China seems to have taken steps to further dethrone the USA dollar

Chinese Renminbi Yuan

The Chinese keep taking steps to eliminate the US dollar as the primary reserve currency in the world and to get others to accept more of its currency:

China Steps Up Pace To Convertibility

Daily Pfennig® | Economic happenings around the world | SEPTEMBER 27, 2013…

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Why am I telling you this? Because two things happened in China yesterday, that make me believe they are stepping toward that replace of the dollar standard, with a quicker pace. First, yesterday we had China announcing that they will launch Certificates of Deposit (CDs) which can be traded in the interbank market in the near-term. This is HUGE folks. I know, I know, it looks to be a really dumb thing to hang one’s hat on. But think about this from a bank’s point of view. having CD’s that are traded, and can be traded before maturity date in the international market, provides a ton of liquidity. The People’s Bank of China (PBOC) said that they are also going to push for forward rate liberalization. (remember I’ve explained the forward rates in China before, but for those of you who missed class the 100 times I’ve explained this before. forward rates in freely traded/ convertible currencies is usually equal to the interest rate differential and the number of days between the two currencies being traded. But with China, India, Brazil and others, they are non-deliverable forwards, of which traders also speculate where they think the currency will be at the forward date in the future. China would have to get more trading desks around the world to take positions and deal in the renminbi/ yuan before this could be achieved, but it’s nice to think they are thinking of this).

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The second piece of news from China is an even bigger pink elephant in the room. China has announced that they are going to test convertibility of the renminbi / yuan in a free-trading zone being established in Shanghai. http://www.dailypfennig.com/2013/09/27/china-steps-pace-convertibility/

After the USA dollar, it should be noted that the Euro is the second most traded currency in the world–China’s currency currently amounts is not that important (http://www.npr.org/blogs/money/2013/09/24/225443718/currency-the-u-s-is-dominant-europe-is-fading-and-china-is-irrelevant-for-now), but it now seems to have made the top ten (http://thediplomat.com/2013/09/23/chinas-big-currency-strategy/).

It is the biblically-based view of the Continuing Church of God that Europe, and not China, will dominate the world’s financial scene in the end time. The time of Jacob’s (which includes the USA’s) trouble (Jeremiah 30:7) is coming, which will be a time dominated by the Gentile powers (Luke 21:24). And while China will have its own issues, it will help make certain steps happen.

A few years ago former President of France, Nicolas Sarkozy, went to China to work to replace the USA dollar with something that included the Chinese yuan and the EU’s euro (see France and China Working Hard to Replace Dollar). The fact that China has been actively working on something to cause this should show every one that they are serious, and that at some point in time, Europe will take further steps to eliminate the US dollar as the world’s reserve currency.

And, let us not forget that the USA keeps increasing its debt and inflating its currency through programs like ‘quantitative easing’ that financial experts should realize is diminishing its value–biblically it is adding ‘dross’ to its currency, which is not good (Isaiah 1:22,25; Proverbs 25:4a). At some point in time in the future, this will result in disaster for the USA according to biblical prophecy.

Now the point of this post is what is happening to the US dollar. What is happening in Asia, and elsewhere, shows that the world is moving away from the US dollar. All the arrangements that the Chinese, Russians, and others are doing are making it easier for the ultimate break from the dollar.

I would also add that WHEN the USA has to increase interest rates to keep foreigners (and others) lending to it, this will lead to a downward spiral, that while it likely will have some “ups,” while result in the USA being taken over and destroyed. The Bible warns about the indebted one getting taken over by its creditors at the appointed time of the end (cf. Habakkuk 2), and the USA is currently the greatest debtor nation in the history of the world. And after interest rates rise for the USA dollar, it will be worse in the USA than almost any economist will publicly admit.

The USA dollar will be replaced. And while the Chinese currency will not of itself be that replacement, nations around the world are taking steps to replace it, and the USA itself continues to increase debt, which will help make the replacement of the US dollar biblically required.

Some articles of possibly related interest may include:

China, Its Biblical Past and Future, Part 1: Genesis and Chinese Characters Where did the Chinese people come from? This article provides information showing that the Chinese peoples must have known about various accounts in the Book of Genesis up until their dispersion after the Tower of Babel.
China, Its Biblical Past and Future, Part 2: The Sabbath and Some of God’s Witness in China When did Christianity first come to China? And is there early evidence that they observed the seventh day sabbath?
Asia in Prophecy What is Ahead for Asia? Who are the “Kings of the East”? What will happen to nearly all the Chinese, Russians, Indians, and others of Asia? China in prophecy, where? Who has the 200,000,000 man army related to Armageddon?
Is China THE Threat to the United States of America? China is the world’s most populace nation. China has the world’s largest standing military. China is a major economic power and it holds a lot of U.S. debt. China also has problems with corruption, pollution, and its hukou registration system. Will China face civil unrest? Is China prophesied to be wealthy in the end times? Will China takeover the U.S.A. or will it be another power? What does Bible prophecy reveal?
Europa, the Beast, and Revelation Where did Europe get its name? What might Europe have to do with the Book of Revelation? What about “the Beast”? Is an emerging European power “the daughter of Babylon”? What is ahead for Europe? Here is a link to a video titled: Can You Prove that the Beast to Come is European?
Who is the King of the North? Is there one? Do biblical and Roman Catholic prophecies for the Great Monarch point to the same leader? Should he be followed? Who will be the King of the North discussed in Daniel 11? Is a nuclear attack prophesied to happen to the English-speaking peoples of the United States, Great Britain, Canada, Australia, and New Zealand? When do the 1335 days, 1290 days, and 1260 days (the time, times, and half a time) of Daniel 12 begin? When does the Bible show that economic collapse will affect the United States?
Anglo – America in Prophecy & the Lost Tribes of Israel Are the Americans, Canadians, British, Scottish, Welsh, Australians, Anglo-Southern Africans, and New Zealanders descendants of Joseph? Where are the lost ten-tribes of Israel? Who are the lost tribes of Israel? What will happen to the Jews in Israel? Will God punish the U.S.A., Canada, United Kingdom, and other Anglo nations? Why might God allow them to be punished first?
Will the Anglo-Nations be Divided and Have People Taken as Slaves? Will the lands of the United States, United Kingdom, Canada, Australia, and New Zealand be divided? What about Jerusalem? What does Bible prophecy teach? Are there non-biblical prophecies that support this idea? Who will divide those lands? Who will end up with the lands and the people? Here is a link to a video titled Will the USA and other Anglo-nations be Divided and Their People Made Slaves?
Barack Obama, Prophecy, and the Destruction of the United States-Second Edition for Second Obama Term This is a 160 page book for people truly interested in prophecies related to Barack Obama and the United States, including learning about many that have already been fulfilled (which the book documents in detail) and those that will be fulfilled in the future. It also has a chapter about a Republican choice. This book is available to order at www.barackobamaprophecy.com. The physical book can also be purchased at Amazon from the following link: Barack Obama, Prophecy, and the Destruction of the United States: Is Barack Obama Fulfilling Biblical, Islamic Catholic, Kenyan, and other America-Related Prophecies? What About Republican Leaders? Second Edition for Second Obama Term.
Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition. This electronic version is available for only US$2.99. And you do not need an actual Kindle device to read it. Why? Amazon will allow you to download it to almost any device: Please click HERE to download one of Amazon s Free Reader Apps. After you go to for your free Kindle reader and then go to Barack Obama, Prophecy, and the Destruction of the United States-Second Term-Amazon Kindle edition.