China's cut of dollar weighting in key index will boost global fortunes of yuan, economists say


By Orange Wang
South China Morning Post
Thursday, January 2, 2020

China's decision to cut the weighting of the US dollar in a basket of foreign currencies used to determine the strength of the yuan will help Beijing's long-term efforts to weaken the international dominance of the American currency, economists said.

The China Foreign Exchange Trade System (CFETS), a unit of the Chinese central bank, on Wednesday trimmed the weighting of the U.S. dollar to 21.59 percent from 22.40 percent in a key yuan exchange index to make it "more representative" of current trade conditions.

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Northstar Gold Closes Initial Public Offering
and Lists on Canadian Securities Exchange

Company Announcement
Wednesday, December 31, 2019

NEW LISKEARD, Ontario, Canada -- Northstar Gold Corp. (CSE: NSG) announces that it has completed its initial public offering of 9,985,498 common shares at the price of C$0.30 per common share for gross proceeds of C$2,995,649. The corporation will be listed as a natural resource company on the Canadian Securities Exchange (CSE) and the common shares are expected to commence trading on January 2, 2020 under the trading symbol NSG.

Haywood Securities Inc. and Canaccord Genuity Corp. acted as co-lead agents and joint bookrunners under the offering. For their services, the co-lead agents received a cash commission equal to 10% of the gross proceeds of the offering and 998,549 common shares reserved for issuance upon exercise of the common share purchase warrants granted to the co-lead agents upon completion of the offering. The agents' warrants are exercisable at a price of $0.30 per common share within two years.

The corporation intends to use the net proceeds from the offering to complete Phase I of the work program recommended in the technical report dated December 10, 2018, entitled "Independent Technical Report on the Miller Gold Project, Kirkland Lake, Ontario." ...

... For the remainder of the announcement:

The new version of the index will be based on 2018 trade data, rather than data from 2015, when the CFETS was established.

The move, which comes amid heightened trade tensions between China and the United States, will help Beijing's long-term efforts to create an alternative international payments system, economists said.

"The yuan hopes to become a reserve currency, to prevent the situation where the U.S. dollar dominates the global financial system -- or the so-called hegemony of the dollar. This is a longer-term goal ... and an inevitable trend," said Shen Jianguan, vice-president and chief economist at JD Digits, although he added the adjustment also reflected changes to China's trading environment. ...

... For the remainder of the report:

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