Now that Australia joins a host
of nations that are bypassing the US Dollar as the world's "reserve
currency" and trading currency directly with China, I thought it
might be good to discuss confusion about the name of the Chinese
currency.
Renminbi is the name of China’s currency, but yuan is the
denomination of bills. It is equivalent to Britain’s currency, which
is sterling with its pound as denomination of bills. The number of
renminbi per dollar or sterling per dollar is incorrect. Renminbi
and Sterling are the currency, but not a unit of the currency.
Prices and exchanges are measured in yuan and pounds, not Renminbi
or Sterling.
The primary unit of renminbi is the yuan. One yuan is subdivided
into 10 jiao , which is subdivided into 10 fen. Renminbi banknotes
are available in denominations from 1 jiao to 100 yuan and coins
have denominations from 1 fen to 1 yuan.
During the past two years - China and Japan economies bypass dollar
and engage in direct currency trade, China and Russia drop dollar
for direct trade, China and Iran bypass dollar, India and Japan
bypass dollar, Iran and Russia replace dollar with rial and ruble in
trade, India and Iran transact directly in rupees, Brazil bypasses
dollar for direct China currency, Australia and China bypass dollar
for direct currency trade.
Showing posts with label Iran. Show all posts
Showing posts with label Iran. Show all posts
Apr 13, 2013
Mar 6, 2012
Bratwurst Bust
The beloved Nürnberger Bratwurst is the latest victim of escalating tensions over Iran's nuclear program. German butchers complained that the diplomatic crisis was driving up the price of sausage casing. In shock news for Germans everywhere, the sausage industry is feeling the rising cost of importing sheep intestines from Iran, leading Nürnberger Bratwurst producer Claus Steiner reported.
The Nürnberger Bratwurst is made of finely ground pork, cased in intestinal lining and seasoned with marjoram. By European Union regulations, it can only be called a Nürnberger Bratwurst if it's made in the Nuremberg area.
Sheep intestinal lining, a key ingredient in making the sausage, is largely imported from Iran, which has a 500-year history of trading animal by-products. This may change, as the price of sheep gut has almost tripled during the past 18 months.
A year and a half ago 90 meters of intestinal lining cost just €6.30, but now the same length costs a whopping €17.20. War is hell.
The Nürnberger Bratwurst is made of finely ground pork, cased in intestinal lining and seasoned with marjoram. By European Union regulations, it can only be called a Nürnberger Bratwurst if it's made in the Nuremberg area.
Sheep intestinal lining, a key ingredient in making the sausage, is largely imported from Iran, which has a 500-year history of trading animal by-products. This may change, as the price of sheep gut has almost tripled during the past 18 months.
A year and a half ago 90 meters of intestinal lining cost just €6.30, but now the same length costs a whopping €17.20. War is hell.
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