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Delegate (American politics)

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{{Other uses}}
{{multiple issues|In 2016, the total number of democratic delegates is 4,482, not 4, 047.
{{Refimprove|date=March 2010}}
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A '''delegate''' is someone who attends or communicates the ideas of or acts on behalf of an organization at a meeting or conference between organizations, which may be of the same level or involved in a common field of work or interest.

== Organizations ==
Organizations may hold [[Convention (meeting)|conventions]] where the membership from different parts of the organization is assembled.<ref>{{Cite book|title = Robert's Rules of Order Newly Revised In Brief|last = Robert III|first = Henry M.|publisher = Da Capo Press|year = 2011|isbn = 978-0-306-82019-9|location = Philadelphia, PA|pages = 167|edition = 2nd|url = http://www.robertsrules.com/inbrief.html|display-authors=etal}}</ref> Delegates attend the convention to represent their part of the organization.

For example, an organization may be national in scope and consist of many local member clubs. Such an organization may hold an [[Annual general meeting|annual meeting]] where each local club can send delegates, or representatives to vote on behalf of the club, to the national convention.

== Legislative ==
* A member of a [[House of Delegates]], either at a national or constituent state level (as in several US states)

== Party Politics ==

=== United States ===
{{main|Delegate (United States Congress)}}
'''Delegate''' is the title of a person elected to the [[United States House of Representatives]] to serve the interests of an organized [[United States territory]], at present only overseas or the [[District of Columbia]], but historically in most cases in a portion of North America as precursor to one or more of the present states of the union.
Delegates have powers similar to that of Representatives, including the right to vote in committee, but have no right to take part in the floor votes in which the full house actually decides whether the proposal is carried. See: [[Delegate (United States Congress)]].

A similar mandate is held in a few cases under the style [[Resident commissioner]].

*'''Delegate''' is also the title given to individuals elected to the lower houses of the bicameral legislative bodies of the states of [[Maryland]], [[Virginia]] and [[West Virginia]] (see [[House of Delegates]]).
*Members of other parliamentary assemblies, such as the [[Continental Congress]] or the [[New York]] State [[Constitutional convention (political meeting)|Constitutional Convention]].
*Members of a body charged with writing or revising a foundational or other basic governmental document (such as members of a [[constitutional convention (political meeting)|constitutional convention]] are usually referred to as "delegates").

==== Presidential conventions ====

===== Democratic Party =====
The [[Democratic Party (United States)|Democratic Party]] uses pledged delegates and superdelegates. A candidate for the Democratic nomination must win a majority of combined delegate votes at the [[Democratic National Convention]].

Pledged delegates are elected or chosen at the state or local level, with the understanding that they will support a particular candidate at the convention. Pledged delegates are, however, not actually bound to vote for that candidate, thus the candidates are allowed to periodically review the list of delegates and eliminate any of those they feel would not be supportive. Currently there are 4,050 pledged delegates.

Of the 4,763 total Democratic delegates, 794 are [[superdelegate]]s, which are usually Democratic members of Congress, governors, former Presidents, and other party leaders. They are not required to indicate preference for a candidate.

The Democratic Party uses a proportional representation to determine how many delegates each candidate is awarded in each state. For example, a candidate who wins 40% of a state's vote in the primary election will win 40% of that state's delegates. However, a candidate must win at least 15% of the primary vote in order to receive any delegates. There is no process to win superdelegates, since they can vote for whomever they please. A candidate needs to win a simple majority of total delegates to earn the Democratic nomination.<ref name="cnnpolitics.com">http://www.cnnpolitics.com</ref>

=====Republican Party=====
The [[Republican Party (United States)|Republican Party]] utilizes a similar system with slightly different terminology, employing pledged and unpledged delegates. Of the total 2,472 Republican delegates, 1,719 are pledged delegates, who as with the Democratic Party, are elected at the state or local level. To become the Republican Party nominee, the candidate must win a simple majority of 1,191 of the 2,380 total delegates at the [[Republican National Convention]].

A majority of the unpledged delegates are elected much like the pledged delegates, and are likely to be committed to a specific candidate. Many of the other unpledged delegates automatically claim the delegate status either by virtue of their position as a party chair or national party committee person. This group is known as unpledged RNC member delegates.

The process by which delegates are awarded to a candidate will vary from state to state. Many states use a winner-take-all system, where popular vote determines the winning candidate for that state. However, beginning in 2012 many states now use proportional representation. While the Republican National Committee does not require a 15% minimum threshold, individual state parties may impart such a threshold.

The unpledged RNC member delegates are free to vote for any candidate and are not bound by the electoral votes of their state. The majority of the unpledged delegates (those who are elected or chosen) are technically free to vote for any candidate. However, they are likely to be committed to one specifically.<ref name="cnnpolitics.com"/>

== Religion ==
{{Wiktionary|delegate}}

* [[Apostolic delegate]], one appointed by [[the Pope]], notably as the diplomatic equivalent of an [[envoy extraordinary]], or sometimes as papal governor
* [[Pontifical Delegate]], one appointed to represent [[the Pope]], in various functions

== Other uses ==
The term delegate is also used in [[Event (computing)#Delegate event model|event handling]] for
some [[programming languages]] or [[Software framework|frameworks]].

== See also ==
* [[Caucus]]
* [[Convention (meeting)]]
* [[Fraternal delegates]] (churches and political parties)

== References ==
{{Reflist}}

[[Category:Parliamentary titles]]

Renminbi

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{{Redirect4|CNY|RMB}}
{{Redirect|Chinese money|Ancient Chinese currency|Ancient Chinese coinage}}
{{refimprove|date=August 2014}}
{{Use British English|date=December 2014}}
{{Use dmy dates|date=December 2014}}
{{Infobox currency
|currency_name_in_local = {{native name|zh-cn|人民币|italics=no}}
|image_1 = Renminbi_banknotes.JPG
|image_title_1 = Renminbi banknotes of the 2005 series
|iso_code = CNY
|using_countries = {{flagicon|China}} [[China]] {{flag|Zimbabwe}}<ref name="bbc">{{cite web |url= http://www.bbc.com/news/world-africa-26034078 |title= Zimbabwe’s multi-currency confusion |publisher= BBC |accessdate= 2014-07-22 |author= Hungwe, Brian}}</ref><ref>{{cite web |url= http://www.theguardian.com/world/2015/dec/22/zimbabwe-to-make-chinese-yuan-legal-currency-after-beijing-cancels-debts?CMP=Share_iOSApp_Other |title= Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts |publisher= ''The Guardian'' |date= 2015-12-21 |accessdate= 2015-12-26 }}</ref>
|unofficial_users = ''{{flag|Hong Kong}}'' ''{{flag|Macau}}'' {{flag|Mongolia}}<ref name=peoplesdaily/> {{flag|North Korea}}<ref name=peoplesdaily/> {{flag|Myanmar}} (in [[Kokang]] and [[Wa State|Wa]]) {{flag|Vietnam}} (border area)
|inflation_rate = 2%, October 2014
|inflation_source_date = ''[http://www.bbc.co.uk/news/business-20263978 BBC News]''
|inflation_method = [[Consumer price index|CPI]]
|pegged_with = Partially, to a basket of trade-weighted international currencies
|subunit_ratio_1 = 1
|subunit_name_1 = yuán ({{lang|zh|元,圆}})
|subunit_ratio_2 = {{frac|10}}
|subunit_name_2 = jiǎo ({{lang|zh|角}})
|subunit_ratio_3 = {{frac|100}}
|subunit_name_3 = fēn ({{lang|zh|分}})
|symbol = [[¥]]
|nickname = none
|nickname_subunit_1 = kuài ({{lang|zh|块}})
|nickname_subunit_2 = máo ({{lang|zh|毛}})
|no_plural = Y
|rarely_used_coins = ¥0.01, ¥0.02, ¥0.05
|frequently_used_coins = ¥0.1, ¥0.5, ¥1
|frequently_used_banknotes = ¥0.1, ¥0.2, ¥0.5, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
|rarely_used_banknotes = ¥2
|issuing_authority = [[People's Bank of China]]
|issuing_authority_website = {{URL|http://www.pbc.gov.cn/}}
}}
{{Infobox Chinese
|title = Renminbi
|s = 人民币
|t = 人民幣
|showflag = stp
|p = Rénmínbì
|w = Jenminpi
|j = Jan4 Man4 Bai6
|altname = Yuan
|s = 圆 (or 元)
|t = 圓 (or 元)
|p2 = Yuán
|w2 = Yüan
|j2 = Jyun4
|order = st
}}
The '''renminbi''' is the official [[currency]] of the [[China|People's Republic of China]]. The name ({{zh|s=人民币|t=人民幣|p=rénmínbì}}) literally means "people's currency". The [[Chinese yuan|yuan]] ({{zh|s=元/圆|p=yuán}}) ([[currency sign|sign]]: [[¥]]) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts. The distinction between the terms ''renminbi'' and ''yuan'' is similar to that between ''[[Pound sterling|sterling]]'' and ''[[Pound sterling|pound]]'', which respectively refer to the British currency and its primary unit.<ref>{{cite news|last1=Mulvey|first1=Stephen|title=Why China's currency has two names|url=http://www.bbc.co.uk/news/10413076|work=BBC News|date=2010-06-26}}</ref> One yuan is subdivided into 10 ''[[Jiao (currency)|jiao]]'' ({{zh|s=角|p=jiǎo}}), and a ''jiao'' in turn is subdivided into 10 ''[[Chinese fen|fen]]'' ({{zh|s=分|p=fēn}}).

The [[ISO 4217|ISO code]] for ''renminbi'' (which may also be used for the yuan) is '''CNY''' (an abbreviation for "Chinese yuan"), or also '''CNH''' when traded in off-shore markets such as [[Hong Kong]].<ref>{{cite news | url=http://www.businessinsider.com/chinese-yuans-largest-drop-against-usd-since-2005-2014-2 | title=Chinese yuan's drop is largest since its 2005 currency revaluation | first=Mamta | last=Badkar | work=Business Insider | date=2014-02-27 | accessdate=2014-03-03 }}</ref> The currency is often abbreviated '''RMB''', or indicated by the yuan sign '''¥'''. The latter may be written '''CN¥''' to distinguish it from other currencies with the same symbol (such as the [[Japanese yen]]). {{citation needed|reason=Cite request was made in March 2014, then removed by mistake. We still need a cite.|date=October 2014}} In Chinese texts the currency may also be indicated with the [[Chinese character]] for the yuan, {{lang|zh|圆}} (or {{lang|zh|元}} informally). The renminbi is [[legal tender]] in [[mainland China]], but not in Hong Kong or [[Macau]]. Renminbi is sometimes accepted in Hong Kong and Macau, and are easily exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB. The currency is issued by the [[People's Bank of China]], the monetary authority of China.<ref>Article 2, {{cite web
|date=2003-12-27
|url=http://www.cin.gov.cn/law/main/2004010802.htm
|title=The People's Bank of China Law of the People's Republic of China
}}</ref>

Until 2005, the value of the renminbi was [[fixed exchange rate|pegged]] to the [[United States dollar|US dollar]]. As China pursued its historical transition from [[centrally planned economy|central planning]] to a market economy, and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity ([[#Purchasing power parity|see below]]).<ref name="Lipman 2011">{{cite journal|last=Lipman|first=Joshua Klein|title=Law of Yuan Price: Estimating Equilibrium of the Renminbi|journal=Michigan Journal of Business|date=April 2011|volume=4|issue=2|url=http://michiganjb.org/issues/42/text42b.pdf|accessdate=2011-05-23}}</ref> More recently, however, appreciation actions by the Chinese government, as well as [[quantitative easing]] measures taken by the [[Federal Reserve]] and other major central banks, have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012.<ref>{{cite news| url=http://www.washingtonpost.com/business/economy/chinas-currency-rises-against-the-dollar/2012/09/28/790415be-099e-11e2-a10c-fa5a255a9258_story.html | work=The Washington Post | first=Howard | last=Schneider | title=Some experts say China's currency policy is not a danger to the U.S. economy | date=2012-09-29}}</ref> Since 2006, the renminbi exchange rate has been allowed to [[floating exchange rate|float]] in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. As a result of the rapid [[internationalization of the renminbi]], it became the world's 8th most traded currency in 2013,<ref name="swift2013">{{cite web|title=RMB now 8th most traded currency in the world|url=http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2013/PR_RMB_september.xml|publisher=[[Society for Worldwide Interbank Financial Telecommunication]]|date=2013-10-08}}</ref> and 5th in 2015.<ref name="swift2015">{{cite web|title=RMB breaks into the top five as a world payments currency|url=http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2015/PR_RMB_into_the_top_five.xml|publisher=[[Society for Worldwide Interbank Financial Telecommunication]]|date=2015-01-28}}</ref> The yuan will be included in the basket of currencies used by the IMF ([[reserve currency]]) in 2016.<ref>{{cite news |url=http://www.economist.com/news/business-and-finance/21679341-its-new-status-might-make-weaker-yuan-chinese-renminbi-joins-imfs |title=Chinese renminbi joins basket of currencies |work=The Economist |date=2015-11-30 |accessdate=2015-12-01}}</ref>

==History==
{{See also|History of Chinese currency}}
A variety of currencies circulated in China during the [[Republic of China (1912–1949)|Republic of China]] (ROC) era, most of which were denominated in the unit ''yuán'' (pronounced {{IPA|[jʏɛn˧˥]}}). Each was distinguished by a currency name, such as the ''fabi'' ("legal tender"), the "gold yuan," and the "silver yuan."

As the [[Communist Party of China]] took control of ever larger territories in the latter part of the [[Chinese Civil War]], its [[People's Bank of China]] began in 1948 to issue a unified currency for use in Communist-controlled territories. Also denominated in ''yuan'', this currency was identified by different names, including "People's Bank of China banknotes" ({{zh|t=中國人民銀行鈔票|s=中国人民银行钞票}}; from November 1948), "New Currency" ({{zh|t=新幣|s=新币}}; from December 1948), "People's Bank of China notes" ({{zh|t=中國人民銀行券|s=中国人民银行券}}; from January 1949), "People's Notes" (人民券, as an abbreviation of the last name), and finally "People's Currency", or "''renminbi''", from June 1949.<ref name="中华人民共和国第一套人民币概述">{{cite web|url=http://finance.sina.com.cn/money/collection/youbika/20050901/15471935211.shtml |title=中华人民共和国第一套人民币概述 |trans_title=People's Republic of China first RMB Overview |publisher=Sina |location=China |date= |accessdate=2012-04-06}}</ref>

==Convertibility==
During the era of the [[command economy]], the value of the renminbi was set to unrealistic values in exchange with western currency and severe currency exchange rules were put in place. With the opening of the mainland Chinese economy in 1978, a dual-track currency system was instituted, with renminbi usable only domestically, and with foreigners forced to use [[foreign exchange certificate]]s. The unrealistic levels at which [[exchange rate]]s were [[Fixed exchange rate|pegged]] led to a strong [[black market]] in currency transactions.

In the late 1980s and early 1990s, China worked to make the RMB more convertible. Through the use of swap centres, the exchange rate was brought to realistic levels and the dual track currency system was abolished.

As of 2013, the renminbi is convertible on [[current account]]s but not [[capital account]]s. The ultimate goal has been to make the RMB fully convertible. However, partly in response to the [[Asian financial crisis]] in 1998, China has been concerned that the mainland Chinese financial system would not be able to handle the potential rapid cross-border movements of [[hot money]], and as a result, as of 2012, the currency trades within a narrow band specified by the Chinese central government.

==Production and minting==
Renminbi currency production is carried out by a state owned corporation, [[China Banknote Printing and Minting Corporation]] ('''CBPMC'''; {{lang|zh|中国印钞造币总公司}}) headquartered in [[Beijing]].<ref>[http://www.cbpm.cn/English/ China Banknote Printing and Minting]</ref> CBPMC uses several printing, engraving and [[Mint (coin)|minting]] facilities around the country to produce banknotes and coins for subsequent distribution. Banknote printing facilities are based in Beijing, [[Shanghai]], [[Chengdu]], [[Xi'an]], [[Shijiazhuang]], and [[Nanchang]]. Mints are located in [[Nanjing]], Shanghai, and [[Shenyang]]. Also, high grade paper for the banknotes is produced at two facilities in [[Baoding]] and Kunshan. The Baoding facility is the largest facility in the world dedicated to developing banknote material according to its website.<ref>[http://www.cbpmc.com.cn/ssqy/bdyc/gyqy_fzlc.htm {{lang|zh|保定钞票纸厂}}] {{wayback|url=http://www.cbpmc.com.cn/ssqy/bdyc/gyqy_fzlc.htm |date=20090303133421 |df=y }}</ref> In addition, the [[People's Bank of China]] has its own printing technology research division that researches new techniques for creating banknotes and making counterfeiting more difficult.

===Current status===
As of 2013, renminbi banknotes are available in denominations from ¥0.1, ¥0.2, ¥0.5 (1, 2, and 5 jiao), ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, and ¥100 yuan. These denominations have been available since 1955, except for the 50 and 100 yuan notes (added in 1980) and 20 yuan notes (added in or after 1999). Coins are available in denominations from 1 fen to 1 yuan (¥0.01–1). Thus some denominations exist in both coins and banknotes. On rare occasions larger yuan coin denominations such as ¥5 have been issued to commemorate events but use of these outside of collecting has never been widespread.

The denomination of each banknote is printed in [[Chinese language|Chinese]]. The numbers themselves are printed in financial [[Chinese numeral]] characters, as well as [[Arabic numerals]]. The denomination and the words "People's Bank of China" are also printed in [[Mongolian language|Mongolian]], [[Standard Tibetan|Tibetan]], [[Uyghur language|Uyghur]] and [[Standard Zhuang|Zhuang]] on the back of each banknote, in addition to the boldface [[Hanyu Pinyin]] "Zhongguo Renmin Yinhang" (without tones). The right front of the note has a tactile representation of the denomination in [[Mainland Chinese Braille|Chinese Braille]] starting from the fourth series. See [[#Minority|corresponding section]] for detailed information.

The fen and jiao denominations have become increasingly unnecessary as prices have increased. Coins under ¥0.1 are used infrequently. Chinese retailers tend to avoid decimal values (such as ¥9.99), opting instead for integer values of yuan (such as ¥9 or ¥10).<ref>{{cite news | author = Coldness Kwan | title= Do you get one fen change at Origus? | url= http://www.chinadaily.com.cn/china/2007-03/06/content_821037.htm | publisher= China Daily | date=2007-03-06 | accessdate=2007-03-26 }}</ref>

On November 30, 2015, the [[International Monetary Fund|IMF]] voted to designate the renminbi as one of several main world currencies, thus including it in the basket of [[special drawing rights]]. The other main world currencies are the [[US dollar]], [[euro]], [[Pound sterling|British pound]], and [[Japanese yen]].<ref>{{cite news | author = KEITH BRADSHER | title= China’s Renminbi Is Approved by I.M.F. as a Main World Currency | url= http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?emc=dlbkpm&emc=edit_dlbkpm_20151130&nl=%3Fnl%3Ddlbk&nlid=64450146&_r=0 | publisher= NY Times | date=2015-11-30 | accessdate=2015-11-30 }}</ref>

===Issuance history===
The currency was introduced by the [[People's Bank of China]] in December 1948, about a year before the establishment of the People's Republic of China. It was issued only in paper money form at first, and replaced the various currencies circulating in the areas controlled by the [[Commuunist Party of China|Communists]]. One of the first tasks of the new government was to end the [[hyperinflation]] that had plagued China in the final years of the [[Kuomintang]] (KMT) era. That achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan.

====Coins====
In 1953, [[aluminium]] 1-, 2-, and 5-fen coins began being struck for circulation, and were first introduced in 1955. These depict the [[National Emblem of the People's Republic of China|national emblem]] on the [[Obverse and reverse|obverse]] (front) and the name and denomination framed by [[wheat]] stocks on the reverse (back). In 1980, [[brass]] 1-, 2-, and 5-jiao and [[cupro-nickel]] 1-yuan coins were added, although the 1 and 2 jiao were only produced until 1981, with the last 5 jiao and 1 yuan issued in 1985. All jiao coins depicted similar designs to the fen coins while the yuan depicted the [[Great Wall of China]]. In 1991, a new coinage was introduced, consisting of an aluminium 1 jiao, brass 5 jiao and nickel-clad-steel 1 yuan. These were smaller than the previous jiao and yuan coins and depicted flowers on the obverse and the national emblem on the reverse. Issuance of the aluminum 1- and 2-fen coins ceased in 1991, with that of the 5 fen halting in 1994. The small coins were still made for annual uncirculated [[Coin set|mint sets]] in limited quantities, and from the beginning of 2005 the 1-fen coin got a new lease on life by being issued again every year since then up to present. New designs of the 1 and 5 jiao and 1 yuan were again introduced in between 1999 and 2002, with the 1 jiao being significantly reduced in size. In 2005, the metallic composition of the 1 jiao was changed from aluminum to more durable [[nickel]]-plated [[steel]]. The frequency of usage of coins varies between different parts of China, with coins typically being more popular in urban areas, and small notes being more popular in rural areas. Older fen and large jiao coins are uncommonly still seen in circulation but are still valid in exchange.

