Masters Of War

Come you masters of war You that build all the guns You that build the death planes You that build all the bombs You that hide behind walls You that hide behind desks I just want you to know I can see through your masks. You that never done nothin' But build to destroy You play with my world Like it's your little toy You put a gun in my hand And you hide from my eyes And you turn and run farther When the fast bullets fly. Like Judas of old You lie and deceive A world war can be won You want me to believe But I see through your eyes And I see through your brain Like I see through the water That runs down my drain. You fasten all the triggers For the others to fire Then you set back and watch When the death count gets higher You hide in your mansion' As young people's blood Flows out of their bodies And is buried in the mud. You've thrown the worst fear That can ever be hurled Fear to bring children Into the world For threatening my baby Unborn and unnamed You ain't worth the blood That runs in your veins. How much do I know To talk out of turn You might say that I'm young You might say I'm unlearned But there's one thing I know Though I'm younger than you That even Jesus would never Forgive what you do. Let me ask you one question Is your money that good Will it buy you forgiveness Do you think that it could I think you will find When your death takes its toll All the money you made Will never buy back your soul. And I hope that you die And your death'll come soon I will follow your casket In the pale afternoon And I'll watch while you're lowered Down to your deathbed And I'll stand over your grave 'Til I'm sure that you're dead.------- Bob Dylan 1963

Friday, November 7, 2014

RMB (Renminbi) Clearing Bank Opens in Seoul

An RMB clearing bank has officially opened in the Euljiro district of Seoul. The Bank of Communications of China held its opening ceremony on Nov. 6, attended by Bank of Korea Governor Lee Ju-yeol, Bank of Communications Chairman Niu Siming, and many others.
The clearing bank is going to be responsible for Korean companies’ yuan-based settlements in transactions with China. Before its opening, they had to go through a Korean bank, then a commercial bank in Hong Kong, a clearing bank in Hong Kong, and finally the China National Advanced Payment System (CNAPS) of the People's Bank of China for yuan-based payments and collections. However, the procedure is now simplified to three steps including a Korean bank, the Bank of Communications, and CNAPS, which means they can save fees and avoid financial risks.
At the same time, the clearing bank is supposed to fulfill the function of an off-shore branch of the People's Bank of China supplying short-term yuan liquidity.
When yuan-based transactions take place in Korea, a temporary liquidity shortage could follow. In this case, the clearing bank provides short-term loans for commercial banks and securities companies in Korea, the Korea Securities Depository, etc.
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