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07/29/14 S&P
Review:
______________________________________
06/07/14
Wave (3) had extended extensively. So, wave (5) could exhibit at least a simple 5 sub waves.
_______________________________________
Synopsis:
(0) fuzzy read for near term due to coming FOMC, GDP Q2, Unemployment July
(1) Wave iii range: 1986.52-1994.08-2004.44-2012.25. Dips below 1949.61 may confirm its termination.
(2) The tentative target for wave iv is 1949.61, 1934.10, 1912.35 ... (0.236, 0.3236,0.4465.. . reference frame 1991.39-1814.36).
(3) Dips below 1852.24, then wave (5) is complete.
Strategy:
- issued GTC stop limit sell orders for core positions protection, no trading positions.
I'm not a big advocate of EWP. I use it as a succinct graphical presentation.
chart time stamp: July 27, 2014, 11:06:35 AM
Fibonacci relationships link
R. N. Elliott's analysis of the mathematical properties of waves and patterns eventually led him to conclude that "The Fibonacci Summation Series is the basis of The Wave Principle". Numbers from the Fibonacci sequence surface repeatedly in Elliott wave structures.
>> We have been in a bear since 2000 on a long term scale.
ahimsak:
We have been in a bear since 2000 on a long term scale. Bear from 1966 to 1982, and then bull from aug 82 to march 00. so bear could not bottom until 2016.
BTW, if we fall to spx 1200, inflation adjusted would be not 20% below the high of 2000, but more like 35% or more, and that after 16 years.
Bottom line: The big bad bear is coming, CB or not, when not if, but timing it is the point.
(1) 06/27/13 POKERSAM
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=89421746
chart creditor: POKERSAM
(2) Apr 8 2013,
Bernanke’s Bubble: Setting Up the next Bear Market
by Steve Miller February 22, 2013
http://www.traderplanet.com/articles/view/163502-bernanke-s-bubble-setting-up-the-next-bear-market/
What is very obvious is that long bull markets tended to be followed by short and sharp bear markets
table creditor Steve Miller, i edited the last Row
(3) 02/08/14
the Long term weekly chart hints a possible recurring rhythm.
07/28/14 On fundamentals: GDP/Unemployment /Fed rate
Economic Calendar:
GDP Q2 Jul 30 at 8:30 AM ET
Employment (July 2014) August 1, at 8:30 A.M. ET
What Do Mainstream Economists Expect for Q2 GDP?
July 25, 2014 by Doug Short
http://www.advisorperspectives.com/dshort/updates/ECRI-Weekly-Leading-Index.php
The July WSJ survey of economists has a 2014 GDP average of 1.6%, although they have a more optimistic view of Q2, the mean (average) being 3.1%.
chart: http://www.advisorperspectives.com/dshort/charts/2014/WSJ-Q2-2014-GDP-forecasts-1407.gif
U.S. Bureau of Labor Statistics
http://data.bls.gov/timeseries/LNS14000000
Series title: Unemployment Rate
2014: (Jan)6.6 (Feb)6.7 (Mar)6.7 (Apr)6.3 (May)6.3 (Jun)6.1
Yellen: Fed may move sooner if labor market keeps surprising
But that time is not yet here, Fed Chairwoman says
July 15, 2014, 10:42 a.m. EDT
http://www.marketwatch.com/story/yellen-fed-may-move-sooner-if-labor-market-keeps-surprising-2014-07-15
“If the labor market continues to improve more quickly than anticipated by the Committee, resulting in faster convergence toward our dual objectives, then increases in the federal funds rate target likely would occur sooner and be more rapid than currently envisioned. Conversely, if economic performance is disappointing, then the future path of interest rates likely would be more accommodative than currently anticipated,” she said.
Goldman-Sachs sees chance of temporary sell-off
Goldman-Sachs downgrades equities to neutral over 3 months, sees chance of temporary sell-off
http://www.cnbc.com/id/101860758
http://www.businessinsider.com/goldman-sachs-neutral-on-equities-2014-7
http://climateerinvest.blogspot.com/2014/07/goldman-sachs-just-downgraded-stocks.html
China regulator determines Qualcomm has monopoly
China declares Qualcomm a monopoly
After an eight-month inquiry, the National Development and Reform Commission (NDRC) has determined that Qualcomm's 4G licensing fees are a monopoly under the Anti-Monopoly Law. ....so that a stiff penalty is inevitable, with domestic media suggesting it could amount to as much as US$1 billion.
