“The Renminbi Hub”: Chinese Banks Acquire Stakes in US and Canadian Banks. Is There a Hidden Agenda?
Very big news on the banking front, the Federal Reserve is now apparently allowing Chinese banks to take stakes in U.S. banks. North of our border, Canada is contemplating becoming one of the many, recent, “renminbi hubs”.
Why would this be happening? Why would it be happening now?
First, why is China setting up shop all over the world?
This is an easy one, for business, for trade, for relations. China knows exactly where the U.S. and the dollar stand, they also know fairly well where and how the U.S. and her dollar will fall. China is merely preparing the groundwork to trade with Western entities in either local currency or the yuan. In the case of Canada, China sees a very large energy source along with the mining of many necessary resources they will need in the future. >> continue >>http://www.globalresearch.ca/the-renminbi-hub-chinese-banks-acquire-stakes-in-us-and-canadian-banks-is-there-a-hidden-agenda/5412316