The New CS Board

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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.

Zhou and Christian Noyer, Governor of the Banque de France, on Saturday signed a separate MoU to set up shortly a renminbi payment system in Paris.


Luxembourg China centeral bank sign Memorandum of Understanding (MoUs)

photo source: http://www.guancha.cn/economy/2014_06_29_242016.shtml

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.”