The state-run newspaper said Qualcomm was charging lower royalties for patents to destabilize competitors, who have similar technology, and maintain market share.
http://www.reuters.com/article/2014/07/24/us-qualcomm-china-idUSKBN0FT0AU20140724
http://www.ibtimes.co.uk/chinas-antitrust-watchdog-sees-qualcomm-having-monopoly-1458071
http://www.lightreading.com/components/comms-chips/qualcomm-looks-to-soften-china-antitrust-blow-/d/d-id/710113?_mc=RSS_LR_EDT
07/25/14 MCHP
sold long-held MCHP
Trade-Ideas: Microchip Technology (MCHP) Is Today's "Roof Leaker" Stock
By Jamie Hodge Follow 07/25/14 - 11:37 AM EDT
http://www.thestreet.com/story/12821607/1/trade-ideas-microchip-technology-mchp-is-todays-roof-leaker-stock.html?puc=yahoo&cm_ven=YAHOO
06/18/14 Semi
Semiconductor is a big sector, I picked 4 tickers MCHP, INTC NXPI QCOM as part of my watch list.
MCHP homepage http://www.microchip.com/
I bought MCHP long ago. it pays nice dividend.
07/25/14 DJI
I have a DJI member JNJ in my long-held holdings, I put it under a Good-Until-Cancel Stop-Limit sell order
JNJ Exit DIV date 08/22 ($0.70)
DJI breaking down below the 20 SMA and rising-wedge lower trend line
07/21/14 DJI
It is still too soon to say 17150 is a good terminal point. To be bearish, Firstly, the index needs to dip below 16805-16810.
The local rising wedge embraced by purple and yellow color trend line is the ongoing pattern.
The rising wedge can be one of the most difficult chart patterns to accurately recognize and trade. ...... There are no measuring techniques to estimate the decline .....
we can use the standard Fibonacci retracements as a guide, the overlap seems in the range of 16450-16460.
more details
>> This guy likes gold miners, but not-gold-?????
>> My comment: This guy must be schizophrenic
Avi Gilburt is a good technician, a technician abides the technical discipline.
Gold is speculative, in other words, a risky play. gold miners too.
07/06/14
Without re-taking the breakout-zone 1326-1329, Gold is not at a bullish stance.
05/09/14
GDX still in downtrend
02/28
GDX. a minimum bounce requirement is 0.236/28.50,
http://forexrainbow.com/images/44460034812378509181.jpg
03/19
GDX deployed an intraday high 28.03 on 03/14 then reversed, this action proved 28.5/0.236 is a meaningful pivot.
07/24/14 FB
Facebook’s cycle recurs in the projected time window, however, i had wrong projection on polarity. it hit 50SMA on 07/08,and then reversed. Today, it marks a new high, intraday high 76.74. This particular cycle will be confirmed when price rolls down in the following weeks.
Facebook shares hit record high as market likes earnings
hu, Jul 24, 2014, 10:09 AM EDT
https://finance.yahoo.com/news/facebook-shares-set-reach-record-122357177.html
SunTrust’s Bob Peck Ups Facebook Target to 90,
https://finance.yahoo.com/tumblr/photoset-suntrusts-bob-peck-ups-facebook-target-to-90-125412007.html
07/23/14 SPX
Strategy:
- Hold the long positions with mental Stops
Synopsis:
(1) The Wave (5) target range is 1970-2050.
(2) The 20/21 calendar week cycle (105-108 Trading Day cycle) is getting to the time limit
(3) Assume (2) will transpire, the target zone can be narrowed down to 1986.52-1994.08-2004.44 (local frame, see chart)
(4) Index is lagging behind the upper trend line
07/12/14 SPX link
Strategy:
- Hold the long positions with mental Stops
Synopsis:
The Wave (5) target range is 1970-2050. So far, there is no sign that Wave (5) has terminated.
07/08/14 link
The 20/21 calendar week cycle (105-108 TDs (Trading Days). +/-, 100 * PI/3 = 104.67) seems recurring again, to be confirmed,
chart: http://forexrainbow.com/images/08863970935826188248.jpg
The Fibonacci projection can be realized (in retrospective mode) as:
1986.52 = 1862.36 + 1.414 * (1902.17 1814.36)
>> What I don't understand is why the Fed has so much power
as simple as
Fed is ducking on our national strength:
U.S Dollar is the most liquid currency in this market.
U.S Dollar is the world reserve currency,
U.S has produced valuable products.
U.S is the technology leader.
U.S has the largest intelligent engineering resource.