====Banknotes====
As of 2016, there have been five series of renminbi banknotes issued by the People's Republic of China:
* The [[first series of the renminbi|first series of renminbi banknotes]] was issued on December 1, 1948, by the newly founded [[People's Bank of China]]. It introduced notes in denominations of 1, 5, 10, 20, 50, 100 and 1000 yuan. Notes for 200, 500, 5000 and 10,000 yuan followed in 1949, with 50,000 yuan notes added in 1950. A total of 62 different designs were issued. The notes were officially withdrawn on various dates between April 1 and May 10, 1955. The name "first series" was given retroactively in 1950, after work began to design a new series.<ref name="中华人民共和国第一套人民币概述"/>
:These first renminbi notes were printed with the words "[[People's Bank of China]]", "[[Republic of China]]", and the denomination, written in Chinese characters by [[Dong Biwu]].<ref>{{cite web|url=http://www.cjiyou.net/html/2007-10/34498.htm |title=中国最早的一张人民币 |publisher=Cjiyou.net |date=2007-10-22 |accessdate=2012-04-06}}</ref>
* The [[second series of the renminbi|second series of renminbi banknotes]] was introduced on 1 March 1955 (but dated 1953). Each note has the words "People's Bank of China" as well as the denomination in the [[Uyghur language|Uyghur]], [[Standard Tibetan|Tibetan]], [[Mongolian language|Mongolian]] and [[Standard Zhuang|Zhuang]] languages on the back, which has since appeared in each series of renminbi notes. The denominations available in banknotes were ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥3, ¥5 and ¥10. Except for the three fen denominations and the 3 yuan which were withdrawn, notes in these denominations continued to circulate. Good examples of this series have gained high status with banknote collectors.
* The [[third series of the renminbi|third series]] was introduced on April 15, 1962, though many denominations were dated 1960. New dates would be issued as stocks of older dates were gradually depleted. The sizes and design layout of the notes had changed but not the order of colors for each denomination. For the next two decades, the second and third series banknotes were used concurrently. The denominations were of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5 and ¥10. The third series was phased out during the 1990s and then was recalled completely on July 1, 2000.
* The [[fourth series of the renminbi|fourth series]] was introduced between 1987 and 1997, although the banknotes were dated 1980, 1990, or 1996. They are still legal tender. Banknotes are available in denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥50 and ¥100. Like previous issues, the color designation for already existing denominations remained in effect.
* The [[fifth series of the renminbi|fifth series of renminbi banknotes]] and coins was progressively introduced from 1999. This series also bears the years 2005 (all except ¥1) and 2015 (¥100 only). As of 2016, it includes banknotes for ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100. Significantly, the fifth series uses the portrait of [[Mao Zedong]] on all banknotes, in place of the various leaders and workers which had been featured previously. During this series new security features were added, the ¥2 denomination was discontinued, and the color pattern for each note was changed.

====Commemorative issues of the renminbi====
In 1999, a commemorative red ¥50 note was issued in honor of the 50th anniversary of the establishment of the People's Republic of China. This note features [[Mao Zedong]] on the front and various animals on the back.

An orange [[polymer banknote|polymer note]], and so far, China's only polymer note, commemorating the new millennium was issued in 2000 with a face value of ¥100. This features a [[Chinese dragon|dragon]] on the obverse and the reverse features the China Millennium monument (at the Center for Cultural and Scientific Fairs).

For the [[2008 Summer Olympics|2008 Beijing Olympics]], a green ¥10 note was issued featuring the [[Beijing National Stadium|Bird's Nest Stadium]] on the front with the back showing a classical Olympic [[discus]] thrower and various other athletes.

On November 26, 2015, the People's Bank of China issued a blue ¥100 commemorative note to commemorate aerospace science and technology.<ref>[http://banknotenews.com/files/e2786e68fc83280d97560edae1c1a155-3685.php China new 100-yuan aerospace commemorative note reported for 26.11.2015 introduction] BanknoteNews.com. November 6, 2015. Retrieved on 2015-11-18.</ref><ref>[http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2973267/index.html 中国人民银行公告〔2015〕第33号] The People's Bank of China (www.pbc.gov.cn). Retrieved on 2015-11-18.</ref>

====Suggested future design====
On March 13, 2006, some delegates to an advisory body at the [[National People's Congress]] proposed to include [[Sun Yat-sen]] and [[Deng Xiaoping]] on the renminbi banknotes. However, the proposal was not adopted.<ref>{{cite news|author= Quentin Sommerville|url=http://news.bbc.co.uk/2/hi/asia-pacific/4801486.stm|title=China mulls Mao banknote change|publisher=''BBC News, Shanghai''|date= 2006-03-13|accessdate=2007-03-18}}</ref>

=={{Anchor|Minority}}Use in minority regions==
[[File:RMB2-5yan-1B.gif|The [[second series of the renminbi]] had the most readable minority languages text, but no Zhuang text on it. Its issue of ¥0.1–¥0.5 even highlighted the Mongolian text.|thumb|right|300px]]
[[File:RMB10 PBOC languages.JPG|thumb|300px|right|"People's Bank of China Ten Yuan" written in 5 different languages. From top to bottom and left to right: [[Pinyin|Mandarin pinyin]], [[Mongolian language|Mongolian]], [[Standard Tibetan|Tibetan]], [[Uyghur language|Uyghur]], and [[Standard Zhuang|Zhuang]] languages.]]
[[File:RMB1-5000-3B.gif|thumb|right|300px|A special edition designed for [[Inner Mongolia]] in the [[first series of the renminbi]].]]

The renminbi yuan has different names when used in minority regions.
* {{Anchor|Mongols}}When used in [[Inner Mongolia]] and other [[Template:Mongol autonomy in the People's Republic of China|Mongol autonomies]], a yuan is called a '''tugreg''' ({{lang-mn|{{MongolUnicode|ᠲᠦᠭᠦᠷᠢᠭ᠌}}}} ''tügürig''). However, when used in the republic of [[Mongolia]], it is still named '''yuani''' ({{lang-mn|юань}}) to differentiate it from [[Mongolian tögrög]] ({{lang-mn|төгрөг}}). One Chinese tügürig (tugreg) is divided into 100 '''mönggü''' ({{lang-mn|{{MongolUnicode|ᠮᠥᠩᠭᠦ}}}}), one Chinese jiao is labeled "10 mönggü". In [[Mongolian language|Mongolian]], renminbi is called '''aradin jogos''' or '''arad-un jogos''' ({{lang-mn|{{MongolUnicode|ᠠᠷᠠᠳ ᠤᠨ ᠵᠣᠭᠣᠰ}}}} ''arad-un ǰoγos'').
* {{Anchor|Tibetans}}When used in [[Tibet Autonomous Region|Tibet]] and other [[Template:Tibetan autonomy in the People's Republic of China|Tibetan autonomies]], a yuan is called a '''gor''' ({{bo|t=སྒོར་|z=Gor}}). One gor is divided into 10 '''gorsur''' ({{bo|t=སྒོར་ཟུར་|z=Gorsur}}) or 100 '''gar''' ({{Bo|t=སྐར་|z=gar}}). In [[Tibetan languages|Tibetan]], renminbi is called '''mimangxogngü''' ({{bo|t=མི་དམངས་ཤོག་དངུལ།|z=Mimang Xogngü}}) or '''mimang shog dngul'''.

{{Clear}}

==International use==
{{main|Internationalization of the renminbi}}

{|class="infobox bordered" style="font-size:95%; width:25em;"
! style="font-size:120%; text-align:center; padding:5px 0;" | '''[[Internationalization of the Renminbi]]'''
|-
|
* {{Timeline-event |date='''{{Start date|2002|}}''' |event= The Chinese government launches the [[Qualified Foreign Institutional Investor]] (QFII) program<ref>{{cite web|title=QFII|url=http://lexicon.ft.com/Term?term=QFII|publisher=''[[Financial Times]]''|accessdate=2013-10-16|quote=The qualified foreign institutional investor (QFII) programme started in 2002 and allowed licensed foreign institutional investors a quota to buy Chinese-listed A-shares (previously only available to domestic investors).}}</ref>}}
* {{Timeline-event |date='''{{Start date|2004|1}}''' |event= Retail depositors in [[Hong Kong]] are allowed for the first time to convert some of their savings into the renminbi<ref>{{cite web|last=Chris Wright|title=ICBC bond: latest step on London’s road to RMB dominance|url=http://blogs.ft.com/beyond-brics/2013/10/15/icbc-bond-latest-step-on-londons-road-to-rmb-dominance/|publisher=''[[Financial Times]]''|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2005|7|}}''' |event= China drops the U.S. dollar peg by fixing the renminbi’s exchange rate to a trade-weighted currency basket<ref name="intrendb">{{cite web|last=Joachim Nagel|title=The Internationalisation of the Renminbi|url=http://www.bundesbank.de/Redaktion/EN/Reden/2013/2013_07_03_nagel.html|publisher=[[Deutsche Bundesbank]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2007|7|}}''' |event= China issues its first batch of [[Dim sum bond|RMB-denominated bonds]] outside [[Mainland China|mainland territory]]<ref>{{cite web|title=CDB to issue 5 bln yuan RMB bond in HK|url=http://english.gov.cn/2007-06/26/content_662569.htm|publisher=gov.cn|accessdate=2013-10-10}}</ref>}}

[[File:Putin wenjiabao1.jpeg|thumb|center|On November 24, 2010, [[Vladimir Putin]] announces that Russia's bilateral trade with China will be settled in [[Russian ruble|ruble]] and [[Chinese yuan|yuan]], instead of [[United States dollar|U.S. dollar]]s.<ref>{{cite news|title=Quotes of the Day|url=http://content.time.com/time/quotes/0,26174,2033058,00.html|publisher=''[[Time (magazine)]]''|accessdate=2013-10-13|date=2010-11-24}}</ref>]]

* {{Timeline-event |date='''{{Start date|2010|12|15}}''' |event= The renminbi begins to trade against the ruble on the [[Moscow Interbank Currency Exchange]]<ref>{{cite news|last=Emma O’Brien & Artyom Danielyan|title=Yuan-Ruble Trading Starts on Moscow's Micex as Russia, China Shun Dollar|url=http://www.bloomberg.com/news/2010-12-15/yuan-ruble-trade-starts-in-moscow-as-russia-china-seek-to-cut-dollar-use.html|publisher=[[Bloomberg News]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2011|12}}''' |event= China and Japan unveil plans to exchange each others' currencies directly<ref>{{cite news|title=China and Japan plan direct currency exchange agreement|url=http://www.bbc.co.uk/news/business-16330574|publisher=BBC|accessdate=2013-10-13|date=2011-12-26}}</ref> }}
* {{Timeline-event |date='''{{Start date|2012|6|}}''' |event= The renminbi begins to trade against the Japanese [[Japanese yen|yen]] in Tokyo and Shanghai<ref>{{cite web|last=Kosuke Takahashi|title=Japan, China bypass US in currency trade|url=http://www.atimes.com/atimes/Japan/NF02Dh01.html|publisher=[[Asia Times Online]]|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2013|4|10}}''' |event= The renminbi begins to trade against the [[Australian dollar]] on the Australian [[foreign exchange market]]<ref>{{cite web|title=China and Australia Announce Direct Currency Trading|url=http://pandora.nla.gov.au/pan/121064/20130621-0000/www.pm.gov.au/press-office/china-and-australia-announce-direct-currency-trading.html|publisher=[[National Library of Australia]]|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2013|6}}''' |event= The [[Bank of England]] signs a currency swap agreement with the PBOC for ¥200 billion<ref>{{cite news|title=UK and China in £21bn currency swap deal|url=http://www.bbc.co.uk/news/business-23020718|publisher=[[BBC]]|accessdate=2013-10-13|date=2013-06-23}}</ref> }}

[[File:George Osborne in China.jpg|thumb|center|On October 15, 2013, the [[Chancellor of the Exchequer|British Chancellor of the Exchequer]] [[George Osborne]] announces that the [[pound sterling]] and the renminbi will be traded directly in [[London]] and [[Shanghai]].<ref>{{cite web|title=Chancellor George Osborne cements London as renminbi hub|url=http://www.ft.com/intl/cms/s/0/9579f608-356e-11e3-b539-00144feab7de.html|publisher=''[[Financial Times]]''|quote= The two countries agreed to allow direct renminbi-sterling trading in Shanghai and offshore, making the pound the fourth currency to trade directly against the renminbi, while Chinese banks will be permitted to set up branches in London.}}</ref>]]

* {{Timeline-event |date='''{{Start date|2013|8}}''' |event= The renminbi becomes the world's 8th most widely traded currency<ref name="swift2013"/>}}
* {{Timeline-event |date='''{{Start date|2013|10}}''' |event= The [[European Central Bank]] signs a currency swap agreement with the PBOC for ¥350 billion<ref>{{cite web|title=ECB and the People’s Bank of China establish a bilateral currency swap agreement|url=http://www.ecb.europa.eu/press/pr/date/2013/html/pr131010.en.html|publisher=[[European Central Bank]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2015|1}}''' |event= The renminbi becomes the world's 5th most widely traded currency<ref name="swift2015"/>}}
* {{Timeline-event |date='''{{Start date|2015|10}}''' |event= The [[China International Payments System ]] (CIPS) is launched<ref name="CNTV-2015-10-15-CIPS">{{cite web
|author= Tom McGregor
|title= China international payments system goes into action
|url= http://english.cntv.cn/2015/10/15/ARTI1444888930837650.shtml
|publisher= [[CNTV]] |date= 2015-10-15
}}</ref><ref name="FT-2015-10-08-CIPS">{{cite web
|author= Gabriel Wildau
|title= China launch of renminbi payments system reflects Swift spying concerns
|url= http://www.ft.com/cms/s/0/84241292-66a1-11e5-a155-02b6f8af6a62.html
|publisher= ''[[Financial Times]]'' |date= 2015-10-08
}}</ref>
}}
* {{Timeline-event |date='''{{Start date|2015|11|30}}''' |event=The [[International Monetary Fund]] decided that the Renminbi (10.92%) will be added to the [[Special drawing rights]] (SDR)'s basket effective October 1, 2016<ref>{{cite web|url=http://www.imf.org/external/np/sec/pr/2015/pr15540.htm|title=Press release|publisher=International Monetary Fund}}</ref>
}}
|}

===International trade===
Before 2009, the Chinese renminbi had little to no exposure in the international markets because of strict government controls by the central Chinese government that prohibited almost all export of the currency, or use of it in international transactions. Transactions between Chinese companies and a foreign entity were generally denominated in [[US dollar]]s. With Chinese companies unable to hold US dollars and foreign companies unable to hold Chinese yuan, all transactions would go through the [[People's Bank of China]]. Once the sum was paid by the foreign party in dollars, the central bank would pass the settlement in renminbi to the Chinese company at the state-controlled exchange rate.

In June 2009 the Chinese officials announced a pilot scheme where business and trade transactions were allowed between limited businesses in [[Guangdong]] province and [[Shanghai]], and only counterparties in [[Hong Kong]], [[Macau]], and select [[ASEAN]] nations. Proving a success,{{Citation needed|date=July 2011}} the program was further extended to 20 Chinese provinces and counterparties internationally in July 2010, and in September 2011 it was announced that the remaining 11 Chinese provinces would be included.

In steps intended to establish the renminbi as an international [[reserve currency]], China has agreements with [[Russia]], [[Vietnam]], [[Sri Lanka]], [[Thailand]], and [[Japan]], allowing trade with those countries to be settled directly in renminbi instead of requiring conversion to US dollars, with [[Australia]] and [[South Africa]] to follow soon.<ref>{{cite news |url=http://www.nytimes.com/2011/02/11/business/global/11yuan.html |title=In China, Tentative Steps Toward a Global Currency |first=David |last=Barboza |work=The New York Times |date=2011-02-11}}</ref><ref>{{cite web |url=http://news.xinhuanet.com/english/video/2012-05/30/c_131620286.htm |title=China, Japan to launch yuan-yen direct trading |last1= |first1= |last2= |first2= |date=2012-05-30 |work= |publisher=[[Xinhuanet]] |accessdate=2012-06-10 }}</ref><ref>{{cite web |url=http://www.abc.net.au/news/2013-04-08/pm-flags-dollar-yuan-currency-deal/4615882 |title=ANZ, Westpac to lead Chinese currency conversion|last1= |first1=|last2= |first2=|date=2013-04-08 |work=|publisher=[[Australian Broadcasting Corporation]] |accessdate=2013-04-08}}</ref><ref>{{cite web |url=http://www.cbsl.gov.lk/pics_n_docs/09_lr/_docs/directions/bsd/BSD_2011/bsd_BO_2011_1.pdf |title=Designated Foreign Currencies - Central Bank of Sri Lanka |last1= |first1= |last2= |first2= |date=2011-10-27 |work= |publisher=[[Central Bank of Sri Lanka]] |accessdate=2014-01-24 }}</ref><ref>{{cite web |url=http://news.xinhuanet.com/english/2015-07/08/c_134394394.htm |title=Bank of China to serve as yuan clearing bank in S. Africa|last1= |first1=|last2= |first2=|date=2015-07-08 |work=|publisher=[[Xinhua]] |accessdate=2015-07-22}}</ref>

===International reserve currency===
Currency restrictions regarding renminbi denominated bank deposits and financial products were greatly liberalized in July 2010.<ref>{{cite news |url=http://www.ft.com/cms/s/0/2ff1d6ea-9a65-11df-87fd-00144feab49a.html |title=China revs up renminbi expansion |first=Robert |last=Cookson |work=The Financial Times |date=2010-07-28}}</ref> In 2010 renminbi denominated bonds were reported to have been purchased by Malaysia's central bank<ref>{{cite news |url=http://www.ft.com/cms/s/0/fecc16fc-c417-11df-b827-00144feab49a.html |title=Malaysian bond boost for renminbi |first1=Kevin |last1=Brown |first2=Robert |last2=Cookson |first3=Geoff |last3=Dyer |work=[[The Financial Times]] |location=Asia-Pacific |date=2010-09-19 |accessdate=2013-10-07}}</ref> and that [[McDonald's]] had issued renminbi denominated [[corporate bond]]s through [[Standard Chartered Bank]] of Hong Kong.<ref>[http://english.cri.cn/6826/2010/08/19/1821s589555.htm " McDonald's RMB Corporate Bond Launched in HK"] 2010-08-19 [[Xinhua]] Web Editor: Xu Leiying, accessed 2013-10-07</ref> Such liberalization allows the yuan to look more attractive as it can be held with higher return on investment yields, whereas previously that yield was virtually none. Nevertheless, some national banks such as [[Bank of Thailand]] (BOT) have expressed a serious concern about RMB since BOT cannot substitute the deprecated US dollars in its US$200 billion foreign exchange reserves for renminbi as much as it wishes because:
#The Chinese government has not taken full responsibilities and commitments on economic affairs at global levels.
#Renminbi still has not become well-liquidated (fully convertible) yet.
#The Chinese government still lacks deep and wide vision about how to perform fund-raising to handle international loans at global levels.<ref>{{cite web|url=http://www.mcot.net/cfcustom/cache_page/202740.html|title=ธปท.หาทางถ่วงน้ำหนักทุนสำรองหลังดอลลาร์สหรัฐผันผวน |trans_title=BOT. Weighted for the reserves after the US dollar volatility. | publisher=[[MCOT]]|accessdate=2011-04-30}}</ref>

To meet IMF requirements, China gave up some of its tight control over the currency.<ref>[http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?hpw&rref=business&action=click&pgtype=Homepage&module=well-region&region=bottom-well&WT.nav=bottom-well&_r=0 China renminbi reserve currency]</ref>

Countries that are left-leaning in the political spectrum had aleady begun to use the renminbi as an alternative reserve currency to the United States dollar; the [[Central Bank of Chile]] reported in 2011 to have US$91 million worth of renminbi in reserves, and the president of the [[Central Bank of Venezuela]], Nelson Merentes, made statements in favour of the renminbi following the announcement of reserve withdrawals from Europe and the United States.<ref>{{cite news |first=Diego |last=Laje |date=2011-09-29 |url=http://business.blogs.cnn.com/2011/09/29/china-yuan-moving-toward-global-currency/ |title=China's yuan moving toward global currency? |work=CNN Business}}</ref>

===Use as a currency outside mainland China===
The two [[Special Administrative Region of the People's Republic of China|special administrative regions]], [[Hong Kong]] and [[Macau]], have their own respective currencies, according to the "[[one country, two systems]]" principle and the [[basic law]]s of the two territories.<ref>{{cite web | date= 1990-04-04 | url= http://www.info.gov.hk/basic_law/fulltext/content0202.htm | title= The Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China | accessdate=2007-03-23 | quote = Article 18: National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III to this Law.}}</ref><ref>{{cite web | date= 1993-03-31 | url= http://www.umac.mo/basiclaw/english/ch2.html | title= The Basic Law of the Macao Special Administrative Region of the People's Republic of China | accessdate=2007-03-23 | quote = Article 18: National laws shall not be applied in the Macao Special Administrative Region except for those listed in Annex m to this Law. }}</ref> Therefore, the [[Hong Kong dollar]] and the [[Macanese pataca]] remain the legal tenders in the two territories, and renminbi, although sometimes accepted, is not legal tender. Banks in Hong Kong allow people to maintain accounts in RMB.<ref>{{cite news | title=Hong Kong banks to conduct personal renminbi business on trial basis | url=http://www.info.gov.hk/hkma/eng/press/2003/20031118e4.htm | publisher=Hong Kong Monetary Authority | date=2003-11-18 | accessdate=2007-03-22}}</ref> Because of changes in legislation in July 2010, many banks around the world<ref>{{cite news | title=Bank of China New York Offers Renminbi Deposits | url=http://www.bocusa.com/portal/Info?id=652&lang=1& | accessdate=2011-02-15}}</ref> are now slowly offering individuals the chance to hold deposits in Chinese renminbi.

