Days of 'Dollar's dominance are counted now


 

JNN 23 Dec 2010 : Business analysts indicate that the US dollar’s status as the world’s reserve currency and the standard currency could be soon coming to an end.

This comes days after China and Russia decided to renounce the US dollar and resort to using their own currencies for bilateral trade.

“About trade settlement, we have decided to use our own currencies,” China Daily quoted Russian Premier Vladimir Putin as saying in a joint news conference with his Chinese counterpart Wen Jiabao in St. Petersburg on Tuesday.

The developments come as the two countries are accustomed to using the dollar and other Western currencies for bilateral trade. But the yuan has now started trading against the Russian ruble in the Chinese interbank market.

China has also announced it will continue to allow more currencies to trade in the domestic interbank foreign-exchange market in the coming weeks.

In addition, BusinessWeek has said in a recent report that Moscow and Beijing have also called for the dollar’s role in the financial system to be diluted.

The decision comes days after China blasted a US decision to inject hundreds of billions of dollars into the US banking system.

Chinese Vice Finance Minister Zhu Guangyao said Washington was ignoring its responsibility to support emerging economies.

“The US has not fully taken into consideration the shock of excessive capital flows to the financial stability of emerging markets,” Zhu told reporters in Beijing in early November.

The US Federal Reserve has announced plans to pump USD 600 billion into its economy by the end of June 2011.

This is while China has continued to resist pressures from the US to raise the value of its yuan currency against the US dollar. Senior officials in Beijing say China will firmly stick to its own path for reforming the yuan.

The currency debate has intensified tension between the US and China. Washington says China holds the yuan low so that Chinese goods can enjoy an artificial competitive edge.

Relations between Beijing and Washington have been deteriorating over a number of issues, including the Pentagon arms sales to Taiwan.

 

Days of ‘Dollar’s dominance are counted now


 

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JNN 23 Dec 2010 : Business analysts indicate that the US dollar’s status as the world’s reserve currency and the standard currency could be soon coming to an end.

This comes days after China and Russia decided to renounce the US dollar and resort to using their own currencies for bilateral trade.

“About trade settlement, we have decided to use our own currencies,” China Daily quoted Russian Premier Vladimir Putin as saying in a joint news conference with his Chinese counterpart Wen Jiabao in St. Petersburg on Tuesday.

The developments come as the two countries are accustomed to using the dollar and other Western currencies for bilateral trade. But the yuan has now started trading against the Russian ruble in the Chinese interbank market.

China has also announced it will continue to allow more currencies to trade in the domestic interbank foreign-exchange market in the coming weeks.

In addition, BusinessWeek has said in a recent report that Moscow and Beijing have also called for the dollar’s role in the financial system to be diluted.

The decision comes days after China blasted a US decision to inject hundreds of billions of dollars into the US banking system.

Chinese Vice Finance Minister Zhu Guangyao said Washington was ignoring its responsibility to support emerging economies.

“The US has not fully taken into consideration the shock of excessive capital flows to the financial stability of emerging markets,” Zhu told reporters in Beijing in early November.

The US Federal Reserve has announced plans to pump USD 600 billion into its economy by the end of June 2011.

This is while China has continued to resist pressures from the US to raise the value of its yuan currency against the US dollar. Senior officials in Beijing say China will firmly stick to its own path for reforming the yuan.

The currency debate has intensified tension between the US and China. Washington says China holds the yuan low so that Chinese goods can enjoy an artificial competitive edge.

Relations between Beijing and Washington have been deteriorating over a number of issues, including the Pentagon arms sales to Taiwan.

 

Nine shia's from Parachinar injured in a attack on a Passenger Convoy by Taliban


JNN 22 Dec 2010 Kurrum Agency : Civilian convey escorted by Frontier Constabulary (FC) personnel’s was targeted by Terrorists of Taliban in Chapari Village of Lower Kurram.

After so many weeks a Civilian passengers convey was announced by Commandant FC Col Tausef on Wednesday morning. Passengers from Parachinar Tehsil Upper Kurram traveled to Tehsil AliZai Lower Kurram covering 60 km without any fear & without convoy as this area is free of militants Taliban and controlled by Turi & Bangash tribes.

Eye witnesses said that when the convey reached at AliZai Tehsil in Lower Kurram Security forces escorted the Civilians  Convoy to Provide them Security for just 30 km from AliZai Lower Kurram to Tehsil Thall of Distt Hangu.

They added that that When Convey escorted by FC reached the Chapari Village near chapari checkpost in Lower Kurram at that Points ambushed militants opened fired on vehicles.

But The drivers of Civilian convoy did not feared the firing and  without stopping the vehicles continued driving and due to the bravery of these drivers lives of dozens of People in the convoy remained safe but nine persons including children and women were injured while  one of the injured a bus  conductor is in critical condition. Eyewitness further told that when the civilian passenger convoy was attacked the security forces did not responded to the attack of the Terrorist Taliban , while they acted as silent spectator instead of taking action against the terrorists.

