Koos Jansen
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Koos Jansen
Posted on 20 Mar 2015 by

Xinhua: China And Germany Deepen Financial Cooperation, Germany Joins AIIB And Supports RMB Inclusion Into SDR

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BERLIN, March 17 (Xinhua)China and Germany conducted their first high-level financial dialogue here on Tuesday and agreed to strengthen macro-economic policy coordination, develop policy dialogue and pragmatic cooperation in fiscal and financial areas.

Representing China at the first China-Germany High Level Financial Dialogue, Chinese Vice Premier Ma Kai said the dialogue was established after a decision reached by leaders from both countries during Chinese President Xi Jinping’s visit to Germany last year. The main task of this dialogue is to implement agreements reached by leaders of the two countries, he added.

Ma said that confronted with a complex and fragile global economic situation, China and Germany as important economies should strengthen policy coordination, coordinate strategic cooperation, deepen financial and fiscal cooperation, consolidate and develop the positive momentum of both economies to make further contributions to the steady growth of the world economy.

Representing Germany at the dialogue, German Finance Minister Wolfgang Schaeuble and Deutsche Bundesbank President Jens Weidmann said that Germany and China have been working together very well both bilaterally and multilaterally in financial and fiscal areas.

The formal launch of the high-level financial dialogue will help expand bilateral dialogue and avoid risks in this important area and promote bilateral relations, they said.

Both leaders also said that Germany is paying great attention to the huge success of the Chinese economy as well as the rising influence of Chinese currency renminbi (RMB) on the world market. They expressed hope that both sides could expand bilateral investment and keep deepening their comprehensive strategic partnership.

Both sides spoke of the dialogue mechanism as an important platform for bilateral communication and policy coordination on strategic, overarching and long-term issues in financial fields.

Leaders said they are committed to strengthening macro-economic policy coordination in the G20 context, developing policy dialogue and pragmatic cooperation in fiscal and financial areas in a bid to jointly support global economic growth and improve global economic governance.

According to a joint statement after the dialogue, the German side will actively support China in hosting the G20 summit in 2016 and supports China’s goal to add the RMB to the special drawing rights (SDR) currency basket based on existing criteria.

Germany also announced at the dialogue its intention to join the Asia Infrastructure Investment Bank (AIIB) as a prospective founding member. China welcomed this intention.

During the dialogue, both sides reached consensus on issues such as investment cooperation between China and Europe, China and Germany and in third countries.

Both sides welcomed each other’s banking institutions setting up establishments or developing business operations in their respective markets and plan to hold consultations on bank supervision.

China and Germany also support the establishment and development of an offshore RMB market and a local RMB clearing bank in Frankfurt and welcome German financial institutions using RMB qualified foreign institutional investors (RQFII) quota to invest in China’s markets.

The joint statement said that both sides would support Chinese securities and futures institutions in cooperating with German institutions to establish and conduct business in Germany, including the development, distribution and portfolio management of RQFII products.

China has approved Deutsche Asset & Wealth Management Investment GmbH’s application for RQFII qualification. Both sides supported the Shanghai Stock Exchange, the China Financial Futures Exchange and the Deutsche Boerse Group’s plan to co-establish a RMB offshore platform to trade financial instruments in Frankfurt.

Officials from China and Germany attending the financial dialogue reached consensus on the direction of future strategic cooperation and exchanged views on the macro-economic situation in China and Europe.

Ma and Schaeuble held a joint press conference after the dialogue and later attended a working lunch with Chinese and German business leaders.

Ma also attended a discussion on Industry 4.0 at the Fraunhofer Institute for Production Systems and Design Technology in Berlin on Tuesday.

Koos Jansen
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  • http://www.kinibiz.com/ straight talk no nonsense

    I receive an email from Bullion Star some time ago (but deleted later) on employment with Bullion Star. As a customer of Bullion Star, I bought a 100gm Pamp gold bar at S$5238 after following the news that gold has a bright future. The price rose another hundred dollars or so but fell back and is now hovering around the same price at which I bought. I call that bad investment.

    • DameEdnasPossum

      Were you forced to make the claimed bullion purchase before or after receipt of your job offer?

      On the assumption that your employment status with Bullion Star was entirely irrelevant to your bullion purchase…perhaps you need to think through your original decision and reasoning for buying bullion.

      Was it based on well-considered economic rationale? If so…what has changed since then?

      Was it motivated by greed and hubris in the hope of turning a quick profit on your trade? Why would you do that when bullion is a known hedge? Or did you simply not know when you decided to reach into your pocket and spend your money?

      Does the 100gm weigh any less today than when you claim to have bought it? (Irrespective to an amusing paper valuation).

      Perplexed by the above? Then perhaps it is simply high time took a long hard look into the mirror and give yourself some no nosense straight talk to remind yourself to take responsibility for your own actions – just like the rest of us adults.

      • http://www.kinibiz.com/ straight talk no nonsense

        Can’t you sense that I am frustrated at not making money investing in gold and yet receiving an email for employment with Bullion Star? It would be better if Bullion Star offer me an apology for mis-directing the email on employment to me who had earlier invested with them and hoping to reap dividends just like bank deposits. It would be less painful to recall my bad investment. Don’t you feel the way I do?

        • DameEdnasPossum

          No I don’t.

          However I do feel that Bullion Star dodged a bullet by not employing a bitter and twisted, child-minded individual.

          • http://www.kinibiz.com/ straight talk no nonsense

            Yes, perhaps a bitter and twisted child-minded individual like what I am, should not have invested in gold and thank you for writing on Koos Jansen behalf.

          • DameEdnasPossum

            My pleasure.

            And please be assured that I do not write on behalf of any organisation or individual other than myself. I do however write on behalf of intelligence, honesty and the truth…which some people have a problem with all too often.

            PS. do yourself a favour and buy some more bullion…as much as you can afford and as much as you can carry.

          • http://www.kinibiz.com/ straight talk no nonsense

            Dear Mr DameEdnasPossum. Do you recall your advice (3 months ago) to me in a postscrip “do yourself a favour and buy some more bullion…” ….well, had I listened to your advice I would have lost more money (my life savings) for the price of gold has continued to drop. My original purchase price S$5328 and the current gold price at BullionStar S$5151 for a 100gm gold bar (dated 4 July 2015). Look up at Disqus to check. [Shalom]

          • KoosJansen

            DEP, I’ve asked you before to be be respectful towards others in this comment section. No matter how much you disagree with someone else, calling him/her twisted and child minded is NOT respectful. Kindly take note.

          • DameEdnasPossum

            Noted. I certainly do not mean to cause you any offence and I shall in future curtail my frank expression.

            Please excuse my frustrations showing through…Ito be frank, ‘m tired of the trolls. And Koos please be assured that I show the utmost of respect to those that deserve it.

            Others…not so much.

            Thank you for you ongoing excellent articles.

          • KoosJansen

            In my experience SOME people aren’t trolls, but can be simply “less informed” or just have a different opinion. Be sure real trolls are blocked from commenting here.

    • farley123

      so what’s your point?

  • Philip Hackett

    With reference to the below Gold discussaion. The price of Gold has been manipulated by Central Banks for many years to make the $ look better. When the 2015/2016 crash occurs Gold value will soar to about $5000 an ounce quite quickly. Gold at any price is wealth.

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