“RV Parties Involved Who is in Control” by David Harkness – 10.21.21

Entry Submitted by David Harkness at 2:55 AM EDT on October 21, 2021

https://www.abc.net.au/news/2021-10-21/china-evergrande-formal-default-looms-beijing-contains-crisis/100550502

It’s a shame Judy’s computer has been hacked we all miss her regular updates that  she is so committed too.

I think that no one has pointed out is  who is in control of the RV and in particular the listing of the new currency rates involved, especially for the Vietnam Dong, Indonesian Rupiah and Iraq Dinar.

Firstly the UN is the only one that lists all currencies including the 3 above.

The UN makes changes fortnightly if so required and monthly next being 28
Octobe2021. to be effective 1 November 2021. 

https://treasury.un.org/operationalrates/default.php

https://treasury.un.org/operationalrates/OperationalRates.php

Float Rates see links below source rates  daily from Central Banks etc daily and report the feed to the UN.

http://www.floatrates.com/

http://www.floatrates.com/currency-usd.html

The UN agreed  with Venezuela to remove 6 zeros on the 13 October 2021 effective 15 October 2021 .

You will see this in the above links and the Float Rates showing daily values for Venezuela.

Secondly you have the IMF and their role.

They declare  selected currencies daily and during each day.

https://www.imf.org/external/np/fin/data/rms_rep.aspx

Please note the 3 currencies  we are interested in are not listed although each country are members of the IMF.

They can’t answer why these important countries   are not listed or decline to respond for whatever reason.

Thirdly  Federal Reserve they list weekly on a Monday the currencies again the 2 currencies mentioned not listed although Venezuela are now listed following the RV of their currency.

https://www.federalreserve.gov/releases/h10/weights/default.htm

https://www.federalreserve.gov/releases/h10/current/default.htm

They can’t or will not explain  why the Vietnamese Dong  that has a weighting  of 1.761  and the Singapore Dollar 1.891  yet the Singapore Dollar is  shown as a value of 1.3484  against 1 USD and  yet the Vietnamese is not listed.

Are we  waiting for the Vietnamese Central Bank  to do the same remove 4 zeros  and why does the Fed have an implied value of  0.5925c and not listed on their  front currency page.

The Vietnamese Dong  is listed  at the UN  at 0.000044c USD

So who is in charge of the RV, I  would have to say the UN and  State Bank of  Vietnam for the Dong  and Central Banks of Iraq and Indonesia  and when they reach agreement they will list the new values , next meeting 28 October 2021.

Not to say that the Federal Reserve already have a value for Vietnamese Dong and Indonesian booked at an old rate but actually accounted for in the value of the USD.

I would  expect given the possible China Evergrande Interest payments to bonds issue ,and held by foreigners  will default on 23 October 2021 , the Chinese Currency will be devalued and the Fed  will have no choice but to properly declare  a public rate  for these two currencies to protect the USD value against a devaluation of Chinese Yuan.

We look forward to seeing Judy back on line soon.

Kind regards,

David Harkness
Mobile: +61 (0) 408 580 087

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