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SPECIAL DRAWING RIGHTS (SDR)The SDR is an international reserve asset

created by the IMF in 1969 to supplement its member countries’ official reserves.

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As of September 10, 2015:204.1 billion SDRs were created and allocated to

members ($280 billion).

SDR’s value is based on four currencies

USD, JPY, GBP & EUR

SDR’s can be exchanged for

freely usable currencies.

INTERNATIONAL TRADE LEVELS, GREAT…… BUT THE CRITERIA RE: FREELY USEFUL CURRENCY

FREELY TRADABLE CURRENCY

DOESN’T MEAN CONVERTIBLE

BUT IT MEANS A LIQUID CURRENCY

HELD AND TRADED BY ENOUGH COUNTRIES

THERE ARE QUESTIONS ABOUT CHINA’S GOLD HOLDINGS……CHINA’S LAST OFFICIAL RELEASE IN 2009 = 1,054 mtSTILL 1,054mt IN JUNE 2014BY END OF AUGUST 2015CHINA HELD 1,985 mt

2009 - OFFICIAL Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15

GOLD, (10,000 FINE TROY OUNCES) 3389 3,389 3,389 3,389 3,389 3,389 5,332 6,393

CHANGE IN GOLD HOLDINGS - - - - - 1,943 1,061

GOLD (MILLIONS OF METRIC TONNES) 1054 1054 1054 1054 1054 1054 1,656 1,985

FOREIGN CURR RESERVES (100 MILLION USD) $38,134 $38,015 $37,300 $37,481 $37,111 $36,938 $36,513

(119.11) (714.65) 180.62 (369.57) (173.05) (425.28)

GOLD & FOREIGN EXCHANGE RESERVES - CHINA

CHINA 2000 2010 2014

currency usage in banking transaction 1.6% 2.3% 3.0%

share of world GDP 3.6% 9.2% 13.1%

US

currency usage in banking transaction 47.1% 44.4% 45.9%

share of world GDP 31.3% 23.2% 22.9%

EURO AREA

currency usage in banking transaction 29.0% 37.1% 32.7%

share of world GDP 19.7% 19.5% 17.5%

source: gold council: gold in a multi-currency reserve system

Table 1 global players - their economics & financial standing

2014 STATISTICS

CHINA IS 13.1% OF WORLD GDP vs. 3.6% IN 2000

CHINA IS 13% OF GLOBAL CURRENCY USAGE IN BANKING

TRANSACTIONS vs. 1.6% IN 2000

THE IMF AND CHINA WILL

MEET ON SEP 30, 2016

THE IMF IS FOCUSED ON:CHINA’S GOLD HOLDINGS &

EXTERNAL RESERVES

CHINA’S COMMITMENT TO MAKING THEIR CURRENCY

“FREELY USABLE”(I.E.MORE COUNTRIES WILL

HOLD RMB) WILLBE KEY

MH Derivative Solutions, LLCBecause Change…Is Constant

www.mhderivatives.com

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