The RMB had a presence in Macau even before the 1999 return to the People's Republic of China from [[Portugal]]. Banks in Macau can issue credit cards based on the renminbi, but not loans. Renminbi-based credit cards cannot be used in Macau's [[casino]]s.<ref>{{cite news | title=Macao gets green light for RMB services | url=http://www.chinadaily.com.cn/english/doc/2004-08/05/content_359235.htm | publisher=China Daily | date=2004-08-05 | accessdate=2007-03-22}}</ref>

The [[Republic of China]], which governs [[Taiwan]], believes wide usage of the renminbi would create an [[Black market|underground economy]] and undermine its [[sovereignty]].<ref>{{cite news|title=Regular Press Briefing of the Mainland Affairs Council |url=http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm |publisher=Mainland Affairs Council |date=5 January 2007 |accessdate=2007-03-21 |deadurl=yes |archiveurl=https://web.archive.org/20070927003905/http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm |archivedate=2007-09-27}}</ref> Tourists are allowed to bring in up to ¥20,000 when visiting Taiwan. These renminbi must be converted to the [[New Taiwan dollar]] at trial exchange sites in [[Matsu Islands|Matsu]] and [[Kinmen]].<ref>{{cite news | title=CBC head urges immediate liberalization of reminbi conversion | url=http://www.taiwanheadlines.gov.tw/ct.asp?xItem=56017&ctNode=6 | publisher=Government Information Office, Taiwan | date=2006-12-26 | accessdate=2007-03-21}}</ref> The [[Chen Shui-bian]] administration insisted that it would not allow full [[convertibility]] until the mainland signs a bilateral foreign exchange settlement agreement,<ref>{{cite news | title=Taiwan prepares to allow renminbi exchange | url=http://www.ft.com/cms/s/13eecafa-9acf-11db-bbd2-0000779e2340.html | publisher=Financial Times | date=3 January 2007 | accessdate=2007-03-13}}</ref> though president [[Ma Ying-jeou]] has pledged to allow full convertibility as soon as possible.

The renminbi circulates<ref name=peoplesdaily/> in some of China's neighbors, such as [[Pakistan]], [[Mongolia]]<ref name=takungpao>{{cite web |url= http://www.takungpao.com/news/09/05/06/_IN-1077521.htm |title= 人民幣在蒙古國被普遍使用 |publisher= ''[[Ta Kung Pao]]'' (大公報) |date= 2009-05-06 }}{{deadlink|date=January 2016}}</ref><ref>{{cite news|title=Widely used in Mongolia |url=http://chinanewswrap.com/2009/05/07/mongolians-prefer-the-renminbi-to-the-us-dollar |publisher=chinanewswrap.com |date=2009-05-07 |deadurl=yes |archiveurl=https://web.archive.org/20120225141710/http://chinanewswrap.com/2009/05/07/mongolians-prefer-the-renminbi-to-the-us-dollar |archivedate=2012-02-25}}</ref> and northern [[Thailand]].<ref>{{cite news | title=Asian Monetary Cooperation: Perspective of RMB Asianalization | url= http://www.newasiaforum.org/china_zhang_runlin.pdf}}</ref> [[Cambodia]] welcomes the renminbi as an official currency and [[Laos]] and [[Myanmar]] allow it in border provinces.<ref name=peoplesdaily/> Though unofficial,{{Clarify|date=August 2010}} [[Vietnam]] recognizes the exchange of the renminbi to the [[Vietnamese đồng|đồng]].<ref name=peoplesdaily>{{cite news | title=RMB increases its influence in neighbouring areas | url=http://english.peopledaily.com.cn/200402/17/eng20040217_134974.shtml | publisher=[[People's Daily]] | date=2004-02-17 | accessdate=2007-01-13}}</ref>

Since 2007, RMB-nominated bonds are issued outside mainland China; these are colloquially called "[[dim sum]] bonds". In April 2011, the first [[Initial Public Offering]] denominated in renminbi occurred in Hong Kong, when the Chinese property investment trust [[Hui Xian]] raised ¥10.48 billion ($1.6 billion) in its IPO. [[Beijing]] has allowed renminbi-denominated financial markets to develop in Hong Kong as part of the effort to internationalise the renminbi.<ref>{{cite news |title=Hong Kong's first renminbi IPO raises $1.6bn |url=http://www.ft.com/cms/s/0/39d32174-6af2-11e0-9744-00144feab49a.html?ftcamp=rss#axzz1K40sg22y |newspaper=Financial Times |date= }}</ref>

===Other markets===
Since currency flows in and out of mainland China are still restricted, RMB traded in off-shore markets (known as CNH), such as the Hong Kong market, can have a different value to RMB traded on the mainland. Other RMB markets include the dollar-settled non-deliverable forward (NDF) and the trade-settlement exchange rate (CNT).<ref>{{cite web|url=http://www.research.hsbc.com/midas/Res/RDV?p=pdf&key=UHa14N6Tu3&n=282753.PDF |title=The offshore renminbi| publisher=HSBC |accessdate=2012-07-14 |date=2010-12-01 |last1=Hui |first1=Daniel |last2=Bunning |first2=Dominic}}</ref>

==Value==
{{Main|Renminbi currency value}}
[[File:USD rate to CNY.svg|thumb|300px|left|1 USD to RMB, since 1981]]
For most of its early history, the RMB was [[Fixed exchange rate|pegged]] to the U.S. dollar at ¥2.46 per USD (note: during the 1970s, it was revalued until it reached ¥1.50 per USD in 1980). When China's economy gradually opened in the 1980s, the RMB was devalued in order to improve the competitiveness of Chinese exports. Thus, the official exchange rate increased from ¥1.50 in 1980 to ¥8.62 by 1994 (the lowest rate on record). Improving current account balance during the latter half of the 1990s enabled the Chinese government to maintain a peg of ¥8.27 per USD from 1997 to 2005.

The RMB reached a record high exchange value of ¥6.0395 to the U.S. dollar on 14 January 2014.<ref>{{cite web|url=http://www.binarytribune.com/day-trading-academy/chinese-yuan-currency-profile-part-ii|work=Binary Tribune| title=Profile of China's Yuan – Characteristics and Economic Indicators}}</ref> Chinese leadership have been raising the yuan to tame inflation, a step U.S. officials have pushed for years to help repair the massive trade deficit with China.<ref>Yahoo Finance, [http://finance.yahoo.com/news/Dollar-extends-slide-on-views-apf-3112272241.html?x=0&sec=topStories&pos=7&asset=&ccode= Dollar extends slide on views of low US rates]. Retrieved 2011-04-29.</ref>

In 2015 the [[Chinese Central Bank]] again devalued their country's currency. As of 1 September 2015, the exchange rate for 1 USD is ¥6.37.

===Depegged from the U.S. dollar===
On July 21, 2005, the peg was finally lifted, which saw an immediate one-off RMB revaluation to ¥8.11 per USD.<ref>{{cite web | date=2005-07-21 | url= http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=542 | title= Public Announcement of the People's Bank of China on Reforming the RMB Exchange Rate Regime}}</ref> The exchange rate against the [[euro]] stood at ¥10.07060 yuan per euro.

However the peg was reinstituted unofficially when the financial crisis hit: "Under intense pressure from Washington, China took small steps to allow its currency to strengthen for three years starting in July 2005. But China 're-pegged' its currency to the dollar as the financial crisis intensified in July 2008."<ref>{{cite web | date=2010-06-10 | url= http://www.marketwatch.com/story/geithner-takes-strong-stand-on-china-currency-2010-06-10?pagenumber=1 | title= 'Critically important' that China move on currency: Geithner. Treasury chief says he shares Congress' ire over dollar peg}}</ref>

On June 19, 2010, the People’s Bank of China released a statement simultaneously in Chinese and English indicating that they would "proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility."<ref>[http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 Further reform of the RMB exchange rate regime and enhancing the RNM exchange rate flexibility] {{wayback|url=http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 |date=20150403104144 |df=y }}</ref> The news was greeted with praise by world leaders including [[Barack Obama]], [[Nicolas Sarkozy]] and [[Stephen Harper]].<ref>{{cite news | title = Global Leaders Welcome China's Yuan Plan | url = http://online.wsj.com/article/SB10001424052748704365204575316512609162050.html?mod=WSJ_Markets_LeadStory| publisher = Wall Street Journal | first1=Michael M. | last1=Phillips | first2=Ian | last2=Talley | date=2010-06-21}}</ref> The [[People's Bank of China|PBoC]] maintained there would be no "large swings" in the currency. The RMB rose to its highest level in five years and markets worldwide surged on Monday, June 21 following China's announcement.<ref>{{cite web | title = World stocks soar after Chinese move on yuan | url = http://www.google.com/hostednews/afp/article/ALeqM5gTL-hG_nDdnmwzgwNuP51AVtVbqQ}}</ref>

In August 2015, Joseph Adinolfi, a reporter for [[MarketWatch]], reported that China had re-pegged the RMB. In his article, he narrated that "Weak trade data out of China, released over the weekend, weighed on the currencies of Australia and New Zealand on Monday. But the yuan didn’t budge. Indeed, the Chinese currency, also known as the renminbi, has been remarkably steady over the past month despite the huge selloff in China’s stock market and a spate of disappointing economic data. Market strategists, including Simon Derrick, chief currency strategist at BNY Mellon, and Marc Chandler, head currency strategist at Brown Brothers Harriman, said that’s because China’s policy makers have effectively re-pegged the yuan. “When I look at the dollar-renminbi right now, that looks like a fixed exchange rate again. They’ve re-pegged it,” Chandler said."<ref>{{cite news |url=http://www.marketwatch.com/story/china-has-effectively-re-pegged-the-yuan-2015-08-10 | title=China has effectively re-pegged the yuan |first=Joseph |last=Adinolfi |work=Market Watch |date=2015-08-10 |accessdate=2015-11-28}}</ref>

China has shifted some of its reserves from U.S. dollar accounts to accounts in its competitor nations,{{Citation needed|date=January 2010}} leading these other nations to invest in dollars to keep their own currencies down.{{Citation needed|date=January 2010}}<ref>{{cite news |first1=Jonathan |last1=Wheatley |first2=Peter |last2=Garnham |url=http://www.cnbc.com/id/39394429/Brazil_in_International_Currency_War_Finance_Minister |title=Brazil in 'International Currency War': Finance Minister |work=Financial Times |date=2010-09-28}}</ref>

===Managed float===
The RMB has now moved to a [[Floating exchange rate|managed floating exchange rate]] based on market supply and demand with reference to a [[Currency basket|basket]] of foreign currencies. In July 2005, the daily trading price of the U.S. dollar against the RMB in the inter-bank foreign exchange market was allowed to float within a narrow band of 0.3% around the central parity <ref>{{cite web|last1=KWAN|first1=C.H.|url=http://www.rieti.go.jp/en/columns/a01_0179.html|publisher=RIETI|title=How China's managed floating system under BBC rules actually works}}</ref> published by the [[People's Bank of China]]; in a later announcement published on May 18, 2007, the band was extended to 0.5%.<ref>{{cite web | date=2007-05-18 | url= http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=837 | title= Public Announcement of the People's Bank of China on Enlarging the Floating Band of the RMB Trading Prices against the US Dollar in the Inter-bank Spot Foreign Exchange Market}}</ref> On April 14, 2012, the band was extended to 1.0%.<ref>{{cite web | date=2012-04-14 | url= http://articles.marketwatch.com/2012-04-14/markets/31340930_1_china-economist-yuan-renminbi | title= China to widen daily yuan band vs. dollar to 1%}}</ref> On March 17, 2014, the band was extended to 2%.<ref>{{cite news|last=Wang|first=Wynne|url=http://online.wsj.com/news/articles/SB10001424052702304026304579450152960381232?KEYWORDS=yuan+2+band+march&mg=reno64-wsj | newspaper = The Wall Street Journal|title=China's Yuan Falls Further Against Dollar}}</ref> China has stated that the basket is dominated by the [[United States dollar]], [[euro]], [[Japanese yen]] and [[South Korean won]], with a smaller proportion made up of the [[Pound sterling|British pound]], [[Thai baht]], [[Russian ruble]], [[Australian dollar]], [[Canadian dollar]] and [[Singapore dollar]].<ref>{{cite web | date=2005-08-10 | url= http://www.chinanews.com.cn/news/2005/2005-08-10/26/610367.shtml | title= 央行行长周小川在央行上海总部揭牌仪式上的讲话}}</ref>

On April 10, 2008, it traded at ¥6.9920 per US dollar, which was the first time in more than a decade that a dollar had bought less than seven yuan,<ref>{{cite news|url=http://www.nytimes.com/2008/04/10/business/worldbusiness/10cnd-yuan.html|title=Yuan Hits Milestone Against Dollar|author=David Barboza|publisher=New York Times|date=2008-04-10|accessdate=2008-04-11}}</ref> and at 11.03630 yuan per euro.

Beginning in January 2010, Chinese and non-Chinese citizens have an annual exchange limit of a maximum of US$50,000. Exchange will only proceed if the applicant appears in person at the relevant bank and presents his passport or his Chinese ID; these deals are being centrally registered. The maximum dollar withdrawal is $10,000 per day, the maximum purchase limit of USD is $500 per day. This stringent management of the currency leads to a bottled-up demand for exchange in both directions. It is viewed as a major tool to keep the currency peg, preventing inflows of '[[hot money]]'.

A shift of Chinese reserves into the currencies of their other trading partners has caused these nations to shift more of their reserves into dollars, leading to no great change in the value of the renminbi against the dollar.<ref>{{cite news |last=Frangos |first=Alex |url=http://blogs.wsj.com/japanrealtime/2010/09/16/dont-worry-about-china-japan-will-finance-us-debt/ |title=Don’t Worry About China, Japan Will Finance U.S. Debt |work=The Wall Street Journal |date=2010-09-16}}</ref>

===Futures market===
Renminbi [[Futures contract|futures]] are traded at the [[Chicago Mercantile Exchange]]. The futures are cash-settled at the exchange rate published by the People's Bank of China.<ref>{{cite web|url=http://www.cmegroup.com/rulebook/CME/III/250/270/270.pdf|title=Chinese Renminbi Futures|publisher=CME Group|accessdate=2010-02-19}}</ref>

===Purchasing power parity===
Scholarly studies suggest that the yuan is undervalued on the basis of [[purchasing power parity]] analysis. One recent study suggests a 37.5% undervaluation.<ref name="Lipman 2011"/>

* The [[World Bank]] estimated that, by purchasing power parity, one [[Geary–Khamis dollar|International dollar]] was equivalent to approximately ¥1.9 in 2004.<ref>[http://devdata.worldbank.org/wdi2006/contents/Table4_14.htm World Bank: ''World Development Indicators 2006''] {{wayback|url=http://devdata.worldbank.org/wdi2006/contents/Table4_14.htm |date=20100710061859 |df=y }}</ref>
* The [[International Monetary Fund]] estimated that, by purchasing power parity, one International dollar was equivalent to approximately ¥3.462 in 2006, ¥3.621 in 2007, ¥3.798 in 2008, ¥3.872 in 2009, ¥3.922 in 2010, ¥3.946 in 2011, ¥3.952 in 2012, ¥3.944 in 2013 and ¥3.937 in 2014.<ref>{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weorept.aspx?pr.x=41&pr.y=7&sy=2006&ey=2014&scsm=1&ssd=1&sort=country&ds=.&br=1&c=924&s=PPPEX&grp=0&a= |title=World Economic Outlook Database, April 2009 |publisher=IMF |accessdate=2015-01-06}}</ref>

The People’s Bank of China lowered the renminbi’s daily fix to the US dollar by 1.9 per cent to ¥6.2298 on August 11, 2015.

{{Exchange rate|CNY|INR|RUB|style=navbox}}

== See also ==
* [[China Banknote Printing and Minting Corporation]] (CBPMC)
* [[Chinese lunar coins]]
* [[Economy of China]]
* [[List of renminbi exchange rates]]

== References ==
{{reflist|30em}}

== Further reading ==
{{refbegin}}
* Ansgar Belke, Christian Dreger und Georg Erber: ''Reduction of Global Trade Imbalances: Does China Have to Revalue Its Currency?'' In: ''Weekly Report.'' 6/2010, Nr. 30, 2010, {{ISSN|1860-3343}}, S. 222–229 ([http://www.diw.de/documents/publikationen/73/diw_01.c.363191.de/diw_wr_2010-30.pdf PDF-File; DIW Online]).
* Dr Hai Xin (2012). ''[http://www.rmbhandbook.com/ The RMB Handbook]: Trading, Investing and Hedging'', Risk books. ISBN 978-1906348816
* {{numis cite SCWC|date=1991}}
* {{numis cite SCWPM|date=1994}}
{{refend}}

== External links ==
{{commons category|Money of China}}
* [http://www.thebeijingguide.com/money/money3.html Photographs of all Chinese currency and sound of pronunciation in Chinese]
* [http://www.bbc.co.uk/news/10413076 Stephen Mulvey, Why China's currency has two names - BBC News, 2010-06-26]

{{Chinese currency and coinage}}
{{Currencies of Asia}}
{{Economy of China}}
{{China topics|state=autocollapse}}

{{Authority control}}

[[Category:Currencies of China]]
[[Category:1949 introductions]]
[[Category:Renminbi| ]]

Renminbi

2016-03-09T21:31:39Z

190.41.129.105: /* Value */

{{Redirect4|CNY|RMB}}
{{Redirect|Chinese money|Ancient Chinese currency|Ancient Chinese coinage}}
{{refimprove|date=August 2014}}
{{Use British English|date=December 2014}}
{{Use dmy dates|date=December 2014}}
{{Infobox currency
|currency_name_in_local = {{native name|zh-cn|人民币|italics=no}}
|image_1 = Renminbi_banknotes.JPG
|image_title_1 = Renminbi banknotes of the 2005 series
|iso_code = CNY
|using_countries = {{flagicon|China}} [[China]] {{flag|Zimbabwe}}<ref name="bbc">{{cite web |url= http://www.bbc.com/news/world-africa-26034078 |title= Zimbabwe’s multi-currency confusion |publisher= BBC |accessdate= 2014-07-22 |author= Hungwe, Brian}}</ref><ref>{{cite web |url= http://www.theguardian.com/world/2015/dec/22/zimbabwe-to-make-chinese-yuan-legal-currency-after-beijing-cancels-debts?CMP=Share_iOSApp_Other |title= Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts |publisher= ''The Guardian'' |date= 2015-12-21 |accessdate= 2015-12-26 }}</ref>
|unofficial_users = ''{{flag|Hong Kong}}'' ''{{flag|Macau}}'' {{flag|Mongolia}}<ref name=peoplesdaily/> {{flag|North Korea}}<ref name=peoplesdaily/> {{flag|Myanmar}} (in [[Kokang]] and [[Wa State|Wa]]) {{flag|Vietnam}} (border area)
|inflation_rate = 2%, October 2014
|inflation_source_date = ''[http://www.bbc.co.uk/news/business-20263978 BBC News]''
|inflation_method = [[Consumer price index|CPI]]
|pegged_with = Partially, to a basket of trade-weighted international currencies
|subunit_ratio_1 = 1
|subunit_name_1 = yuán ({{lang|zh|元,圆}})
|subunit_ratio_2 = {{frac|10}}
|subunit_name_2 = jiǎo ({{lang|zh|角}})
|subunit_ratio_3 = {{frac|100}}
|subunit_name_3 = fēn ({{lang|zh|分}})
|symbol = [[¥]]
|nickname = none
|nickname_subunit_1 = kuài ({{lang|zh|块}})
|nickname_subunit_2 = máo ({{lang|zh|毛}})
|no_plural = Y
|rarely_used_coins = ¥0.01, ¥0.02, ¥0.05
|frequently_used_coins = ¥0.1, ¥0.5, ¥1
|frequently_used_banknotes = ¥0.1, ¥0.2, ¥0.5, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
|rarely_used_banknotes = ¥2
|issuing_authority = [[People's Bank of China]]
|issuing_authority_website = {{URL|http://www.pbc.gov.cn/}}
}}
{{Infobox Chinese
|title = Renminbi
|s = 人民币
|t = 人民幣
|showflag = stp
|p = Rénmínbì
|w = Jenminpi
|j = Jan4 Man4 Bai6
|altname = Yuan
|s = 圆 (or 元)
|t = 圓 (or 元)
|p2 = Yuán
|w2 = Yüan
|j2 = Jyun4
|order = st
}}
The '''renminbi''' is the official [[currency]] of the [[China|People's Republic of China]]. The name ({{zh|s=人民币|t=人民幣|p=rénmínbì}}) literally means "people's currency". The [[Chinese yuan|yuan]] ({{zh|s=元/圆|p=yuán}}) ([[currency sign|sign]]: [[¥]]) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts. The distinction between the terms ''renminbi'' and ''yuan'' is similar to that between ''[[Pound sterling|sterling]]'' and ''[[Pound sterling|pound]]'', which respectively refer to the British currency and its primary unit.<ref>{{cite news|last1=Mulvey|first1=Stephen|title=Why China's currency has two names|url=http://www.bbc.co.uk/news/10413076|work=BBC News|date=2010-06-26}}</ref> One yuan is subdivided into 10 ''[[Jiao (currency)|jiao]]'' ({{zh|s=角|p=jiǎo}}), and a ''jiao'' in turn is subdivided into 10 ''[[Chinese fen|fen]]'' ({{zh|s=分|p=fēn}}).