U.S has the most advanced logistic system
U.S has the self sufficient natural resource, farmer lands
U.S has the second-to-none military power
07/21/14 Geo-Economic - The great transition (2)
>> (Rotor:) So what happens when countries work to detach themselves from using the dollah in international trade ......
"The world is changing rapidly. We are witnessing colossal geopolitical, technological and structural shifts. A single-polar world model has failed. Today, it's obvious to everyone, even to those who continue using their habitual coordinate system, trying to maintain monopoly, dictate their rules of the game in politics, trade and finances and impose cultural and behavioral standards," - International Economic Forum in St. Petersburg.
Sixth BRICS Summit: Fortaleza Declaration
By Global Research News
Global Research, July 16, 2014
http://www.globalresearch.ca/sixth-brics-summit-fortaleza-declaration/5391525
18. We remain disappointed and seriously concerned with the current non-implementation of the 2010 International Monetary Fund (IMF) reforms, which negatively impacts on the IMF’s legitimacy, credibility and effectiveness.
IMF Quota Impasse Hurts U.S. Reputation, Australian Treasurer Says
By Jeanna Smialek and Sandrine Rastello Apr 10, 2014 5:12 AM PT
http://www.bloomberg.com/news/2014-04-09/u-s-s-imf-quota-impasse-hurts-global-reputation-hockey-says.html
The U.S. is delaying implementation of a 2010 agreement by all IMF member countries to adjust some nations’ shares, or quotas.
The U.S. is the largest shareholder of the fund, with a voting share of 16.8 percent. Major decisions require 85 percent approval, effectively giving the U.S. veto power.
U.S. Treasury chief urges Congress to ratify IMF reform package
May 09,2014
http://www.shanghaidaily.com/article/article_xinhua.aspx?id=217200
http://www.huffingtonpost.com/2014/03/25/ukraine-imf-reform_n_5024782.html
The Obama administration and most Democrats in the Congress supported the IMF reforms. But Republicans on Capitol Hill, especially some conservatives have balked at giving the IMF more financial resources and power.
House Republicans mostly oppose the IMF overhaul, citing its potential to weaken U.S. influence in the institution.
BRICS establish $100bn bank and currency pool to cut out Western dominance
http://rt.com/business/173008-brics-bank-currency-pool/
“BRICS Bank will be one of the major multilateral development finance institutions in this world”
The big launch of the BRICS bank is seen as a first step to break the dominance of the US dollar in global trade, as well as dollar-backed institutions such as the International Monetary Fund (IMF) and the World Bank, both US-based institutions BRICS countries have little influence within.
06/18/14 Geo-Economic - The great transition
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=103442228
The transition has begun
07/21/14 DJI errata
The last paragraph after red-ink fixup
To explorer higher side, i need to tabulate two more Fibonacci extensions:
(16810.54 + 18322.37) * 0.5 = 17566.46
10404.49 + 1.236 * (12876.00 – 6469.95) = 18322.37
10404.49 + 1.382 * (12876.00 – 6469.95) = 19257.65
So, keep in mind that 17566.46 – 18322.37 could be the target range for the next assault on the higher side. At this moment, let us focus on the possible pullback target,
07/21/14 DJI
For SPX, please refer to this post.
On 07/17/14, Dow Jones Index DJI marked an all time intraday high 17151.56. The aberration is only 1.31 points from my projection made on 04/01: 16719.24 -16810.54-17150.25.
04/02/14
The range is 16719.24 -16810.54-17150.25
chart time stamp April 1, 2014, 2:04:51 PM
link: http://forexrainbow.com/viewer.php?file=72900777363167492412.jpg
The rising wedge can be one of the most difficult chart patterns to accurately recognize and trade. While it is a consolidation formation, the loss of upside momentum on each successive high gives the pattern its bearish bias. However, the series of higher highs and higher lows keeps the trend inherently bullish. The final break of support indicates that the forces of supply have finally won out and lower prices are likely. There are no measuring techniques to estimate the decline – other aspects of technical analysis should be employed to forecast price targets. http://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:rising_wedge_reversal
17151.56- 16015.32 17151.56-15340.69
0.236 16883.41 16724.19
0.382 16717.52 16459.81
0.500 16583.44 16246.13
0.618 16449.36 16032.44
S&P500 3X ETF
Direxion S&P 500 Bull 3x ETF SPXL
Direxion S&P 500 Bear 3x ETF SPXS
07/18/14 Status
Strategy:
Hold the long positions with mental Stops
Synopsis:
Indices afloat above the supports, still looking strong
read more
07/18/14 On fundamentals: ECRI-WLI
data downloaded from ECRI
https://www.businesscycle.com/
07/17/14 DJI Target 17150 transpired
On 07/17 intraday high 17151.56
04/02/14
Here is the possible DJI high target zone: (not the Top)
The range is 16719.24 - (16810.54) -17150.25
chart: http://forexrainbow.com/images/72900777363167492412.jpg
07/17/14 SPX
Bear takes out the 20 EMA
A few interesting Fib points pop up
Retracement
1985.59-1074.77, 0.618@1422.70
1985.59-1422.38, 0.382@1770.44
1985.59-1560.33. 0.500@1772.96
1985.59 * 0.89198 = 1771.10 (06/22/14 Calculate the Pullback target)
07/12/14
Use 1985.59 as the reference:.
