Chapter 1560 - Shocking the World Economy (1/2)
“The global economy is at a historic turning point. An era that is more open than ever has arrived. We need a currency that can represent all currencies to replace the traditional currency for transactions.”
“World Union Reserve was established for this purpose.”
In front of the media reporter’s cameras, Loki delivered a speech.
World Union Reserve.
Just from the name, it was not difficult to guess the purpose of the organization.
The originally peaceful weekend was suddenly disturbed by this shocking news. In particular, a magnitude three earthquake was set off in the international financial community with the news of the establishment of the World Union Reserve. The attention brought by the news even surpassed the limelight of the completion of the South American space elevator.
Eyes from all over the world focused on the previously calm and peaceful Manhattan Island. The major media in the world also carried out detailed follow-up reports on this matter immediately. It was not yet clear what kind of impact this would have on the global economy, because not many people believed they would succeed at all.
Even if it was a collective endorsement by Wall Street executives, it was impossible.
A unified currency could not be achieved by just an announcement. There were too many political factors involved. Even if the strength of the entire Wall Street was combined, it was impossible to achieve it. Among other things, the Xin Reserve, the leader behind the global economy, did not yet make a statement.
If World Union Reserve had to be established, the proposer should not be First B City Bank, but Future Bank. The qualification of Future Bank was far superior.
However, the development of the matter soon surprised everyone.
On the first Friday when the World Union Reserve announced its establishment, the Xin Reserve announced its cooperation with the World Union Reserve on currency exchange issues…
Hua, Shangjing, in an apartment on Second Ring Road.
It was New Year’s Day, and a rare occasion for the family to eat a meal together.
The news for today played on the TV.
“First B City Bank has established World Union Reserve with more than 20 banks and investment banks, including Chase and Citi, and cooperated with central banks in issuing a unified currency to strengthen free trade.”
“It is reported that the Federal Reserve and the Xin Reserve are the first to announce cooperation. The central banks of more than 20 Pacific Rim countries, including New Zealand, UA, and Canada, will join the World Union Reserve-led Unified Pacific Rim Monetary System. The participating states will pursue a more open system than the WTO free trade system and will use ‘World Dollar’ as the settlement currency.”
“CCTV reporter, reporting for you.”
“The UA just really wants to stir things up, and now they introduced something new,” Wu Jianbin said with a smile while he watched the foreigner speak into the reporter’s microphone.
“I’m afraid the World Union Reserve is not the work of the UA.” Wu Changfeng laughed when he glanced at the TV screen.
“Oh?”
“You see, it is First B City Bank that is leading the initiative for World Union Reserve. Do you know the origin of this bank?”
“I remember it was a UA-Swiss joint venture bank. Both Chase and Citigroup should be more famous than it.” Wu Jianbin frowned.