/kurs-d...blyu-month.php

yes but still at $1 for 53 rubles

A few mounts ago I was able to buy 2x times more goods than in 2013. Now I can't because ruble has grown a lot :(