The [[ISO 4217|ISO code]] for ''renminbi'' (which may also be used for the yuan) is '''CNY''' (an abbreviation for "Chinese yuan"), or also '''CNH''' when traded in off-shore markets such as [[Hong Kong]].<ref>{{cite news | url=http://www.businessinsider.com/chinese-yuans-largest-drop-against-usd-since-2005-2014-2 | title=Chinese yuan's drop is largest since its 2005 currency revaluation | first=Mamta | last=Badkar | work=Business Insider | date=2014-02-27 | accessdate=2014-03-03 }}</ref> The currency is often abbreviated '''RMB''', or indicated by the yuan sign '''¥'''. The latter may be written '''CN¥''' to distinguish it from other currencies with the same symbol (such as the [[Japanese yen]]). {{citation needed|reason=Cite request was made in March 2014, then removed by mistake. We still need a cite.|date=October 2014}} In Chinese texts the currency may also be indicated with the [[Chinese character]] for the yuan, {{lang|zh|圆}} (or {{lang|zh|元}} informally). The renminbi is [[legal tender]] in [[mainland China]], but not in Hong Kong or [[Macau]]. Renminbi is sometimes accepted in Hong Kong and Macau, and are easily exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB. The currency is issued by the [[People's Bank of China]], the monetary authority of China.<ref>Article 2, {{cite web
|date=2003-12-27
|url=http://www.cin.gov.cn/law/main/2004010802.htm
|title=The People's Bank of China Law of the People's Republic of China
}}</ref>

Until 2005, the value of the renminbi was [[fixed exchange rate|pegged]] to the [[United States dollar|US dollar]]. As China pursued its historical transition from [[centrally planned economy|central planning]] to a market economy, and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity ([[#Purchasing power parity|see below]]).<ref name="Lipman 2011">{{cite journal|last=Lipman|first=Joshua Klein|title=Law of Yuan Price: Estimating Equilibrium of the Renminbi|journal=Michigan Journal of Business|date=April 2011|volume=4|issue=2|url=http://michiganjb.org/issues/42/text42b.pdf|accessdate=2011-05-23}}</ref> More recently, however, appreciation actions by the Chinese government, as well as [[quantitative easing]] measures taken by the [[Federal Reserve]] and other major central banks, have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012.<ref>{{cite news| url=http://www.washingtonpost.com/business/economy/chinas-currency-rises-against-the-dollar/2012/09/28/790415be-099e-11e2-a10c-fa5a255a9258_story.html | work=The Washington Post | first=Howard | last=Schneider | title=Some experts say China's currency policy is not a danger to the U.S. economy | date=2012-09-29}}</ref> Since 2006, the renminbi exchange rate has been allowed to [[floating exchange rate|float]] in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. As a result of the rapid [[internationalization of the renminbi]], it became the world's 8th most traded currency in 2013,<ref name="swift2013">{{cite web|title=RMB now 8th most traded currency in the world|url=http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2013/PR_RMB_september.xml|publisher=[[Society for Worldwide Interbank Financial Telecommunication]]|date=2013-10-08}}</ref> and 5th in 2015.<ref name="swift2015">{{cite web|title=RMB breaks into the top five as a world payments currency|url=http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2015/PR_RMB_into_the_top_five.xml|publisher=[[Society for Worldwide Interbank Financial Telecommunication]]|date=2015-01-28}}</ref> The yuan will be included in the basket of currencies used by the IMF ([[reserve currency]]) in 2016.<ref>{{cite news |url=http://www.economist.com/news/business-and-finance/21679341-its-new-status-might-make-weaker-yuan-chinese-renminbi-joins-imfs |title=Chinese renminbi joins basket of currencies |work=The Economist |date=2015-11-30 |accessdate=2015-12-01}}</ref>

==History==
{{See also|History of Chinese currency}}
A variety of currencies circulated in China during the [[Republic of China (1912–1949)|Republic of China]] (ROC) era, most of which were denominated in the unit ''yuán'' (pronounced {{IPA|[jʏɛn˧˥]}}). Each was distinguished by a currency name, such as the ''fabi'' ("legal tender"), the "gold yuan," and the "silver yuan."

As the [[Communist Party of China]] took control of ever larger territories in the latter part of the [[Chinese Civil War]], its [[People's Bank of China]] began in 1948 to issue a unified currency for use in Communist-controlled territories. Also denominated in ''yuan'', this currency was identified by different names, including "People's Bank of China banknotes" ({{zh|t=中國人民銀行鈔票|s=中国人民银行钞票}}; from November 1948), "New Currency" ({{zh|t=新幣|s=新币}}; from December 1948), "People's Bank of China notes" ({{zh|t=中國人民銀行券|s=中国人民银行券}}; from January 1949), "People's Notes" (人民券, as an abbreviation of the last name), and finally "People's Currency", or "''renminbi''", from June 1949.<ref name="中华人民共和国第一套人民币概述">{{cite web|url=http://finance.sina.com.cn/money/collection/youbika/20050901/15471935211.shtml |title=中华人民共和国第一套人民币概述 |trans_title=People's Republic of China first RMB Overview |publisher=Sina |location=China |date= |accessdate=2012-04-06}}</ref>

==Convertibility==
During the era of the [[command economy]], the value of the renminbi was set to unrealistic values in exchange with western currency and severe currency exchange rules were put in place. With the opening of the mainland Chinese economy in 1978, a dual-track currency system was instituted, with renminbi usable only domestically, and with foreigners forced to use [[foreign exchange certificate]]s. The unrealistic levels at which [[exchange rate]]s were [[Fixed exchange rate|pegged]] led to a strong [[black market]] in currency transactions.

In the late 1980s and early 1990s, China worked to make the RMB more convertible. Through the use of swap centres, the exchange rate was brought to realistic levels and the dual track currency system was abolished.

As of 2013, the renminbi is convertible on [[current account]]s but not [[capital account]]s. The ultimate goal has been to make the RMB fully convertible. However, partly in response to the [[Asian financial crisis]] in 1998, China has been concerned that the mainland Chinese financial system would not be able to handle the potential rapid cross-border movements of [[hot money]], and as a result, as of 2012, the currency trades within a narrow band specified by the Chinese central government.

==Production and minting==
Renminbi currency production is carried out by a state owned corporation, [[China Banknote Printing and Minting Corporation]] ('''CBPMC'''; {{lang|zh|中国印钞造币总公司}}) headquartered in [[Beijing]].<ref>[http://www.cbpm.cn/English/ China Banknote Printing and Minting]</ref> CBPMC uses several printing, engraving and [[Mint (coin)|minting]] facilities around the country to produce banknotes and coins for subsequent distribution. Banknote printing facilities are based in Beijing, [[Shanghai]], [[Chengdu]], [[Xi'an]], [[Shijiazhuang]], and [[Nanchang]]. Mints are located in [[Nanjing]], Shanghai, and [[Shenyang]]. Also, high grade paper for the banknotes is produced at two facilities in [[Baoding]] and Kunshan. The Baoding facility is the largest facility in the world dedicated to developing banknote material according to its website.<ref>[http://www.cbpmc.com.cn/ssqy/bdyc/gyqy_fzlc.htm {{lang|zh|保定钞票纸厂}}] {{wayback|url=http://www.cbpmc.com.cn/ssqy/bdyc/gyqy_fzlc.htm |date=20090303133421 |df=y }}</ref> In addition, the [[People's Bank of China]] has its own printing technology research division that researches new techniques for creating banknotes and making counterfeiting more difficult.

===Current status===
As of 2013, renminbi banknotes are available in denominations from ¥0.1, ¥0.2, ¥0.5 (1, 2, and 5 jiao), ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, and ¥100 yuan. These denominations have been available since 1955, except for the 50 and 100 yuan notes (added in 1980) and 20 yuan notes (added in or after 1999). Coins are available in denominations from 1 fen to 1 yuan (¥0.01–1). Thus some denominations exist in both coins and banknotes. On rare occasions larger yuan coin denominations such as ¥5 have been issued to commemorate events but use of these outside of collecting has never been widespread.

The denomination of each banknote is printed in [[Chinese language|Chinese]]. The numbers themselves are printed in financial [[Chinese numeral]] characters, as well as [[Arabic numerals]]. The denomination and the words "People's Bank of China" are also printed in [[Mongolian language|Mongolian]], [[Standard Tibetan|Tibetan]], [[Uyghur language|Uyghur]] and [[Standard Zhuang|Zhuang]] on the back of each banknote, in addition to the boldface [[Hanyu Pinyin]] "Zhongguo Renmin Yinhang" (without tones). The right front of the note has a tactile representation of the denomination in [[Mainland Chinese Braille|Chinese Braille]] starting from the fourth series. See [[#Minority|corresponding section]] for detailed information.

The fen and jiao denominations have become increasingly unnecessary as prices have increased. Coins under ¥0.1 are used infrequently. Chinese retailers tend to avoid decimal values (such as ¥9.99), opting instead for integer values of yuan (such as ¥9 or ¥10).<ref>{{cite news | author = Coldness Kwan | title= Do you get one fen change at Origus? | url= http://www.chinadaily.com.cn/china/2007-03/06/content_821037.htm | publisher= China Daily | date=2007-03-06 | accessdate=2007-03-26 }}</ref>

On November 30, 2015, the [[International Monetary Fund|IMF]] voted to designate the renminbi as one of several main world currencies, thus including it in the basket of [[special drawing rights]]. The other main world currencies are the [[US dollar]], [[euro]], [[Pound sterling|British pound]], and [[Japanese yen]].<ref>{{cite news | author = KEITH BRADSHER | title= China’s Renminbi Is Approved by I.M.F. as a Main World Currency | url= http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?emc=dlbkpm&emc=edit_dlbkpm_20151130&nl=%3Fnl%3Ddlbk&nlid=64450146&_r=0 | publisher= NY Times | date=2015-11-30 | accessdate=2015-11-30 }}</ref>

===Issuance history===
The currency was introduced by the [[People's Bank of China]] in December 1948, about a year before the establishment of the People's Republic of China. It was issued only in paper money form at first, and replaced the various currencies circulating in the areas controlled by the [[Commuunist Party of China|Communists]]. One of the first tasks of the new government was to end the [[hyperinflation]] that had plagued China in the final years of the [[Kuomintang]] (KMT) era. That achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan.

====Coins====
In 1953, [[aluminium]] 1-, 2-, and 5-fen coins began being struck for circulation, and were first introduced in 1955. These depict the [[National Emblem of the People's Republic of China|national emblem]] on the [[Obverse and reverse|obverse]] (front) and the name and denomination framed by [[wheat]] stocks on the reverse (back). In 1980, [[brass]] 1-, 2-, and 5-jiao and [[cupro-nickel]] 1-yuan coins were added, although the 1 and 2 jiao were only produced until 1981, with the last 5 jiao and 1 yuan issued in 1985. All jiao coins depicted similar designs to the fen coins while the yuan depicted the [[Great Wall of China]]. In 1991, a new coinage was introduced, consisting of an aluminium 1 jiao, brass 5 jiao and nickel-clad-steel 1 yuan. These were smaller than the previous jiao and yuan coins and depicted flowers on the obverse and the national emblem on the reverse. Issuance of the aluminum 1- and 2-fen coins ceased in 1991, with that of the 5 fen halting in 1994. The small coins were still made for annual uncirculated [[Coin set|mint sets]] in limited quantities, and from the beginning of 2005 the 1-fen coin got a new lease on life by being issued again every year since then up to present. New designs of the 1 and 5 jiao and 1 yuan were again introduced in between 1999 and 2002, with the 1 jiao being significantly reduced in size. In 2005, the metallic composition of the 1 jiao was changed from aluminum to more durable [[nickel]]-plated [[steel]]. The frequency of usage of coins varies between different parts of China, with coins typically being more popular in urban areas, and small notes being more popular in rural areas. Older fen and large jiao coins are uncommonly still seen in circulation but are still valid in exchange.

====Banknotes====
As of 2016, there have been five series of renminbi banknotes issued by the People's Republic of China:
* The [[first series of the renminbi|first series of renminbi banknotes]] was issued on December 1, 1948, by the newly founded [[People's Bank of China]]. It introduced notes in denominations of 1, 5, 10, 20, 50, 100 and 1000 yuan. Notes for 200, 500, 5000 and 10,000 yuan followed in 1949, with 50,000 yuan notes added in 1950. A total of 62 different designs were issued. The notes were officially withdrawn on various dates between April 1 and May 10, 1955. The name "first series" was given retroactively in 1950, after work began to design a new series.<ref name="中华人民共和国第一套人民币概述"/>
:These first renminbi notes were printed with the words "[[People's Bank of China]]", "[[Republic of China]]", and the denomination, written in Chinese characters by [[Dong Biwu]].<ref>{{cite web|url=http://www.cjiyou.net/html/2007-10/34498.htm |title=中国最早的一张人民币 |publisher=Cjiyou.net |date=2007-10-22 |accessdate=2012-04-06}}</ref>
* The [[second series of the renminbi|second series of renminbi banknotes]] was introduced on 1 March 1955 (but dated 1953). Each note has the words "People's Bank of China" as well as the denomination in the [[Uyghur language|Uyghur]], [[Standard Tibetan|Tibetan]], [[Mongolian language|Mongolian]] and [[Standard Zhuang|Zhuang]] languages on the back, which has since appeared in each series of renminbi notes. The denominations available in banknotes were ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥3, ¥5 and ¥10. Except for the three fen denominations and the 3 yuan which were withdrawn, notes in these denominations continued to circulate. Good examples of this series have gained high status with banknote collectors.
* The [[third series of the renminbi|third series]] was introduced on April 15, 1962, though many denominations were dated 1960. New dates would be issued as stocks of older dates were gradually depleted. The sizes and design layout of the notes had changed but not the order of colors for each denomination. For the next two decades, the second and third series banknotes were used concurrently. The denominations were of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5 and ¥10. The third series was phased out during the 1990s and then was recalled completely on July 1, 2000.
* The [[fourth series of the renminbi|fourth series]] was introduced between 1987 and 1997, although the banknotes were dated 1980, 1990, or 1996. They are still legal tender. Banknotes are available in denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥50 and ¥100. Like previous issues, the color designation for already existing denominations remained in effect.
* The [[fifth series of the renminbi|fifth series of renminbi banknotes]] and coins was progressively introduced from 1999. This series also bears the years 2005 (all except ¥1) and 2015 (¥100 only). As of 2016, it includes banknotes for ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100. Significantly, the fifth series uses the portrait of [[Mao Zedong]] on all banknotes, in place of the various leaders and workers which had been featured previously. During this series new security features were added, the ¥2 denomination was discontinued, and the color pattern for each note was changed.

====Commemorative issues of the renminbi====
In 1999, a commemorative red ¥50 note was issued in honor of the 50th anniversary of the establishment of the People's Republic of China. This note features [[Mao Zedong]] on the front and various animals on the back.

An orange [[polymer banknote|polymer note]], and so far, China's only polymer note, commemorating the new millennium was issued in 2000 with a face value of ¥100. This features a [[Chinese dragon|dragon]] on the obverse and the reverse features the China Millennium monument (at the Center for Cultural and Scientific Fairs).

For the [[2008 Summer Olympics|2008 Beijing Olympics]], a green ¥10 note was issued featuring the [[Beijing National Stadium|Bird's Nest Stadium]] on the front with the back showing a classical Olympic [[discus]] thrower and various other athletes.

On November 26, 2015, the People's Bank of China issued a blue ¥100 commemorative note to commemorate aerospace science and technology.<ref>[http://banknotenews.com/files/e2786e68fc83280d97560edae1c1a155-3685.php China new 100-yuan aerospace commemorative note reported for 26.11.2015 introduction] BanknoteNews.com. November 6, 2015. Retrieved on 2015-11-18.</ref><ref>[http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2973267/index.html 中国人民银行公告〔2015〕第33号] The People's Bank of China (www.pbc.gov.cn). Retrieved on 2015-11-18.</ref>

====Suggested future design====
On March 13, 2006, some delegates to an advisory body at the [[National People's Congress]] proposed to include [[Sun Yat-sen]] and [[Deng Xiaoping]] on the renminbi banknotes. However, the proposal was not adopted.<ref>{{cite news|author= Quentin Sommerville|url=http://news.bbc.co.uk/2/hi/asia-pacific/4801486.stm|title=China mulls Mao banknote change|publisher=''BBC News, Shanghai''|date= 2006-03-13|accessdate=2007-03-18}}</ref>

=={{Anchor|Minority}}Use in minority regions==
[[File:RMB2-5yan-1B.gif|The [[second series of the renminbi]] had the most readable minority languages text, but no Zhuang text on it. Its issue of ¥0.1–¥0.5 even highlighted the Mongolian text.|thumb|right|300px]]
[[File:RMB10 PBOC languages.JPG|thumb|300px|right|"People's Bank of China Ten Yuan" written in 5 different languages. From top to bottom and left to right: [[Pinyin|Mandarin pinyin]], [[Mongolian language|Mongolian]], [[Standard Tibetan|Tibetan]], [[Uyghur language|Uyghur]], and [[Standard Zhuang|Zhuang]] languages.]]
[[File:RMB1-5000-3B.gif|thumb|right|300px|A special edition designed for [[Inner Mongolia]] in the [[first series of the renminbi]].]]

The renminbi yuan has different names when used in minority regions.
* {{Anchor|Mongols}}When used in [[Inner Mongolia]] and other [[Template:Mongol autonomy in the People's Republic of China|Mongol autonomies]], a yuan is called a '''tugreg''' ({{lang-mn|{{MongolUnicode|ᠲᠦᠭᠦᠷᠢᠭ᠌}}}} ''tügürig''). However, when used in the republic of [[Mongolia]], it is still named '''yuani''' ({{lang-mn|юань}}) to differentiate it from [[Mongolian tögrög]] ({{lang-mn|төгрөг}}). One Chinese tügürig (tugreg) is divided into 100 '''mönggü''' ({{lang-mn|{{MongolUnicode|ᠮᠥᠩᠭᠦ}}}}), one Chinese jiao is labeled "10 mönggü". In [[Mongolian language|Mongolian]], renminbi is called '''aradin jogos''' or '''arad-un jogos''' ({{lang-mn|{{MongolUnicode|ᠠᠷᠠᠳ ᠤᠨ ᠵᠣᠭᠣᠰ}}}} ''arad-un ǰoγos'').
* {{Anchor|Tibetans}}When used in [[Tibet Autonomous Region|Tibet]] and other [[Template:Tibetan autonomy in the People's Republic of China|Tibetan autonomies]], a yuan is called a '''gor''' ({{bo|t=སྒོར་|z=Gor}}). One gor is divided into 10 '''gorsur''' ({{bo|t=སྒོར་ཟུར་|z=Gorsur}}) or 100 '''gar''' ({{Bo|t=སྐར་|z=gar}}). In [[Tibetan languages|Tibetan]], renminbi is called '''mimangxogngü''' ({{bo|t=མི་དམངས་ཤོག་དངུལ།|z=Mimang Xogngü}}) or '''mimang shog dngul'''.

