PRECIOUS METAL PRODUCERS

[NYBob]

China calls for new global currency
By Joe Mcdonald, AP Business Writer

China is calling for a global currency to replace the dominant dollar, showing a growing assertiveness on revamping the world economy ahead of next week’s London summit on the financial crisis.

The surprise proposal by Beijing’s central bank governor reflects unease about its vast holdings of U.S. government bonds and adds to Chinese pressure to overhaul a global financial system dominated by the dollar and Western governments. Both the United States and the European Union brushed off the idea.

The world economic crisis shows the "inherent vulnerabilities and systemic risks in the existing international monetary system," Gov. Zhou Xiaochuan said in an essay released Monday by the bank. He recommended creating a currency made up of a basket of global currencies and controlled by the International Monetary Fund and said it would help "to achieve the objective of safeguarding global economic and financial stability."

Zhou did not mention the dollar by name. But in an unusual step, the essay was published in both Chinese and English, making clear it was meant for a foreign audience.

China has long been uneasy about relying on the dollar for the bulk of its trade and to store foreign reserves. Premier Wen Jiabao publicly appealed to Washington this month to avoid any response to the crisis that might weaken the dollar and the value of Beijing’s estimated $1 trillion in Treasuries and other U.S. government debt.

More…
http://news.yahoo.com/ap-sources-boehner-ask-short-141556127.html

China, EU sign $57bn currency swap agreement .
October 10, 2013, 9:18 am

China’s central bank, the People’s Bank of China (PBC) on Thursday signed a three-year currency swap agreement worth 350 billion yuan ($57 billion) with the European Central Bank (ECB).

“The swap arrangement has been established in the context of rapidly growing bilateral trade and investment between the euro area and China, as well as the need to ensure the stability of financial markets,” said a statement from the ECB.

The currency agreement will be available to all eurozone countries through their national central banks.

It will be valid for three years and will allow the ECB to access up to 350 billion yuan and the PBC to access up to 45 billion euros.

The ECB said from the eurosystem’s perspective it will serve as a backstop liquidity facility.

Trade between Europe and China has doubled since 2003 and is worth more than $1.3 billion a day.

More…
http://abcnews.go.com/Business/story?id=7168919&page=1&singlePage=true

Jim’s Mailbox
Posted October 10th, 2013 at 9:35 AM (CST) by Jim Sinclair & filed under Jim's Mailbox.

Jim,

Bail-ins without an official enactment.

The IMF thinks of charging people a super tax of 10 to 15 percent of the saved money in bank accounts.

You are so right about GOTS!

CIGA Jeroen
http://www.jsmineset.com/2013/10/10/in-the-news-today-1675/

Goldcorp Inc. (GG) DENVER GOLD FORUM 2013
New York Stock Exchange : GG

http://www.denvergoldforum.org/dgf13/company-webcast/GG:US

http://static.gowebcasting.com/documents/files/events/event_00001441_Bs6MJx82.pdf

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92526016

http://www.goldcorp.com

http://investorshub.advfn.com/boards/read_msg.aspx?message_id=92530369
God Bless