Meanwhile emergency meeting of Tribal Elders Council held in headquarter of Kurram Agency in which representatives of six tribal participated. They declared the latest convoy attack as breach of the Muree agreement and termed it as  state sponsored terrorism against the lawful citizens of Kurram Agency.

They council of Elders added  that two weeks ago ISPR issued a statement in newspapers that main Parachinar Thall Road is safe and open for passengers by ignoring the ground realities. Elders Council added that if the concerned road was 100% safe to travel then why the  escort was  arranged by FC even after so  many weeks so ISPR announcement, and if it was an ambush then why the terrorists were not counter attacked and brought to book , as deceiving innocent Shia Population  Parachinar is it self a crime.

They further told that since April2007 for more than ten times official convey escorted by FC were targeted by militants Taliban in different occasions but all the time neither Security forces FC single soldier injured nor the FC official vehicle was damaged which creates questions that either Taliban are friendly to security forces FC.

Elders added that in these mentioned attacks on convoys more than one hundred Turi and Bangash tribe men, women children were murdered, kidnapped , slaughtered and even burnt alive but FC was silent spectator instead of taking action against the attacking Terrorists.

Elders council passed a combine resolution demanding Government to collect Rs.40Millions fine from the rival party according to Muree agreement signed by all the stake holders including government as it is mentioned in Muree agreement that whoever will attack on Road in Kurram Agency jurisdiction will be liable to pay the said fine while it has already been twice violated once in village Charkhel on July 17, 2010 &  on Wednesday Dec 22, 2010, they warned the Government , if the accord is not respected in letter and spirit then  they will not cooperate with government in any negotiations and talks.

Nine shia’s from Parachinar injured in a attack on a Passenger Convoy by Taliban


JNN 22 Dec 2010 Kurrum Agency : Civilian convey escorted by Frontier Constabulary (FC) personnel’s was targeted by Terrorists of Taliban in Chapari Village of Lower Kurram.

After so many weeks a Civilian passengers convey was announced by Commandant FC Col Tausef on Wednesday morning. Passengers from Parachinar Tehsil Upper Kurram traveled to Tehsil AliZai Lower Kurram covering 60 km without any fear & without convoy as this area is free of militants Taliban and controlled by Turi & Bangash tribes.

Eye witnesses said that when the convey reached at AliZai Tehsil in Lower Kurram Security forces escorted the Civilians  Convoy to Provide them Security for just 30 km from AliZai Lower Kurram to Tehsil Thall of Distt Hangu.

They added that that When Convey escorted by FC reached the Chapari Village near chapari checkpost in Lower Kurram at that Points ambushed militants opened fired on vehicles.

But The drivers of Civilian convoy did not feared the firing and  without stopping the vehicles continued driving and due to the bravery of these drivers lives of dozens of People in the convoy remained safe but nine persons including children and women were injured while  one of the injured a bus  conductor is in critical condition. Eyewitness further told that when the civilian passenger convoy was attacked the security forces did not responded to the attack of the Terrorist Taliban , while they acted as silent spectator instead of taking action against the terrorists.

Meanwhile emergency meeting of Tribal Elders Council held in headquarter of Kurram Agency in which representatives of six tribal participated. They declared the latest convoy attack as breach of the Muree agreement and termed it as  state sponsored terrorism against the lawful citizens of Kurram Agency.

They council of Elders added  that two weeks ago ISPR issued a statement in newspapers that main Parachinar Thall Road is safe and open for passengers by ignoring the ground realities. Elders Council added that if the concerned road was 100% safe to travel then why the  escort was  arranged by FC even after so  many weeks so ISPR announcement, and if it was an ambush then why the terrorists were not counter attacked and brought to book , as deceiving innocent Shia Population  Parachinar is it self a crime.

They further told that since April2007 for more than ten times official convey escorted by FC were targeted by militants Taliban in different occasions but all the time neither Security forces FC single soldier injured nor the FC official vehicle was damaged which creates questions that either Taliban are friendly to security forces FC.

Elders added that in these mentioned attacks on convoys more than one hundred Turi and Bangash tribe men, women children were murdered, kidnapped , slaughtered and even burnt alive but FC was silent spectator instead of taking action against the attacking Terrorists.

Elders council passed a combine resolution demanding Government to collect Rs.40Millions fine from the rival party according to Muree agreement signed by all the stake holders including government as it is mentioned in Muree agreement that whoever will attack on Road in Kurram Agency jurisdiction will be liable to pay the said fine while it has already been twice violated once in village Charkhel on July 17, 2010 &  on Wednesday Dec 22, 2010, they warned the Government , if the accord is not respected in letter and spirit then  they will not cooperate with government in any negotiations and talks.