{{Clear}}

==International use==
{{main|Internationalization of the renminbi}}

{|class="infobox bordered" style="font-size:95%; width:25em;"
! style="font-size:120%; text-align:center; padding:5px 0;" | '''[[Internationalization of the Renminbi]]'''
|-
|
* {{Timeline-event |date='''{{Start date|2002|}}''' |event= The Chinese government launches the [[Qualified Foreign Institutional Investor]] (QFII) program<ref>{{cite web|title=QFII|url=http://lexicon.ft.com/Term?term=QFII|publisher=''[[Financial Times]]''|accessdate=2013-10-16|quote=The qualified foreign institutional investor (QFII) programme started in 2002 and allowed licensed foreign institutional investors a quota to buy Chinese-listed A-shares (previously only available to domestic investors).}}</ref>}}
* {{Timeline-event |date='''{{Start date|2004|1}}''' |event= Retail depositors in [[Hong Kong]] are allowed for the first time to convert some of their savings into the renminbi<ref>{{cite web|last=Chris Wright|title=ICBC bond: latest step on London’s road to RMB dominance|url=http://blogs.ft.com/beyond-brics/2013/10/15/icbc-bond-latest-step-on-londons-road-to-rmb-dominance/|publisher=''[[Financial Times]]''|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2005|7|}}''' |event= China drops the U.S. dollar peg by fixing the renminbi’s exchange rate to a trade-weighted currency basket<ref name="intrendb">{{cite web|last=Joachim Nagel|title=The Internationalisation of the Renminbi|url=http://www.bundesbank.de/Redaktion/EN/Reden/2013/2013_07_03_nagel.html|publisher=[[Deutsche Bundesbank]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2007|7|}}''' |event= China issues its first batch of [[Dim sum bond|RMB-denominated bonds]] outside [[Mainland China|mainland territory]]<ref>{{cite web|title=CDB to issue 5 bln yuan RMB bond in HK|url=http://english.gov.cn/2007-06/26/content_662569.htm|publisher=gov.cn|accessdate=2013-10-10}}</ref>}}

[[File:Putin wenjiabao1.jpeg|thumb|center|On November 24, 2010, [[Vladimir Putin]] announces that Russia's bilateral trade with China will be settled in [[Russian ruble|ruble]] and [[Chinese yuan|yuan]], instead of [[United States dollar|U.S. dollar]]s.<ref>{{cite news|title=Quotes of the Day|url=http://content.time.com/time/quotes/0,26174,2033058,00.html|publisher=''[[Time (magazine)]]''|accessdate=2013-10-13|date=2010-11-24}}</ref>]]

* {{Timeline-event |date='''{{Start date|2010|12|15}}''' |event= The renminbi begins to trade against the ruble on the [[Moscow Interbank Currency Exchange]]<ref>{{cite news|last=Emma O’Brien & Artyom Danielyan|title=Yuan-Ruble Trading Starts on Moscow's Micex as Russia, China Shun Dollar|url=http://www.bloomberg.com/news/2010-12-15/yuan-ruble-trade-starts-in-moscow-as-russia-china-seek-to-cut-dollar-use.html|publisher=[[Bloomberg News]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2011|12}}''' |event= China and Japan unveil plans to exchange each others' currencies directly<ref>{{cite news|title=China and Japan plan direct currency exchange agreement|url=http://www.bbc.co.uk/news/business-16330574|publisher=BBC|accessdate=2013-10-13|date=2011-12-26}}</ref> }}
* {{Timeline-event |date='''{{Start date|2012|6|}}''' |event= The renminbi begins to trade against the Japanese [[Japanese yen|yen]] in Tokyo and Shanghai<ref>{{cite web|last=Kosuke Takahashi|title=Japan, China bypass US in currency trade|url=http://www.atimes.com/atimes/Japan/NF02Dh01.html|publisher=[[Asia Times Online]]|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2013|4|10}}''' |event= The renminbi begins to trade against the [[Australian dollar]] on the Australian [[foreign exchange market]]<ref>{{cite web|title=China and Australia Announce Direct Currency Trading|url=http://pandora.nla.gov.au/pan/121064/20130621-0000/www.pm.gov.au/press-office/china-and-australia-announce-direct-currency-trading.html|publisher=[[National Library of Australia]]|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2013|6}}''' |event= The [[Bank of England]] signs a currency swap agreement with the PBOC for ¥200 billion<ref>{{cite news|title=UK and China in £21bn currency swap deal|url=http://www.bbc.co.uk/news/business-23020718|publisher=[[BBC]]|accessdate=2013-10-13|date=2013-06-23}}</ref> }}

[[File:George Osborne in China.jpg|thumb|center|On October 15, 2013, the [[Chancellor of the Exchequer|British Chancellor of the Exchequer]] [[George Osborne]] announces that the [[pound sterling]] and the renminbi will be traded directly in [[London]] and [[Shanghai]].<ref>{{cite web|title=Chancellor George Osborne cements London as renminbi hub|url=http://www.ft.com/intl/cms/s/0/9579f608-356e-11e3-b539-00144feab7de.html|publisher=''[[Financial Times]]''|quote= The two countries agreed to allow direct renminbi-sterling trading in Shanghai and offshore, making the pound the fourth currency to trade directly against the renminbi, while Chinese banks will be permitted to set up branches in London.}}</ref>]]

* {{Timeline-event |date='''{{Start date|2013|8}}''' |event= The renminbi becomes the world's 8th most widely traded currency<ref name="swift2013"/>}}
* {{Timeline-event |date='''{{Start date|2013|10}}''' |event= The [[European Central Bank]] signs a currency swap agreement with the PBOC for ¥350 billion<ref>{{cite web|title=ECB and the People’s Bank of China establish a bilateral currency swap agreement|url=http://www.ecb.europa.eu/press/pr/date/2013/html/pr131010.en.html|publisher=[[European Central Bank]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2015|1}}''' |event= The renminbi becomes the world's 5th most widely traded currency<ref name="swift2015"/>}}
* {{Timeline-event |date='''{{Start date|2015|10}}''' |event= The [[China International Payments System ]] (CIPS) is launched<ref name="CNTV-2015-10-15-CIPS">{{cite web
|author= Tom McGregor
|title= China international payments system goes into action
|url= http://english.cntv.cn/2015/10/15/ARTI1444888930837650.shtml
|publisher= [[CNTV]] |date= 2015-10-15
}}</ref><ref name="FT-2015-10-08-CIPS">{{cite web
|author= Gabriel Wildau
|title= China launch of renminbi payments system reflects Swift spying concerns
|url= http://www.ft.com/cms/s/0/84241292-66a1-11e5-a155-02b6f8af6a62.html
|publisher= ''[[Financial Times]]'' |date= 2015-10-08
}}</ref>
}}
* {{Timeline-event |date='''{{Start date|2015|11|30}}''' |event=The [[International Monetary Fund]] decided that the Renminbi (10.92%) will be added to the [[Special drawing rights]] (SDR)'s basket effective October 1, 2016<ref>{{cite web|url=http://www.imf.org/external/np/sec/pr/2015/pr15540.htm|title=Press release|publisher=International Monetary Fund}}</ref>
}}
|}

===International trade===
Before 2009, the Chinese renminbi had little to no exposure in the international markets because of strict government controls by the central Chinese government that prohibited almost all export of the currency, or use of it in international transactions. Transactions between Chinese companies and a foreign entity were generally denominated in [[US dollar]]s. With Chinese companies unable to hold US dollars and foreign companies unable to hold Chinese yuan, all transactions would go through the [[People's Bank of China]]. Once the sum was paid by the foreign party in dollars, the central bank would pass the settlement in renminbi to the Chinese company at the state-controlled exchange rate.

In June 2009 the Chinese officials announced a pilot scheme where business and trade transactions were allowed between limited businesses in [[Guangdong]] province and [[Shanghai]], and only counterparties in [[Hong Kong]], [[Macau]], and select [[ASEAN]] nations. Proving a success,{{Citation needed|date=July 2011}} the program was further extended to 20 Chinese provinces and counterparties internationally in July 2010, and in September 2011 it was announced that the remaining 11 Chinese provinces would be included.

In steps intended to establish the renminbi as an international [[reserve currency]], China has agreements with [[Russia]], [[Vietnam]], [[Sri Lanka]], [[Thailand]], and [[Japan]], allowing trade with those countries to be settled directly in renminbi instead of requiring conversion to US dollars, with [[Australia]] and [[South Africa]] to follow soon.<ref>{{cite news |url=http://www.nytimes.com/2011/02/11/business/global/11yuan.html |title=In China, Tentative Steps Toward a Global Currency |first=David |last=Barboza |work=The New York Times |date=2011-02-11}}</ref><ref>{{cite web |url=http://news.xinhuanet.com/english/video/2012-05/30/c_131620286.htm |title=China, Japan to launch yuan-yen direct trading |last1= |first1= |last2= |first2= |date=2012-05-30 |work= |publisher=[[Xinhuanet]] |accessdate=2012-06-10 }}</ref><ref>{{cite web |url=http://www.abc.net.au/news/2013-04-08/pm-flags-dollar-yuan-currency-deal/4615882 |title=ANZ, Westpac to lead Chinese currency conversion|last1= |first1=|last2= |first2=|date=2013-04-08 |work=|publisher=[[Australian Broadcasting Corporation]] |accessdate=2013-04-08}}</ref><ref>{{cite web |url=http://www.cbsl.gov.lk/pics_n_docs/09_lr/_docs/directions/bsd/BSD_2011/bsd_BO_2011_1.pdf |title=Designated Foreign Currencies - Central Bank of Sri Lanka |last1= |first1= |last2= |first2= |date=2011-10-27 |work= |publisher=[[Central Bank of Sri Lanka]] |accessdate=2014-01-24 }}</ref><ref>{{cite web |url=http://news.xinhuanet.com/english/2015-07/08/c_134394394.htm |title=Bank of China to serve as yuan clearing bank in S. Africa|last1= |first1=|last2= |first2=|date=2015-07-08 |work=|publisher=[[Xinhua]] |accessdate=2015-07-22}}</ref>

===International reserve currency===
Currency restrictions regarding renminbi denominated bank deposits and financial products were greatly liberalized in July 2010.<ref>{{cite news |url=http://www.ft.com/cms/s/0/2ff1d6ea-9a65-11df-87fd-00144feab49a.html |title=China revs up renminbi expansion |first=Robert |last=Cookson |work=The Financial Times |date=2010-07-28}}</ref> In 2010 renminbi denominated bonds were reported to have been purchased by Malaysia's central bank<ref>{{cite news |url=http://www.ft.com/cms/s/0/fecc16fc-c417-11df-b827-00144feab49a.html |title=Malaysian bond boost for renminbi |first1=Kevin |last1=Brown |first2=Robert |last2=Cookson |first3=Geoff |last3=Dyer |work=[[The Financial Times]] |location=Asia-Pacific |date=2010-09-19 |accessdate=2013-10-07}}</ref> and that [[McDonald's]] had issued renminbi denominated [[corporate bond]]s through [[Standard Chartered Bank]] of Hong Kong.<ref>[http://english.cri.cn/6826/2010/08/19/1821s589555.htm " McDonald's RMB Corporate Bond Launched in HK"] 2010-08-19 [[Xinhua]] Web Editor: Xu Leiying, accessed 2013-10-07</ref> Such liberalization allows the yuan to look more attractive as it can be held with higher return on investment yields, whereas previously that yield was virtually none. Nevertheless, some national banks such as [[Bank of Thailand]] (BOT) have expressed a serious concern about RMB since BOT cannot substitute the deprecated US dollars in its US$200 billion foreign exchange reserves for renminbi as much as it wishes because:
#The Chinese government has not taken full responsibilities and commitments on economic affairs at global levels.
#Renminbi still has not become well-liquidated (fully convertible) yet.
#The Chinese government still lacks deep and wide vision about how to perform fund-raising to handle international loans at global levels.<ref>{{cite web|url=http://www.mcot.net/cfcustom/cache_page/202740.html|title=ธปท.หาทางถ่วงน้ำหนักทุนสำรองหลังดอลลาร์สหรัฐผันผวน |trans_title=BOT. Weighted for the reserves after the US dollar volatility. | publisher=[[MCOT]]|accessdate=2011-04-30}}</ref>

To meet IMF requirements, China gave up some of its tight control over the currency.<ref>[http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?hpw&rref=business&action=click&pgtype=Homepage&module=well-region&region=bottom-well&WT.nav=bottom-well&_r=0 China renminbi reserve currency]</ref>

Countries that are left-leaning in the political spectrum had aleady begun to use the renminbi as an alternative reserve currency to the United States dollar; the [[Central Bank of Chile]] reported in 2011 to have US$91 million worth of renminbi in reserves, and the president of the [[Central Bank of Venezuela]], Nelson Merentes, made statements in favour of the renminbi following the announcement of reserve withdrawals from Europe and the United States.<ref>{{cite news |first=Diego |last=Laje |date=2011-09-29 |url=http://business.blogs.cnn.com/2011/09/29/china-yuan-moving-toward-global-currency/ |title=China's yuan moving toward global currency? |work=CNN Business}}</ref>

===Use as a currency outside mainland China===
The two [[Special Administrative Region of the People's Republic of China|special administrative regions]], [[Hong Kong]] and [[Macau]], have their own respective currencies, according to the "[[one country, two systems]]" principle and the [[basic law]]s of the two territories.<ref>{{cite web | date= 1990-04-04 | url= http://www.info.gov.hk/basic_law/fulltext/content0202.htm | title= The Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China | accessdate=2007-03-23 | quote = Article 18: National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III to this Law.}}</ref><ref>{{cite web | date= 1993-03-31 | url= http://www.umac.mo/basiclaw/english/ch2.html | title= The Basic Law of the Macao Special Administrative Region of the People's Republic of China | accessdate=2007-03-23 | quote = Article 18: National laws shall not be applied in the Macao Special Administrative Region except for those listed in Annex m to this Law. }}</ref> Therefore, the [[Hong Kong dollar]] and the [[Macanese pataca]] remain the legal tenders in the two territories, and renminbi, although sometimes accepted, is not legal tender. Banks in Hong Kong allow people to maintain accounts in RMB.<ref>{{cite news | title=Hong Kong banks to conduct personal renminbi business on trial basis | url=http://www.info.gov.hk/hkma/eng/press/2003/20031118e4.htm | publisher=Hong Kong Monetary Authority | date=2003-11-18 | accessdate=2007-03-22}}</ref> Because of changes in legislation in July 2010, many banks around the world<ref>{{cite news | title=Bank of China New York Offers Renminbi Deposits | url=http://www.bocusa.com/portal/Info?id=652&lang=1& | accessdate=2011-02-15}}</ref> are now slowly offering individuals the chance to hold deposits in Chinese renminbi.

The RMB had a presence in Macau even before the 1999 return to the People's Republic of China from [[Portugal]]. Banks in Macau can issue credit cards based on the renminbi, but not loans. Renminbi-based credit cards cannot be used in Macau's [[casino]]s.<ref>{{cite news | title=Macao gets green light for RMB services | url=http://www.chinadaily.com.cn/english/doc/2004-08/05/content_359235.htm | publisher=China Daily | date=2004-08-05 | accessdate=2007-03-22}}</ref>

The [[Republic of China]], which governs [[Taiwan]], believes wide usage of the renminbi would create an [[Black market|underground economy]] and undermine its [[sovereignty]].<ref>{{cite news|title=Regular Press Briefing of the Mainland Affairs Council |url=http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm |publisher=Mainland Affairs Council |date=5 January 2007 |accessdate=2007-03-21 |deadurl=yes |archiveurl=https://web.archive.org/20070927003905/http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm |archivedate=2007-09-27}}</ref> Tourists are allowed to bring in up to ¥20,000 when visiting Taiwan. These renminbi must be converted to the [[New Taiwan dollar]] at trial exchange sites in [[Matsu Islands|Matsu]] and [[Kinmen]].<ref>{{cite news | title=CBC head urges immediate liberalization of reminbi conversion | url=http://www.taiwanheadlines.gov.tw/ct.asp?xItem=56017&ctNode=6 | publisher=Government Information Office, Taiwan | date=2006-12-26 | accessdate=2007-03-21}}</ref> The [[Chen Shui-bian]] administration insisted that it would not allow full [[convertibility]] until the mainland signs a bilateral foreign exchange settlement agreement,<ref>{{cite news | title=Taiwan prepares to allow renminbi exchange | url=http://www.ft.com/cms/s/13eecafa-9acf-11db-bbd2-0000779e2340.html | publisher=Financial Times | date=3 January 2007 | accessdate=2007-03-13}}</ref> though president [[Ma Ying-jeou]] has pledged to allow full convertibility as soon as possible.

The renminbi circulates<ref name=peoplesdaily/> in some of China's neighbors, such as [[Pakistan]], [[Mongolia]]<ref name=takungpao>{{cite web |url= http://www.takungpao.com/news/09/05/06/_IN-1077521.htm |title= 人民幣在蒙古國被普遍使用 |publisher= ''[[Ta Kung Pao]]'' (大公報) |date= 2009-05-06 }}{{deadlink|date=January 2016}}</ref><ref>{{cite news|title=Widely used in Mongolia |url=http://chinanewswrap.com/2009/05/07/mongolians-prefer-the-renminbi-to-the-us-dollar |publisher=chinanewswrap.com |date=2009-05-07 |deadurl=yes |archiveurl=https://web.archive.org/20120225141710/http://chinanewswrap.com/2009/05/07/mongolians-prefer-the-renminbi-to-the-us-dollar |archivedate=2012-02-25}}</ref> and northern [[Thailand]].<ref>{{cite news | title=Asian Monetary Cooperation: Perspective of RMB Asianalization | url= http://www.newasiaforum.org/china_zhang_runlin.pdf}}</ref> [[Cambodia]] welcomes the renminbi as an official currency and [[Laos]] and [[Myanmar]] allow it in border provinces.<ref name=peoplesdaily/> Though unofficial,{{Clarify|date=August 2010}} [[Vietnam]] recognizes the exchange of the renminbi to the [[Vietnamese đồng|đồng]].<ref name=peoplesdaily>{{cite news | title=RMB increases its influence in neighbouring areas | url=http://english.peopledaily.com.cn/200402/17/eng20040217_134974.shtml | publisher=[[People's Daily]] | date=2004-02-17 | accessdate=2007-01-13}}</ref>

Since 2007, RMB-nominated bonds are issued outside mainland China; these are colloquially called "[[dim sum]] bonds". In April 2011, the first [[Initial Public Offering]] denominated in renminbi occurred in Hong Kong, when the Chinese property investment trust [[Hui Xian]] raised ¥10.48 billion ($1.6 billion) in its IPO. [[Beijing]] has allowed renminbi-denominated financial markets to develop in Hong Kong as part of the effort to internationalise the renminbi.<ref>{{cite news |title=Hong Kong's first renminbi IPO raises $1.6bn |url=http://www.ft.com/cms/s/0/39d32174-6af2-11e0-9744-00144feab49a.html?ftcamp=rss#axzz1K40sg22y |newspaper=Financial Times |date= }}</ref>

===Other markets===
Since currency flows in and out of mainland China are still restricted, RMB traded in off-shore markets (known as CNH), such as the Hong Kong market, can have a different value to RMB traded on the mainland. Other RMB markets include the dollar-settled non-deliverable forward (NDF) and the trade-settlement exchange rate (CNT).<ref>{{cite web|url=http://www.research.hsbc.com/midas/Res/RDV?p=pdf&key=UHa14N6Tu3&n=282753.PDF |title=The offshore renminbi| publisher=HSBC |accessdate=2012-07-14 |date=2010-12-01 |last1=Hui |first1=Daniel |last2=Bunning |first2=Dominic}}</ref>

==Value==
{{Main|Renminbi currency value}}
[[File:USD rate to CNY.svg|thumb|300px|left|1 USD to RMB, since 1981]]
For most of its early history, the RMB was [[Fixed exchange rate|pegged]] to the U.S. dollar at ¥2.46 per USD (note: during the 1970s, it was revalued until it reached ¥1.50 per USD in 1980). When China's economy gradually opened in the 1980s, the RMB was devalued in order to improve the competitiveness of Chinese exports. Thus, the official exchange rate increased from ¥1.50 in 1980 to ¥8.62 by 1994 (the lowest rate on record). Improving current account balance during the latter half of the 1990s enabled the Chinese government to maintain a peg of ¥8.27 per USD from 1997 to 2005.

The RMB reached a record high exchange value of ¥6.0395 to the U.S. dollar on 14 January 2014.<ref>{{cite web|url=http://www.binarytribune.com/day-trading-academy/chinese-yuan-currency-profile-part-ii|work=Binary Tribune| title=Profile of China's Yuan – Characteristics and Economic Indicators}}</ref> Chinese leadership have been raising the yuan to tame inflation, a step U.S. officials have pushed for years to help repair the massive trade deficit with China.<ref>Yahoo Finance, [http://finance.yahoo.com/news/Dollar-extends-slide-on-views-apf-3112272241.html?x=0&sec=topStories&pos=7&asset=&ccode= Dollar extends slide on views of low US rates]. Retrieved 2011-04-29.</ref>

In 2015 the [[Chinese Central Bank]] again devalued their country's currency. As of 1 September 2015, the exchange rate for 1 USD is ¥6.37.

===Depegged from the U.S. dollar===
On July 21, 2005, the peg was finally lifted, which saw an immediate one-off RMB revaluation to ¥8.11 per USD.<ref>{{cite web | date=2005-07-21 | url= http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=542 | title= Public Announcement of the People's Bank of China on Reforming the RMB Exchange Rate Regime}}</ref> The exchange rate against the [[euro]] stood at ¥10.07060 yuan per euro.