The early intraday bearish gauge is 1945.15 (0.236 1985.59-1814.36).
The intermediate frame gauge is 1927.13 (0.236 1985.59-1737.92).
The gauge to see 1970-2050 is 1931.41.
Combine together, the near term support zone is 1927-1931.
07/08/14 SPX
S&P500 index breached the resistive trend line and reversed; The 20/21 calendar week cycle (105-108 TDs (Trading Days). +/-, 100 * PI/3 = 104.67) seems recurring again, to be confirmed, see chart.
http://forexrainbow.com/images/08863970935826188248.jpg
Sometimes this particular cycle overlaps with Bradley Siderograph coincidentally, this is the case right now.
The all time (intraday) high 1985.59 was observed on 07/03.
The Fibonacci projection can be realized (in retrospective mode) as:
1986.52 = 1862.36 + 1.414 * (1902.17 1814.36), see chart.
http://forexrainbow.com/images/59017515127397973876.jpg
06/22/14 Calculate the Pullback target
An analytic way to calculate the pullback target, for academic discussion only.
The pullback wave 4 (4 with a circle in the chart)
http://forexrainbow.com/images/26233989170610532699.jpg
can be estimated by:
deflator coefficients * wave (5)
where the deflator coefficients are:
0.79012, 0.8100, 0.89198, 0.92456, 0.96191
(to be elaborated)
>> How about DJI to 20K ?
DJI 20K is technically possible.
Right now, the SPX is in the full bullish mode, DJI too.
I am just a technician, no 'inertia' on flipping the 'side'.
"When the facts change, I change my mind." - John Maynard Keynes
06/30/14
DecisionPoint - Market Trend Charts
Direct link:
http://stockcharts.com/freecharts/dpgallery.html
daily
If the 20-day EMA is above the 50-day EMA , the intermediate-term trend is bullish. If the 50-day EMA is above the 200-day EMA, the long-term trend is bullish.
weekly
If the 17-week EMA is above the 43-week EMA, the long-term trend is bullish.
monthly
If the 6-month EMA is above the 10-month EMA , the very long-term trend is bullish.
07/16/14 DJI
intraday high 17139.35 (07/16)
The high target 17150.25 based on the local frame (wedge) is almost breached. However, the 'conservative' large frame target is around 17566 - 18322 (not the Top)
wait for pullback signal, no sign yet.
04/02/14
Here is the possible DJI high target zone: (not the Top)
The range is 16719.24 - (16810.54) -17150.25
chart: http://forexrainbow.com/images/72900777363167492412.jpg
BRICS-set-up-bank to-counter Western-hold-on global finances
"It is a sign of the times, which demand reform of the IMF,"
- Brazilian President Dilma Rousseff
BRICS set up bank to counter Western hold on global finances
Emerging economies to launch development bank
July 14, 2014
http://in.reuters.com/article/2014/07/15/brics-summit-bank-idINKBN0FK08620140715
http://www.dw.de/emerging-economies-to-launch-development-bank/a-17779926
http://thebricspost.com/brics-score-in-brazil-create-new-development-bank/#.U8XKhEBj6UI
http://thebricspost.com/brics-business-council-discusses-trade-investment-in-fortaleza-meet/#.U8XKsUBj6UI
A new international development bank and multi-billion emergency lending pool are set to be launched by Brazil, Russia, India, China and South Africa. The move comes at a summit meeting of BRICS leaders in Brazil.
The BRICS will also set up a $100 billion (73.5 billion euros) joint US dollar currency reserve pool called the Contingent Reserve Arrangement (CRA), in order to provide emergency cash to BRICS countries faced with short-term currency crises or balance-of-payments problems,
Competition for World Bank and IMF
When the IMF or World Bank lend money, strings are invariably attached, and those strings tend to reflect the values and interests of Washington and its allies, in Sussex, UK.
