China liberalizes international use of yuan, perhaps to slow its rise

Section:

China to Relax Rules on Cross-Border Yuan use as Currency Hits 30-Month High Against U.S. Dollar

By Frank Tang
South China Morning Post, Hong Kong
Tuesday, January 5, 2021

Beijing will make it easier for traders, multinational companies, and outbound investors to use the yuan in international transactions, after the Chinese currency rallied to a 30-month high against the U.S. dollar.

The new rules, which take effect February 4, will cut red tape in yuan trade settlements, simplify paperwork, and streamline the ability of Chinese citizens to move money out of the country, according to a circular jointly released Monday by the People's Bank of China and five other government agencies.

... Dispatch continues below ...


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Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System

Company Announcement via Globe Newswire
Thursday, July 2, 2020

VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.

The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:

http://www.asantegold.com/assets/Video/SEMSpitMagSmthCore.mp4

In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...

... For the remainder of the announcement:

https://www.globenewswire.com/news-release/2020/07/02/2056982/0/en/Asant...



When foreign companies invest in China or make payments for domestic mergers and acquisitions, the funds can be transferred directly, rather than via a special bank account, according to the new rules.

Beijing will also set up a pilot programme to facilitate foreign fund remittances and cross-border yuan settlements for approved contractors.

Chinese banks will be allowed to open yuan accounts for Hong Kong and Macau residents, with a remittance limit of up to 80,000 yuan (US$12,386) per day, provided sums are used solely for domestic consumer spending.

The relaxations were announced as the Chinese currency continued to strengthen, backed by a strong economic recovery and weakness in the U.S. dollar. The yuan appreciated 6.3 percent in 2020, with an 8.5 percent rise over the second half of the year alone.

The agencies may hope that loosening restrictions to allow Chinese investors to buy more foreign currency through selling yuan, thereby putting downward pressure on the currency before it becomes overvalued. An expensive yuan would make Chinese goods more expensive to buy for overseas customers, potentially hampering China's bumper export receipts. ...

... For the remainder of the report:

https://www.scmp.com/economy/china-economy/article/3116515/china-relax-r...

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Toast to a free gold market
with great GATA-label wine

Wine carrying the label of the Gold Anti-Trust Action Committee, cases of which were awarded to three lucky donors in GATA's recent fundraising campaign, are now available for purchase by the case from Fay J Winery LLC in Texarkana, Texas. Each case has 12 bottles and the cost is $240, which includes shipping via Federal Express.

Here's what the bottles look like:

http://www.gata.org/files/GATA-4-wine-bottles.jpg

Buyers can compose their case by choosing as many as four varietals from the list here:

http://www.gata.org/files/FayJWineryVarietals.jpg

GATA will receive a commission on each case of GATA-label wine sold. So if you like wine and buy it anyway, why not buy it in a way that supports our work to achieve free and transparent markets in the monetary metals?

To order a case of GATA-label wine, please e-mail Fay J Winery at bagman1236@aol.com.

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Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

https://www.amazon.com/Rigged-Exposing-Largest-Financial-History/dp/1651...

-- or for an additional $3 and a penny buy an autographed copy from Englert himself by contacting him at srenglert@comcast.net.

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Help keep GATA going:

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