However the peg was reinstituted unofficially when the financial crisis hit: "Under intense pressure from Washington, China took small steps to allow its currency to strengthen for three years starting in July 2005. But China 're-pegged' its currency to the dollar as the financial crisis intensified in July 2008."<ref>{{cite web | date=2010-06-10 | url= http://www.marketwatch.com/story/geithner-takes-strong-stand-on-china-currency-2010-06-10?pagenumber=1 | title= 'Critically important' that China move on currency: Geithner. Treasury chief says he shares Congress' ire over dollar peg}}</ref>

On June 19, 2010, the People’s Bank of China released a statement simultaneously in Chinese and English indicating that they would "proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility."<ref>[http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 Further reform of the RMB exchange rate regime and enhancing the RNM exchange rate flexibility] {{wayback|url=http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 |date=20150403104144 |df=y }}</ref> The news was greeted with praise by world leaders including [[Barack Obama]], [[Nicolas Sarkozy]] and [[Stephen Harper]].<ref>{{cite news | title = Global Leaders Welcome China's Yuan Plan | url = http://online.wsj.com/article/SB10001424052748704365204575316512609162050.html?mod=WSJ_Markets_LeadStory| publisher = Wall Street Journal | first1=Michael M. | last1=Phillips | first2=Ian | last2=Talley | date=2010-06-21}}</ref> The [[People's Bank of China|PBoC]] maintained there would be no "large swings" in the currency. The RMB rose to its highest level in five years and markets worldwide surged on Monday, June 21 following China's announcement.<ref>{{cite web | title = World stocks soar after Chinese move on yuan | url = http://www.google.com/hostednews/afp/article/ALeqM5gTL-hG_nDdnmwzgwNuP51AVtVbqQ}}</ref>

In August 2015, Joseph Adinolfi, a reporter for [[MarketWatch]], reported that China had re-pegged the RMB. In his article, he narrated that "Weak trade data out of China, released over the weekend, weighed on the currencies of Australia and New Zealand on Monday. But the yuan didn’t budge. Indeed, the Chinese currency, also known as the renminbi, has been remarkably steady over the past month despite the huge selloff in China’s stock market and a spate of disappointing economic data. Market strategists, including Simon Derrick, chief currency strategist at BNY Mellon, and Marc Chandler, head currency strategist at Brown Brothers Harriman, said that’s because China’s policy makers have effectively re-pegged the yuan. “When I look at the dollar-renminbi right now, that looks like a fixed exchange rate again. They’ve re-pegged it,” Chandler said."<ref>{{cite news |url=http://www.marketwatch.com/story/china-has-effectively-re-pegged-the-yuan-2015-08-10 | title=China has effectively re-pegged the yuan |first=Joseph |last=Adinolfi |work=Market Watch |date=2015-08-10 |accessdate=2015-11-28}}</ref>

China has shifted some of its reserves from U.S. dollar accounts to accounts in its competitor nations,{{Citation needed|date=January 2010}} leading these other nations to invest in dollars to keep their own currencies down.{{Citation needed|date=January 2010}}<ref>{{cite news |first1=Jonathan |last1=Wheatley |first2=Peter |last2=Garnham |url=http://www.cnbc.com/id/39394429/Brazil_in_International_Currency_War_Finance_Minister |title=Brazil in 'International Currency War': Finance Minister |work=Financial Times |date=2010-09-28}}</ref>

===Managed float===
The RMB has now moved to a [[Floating exchange rate|managed floating exchange rate]] based on market supply and demand with reference to a [[Currency basket|basket]] of foreign currencies. In July 2005, the daily trading price of the U.S. dollar against the RMB in the inter-bank foreign exchange market was allowed to float within a narrow band of 0.3% around the central parity <ref>{{cite web|last1=KWAN|first1=C.H.|url=http://www.rieti.go.jp/en/columns/a01_0179.html|publisher=RIETI|title=How China's managed floating system under BBC rules actually works}}</ref> published by the [[People's Bank of China]]; in a later announcement published on May 18, 2007, the band was extended to 0.5%.<ref>{{cite web | date=2007-05-18 | url= http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=837 | title= Public Announcement of the People's Bank of China on Enlarging the Floating Band of the RMB Trading Prices against the US Dollar in the Inter-bank Spot Foreign Exchange Market}}</ref> On April 14, 2012, the band was extended to 1.0%.<ref>{{cite web | date=2012-04-14 | url= http://articles.marketwatch.com/2012-04-14/markets/31340930_1_china-economist-yuan-renminbi | title= China to widen daily yuan band vs. dollar to 1%}}</ref> On March 17, 2014, the band was extended to 2%.<ref>{{cite news|last=Wang|first=Wynne|url=http://online.wsj.com/news/articles/SB10001424052702304026304579450152960381232?KEYWORDS=yuan+2+band+march&mg=reno64-wsj | newspaper = The Wall Street Journal|title=China's Yuan Falls Further Against Dollar}}</ref> China has stated that the basket is dominated by the [[United States dollar]], [[euro]], [[Japanese yen]] and [[South Korean won]], with a smaller proportion made up of the [[Pound sterling|British pound]], [[Thai baht]], [[Russian ruble]], [[Australian dollar]], [[Canadian dollar]] and [[Singapore dollar]].<ref>{{cite web | date=2005-08-10 | url= http://www.chinanews.com.cn/news/2005/2005-08-10/26/610367.shtml | title= 央行行长周小川在央行上海总部揭牌仪式上的讲话}}</ref>

On April 10, 2008, it traded at ¥6.9920 per US dollar, which was the first time in more than a decade that a dollar had bought less than seven yuan,<ref>{{cite news|url=http://www.nytimes.com/2008/04/10/business/worldbusiness/10cnd-yuan.html|title=Yuan Hits Milestone Against Dollar|author=David Barboza|publisher=New York Times|date=2008-04-10|accessdate=2008-04-11}}</ref> and at 11.03630 yuan per euro.

Beginning in January 2010, Chinese and non-Chinese citizens have an annual exchange limit of a maximum of US$50,000. Exchange will only proceed if the applicant appears in person at the relevant bank and presents his passport or his Chinese ID; these deals are being centrally registered. The maximum dollar withdrawal is $10,000 per day, the maximum purchase limit of USD is $500 per day. This stringent management of the currency leads to a bottled-up demand for exchange in both directions. It is viewed as a major tool to keep the currency peg, preventing inflows of '[[hot money]]'.

A shift of Chinese reserves into the currencies of their other trading partners has caused these nations to shift more of their reserves into dollars, leading to no great change in the value of the renminbi against the dollar.<ref>{{cite news |last=Frangos |first=Alex |url=http://blogs.wsj.com/japanrealtime/2010/09/16/dont-worry-about-china-japan-will-finance-us-debt/ |title=Don’t Worry About China, Japan Will Finance U.S. Debt |work=The Wall Street Journal |date=2010-09-16}}</ref>

===Futures market===
Renminbi [[Futures contract|futures]] are traded at the [[Chicago Mercantile Exchange]]. The futures are cash-settled at the exchange rate published by the People's Bank of China.<ref>{{cite web|url=http://www.cmegroup.com/rulebook/CME/III/250/270/270.pdf|title=Chinese Renminbi Futures|publisher=CME Group|accessdate=2010-02-19}}</ref>

===Purchasing power parity===
{{update|section|date=October 2013}}
Scholarly studies suggest that the yuan is undervalued on the basis of [[purchasing power parity]] analysis. One recent study suggests a 37.5% undervaluation.<ref name="Lipman 2011"/>

* The [[World Bank]] estimated that, by purchasing power parity, one [[Geary–Khamis dollar|International dollar]] was equivalent to approximately ¥1.9 in 2004.<ref>[http://devdata.worldbank.org/wdi2006/contents/Table4_14.htm World Bank: ''World Development Indicators 2006''] {{wayback|url=http://devdata.worldbank.org/wdi2006/contents/Table4_14.htm |date=20100710061859 |df=y }}</ref>
* The [[International Monetary Fund]] estimated that, by purchasing power parity, one International dollar was equivalent to approximately ¥3.462 in 2006, ¥3.621 in 2007, ¥3.798 in 2008, ¥3.872 in 2009, ¥3.922 in 2010, ¥3.946 in 2011, ¥3.952 in 2012, ¥3.944 in 2013 and ¥3.937 in 2014.<ref>{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weorept.aspx?pr.x=41&pr.y=7&sy=2006&ey=2014&scsm=1&ssd=1&sort=country&ds=.&br=1&c=924&s=PPPEX&grp=0&a= |title=World Economic Outlook Database, April 2009 |publisher=IMF |accessdate=2015-01-06}}</ref>

The People’s Bank of China lowered the renminbi’s daily fix to the US dollar by 1.9 per cent to ¥6.2298 on August 11, 2015.

{{Exchange rate|CNY|INR|RUB|style=navbox}}

== See also ==
* [[China Banknote Printing and Minting Corporation]] (CBPMC)
* [[Chinese lunar coins]]
* [[Economy of China]]
* [[List of renminbi exchange rates]]

== References ==
{{reflist|30em}}

== Further reading ==
{{refbegin}}
* Ansgar Belke, Christian Dreger und Georg Erber: ''Reduction of Global Trade Imbalances: Does China Have to Revalue Its Currency?'' In: ''Weekly Report.'' 6/2010, Nr. 30, 2010, {{ISSN|1860-3343}}, S. 222–229 ([http://www.diw.de/documents/publikationen/73/diw_01.c.363191.de/diw_wr_2010-30.pdf PDF-File; DIW Online]).
* Dr Hai Xin (2012). ''[http://www.rmbhandbook.com/ The RMB Handbook]: Trading, Investing and Hedging'', Risk books. ISBN 978-1906348816
* {{numis cite SCWC|date=1991}}
* {{numis cite SCWPM|date=1994}}
{{refend}}

== External links ==
{{commons category|Money of China}}
* [http://www.thebeijingguide.com/money/money3.html Photographs of all Chinese currency and sound of pronunciation in Chinese]
* [http://www.bbc.co.uk/news/10413076 Stephen Mulvey, Why China's currency has two names - BBC News, 2010-06-26]

{{Chinese currency and coinage}}
{{Currencies of Asia}}
{{Economy of China}}
{{China topics|state=autocollapse}}

{{Authority control}}

[[Category:Currencies of China]]
[[Category:1949 introductions]]
[[Category:Renminbi| ]]

Renminbi

2016-03-09T21:25:00Z

190.41.129.105: /* Value */

{{Redirect4|CNY|RMB}}
{{Redirect|Chinese money|Ancient Chinese currency|Ancient Chinese coinage}}
{{refimprove|date=August 2014}}
{{Use British English|date=December 2014}}
{{Use dmy dates|date=December 2014}}
{{Infobox currency
|currency_name_in_local = {{native name|zh-cn|人民币|italics=no}}
|image_1 = Renminbi_banknotes.JPG
|image_title_1 = Renminbi banknotes of the 2005 series
|iso_code = CNY
|using_countries = {{flagicon|China}} [[China]] {{flag|Zimbabwe}}<ref name="bbc">{{cite web |url= http://www.bbc.com/news/world-africa-26034078 |title= Zimbabwe’s multi-currency confusion |publisher= BBC |accessdate= 2014-07-22 |author= Hungwe, Brian}}</ref><ref>{{cite web |url= http://www.theguardian.com/world/2015/dec/22/zimbabwe-to-make-chinese-yuan-legal-currency-after-beijing-cancels-debts?CMP=Share_iOSApp_Other |title= Zimbabwe to make Chinese yuan legal currency after Beijing cancels debts |publisher= ''The Guardian'' |date= 2015-12-21 |accessdate= 2015-12-26 }}</ref>
|unofficial_users = ''{{flag|Hong Kong}}'' ''{{flag|Macau}}'' {{flag|Mongolia}}<ref name=peoplesdaily/> {{flag|North Korea}}<ref name=peoplesdaily/> {{flag|Myanmar}} (in [[Kokang]] and [[Wa State|Wa]]) {{flag|Vietnam}} (border area)
|inflation_rate = 2%, October 2014
|inflation_source_date = ''[http://www.bbc.co.uk/news/business-20263978 BBC News]''
|inflation_method = [[Consumer price index|CPI]]
|pegged_with = Partially, to a basket of trade-weighted international currencies
|subunit_ratio_1 = 1
|subunit_name_1 = yuán ({{lang|zh|元,圆}})
|subunit_ratio_2 = {{frac|10}}
|subunit_name_2 = jiǎo ({{lang|zh|角}})
|subunit_ratio_3 = {{frac|100}}
|subunit_name_3 = fēn ({{lang|zh|分}})
|symbol = [[¥]]
|nickname = none
|nickname_subunit_1 = kuài ({{lang|zh|块}})
|nickname_subunit_2 = máo ({{lang|zh|毛}})
|no_plural = Y
|rarely_used_coins = ¥0.01, ¥0.02, ¥0.05
|frequently_used_coins = ¥0.1, ¥0.5, ¥1
|frequently_used_banknotes = ¥0.1, ¥0.2, ¥0.5, ¥1, ¥5, ¥10, ¥20, ¥50, ¥100
|rarely_used_banknotes = ¥2
|issuing_authority = [[People's Bank of China]]
|issuing_authority_website = {{URL|http://www.pbc.gov.cn/}}
}}
{{Infobox Chinese
|title = Renminbi
|s = 人民币
|t = 人民幣
|showflag = stp
|p = Rénmínbì
|w = Jenminpi
|j = Jan4 Man4 Bai6
|altname = Yuan
|s = 圆 (or 元)
|t = 圓 (or 元)
|p2 = Yuán
|w2 = Yüan
|j2 = Jyun4
|order = st
}}
The '''renminbi''' is the official [[currency]] of the [[China|People's Republic of China]]. The name ({{zh|s=人民币|t=人民幣|p=rénmínbì}}) literally means "people's currency". The [[Chinese yuan|yuan]] ({{zh|s=元/圆|p=yuán}}) ([[currency sign|sign]]: [[¥]]) is the basic unit of the renminbi, but is also used to refer to the Chinese currency generally, especially in international contexts. The distinction between the terms ''renminbi'' and ''yuan'' is similar to that between ''[[Pound sterling|sterling]]'' and ''[[Pound sterling|pound]]'', which respectively refer to the British currency and its primary unit.<ref>{{cite news|last1=Mulvey|first1=Stephen|title=Why China's currency has two names|url=http://www.bbc.co.uk/news/10413076|work=BBC News|date=2010-06-26}}</ref> One yuan is subdivided into 10 ''[[Jiao (currency)|jiao]]'' ({{zh|s=角|p=jiǎo}}), and a ''jiao'' in turn is subdivided into 10 ''[[Chinese fen|fen]]'' ({{zh|s=分|p=fēn}}).

The [[ISO 4217|ISO code]] for ''renminbi'' (which may also be used for the yuan) is '''CNY''' (an abbreviation for "Chinese yuan"), or also '''CNH''' when traded in off-shore markets such as [[Hong Kong]].<ref>{{cite news | url=http://www.businessinsider.com/chinese-yuans-largest-drop-against-usd-since-2005-2014-2 | title=Chinese yuan's drop is largest since its 2005 currency revaluation | first=Mamta | last=Badkar | work=Business Insider | date=2014-02-27 | accessdate=2014-03-03 }}</ref> The currency is often abbreviated '''RMB''', or indicated by the yuan sign '''¥'''. The latter may be written '''CN¥''' to distinguish it from other currencies with the same symbol (such as the [[Japanese yen]]). {{citation needed|reason=Cite request was made in March 2014, then removed by mistake. We still need a cite.|date=October 2014}} In Chinese texts the currency may also be indicated with the [[Chinese character]] for the yuan, {{lang|zh|圆}} (or {{lang|zh|元}} informally). The renminbi is [[legal tender]] in [[mainland China]], but not in Hong Kong or [[Macau]]. Renminbi is sometimes accepted in Hong Kong and Macau, and are easily exchanged in the two territories, with banks in Hong Kong allowing people to maintain accounts in RMB. The currency is issued by the [[People's Bank of China]], the monetary authority of China.<ref>Article 2, {{cite web
|date=2003-12-27
|url=http://www.cin.gov.cn/law/main/2004010802.htm
|title=The People's Bank of China Law of the People's Republic of China
}}</ref>

Until 2005, the value of the renminbi was [[fixed exchange rate|pegged]] to the [[United States dollar|US dollar]]. As China pursued its historical transition from [[centrally planned economy|central planning]] to a market economy, and increased its participation in foreign trade, the renminbi was devalued to increase the competitiveness of Chinese industry. It has previously been claimed that the renminbi's official exchange rate was undervalued by as much as 37.5% against its purchasing power parity ([[#Purchasing power parity|see below]]).<ref name="Lipman 2011">{{cite journal|last=Lipman|first=Joshua Klein|title=Law of Yuan Price: Estimating Equilibrium of the Renminbi|journal=Michigan Journal of Business|date=April 2011|volume=4|issue=2|url=http://michiganjb.org/issues/42/text42b.pdf|accessdate=2011-05-23}}</ref> More recently, however, appreciation actions by the Chinese government, as well as [[quantitative easing]] measures taken by the [[Federal Reserve]] and other major central banks, have caused the renminbi to be within as little as 8% of its equilibrium value by the second half of 2012.<ref>{{cite news| url=http://www.washingtonpost.com/business/economy/chinas-currency-rises-against-the-dollar/2012/09/28/790415be-099e-11e2-a10c-fa5a255a9258_story.html | work=The Washington Post | first=Howard | last=Schneider | title=Some experts say China's currency policy is not a danger to the U.S. economy | date=2012-09-29}}</ref> Since 2006, the renminbi exchange rate has been allowed to [[floating exchange rate|float]] in a narrow margin around a fixed base rate determined with reference to a basket of world currencies. The Chinese government has announced that it will gradually increase the flexibility of the exchange rate. As a result of the rapid [[internationalization of the renminbi]], it became the world's 8th most traded currency in 2013,<ref name="swift2013">{{cite web|title=RMB now 8th most traded currency in the world|url=http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2013/PR_RMB_september.xml|publisher=[[Society for Worldwide Interbank Financial Telecommunication]]|date=2013-10-08}}</ref> and 5th in 2015.<ref name="swift2015">{{cite web|title=RMB breaks into the top five as a world payments currency|url=http://www.swift.com/about_swift/shownews?param_dcr=news.data/en/swift_com/2015/PR_RMB_into_the_top_five.xml|publisher=[[Society for Worldwide Interbank Financial Telecommunication]]|date=2015-01-28}}</ref> The yuan will be included in the basket of currencies used by the IMF ([[reserve currency]]) in 2016.<ref>{{cite news |url=http://www.economist.com/news/business-and-finance/21679341-its-new-status-might-make-weaker-yuan-chinese-renminbi-joins-imfs |title=Chinese renminbi joins basket of currencies |work=The Economist |date=2015-11-30 |accessdate=2015-12-01}}</ref>

==History==
{{See also|History of Chinese currency}}
A variety of currencies circulated in China during the [[Republic of China (1912–1949)|Republic of China]] (ROC) era, most of which were denominated in the unit ''yuán'' (pronounced {{IPA|[jʏɛn˧˥]}}). Each was distinguished by a currency name, such as the ''fabi'' ("legal tender"), the "gold yuan," and the "silver yuan."

As the [[Communist Party of China]] took control of ever larger territories in the latter part of the [[Chinese Civil War]], its [[People's Bank of China]] began in 1948 to issue a unified currency for use in Communist-controlled territories. Also denominated in ''yuan'', this currency was identified by different names, including "People's Bank of China banknotes" ({{zh|t=中國人民銀行鈔票|s=中国人民银行钞票}}; from November 1948), "New Currency" ({{zh|t=新幣|s=新币}}; from December 1948), "People's Bank of China notes" ({{zh|t=中國人民銀行券|s=中国人民银行券}}; from January 1949), "People's Notes" (人民券, as an abbreviation of the last name), and finally "People's Currency", or "''renminbi''", from June 1949.<ref name="中华人民共和国第一套人民币概述">{{cite web|url=http://finance.sina.com.cn/money/collection/youbika/20050901/15471935211.shtml |title=中华人民共和国第一套人民币概述 |trans_title=People's Republic of China first RMB Overview |publisher=Sina |location=China |date= |accessdate=2012-04-06}}</ref>

==Convertibility==
During the era of the [[command economy]], the value of the renminbi was set to unrealistic values in exchange with western currency and severe currency exchange rules were put in place. With the opening of the mainland Chinese economy in 1978, a dual-track currency system was instituted, with renminbi usable only domestically, and with foreigners forced to use [[foreign exchange certificate]]s. The unrealistic levels at which [[exchange rate]]s were [[Fixed exchange rate|pegged]] led to a strong [[black market]] in currency transactions.

In the late 1980s and early 1990s, China worked to make the RMB more convertible. Through the use of swap centres, the exchange rate was brought to realistic levels and the dual track currency system was abolished.

As of 2013, the renminbi is convertible on [[current account]]s but not [[capital account]]s. The ultimate goal has been to make the RMB fully convertible. However, partly in response to the [[Asian financial crisis]] in 1998, China has been concerned that the mainland Chinese financial system would not be able to handle the potential rapid cross-border movements of [[hot money]], and as a result, as of 2012, the currency trades within a narrow band specified by the Chinese central government.

==Production and minting==
Renminbi currency production is carried out by a state owned corporation, [[China Banknote Printing and Minting Corporation]] ('''CBPMC'''; {{lang|zh|中国印钞造币总公司}}) headquartered in [[Beijing]].<ref>[http://www.cbpm.cn/English/ China Banknote Printing and Minting]</ref> CBPMC uses several printing, engraving and [[Mint (coin)|minting]] facilities around the country to produce banknotes and coins for subsequent distribution. Banknote printing facilities are based in Beijing, [[Shanghai]], [[Chengdu]], [[Xi'an]], [[Shijiazhuang]], and [[Nanchang]]. Mints are located in [[Nanjing]], Shanghai, and [[Shenyang]]. Also, high grade paper for the banknotes is produced at two facilities in [[Baoding]] and Kunshan. The Baoding facility is the largest facility in the world dedicated to developing banknote material according to its website.<ref>[http://www.cbpmc.com.cn/ssqy/bdyc/gyqy_fzlc.htm {{lang|zh|保定钞票纸厂}}] {{wayback|url=http://www.cbpmc.com.cn/ssqy/bdyc/gyqy_fzlc.htm |date=20090303133421 |df=y }}</ref> In addition, the [[People's Bank of China]] has its own printing technology research division that researches new techniques for creating banknotes and making counterfeiting more difficult.

