It May Be 2008 All Over Again, But There Is One Key Difference

Image via WikipediaThere were two financial assets which boomed in late 2008. One was Treasury debt, the other was the US Dollar. While Gold and everything else was falling out of bed, the trade-weighted US Dollar index - the USDX - soared 21 percent from 73 to 88.2 between early August and late November 2008.

Compare that to what is happening now. Treasuries are soaring but the US Dollar is, at best, flat. And Gold in terms of EVERY major paper currency has gone ballistic. This time, things do look different. More...

Canada settles first trade deal in yuan

Image via WikipediaHSBC Bank Canada said Wednesday it has completed the first Canadian trade using the yuan exclusively, as the Chinese currency continues to gain traction as an international reserve alongside the U.S. dollar. The deal was conducted for B.C.-based industrial auctioneer Maynards Industries.

Fabrice de Dongo, a spokesman for HSBC Canada, said HSBC made a direct payment in the yuan currency on behalf of Maynards to a company in China. Previously, the payment would have had to be converted into U.S. dollars first.

The ability of Canadian businesses to now conduct trade using the yuan will open up many opportunities in China, said Mark Watkinson, an executive vice-president with HSBC Canada, said. Read more...