The BRICS are trying to free themselves and other developing countries from US dominance. Building new shared institutions is a key aspect of that effort.
Brics nations have criticised the World Bank and the International Monetary Fund for not giving developing nations enough voting rights.
One of the goals for the bank - whose creation has been discussed for some time - would be to increase the amount of money loaned to developing countries to help with infrastructure projects.
Gold & Miners Are Getting Smoked
1,307.30 -30.10 (-2.25%)
14:10:44 GMT
http://www.investing.com/commodities/gold-historical-data
Goldman-Sachs Just-Cranked-Up Its Forecast For The Stock Market
http://www.businessinsider.com/goldman-sachs-raises-2014-sp-500-target-2014-7
07/12/14 SPX
Strategy:
-Hold the long positions with mental Stops
Synopsis:
The Wave (5) target range is 1970-2050. So far, there is no sign that Wave (5) has terminated.
Use 1985.59 as the reference:.
The early intraday bearish gauge is 1945.15 (0.236 1985.59-1814.36).
The intermediate frame gauge is 1927.13 (0.236 1985.59-1737.92).
The gauge to see 1970-2050 is 1931.41.
Combine together, the near term support zone is 1927-1931.
more details: SPX – trend synopsis
End Date Of QE Is Officially In Sight
Minutes of the Federal Open Market Committee
June 17-18, 2014
http://www.federalreserve.gov/monetarypolicy/fomcminutes20140618.htm
an excerpt:
If the economy progresses about as the Committee expects, warranting reductions in the pace of purchases at each upcoming meeting, this final reduction would occur following the October meeting.
End Date Of QE Is Officially In Sight
Myles Udland
Jul. 9, 2014, 2:02 PM
http://www.businessinsider.com/fomc-minutes-june-18-2014-7
07/08/14 FB
intraday low 62.45, in progressive.
04/24
FB has a clear 9-month cycle and its half duration, a 19/20-week cycle.
07/08/14 SPX
S&P500 index breached the resistive trend line and reversed; The 20/21 calendar week cycle (105-108 TDs (Trading Days). +/-, 100 * PI/3 = 104.67) seems recurring again, to be confirmed, see chart. Sometimes this particular cycle overlaps with Bradley Siderograph coincidentally, this is the case right now.
The all time (intraday) high 1985.59 is observed on 07/03.
The Fibonacci projection can be realized (in retrospective mode) as:
1986.52 = 1862.36 + 1.414 * (1902.17 1814.36), see bottom chart.
The early intraday bearish gauge is 1945.15 (0.236 1985.59 1814.36)
The intermediate frame gauge is 1927.13 (0.236 1985.59 1737.92)
The gauge to see 1970-2050 is 1931.41.
Combine together, the near term support zone is 1927-1931.
1.414 1986.52
1.500 1994.08
1.618 2004.44
07/06/14 Gold
Gold moved above the minimum breakout-zone (1326-1329) but met with the resistance 1335.30, and reversed down.
The support point moves up to 1288.
Without re-taking the breakout-zone 1326-1329, Gold is not at a bullish stance. Conversely, it may advance into August or September
07/06
06/23/14
for a safer play that uses trend-line & Fibonacci, the breakout zone is 1326-1329. support is 1278 (0.236)
0.618 1335.30 (trace up 1392.50 1242.75)
data source: http://www.investing.com/commodities/gold-historical-data
one nation, indivisible. Happy July 4th
Condoleezza Rice Speech
link 07/10/2012
an excerpt:
It doesn't matter where you came from, it matters where you're going.
And that belief has led people to come here for generations from across the world, just to be a part of that.
And frankly, it hasn't mattered whether it was Sergei Brin whose parents brought him here at 7 years old from Russia and he founds Google, or the guy who came to make five dollars and fifty cents.
They are the same ambitious, risk taking people and America has been able to gather them. But of course it is not just those who come here, but those who are here who happen to believe also that it doesn't matter where you came from, it matters where you are going.
Sometimes, oftentimes, what seems impossible seems inevitable in retrospect. And on that basis, we will continue to repair and to lead and the world will move more and more towards prosperity and dignity and freedom.
And I believe that it will be led by the country that is after all the most generous, the most compassionate, and most importantly certainly the freest country on the face of the earth: this exceptional country called the United States of America.