===Current status===
As of 2013, renminbi banknotes are available in denominations from ¥0.1, ¥0.2, ¥0.5 (1, 2, and 5 jiao), ¥1, ¥2, ¥5, ¥10, ¥20, ¥50, and ¥100 yuan. These denominations have been available since 1955, except for the 50 and 100 yuan notes (added in 1980) and 20 yuan notes (added in or after 1999). Coins are available in denominations from 1 fen to 1 yuan (¥0.01–1). Thus some denominations exist in both coins and banknotes. On rare occasions larger yuan coin denominations such as ¥5 have been issued to commemorate events but use of these outside of collecting has never been widespread.

The denomination of each banknote is printed in [[Chinese language|Chinese]]. The numbers themselves are printed in financial [[Chinese numeral]] characters, as well as [[Arabic numerals]]. The denomination and the words "People's Bank of China" are also printed in [[Mongolian language|Mongolian]], [[Standard Tibetan|Tibetan]], [[Uyghur language|Uyghur]] and [[Standard Zhuang|Zhuang]] on the back of each banknote, in addition to the boldface [[Hanyu Pinyin]] "Zhongguo Renmin Yinhang" (without tones). The right front of the note has a tactile representation of the denomination in [[Mainland Chinese Braille|Chinese Braille]] starting from the fourth series. See [[#Minority|corresponding section]] for detailed information.

The fen and jiao denominations have become increasingly unnecessary as prices have increased. Coins under ¥0.1 are used infrequently. Chinese retailers tend to avoid decimal values (such as ¥9.99), opting instead for integer values of yuan (such as ¥9 or ¥10).<ref>{{cite news | author = Coldness Kwan | title= Do you get one fen change at Origus? | url= http://www.chinadaily.com.cn/china/2007-03/06/content_821037.htm | publisher= China Daily | date=2007-03-06 | accessdate=2007-03-26 }}</ref>

On November 30, 2015, the [[International Monetary Fund|IMF]] voted to designate the renminbi as one of several main world currencies, thus including it in the basket of [[special drawing rights]]. The other main world currencies are the [[US dollar]], [[euro]], [[Pound sterling|British pound]], and [[Japanese yen]].<ref>{{cite news | author = KEITH BRADSHER | title= China’s Renminbi Is Approved by I.M.F. as a Main World Currency | url= http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?emc=dlbkpm&emc=edit_dlbkpm_20151130&nl=%3Fnl%3Ddlbk&nlid=64450146&_r=0 | publisher= NY Times | date=2015-11-30 | accessdate=2015-11-30 }}</ref>

===Issuance history===
The currency was introduced by the [[People's Bank of China]] in December 1948, about a year before the establishment of the People's Republic of China. It was issued only in paper money form at first, and replaced the various currencies circulating in the areas controlled by the [[Commuunist Party of China|Communists]]. One of the first tasks of the new government was to end the [[hyperinflation]] that had plagued China in the final years of the [[Kuomintang]] (KMT) era. That achieved, a revaluation occurred in 1955 at the rate of 1 new yuan = 10,000 old yuan.

====Coins====
In 1953, [[aluminium]] 1-, 2-, and 5-fen coins began being struck for circulation, and were first introduced in 1955. These depict the [[National Emblem of the People's Republic of China|national emblem]] on the [[Obverse and reverse|obverse]] (front) and the name and denomination framed by [[wheat]] stocks on the reverse (back). In 1980, [[brass]] 1-, 2-, and 5-jiao and [[cupro-nickel]] 1-yuan coins were added, although the 1 and 2 jiao were only produced until 1981, with the last 5 jiao and 1 yuan issued in 1985. All jiao coins depicted similar designs to the fen coins while the yuan depicted the [[Great Wall of China]]. In 1991, a new coinage was introduced, consisting of an aluminium 1 jiao, brass 5 jiao and nickel-clad-steel 1 yuan. These were smaller than the previous jiao and yuan coins and depicted flowers on the obverse and the national emblem on the reverse. Issuance of the aluminum 1- and 2-fen coins ceased in 1991, with that of the 5 fen halting in 1994. The small coins were still made for annual uncirculated [[Coin set|mint sets]] in limited quantities, and from the beginning of 2005 the 1-fen coin got a new lease on life by being issued again every year since then up to present. New designs of the 1 and 5 jiao and 1 yuan were again introduced in between 1999 and 2002, with the 1 jiao being significantly reduced in size. In 2005, the metallic composition of the 1 jiao was changed from aluminum to more durable [[nickel]]-plated [[steel]]. The frequency of usage of coins varies between different parts of China, with coins typically being more popular in urban areas, and small notes being more popular in rural areas. Older fen and large jiao coins are uncommonly still seen in circulation but are still valid in exchange.

====Banknotes====
As of 2016, there have been five series of renminbi banknotes issued by the People's Republic of China:
* The [[first series of the renminbi|first series of renminbi banknotes]] was issued on December 1, 1948, by the newly founded [[People's Bank of China]]. It introduced notes in denominations of 1, 5, 10, 20, 50, 100 and 1000 yuan. Notes for 200, 500, 5000 and 10,000 yuan followed in 1949, with 50,000 yuan notes added in 1950. A total of 62 different designs were issued. The notes were officially withdrawn on various dates between April 1 and May 10, 1955. The name "first series" was given retroactively in 1950, after work began to design a new series.<ref name="中华人民共和国第一套人民币概述"/>
:These first renminbi notes were printed with the words "[[People's Bank of China]]", "[[Republic of China]]", and the denomination, written in Chinese characters by [[Dong Biwu]].<ref>{{cite web|url=http://www.cjiyou.net/html/2007-10/34498.htm |title=中国最早的一张人民币 |publisher=Cjiyou.net |date=2007-10-22 |accessdate=2012-04-06}}</ref>
* The [[second series of the renminbi|second series of renminbi banknotes]] was introduced on 1 March 1955 (but dated 1953). Each note has the words "People's Bank of China" as well as the denomination in the [[Uyghur language|Uyghur]], [[Standard Tibetan|Tibetan]], [[Mongolian language|Mongolian]] and [[Standard Zhuang|Zhuang]] languages on the back, which has since appeared in each series of renminbi notes. The denominations available in banknotes were ¥0.01, ¥0.02, ¥0.05, ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥3, ¥5 and ¥10. Except for the three fen denominations and the 3 yuan which were withdrawn, notes in these denominations continued to circulate. Good examples of this series have gained high status with banknote collectors.
* The [[third series of the renminbi|third series]] was introduced on April 15, 1962, though many denominations were dated 1960. New dates would be issued as stocks of older dates were gradually depleted. The sizes and design layout of the notes had changed but not the order of colors for each denomination. For the next two decades, the second and third series banknotes were used concurrently. The denominations were of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5 and ¥10. The third series was phased out during the 1990s and then was recalled completely on July 1, 2000.
* The [[fourth series of the renminbi|fourth series]] was introduced between 1987 and 1997, although the banknotes were dated 1980, 1990, or 1996. They are still legal tender. Banknotes are available in denominations of ¥0.1, ¥0.2, ¥0.5, ¥1, ¥2, ¥5, ¥10, ¥50 and ¥100. Like previous issues, the color designation for already existing denominations remained in effect.
* The [[fifth series of the renminbi|fifth series of renminbi banknotes]] and coins was progressively introduced from 1999. This series also bears the years 2005 (all except ¥1) and 2015 (¥100 only). As of 2016, it includes banknotes for ¥1, ¥5, ¥10, ¥20, ¥50 and ¥100. Significantly, the fifth series uses the portrait of [[Mao Zedong]] on all banknotes, in place of the various leaders and workers which had been featured previously. During this series new security features were added, the ¥2 denomination was discontinued, and the color pattern for each note was changed.

====Commemorative issues of the renminbi====
In 1999, a commemorative red ¥50 note was issued in honor of the 50th anniversary of the establishment of the People's Republic of China. This note features [[Mao Zedong]] on the front and various animals on the back.

An orange [[polymer banknote|polymer note]], and so far, China's only polymer note, commemorating the new millennium was issued in 2000 with a face value of ¥100. This features a [[Chinese dragon|dragon]] on the obverse and the reverse features the China Millennium monument (at the Center for Cultural and Scientific Fairs).

For the [[2008 Summer Olympics|2008 Beijing Olympics]], a green ¥10 note was issued featuring the [[Beijing National Stadium|Bird's Nest Stadium]] on the front with the back showing a classical Olympic [[discus]] thrower and various other athletes.

On November 26, 2015, the People's Bank of China issued a blue ¥100 commemorative note to commemorate aerospace science and technology.<ref>[http://banknotenews.com/files/e2786e68fc83280d97560edae1c1a155-3685.php China new 100-yuan aerospace commemorative note reported for 26.11.2015 introduction] BanknoteNews.com. November 6, 2015. Retrieved on 2015-11-18.</ref><ref>[http://www.pbc.gov.cn/goutongjiaoliu/113456/113469/2973267/index.html 中国人民银行公告〔2015〕第33号] The People's Bank of China (www.pbc.gov.cn). Retrieved on 2015-11-18.</ref>

====Suggested future design====
On March 13, 2006, some delegates to an advisory body at the [[National People's Congress]] proposed to include [[Sun Yat-sen]] and [[Deng Xiaoping]] on the renminbi banknotes. However, the proposal was not adopted.<ref>{{cite news|author= Quentin Sommerville|url=http://news.bbc.co.uk/2/hi/asia-pacific/4801486.stm|title=China mulls Mao banknote change|publisher=''BBC News, Shanghai''|date= 2006-03-13|accessdate=2007-03-18}}</ref>

=={{Anchor|Minority}}Use in minority regions==
[[File:RMB2-5yan-1B.gif|The [[second series of the renminbi]] had the most readable minority languages text, but no Zhuang text on it. Its issue of ¥0.1–¥0.5 even highlighted the Mongolian text.|thumb|right|300px]]
[[File:RMB10 PBOC languages.JPG|thumb|300px|right|"People's Bank of China Ten Yuan" written in 5 different languages. From top to bottom and left to right: [[Pinyin|Mandarin pinyin]], [[Mongolian language|Mongolian]], [[Standard Tibetan|Tibetan]], [[Uyghur language|Uyghur]], and [[Standard Zhuang|Zhuang]] languages.]]
[[File:RMB1-5000-3B.gif|thumb|right|300px|A special edition designed for [[Inner Mongolia]] in the [[first series of the renminbi]].]]

The renminbi yuan has different names when used in minority regions.
* {{Anchor|Mongols}}When used in [[Inner Mongolia]] and other [[Template:Mongol autonomy in the People's Republic of China|Mongol autonomies]], a yuan is called a '''tugreg''' ({{lang-mn|{{MongolUnicode|ᠲᠦᠭᠦᠷᠢᠭ᠌}}}} ''tügürig''). However, when used in the republic of [[Mongolia]], it is still named '''yuani''' ({{lang-mn|юань}}) to differentiate it from [[Mongolian tögrög]] ({{lang-mn|төгрөг}}). One Chinese tügürig (tugreg) is divided into 100 '''mönggü''' ({{lang-mn|{{MongolUnicode|ᠮᠥᠩᠭᠦ}}}}), one Chinese jiao is labeled "10 mönggü". In [[Mongolian language|Mongolian]], renminbi is called '''aradin jogos''' or '''arad-un jogos''' ({{lang-mn|{{MongolUnicode|ᠠᠷᠠᠳ ᠤᠨ ᠵᠣᠭᠣᠰ}}}} ''arad-un ǰoγos'').
* {{Anchor|Tibetans}}When used in [[Tibet Autonomous Region|Tibet]] and other [[Template:Tibetan autonomy in the People's Republic of China|Tibetan autonomies]], a yuan is called a '''gor''' ({{bo|t=སྒོར་|z=Gor}}). One gor is divided into 10 '''gorsur''' ({{bo|t=སྒོར་ཟུར་|z=Gorsur}}) or 100 '''gar''' ({{Bo|t=སྐར་|z=gar}}). In [[Tibetan languages|Tibetan]], renminbi is called '''mimangxogngü''' ({{bo|t=མི་དམངས་ཤོག་དངུལ།|z=Mimang Xogngü}}) or '''mimang shog dngul'''.

{{Clear}}

==International use==
{{main|Internationalization of the renminbi}}

{|class="infobox bordered" style="font-size:95%; width:25em;"
! style="font-size:120%; text-align:center; padding:5px 0;" | '''[[Internationalization of the Renminbi]]'''
|-
|
* {{Timeline-event |date='''{{Start date|2002|}}''' |event= The Chinese government launches the [[Qualified Foreign Institutional Investor]] (QFII) program<ref>{{cite web|title=QFII|url=http://lexicon.ft.com/Term?term=QFII|publisher=''[[Financial Times]]''|accessdate=2013-10-16|quote=The qualified foreign institutional investor (QFII) programme started in 2002 and allowed licensed foreign institutional investors a quota to buy Chinese-listed A-shares (previously only available to domestic investors).}}</ref>}}
* {{Timeline-event |date='''{{Start date|2004|1}}''' |event= Retail depositors in [[Hong Kong]] are allowed for the first time to convert some of their savings into the renminbi<ref>{{cite web|last=Chris Wright|title=ICBC bond: latest step on London’s road to RMB dominance|url=http://blogs.ft.com/beyond-brics/2013/10/15/icbc-bond-latest-step-on-londons-road-to-rmb-dominance/|publisher=''[[Financial Times]]''|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2005|7|}}''' |event= China drops the U.S. dollar peg by fixing the renminbi’s exchange rate to a trade-weighted currency basket<ref name="intrendb">{{cite web|last=Joachim Nagel|title=The Internationalisation of the Renminbi|url=http://www.bundesbank.de/Redaktion/EN/Reden/2013/2013_07_03_nagel.html|publisher=[[Deutsche Bundesbank]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2007|7|}}''' |event= China issues its first batch of [[Dim sum bond|RMB-denominated bonds]] outside [[Mainland China|mainland territory]]<ref>{{cite web|title=CDB to issue 5 bln yuan RMB bond in HK|url=http://english.gov.cn/2007-06/26/content_662569.htm|publisher=gov.cn|accessdate=2013-10-10}}</ref>}}

[[File:Putin wenjiabao1.jpeg|thumb|center|On November 24, 2010, [[Vladimir Putin]] announces that Russia's bilateral trade with China will be settled in [[Russian ruble|ruble]] and [[Chinese yuan|yuan]], instead of [[United States dollar|U.S. dollar]]s.<ref>{{cite news|title=Quotes of the Day|url=http://content.time.com/time/quotes/0,26174,2033058,00.html|publisher=''[[Time (magazine)]]''|accessdate=2013-10-13|date=2010-11-24}}</ref>]]

* {{Timeline-event |date='''{{Start date|2010|12|15}}''' |event= The renminbi begins to trade against the ruble on the [[Moscow Interbank Currency Exchange]]<ref>{{cite news|last=Emma O’Brien & Artyom Danielyan|title=Yuan-Ruble Trading Starts on Moscow's Micex as Russia, China Shun Dollar|url=http://www.bloomberg.com/news/2010-12-15/yuan-ruble-trade-starts-in-moscow-as-russia-china-seek-to-cut-dollar-use.html|publisher=[[Bloomberg News]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2011|12}}''' |event= China and Japan unveil plans to exchange each others' currencies directly<ref>{{cite news|title=China and Japan plan direct currency exchange agreement|url=http://www.bbc.co.uk/news/business-16330574|publisher=BBC|accessdate=2013-10-13|date=2011-12-26}}</ref> }}
* {{Timeline-event |date='''{{Start date|2012|6|}}''' |event= The renminbi begins to trade against the Japanese [[Japanese yen|yen]] in Tokyo and Shanghai<ref>{{cite web|last=Kosuke Takahashi|title=Japan, China bypass US in currency trade|url=http://www.atimes.com/atimes/Japan/NF02Dh01.html|publisher=[[Asia Times Online]]|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2013|4|10}}''' |event= The renminbi begins to trade against the [[Australian dollar]] on the Australian [[foreign exchange market]]<ref>{{cite web|title=China and Australia Announce Direct Currency Trading|url=http://pandora.nla.gov.au/pan/121064/20130621-0000/www.pm.gov.au/press-office/china-and-australia-announce-direct-currency-trading.html|publisher=[[National Library of Australia]]|accessdate=2013-10-16}}</ref>}}
* {{Timeline-event |date='''{{Start date|2013|6}}''' |event= The [[Bank of England]] signs a currency swap agreement with the PBOC for ¥200 billion<ref>{{cite news|title=UK and China in £21bn currency swap deal|url=http://www.bbc.co.uk/news/business-23020718|publisher=[[BBC]]|accessdate=2013-10-13|date=2013-06-23}}</ref> }}

[[File:George Osborne in China.jpg|thumb|center|On October 15, 2013, the [[Chancellor of the Exchequer|British Chancellor of the Exchequer]] [[George Osborne]] announces that the [[pound sterling]] and the renminbi will be traded directly in [[London]] and [[Shanghai]].<ref>{{cite web|title=Chancellor George Osborne cements London as renminbi hub|url=http://www.ft.com/intl/cms/s/0/9579f608-356e-11e3-b539-00144feab7de.html|publisher=''[[Financial Times]]''|quote= The two countries agreed to allow direct renminbi-sterling trading in Shanghai and offshore, making the pound the fourth currency to trade directly against the renminbi, while Chinese banks will be permitted to set up branches in London.}}</ref>]]

* {{Timeline-event |date='''{{Start date|2013|8}}''' |event= The renminbi becomes the world's 8th most widely traded currency<ref name="swift2013"/>}}
* {{Timeline-event |date='''{{Start date|2013|10}}''' |event= The [[European Central Bank]] signs a currency swap agreement with the PBOC for ¥350 billion<ref>{{cite web|title=ECB and the People’s Bank of China establish a bilateral currency swap agreement|url=http://www.ecb.europa.eu/press/pr/date/2013/html/pr131010.en.html|publisher=[[European Central Bank]]|accessdate=2013-10-13}}</ref>}}
* {{Timeline-event |date='''{{Start date|2015|1}}''' |event= The renminbi becomes the world's 5th most widely traded currency<ref name="swift2015"/>}}
* {{Timeline-event |date='''{{Start date|2015|10}}''' |event= The [[China International Payments System ]] (CIPS) is launched<ref name="CNTV-2015-10-15-CIPS">{{cite web
|author= Tom McGregor
|title= China international payments system goes into action
|url= http://english.cntv.cn/2015/10/15/ARTI1444888930837650.shtml
|publisher= [[CNTV]] |date= 2015-10-15
}}</ref><ref name="FT-2015-10-08-CIPS">{{cite web
|author= Gabriel Wildau
|title= China launch of renminbi payments system reflects Swift spying concerns
|url= http://www.ft.com/cms/s/0/84241292-66a1-11e5-a155-02b6f8af6a62.html
|publisher= ''[[Financial Times]]'' |date= 2015-10-08
}}</ref>
}}
* {{Timeline-event |date='''{{Start date|2015|11|30}}''' |event=The [[International Monetary Fund]] decided that the Renminbi (10.92%) will be added to the [[Special drawing rights]] (SDR)'s basket effective October 1, 2016<ref>{{cite web|url=http://www.imf.org/external/np/sec/pr/2015/pr15540.htm|title=Press release|publisher=International Monetary Fund}}</ref>
}}
|}

===International trade===
Before 2009, the Chinese renminbi had little to no exposure in the international markets because of strict government controls by the central Chinese government that prohibited almost all export of the currency, or use of it in international transactions. Transactions between Chinese companies and a foreign entity were generally denominated in [[US dollar]]s. With Chinese companies unable to hold US dollars and foreign companies unable to hold Chinese yuan, all transactions would go through the [[People's Bank of China]]. Once the sum was paid by the foreign party in dollars, the central bank would pass the settlement in renminbi to the Chinese company at the state-controlled exchange rate.

In June 2009 the Chinese officials announced a pilot scheme where business and trade transactions were allowed between limited businesses in [[Guangdong]] province and [[Shanghai]], and only counterparties in [[Hong Kong]], [[Macau]], and select [[ASEAN]] nations. Proving a success,{{Citation needed|date=July 2011}} the program was further extended to 20 Chinese provinces and counterparties internationally in July 2010, and in September 2011 it was announced that the remaining 11 Chinese provinces would be included.

