And it’s Only October
By JC Collins
“Somehow it seemed as though the farm had grown richer without making the animals themselves richer – except, of course, for the pigs and dogs.” - George Orwell, Animal Farm
Seven important stories emerged in the global media over the past week which further confirms the analysis presented here on POM. Though timeframes and specific data points may vary and fluctuate, such as interest rate movements, the overall trend is moving along the multilateral path which has been defined and discussed here through thousands of pages of research and laborious writing.
It was presented here back on March 25, 2015, in the post When Will China End the Dollar Peg that China would in fact be moving towards ending the peg which it manages against the US dollar. In that post I stated the following:
“One of the biggest questions which we need to consider as the world moves closer to the full implementation of the multilateral financial system is when will the RMB end its managed peg to the USD? Now that the official request has been made to the International Monetary Fund, for the yuan to be included into the SDR basket composition, it is only a matter of time before the ending of the peg occurs.”