07/01/14 critical moment - trend line perspective
intraday high 1978.58 - in progress
06/07/14 link
When zoom in the local frame (the pull out box in the bottom chart), the possible Fibonacci target is in the range of 1950.17 – 1978.97.
quote: 'History-is-repeating. US-UK rates-will-rise while-Europe will-go-negative'
FYI FWIW
The Press Keep Talking The Market Down – Historically this is Very Bullish Indeed
Posted on June 30, 2014 by Martin Armstrong
http://armstrongeconomics.com/2014/06/30/the-press-keep-talking-the-market-down-historically-this-is-very-bullish-indeed/
Once again, the press are now hanging on the hope that the Fed will start to raise rates to justify their bearish bias swearing the market cannot be justified at these highs. However, I have shown the evidence that a bull market ALWAYS rises with rising interest rates and declines with dropping interest rates.
History is repeating. US and UK rates will rise while Europe will go negative. This will set the capital flows to the USA and may yet create a bubble top.
07/01/14 S&P pokes into the target zone
After the first failed attempt on 06/24, S&P pokes into the target zone 1970-2050.
05/24/14 01:57:15 PM
1931.41 is the pivot/inflection point to gauge whether SPX will enter the zone 1970-2050.
06/05/14 SPX knocks out 1931.41
it seems only as matter of time, SPX will enter the zone 1970-2050.
06/07/14 Near term & overall perspective
Wave (3) had extended extensively, so wave (5) could exhibit at least a simple 5 sub waves.
http://forexrainbow.com/images/22940992318531154377.jpg
more details:
06/26/14 SPX – trend synopsis link
RE: 'jumanji - Go long water
FWIW
PIO - PowerShares Global Water Portfolio
https://www.invesco.com/portal/site/us/financial-professional/etfs/product-detail?productId=pio
PHO - PowerShares Water Resources Portfolio
https://www.invesco.com/portal/site/us/financial-professional/etfs/product-detail?productId=PHO
(Use links to check their holdings)
Industry Center - Water Utilities
http://biz.yahoo.com/ic/914_cl_all.html
06/30/14 SPX is in bullish mode
meet daily,weekly, and monthly criteria
SPX is in bullish mode
DecisionPoint - Market Trend Charts
Direct link:
http://stockcharts.com/freecharts/dpgallery.html
daily
If the 20-day EMA is above the 50-day EMA , the intermediate-term trend is bullish. If the 50-day EMA is above the 200-day EMA, the long-term trend is bullish.
weekly
If the 17-week EMA is above the 43-week EMA, the long-term trend is bullish.
monthly
If the 6-month EMA is above the 10-month EMA , the very long-term trend is bullish.
06/29/14 Geo-economics
French bank BNP Paribas respond US-EU trade sanctions or retirement dollars
Published: 10:29:34 June 12,2014
http://online.wsj.com/articles/bank-of-france-pboc-to-create-paris-based-yuan-payments-1404036002
the Bank of France governor Christian Noyer said the U.S. sanctions for alleged violations of BNP Paribas and the U.S. sanctions are given, may encourage French companies to stop using the dollar in international transactions.
Two weeks later
China to Set Yuan Clearing Banks in Luxembourg, Paris
Financial Centers Are Jostling for Share of Business in Yuan Transactions
By Laurence Norman And Lingling Wei
Updated June 29, 2014 10:02 a.m. ET
http://online.wsj.com/articles/bank-of-france-pboc-to-create-paris-based-yuan-payments-1404036002
http://news.xinhuanet.com/english/china/2014-06/29/c_133447114.htm
In its continued push to make the yuan a global currency, China's central bank said Sunday it plans to designate clearing banks for its currency in Paris and Luxembourg, as the two financial centers battle with London to become the leading European offshore yuan-trading city.
Hillary Clinton criticises Australia for two-timing America with China
June 27, 2014
http://www.smh.com.au/world/hillary-clinton-criticises-australia-for-twotiming-america-with-china-20140627-zso6c.html
Clinton warned that the Abbott government’s drive for even more trade with China “makes you dependent, to an extent that can undermine your freedom of movement and your sovereignty, economic and political.”
Abbott told a meeting of the American Chamber of Commerce in Washington: “As citizens of a great power, it’s understandable that Americans should be wary of potential rivals, [but] for Americans to begrudge what the Chinese haven’t achieved more than to admire what they have is out of character – especially as the movement, in just a generation, of hundreds of millions of Chinese into the middle class is a transformation unparalleled in human history.”