Ottawa, Beijing strike deal on yuan trading hub

Even our most staunch north American ally is de-dollarizing, near America's own backyard.   Canada has to, for financial survival, as the days of a unipolar reserve currency are numbered.  Of course, everyday Americans will be the last to realize this, as the dollar propaganda machine must propagate USDollar strength by thrashing foreign currencies even more.  This includes destroying the Russian ruble (Ukraine, economic sanctions, crude oil suppression (hat tip to Saudi Arabia)), the yen (QE to infinity (hat tip to Abe-economics)), and the Euro (blowback from constrained Russian energy exports).

In other words, market participants mistakenly still perceive the USDollar as a safe haven asset--the cleanest shirt in the dirty laundry bin.  However, with Chinese bilateral trade agreements in place--including with Russia, the yuan will inevitably play a bigger role in a multi-pollar currency world.  Which is exactly why the PBOC is continuing to purchase gold, to eventually back up the yuan with said gold reserves.

Protecting the global reserve currency status of the dollar is of utmost importance to financial elites because they know US Treasury debt obligations can never be repaid.  However, America's unlimited credit card will one day reach its cul-de-sac, once creditors realize they're left holding the bag.

http://www.theglobeandmail.com/report-on-business/ottawa-beijing-strike-deal-on-yuan-trading-hub/article21438028/