In steps intended to establish the renminbi as an international [[reserve currency]], China has agreements with [[Russia]], [[Vietnam]], [[Sri Lanka]], [[Thailand]], and [[Japan]], allowing trade with those countries to be settled directly in renminbi instead of requiring conversion to US dollars, with [[Australia]] and [[South Africa]] to follow soon.<ref>{{cite news |url=http://www.nytimes.com/2011/02/11/business/global/11yuan.html |title=In China, Tentative Steps Toward a Global Currency |first=David |last=Barboza |work=The New York Times |date=2011-02-11}}</ref><ref>{{cite web |url=http://news.xinhuanet.com/english/video/2012-05/30/c_131620286.htm |title=China, Japan to launch yuan-yen direct trading |last1= |first1= |last2= |first2= |date=2012-05-30 |work= |publisher=[[Xinhuanet]] |accessdate=2012-06-10 }}</ref><ref>{{cite web |url=http://www.abc.net.au/news/2013-04-08/pm-flags-dollar-yuan-currency-deal/4615882 |title=ANZ, Westpac to lead Chinese currency conversion|last1= |first1=|last2= |first2=|date=2013-04-08 |work=|publisher=[[Australian Broadcasting Corporation]] |accessdate=2013-04-08}}</ref><ref>{{cite web |url=http://www.cbsl.gov.lk/pics_n_docs/09_lr/_docs/directions/bsd/BSD_2011/bsd_BO_2011_1.pdf |title=Designated Foreign Currencies - Central Bank of Sri Lanka |last1= |first1= |last2= |first2= |date=2011-10-27 |work= |publisher=[[Central Bank of Sri Lanka]] |accessdate=2014-01-24 }}</ref><ref>{{cite web |url=http://news.xinhuanet.com/english/2015-07/08/c_134394394.htm |title=Bank of China to serve as yuan clearing bank in S. Africa|last1= |first1=|last2= |first2=|date=2015-07-08 |work=|publisher=[[Xinhua]] |accessdate=2015-07-22}}</ref>

===International reserve currency===
Currency restrictions regarding renminbi denominated bank deposits and financial products were greatly liberalized in July 2010.<ref>{{cite news |url=http://www.ft.com/cms/s/0/2ff1d6ea-9a65-11df-87fd-00144feab49a.html |title=China revs up renminbi expansion |first=Robert |last=Cookson |work=The Financial Times |date=2010-07-28}}</ref> In 2010 renminbi denominated bonds were reported to have been purchased by Malaysia's central bank<ref>{{cite news |url=http://www.ft.com/cms/s/0/fecc16fc-c417-11df-b827-00144feab49a.html |title=Malaysian bond boost for renminbi |first1=Kevin |last1=Brown |first2=Robert |last2=Cookson |first3=Geoff |last3=Dyer |work=[[The Financial Times]] |location=Asia-Pacific |date=2010-09-19 |accessdate=2013-10-07}}</ref> and that [[McDonald's]] had issued renminbi denominated [[corporate bond]]s through [[Standard Chartered Bank]] of Hong Kong.<ref>[http://english.cri.cn/6826/2010/08/19/1821s589555.htm " McDonald's RMB Corporate Bond Launched in HK"] 2010-08-19 [[Xinhua]] Web Editor: Xu Leiying, accessed 2013-10-07</ref> Such liberalization allows the yuan to look more attractive as it can be held with higher return on investment yields, whereas previously that yield was virtually none. Nevertheless, some national banks such as [[Bank of Thailand]] (BOT) have expressed a serious concern about RMB since BOT cannot substitute the deprecated US dollars in its US$200 billion foreign exchange reserves for renminbi as much as it wishes because:
#The Chinese government has not taken full responsibilities and commitments on economic affairs at global levels.
#Renminbi still has not become well-liquidated (fully convertible) yet.
#The Chinese government still lacks deep and wide vision about how to perform fund-raising to handle international loans at global levels.<ref>{{cite web|url=http://www.mcot.net/cfcustom/cache_page/202740.html|title=ธปท.หาทางถ่วงน้ำหนักทุนสำรองหลังดอลลาร์สหรัฐผันผวน |trans_title=BOT. Weighted for the reserves after the US dollar volatility. | publisher=[[MCOT]]|accessdate=2011-04-30}}</ref>

To meet IMF requirements, China gave up some of its tight control over the currency.<ref>[http://www.nytimes.com/2015/12/01/business/international/china-renminbi-reserve-currency.html?hpw&rref=business&action=click&pgtype=Homepage&module=well-region&region=bottom-well&WT.nav=bottom-well&_r=0 China renminbi reserve currency]</ref>

Countries that are left-leaning in the political spectrum had aleady begun to use the renminbi as an alternative reserve currency to the United States dollar; the [[Central Bank of Chile]] reported in 2011 to have US$91 million worth of renminbi in reserves, and the president of the [[Central Bank of Venezuela]], Nelson Merentes, made statements in favour of the renminbi following the announcement of reserve withdrawals from Europe and the United States.<ref>{{cite news |first=Diego |last=Laje |date=2011-09-29 |url=http://business.blogs.cnn.com/2011/09/29/china-yuan-moving-toward-global-currency/ |title=China's yuan moving toward global currency? |work=CNN Business}}</ref>

===Use as a currency outside mainland China===
The two [[Special Administrative Region of the People's Republic of China|special administrative regions]], [[Hong Kong]] and [[Macau]], have their own respective currencies, according to the "[[one country, two systems]]" principle and the [[basic law]]s of the two territories.<ref>{{cite web | date= 1990-04-04 | url= http://www.info.gov.hk/basic_law/fulltext/content0202.htm | title= The Basic Law of the Hong Kong Special Administrative Region of the People's Republic of China | accessdate=2007-03-23 | quote = Article 18: National laws shall not be applied in the Hong Kong Special Administrative Region except for those listed in Annex III to this Law.}}</ref><ref>{{cite web | date= 1993-03-31 | url= http://www.umac.mo/basiclaw/english/ch2.html | title= The Basic Law of the Macao Special Administrative Region of the People's Republic of China | accessdate=2007-03-23 | quote = Article 18: National laws shall not be applied in the Macao Special Administrative Region except for those listed in Annex m to this Law. }}</ref> Therefore, the [[Hong Kong dollar]] and the [[Macanese pataca]] remain the legal tenders in the two territories, and renminbi, although sometimes accepted, is not legal tender. Banks in Hong Kong allow people to maintain accounts in RMB.<ref>{{cite news | title=Hong Kong banks to conduct personal renminbi business on trial basis | url=http://www.info.gov.hk/hkma/eng/press/2003/20031118e4.htm | publisher=Hong Kong Monetary Authority | date=2003-11-18 | accessdate=2007-03-22}}</ref> Because of changes in legislation in July 2010, many banks around the world<ref>{{cite news | title=Bank of China New York Offers Renminbi Deposits | url=http://www.bocusa.com/portal/Info?id=652&lang=1& | accessdate=2011-02-15}}</ref> are now slowly offering individuals the chance to hold deposits in Chinese renminbi.

The RMB had a presence in Macau even before the 1999 return to the People's Republic of China from [[Portugal]]. Banks in Macau can issue credit cards based on the renminbi, but not loans. Renminbi-based credit cards cannot be used in Macau's [[casino]]s.<ref>{{cite news | title=Macao gets green light for RMB services | url=http://www.chinadaily.com.cn/english/doc/2004-08/05/content_359235.htm | publisher=China Daily | date=2004-08-05 | accessdate=2007-03-22}}</ref>

The [[Republic of China]], which governs [[Taiwan]], believes wide usage of the renminbi would create an [[Black market|underground economy]] and undermine its [[sovereignty]].<ref>{{cite news|title=Regular Press Briefing of the Mainland Affairs Council |url=http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm |publisher=Mainland Affairs Council |date=5 January 2007 |accessdate=2007-03-21 |deadurl=yes |archiveurl=https://web.archive.org/20070927003905/http://www.mac.gov.tw/english/english/macnews/enews/enews960105.htm |archivedate=2007-09-27}}</ref> Tourists are allowed to bring in up to ¥20,000 when visiting Taiwan. These renminbi must be converted to the [[New Taiwan dollar]] at trial exchange sites in [[Matsu Islands|Matsu]] and [[Kinmen]].<ref>{{cite news | title=CBC head urges immediate liberalization of reminbi conversion | url=http://www.taiwanheadlines.gov.tw/ct.asp?xItem=56017&ctNode=6 | publisher=Government Information Office, Taiwan | date=2006-12-26 | accessdate=2007-03-21}}</ref> The [[Chen Shui-bian]] administration insisted that it would not allow full [[convertibility]] until the mainland signs a bilateral foreign exchange settlement agreement,<ref>{{cite news | title=Taiwan prepares to allow renminbi exchange | url=http://www.ft.com/cms/s/13eecafa-9acf-11db-bbd2-0000779e2340.html | publisher=Financial Times | date=3 January 2007 | accessdate=2007-03-13}}</ref> though president [[Ma Ying-jeou]] has pledged to allow full convertibility as soon as possible.

The renminbi circulates<ref name=peoplesdaily/> in some of China's neighbors, such as [[Pakistan]], [[Mongolia]]<ref name=takungpao>{{cite web |url= http://www.takungpao.com/news/09/05/06/_IN-1077521.htm |title= 人民幣在蒙古國被普遍使用 |publisher= ''[[Ta Kung Pao]]'' (大公報) |date= 2009-05-06 }}{{deadlink|date=January 2016}}</ref><ref>{{cite news|title=Widely used in Mongolia |url=http://chinanewswrap.com/2009/05/07/mongolians-prefer-the-renminbi-to-the-us-dollar |publisher=chinanewswrap.com |date=2009-05-07 |deadurl=yes |archiveurl=https://web.archive.org/20120225141710/http://chinanewswrap.com/2009/05/07/mongolians-prefer-the-renminbi-to-the-us-dollar |archivedate=2012-02-25}}</ref> and northern [[Thailand]].<ref>{{cite news | title=Asian Monetary Cooperation: Perspective of RMB Asianalization | url= http://www.newasiaforum.org/china_zhang_runlin.pdf}}</ref> [[Cambodia]] welcomes the renminbi as an official currency and [[Laos]] and [[Myanmar]] allow it in border provinces.<ref name=peoplesdaily/> Though unofficial,{{Clarify|date=August 2010}} [[Vietnam]] recognizes the exchange of the renminbi to the [[Vietnamese đồng|đồng]].<ref name=peoplesdaily>{{cite news | title=RMB increases its influence in neighbouring areas | url=http://english.peopledaily.com.cn/200402/17/eng20040217_134974.shtml | publisher=[[People's Daily]] | date=2004-02-17 | accessdate=2007-01-13}}</ref>

Since 2007, RMB-nominated bonds are issued outside mainland China; these are colloquially called "[[dim sum]] bonds". In April 2011, the first [[Initial Public Offering]] denominated in renminbi occurred in Hong Kong, when the Chinese property investment trust [[Hui Xian]] raised ¥10.48 billion ($1.6 billion) in its IPO. [[Beijing]] has allowed renminbi-denominated financial markets to develop in Hong Kong as part of the effort to internationalise the renminbi.<ref>{{cite news |title=Hong Kong's first renminbi IPO raises $1.6bn |url=http://www.ft.com/cms/s/0/39d32174-6af2-11e0-9744-00144feab49a.html?ftcamp=rss#axzz1K40sg22y |newspaper=Financial Times |date= }}</ref>

===Other markets===
Since currency flows in and out of mainland China are still restricted, RMB traded in off-shore markets (known as CNH), such as the Hong Kong market, can have a different value to RMB traded on the mainland. Other RMB markets include the dollar-settled non-deliverable forward (NDF) and the trade-settlement exchange rate (CNT).<ref>{{cite web|url=http://www.research.hsbc.com/midas/Res/RDV?p=pdf&key=UHa14N6Tu3&n=282753.PDF |title=The offshore renminbi| publisher=HSBC |accessdate=2012-07-14 |date=2010-12-01 |last1=Hui |first1=Daniel |last2=Bunning |first2=Dominic}}</ref>

==Value==
{{Main|Renminbi currency value}}
[[File:USD rate to CNY.svg|thumb|300px|left|1 USD to RMB, since 1981]]
For most of its early history, the RMB was [[Fixed exchange rate|pegged]] to the U.S. dollar at ¥2.46 per USD (note: during the 1970s, it was revalued until it reached ¥1.50 per USD in 1980). When China's economy gradually opened in the 1980s, the RMB was devalued in order to improve the competitiveness of Chinese exports. Thus, the official USD to RMB exchange rate increased from ¥1.50 in 1980 to ¥8.62 by 1994 (the lowest rate on record). Improving current account balance during the latter half of the 1990s enabled the Chinese government to maintain a peg of ¥8.27 per USD from 1997 to 2005.

The RMB reached a record high exchange value of ¥6.0395 to the U.S. dollar on 14 January 2014.<ref>{{cite web|url=http://www.binarytribune.com/day-trading-academy/chinese-yuan-currency-profile-part-ii|work=Binary Tribune| title=Profile of China's Yuan – Characteristics and Economic Indicators}}</ref> Chinese leadership have been raising the yuan to tame inflation, a step U.S. officials have pushed for years to help repair the massive trade deficit with China.<ref>Yahoo Finance, [http://finance.yahoo.com/news/Dollar-extends-slide-on-views-apf-3112272241.html?x=0&sec=topStories&pos=7&asset=&ccode= Dollar extends slide on views of low US rates]. Retrieved 2011-04-29.</ref>

In 2015 the [[Chinese Central Bank]] again devalued their country's currency. As of 1 September 2015, the exchange rate for 1 USD is ¥6.37.

===Depegged from the U.S. dollar===
On July 21, 2005, the peg was finally lifted, which saw an immediate one-off RMB revaluation to ¥8.11 per USD.<ref>{{cite web | date=2005-07-21 | url= http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=542 | title= Public Announcement of the People's Bank of China on Reforming the RMB Exchange Rate Regime}}</ref> The exchange rate against the [[euro]] stood at ¥10.07060 yuan per euro.

However the peg was reinstituted unofficially when the financial crisis hit: "Under intense pressure from Washington, China took small steps to allow its currency to strengthen for three years starting in July 2005. But China 're-pegged' its currency to the dollar as the financial crisis intensified in July 2008."<ref>{{cite web | date=2010-06-10 | url= http://www.marketwatch.com/story/geithner-takes-strong-stand-on-china-currency-2010-06-10?pagenumber=1 | title= 'Critically important' that China move on currency: Geithner. Treasury chief says he shares Congress' ire over dollar peg}}</ref>

On June 19, 2010, the People’s Bank of China released a statement simultaneously in Chinese and English indicating that they would "proceed further with reform of the RMB exchange rate regime and increase the RMB exchange rate flexibility."<ref>[http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 Further reform of the RMB exchange rate regime and enhancing the RNM exchange rate flexibility] {{wayback|url=http://www.pbc.gov.cn/english/detail.asp?col=6400&id=1488 |date=20150403104144 |df=y }}</ref> The news was greeted with praise by world leaders including [[Barack Obama]], [[Nicolas Sarkozy]] and [[Stephen Harper]].<ref>{{cite news | title = Global Leaders Welcome China's Yuan Plan | url = http://online.wsj.com/article/SB10001424052748704365204575316512609162050.html?mod=WSJ_Markets_LeadStory| publisher = Wall Street Journal | first1=Michael M. | last1=Phillips | first2=Ian | last2=Talley | date=2010-06-21}}</ref> The [[People's Bank of China|PBoC]] maintained there would be no "large swings" in the currency. The RMB rose to its highest level in five years and markets worldwide surged on Monday, June 21 following China's announcement.<ref>{{cite web | title = World stocks soar after Chinese move on yuan | url = http://www.google.com/hostednews/afp/article/ALeqM5gTL-hG_nDdnmwzgwNuP51AVtVbqQ}}</ref>

In August 2015, Joseph Adinolfi, a reporter for [[MarketWatch]], reported that China had re-pegged the RMB. In his article, he narrated that "Weak trade data out of China, released over the weekend, weighed on the currencies of Australia and New Zealand on Monday. But the yuan didn’t budge. Indeed, the Chinese currency, also known as the renminbi, has been remarkably steady over the past month despite the huge selloff in China’s stock market and a spate of disappointing economic data. Market strategists, including Simon Derrick, chief currency strategist at BNY Mellon, and Marc Chandler, head currency strategist at Brown Brothers Harriman, said that’s because China’s policy makers have effectively re-pegged the yuan. “When I look at the dollar-renminbi right now, that looks like a fixed exchange rate again. They’ve re-pegged it,” Chandler said."<ref>{{cite news |url=http://www.marketwatch.com/story/china-has-effectively-re-pegged-the-yuan-2015-08-10 | title=China has effectively re-pegged the yuan |first=Joseph |last=Adinolfi |work=Market Watch |date=2015-08-10 |accessdate=2015-11-28}}</ref>

China has shifted some of its reserves from U.S. dollar accounts to accounts in its competitor nations,{{Citation needed|date=January 2010}} leading these other nations to invest in dollars to keep their own currencies down.{{Citation needed|date=January 2010}}<ref>{{cite news |first1=Jonathan |last1=Wheatley |first2=Peter |last2=Garnham |url=http://www.cnbc.com/id/39394429/Brazil_in_International_Currency_War_Finance_Minister |title=Brazil in 'International Currency War': Finance Minister |work=Financial Times |date=2010-09-28}}</ref>

===Managed float===
The RMB has now moved to a [[Floating exchange rate|managed floating exchange rate]] based on market supply and demand with reference to a [[Currency basket|basket]] of foreign currencies. In July 2005, the daily trading price of the U.S. dollar against the RMB in the inter-bank foreign exchange market was allowed to float within a narrow band of 0.3% around the central parity <ref>{{cite web|last1=KWAN|first1=C.H.|url=http://www.rieti.go.jp/en/columns/a01_0179.html|publisher=RIETI|title=How China's managed floating system under BBC rules actually works}}</ref> published by the [[People's Bank of China]]; in a later announcement published on May 18, 2007, the band was extended to 0.5%.<ref>{{cite web | date=2007-05-18 | url= http://www.pbc.gov.cn/english//detail.asp?col=6400&ID=837 | title= Public Announcement of the People's Bank of China on Enlarging the Floating Band of the RMB Trading Prices against the US Dollar in the Inter-bank Spot Foreign Exchange Market}}</ref> On April 14, 2012, the band was extended to 1.0%.<ref>{{cite web | date=2012-04-14 | url= http://articles.marketwatch.com/2012-04-14/markets/31340930_1_china-economist-yuan-renminbi | title= China to widen daily yuan band vs. dollar to 1%}}</ref> On March 17, 2014, the band was extended to 2%.<ref>{{cite news|last=Wang|first=Wynne|url=http://online.wsj.com/news/articles/SB10001424052702304026304579450152960381232?KEYWORDS=yuan+2+band+march&mg=reno64-wsj | newspaper = The Wall Street Journal|title=China's Yuan Falls Further Against Dollar}}</ref> China has stated that the basket is dominated by the [[United States dollar]], [[euro]], [[Japanese yen]] and [[South Korean won]], with a smaller proportion made up of the [[Pound sterling|British pound]], [[Thai baht]], [[Russian ruble]], [[Australian dollar]], [[Canadian dollar]] and [[Singapore dollar]].<ref>{{cite web | date=2005-08-10 | url= http://www.chinanews.com.cn/news/2005/2005-08-10/26/610367.shtml | title= 央行行长周小川在央行上海总部揭牌仪式上的讲话}}</ref>

On April 10, 2008, it traded at ¥6.9920 per US dollar, which was the first time in more than a decade that a dollar had bought less than seven yuan,<ref>{{cite news|url=http://www.nytimes.com/2008/04/10/business/worldbusiness/10cnd-yuan.html|title=Yuan Hits Milestone Against Dollar|author=David Barboza|publisher=New York Times|date=2008-04-10|accessdate=2008-04-11}}</ref> and at 11.03630 yuan per euro.

Beginning in January 2010, Chinese and non-Chinese citizens have an annual exchange limit of a maximum of US$50,000. Exchange will only proceed if the applicant appears in person at the relevant bank and presents his passport or his Chinese ID; these deals are being centrally registered. The maximum dollar withdrawal is $10,000 per day, the maximum purchase limit of USD is $500 per day. This stringent management of the currency leads to a bottled-up demand for exchange in both directions. It is viewed as a major tool to keep the currency peg, preventing inflows of '[[hot money]]'.

A shift of Chinese reserves into the currencies of their other trading partners has caused these nations to shift more of their reserves into dollars, leading to no great change in the value of the renminbi against the dollar.<ref>{{cite news |last=Frangos |first=Alex |url=http://blogs.wsj.com/japanrealtime/2010/09/16/dont-worry-about-china-japan-will-finance-us-debt/ |title=Don’t Worry About China, Japan Will Finance U.S. Debt |work=The Wall Street Journal |date=2010-09-16}}</ref>

===Futures market===
Renminbi [[Futures contract|futures]] are traded at the [[Chicago Mercantile Exchange]]. The futures are cash-settled at the exchange rate published by the People's Bank of China.<ref>{{cite web|url=http://www.cmegroup.com/rulebook/CME/III/250/270/270.pdf|title=Chinese Renminbi Futures|publisher=CME Group|accessdate=2010-02-19}}</ref>

===Purchasing power parity===
{{update|section|date=October 2013}}
Scholarly studies suggest that the yuan is undervalued on the basis of [[purchasing power parity]] analysis. One recent study suggests a 37.5% undervaluation.<ref name="Lipman 2011"/>

* The [[World Bank]] estimated that, by purchasing power parity, one [[Geary–Khamis dollar|International dollar]] was equivalent to approximately ¥1.9 in 2004.<ref>[http://devdata.worldbank.org/wdi2006/contents/Table4_14.htm World Bank: ''World Development Indicators 2006''] {{wayback|url=http://devdata.worldbank.org/wdi2006/contents/Table4_14.htm |date=20100710061859 |df=y }}</ref>
* The [[International Monetary Fund]] estimated that, by purchasing power parity, one International dollar was equivalent to approximately ¥3.462 in 2006, ¥3.621 in 2007, ¥3.798 in 2008, ¥3.872 in 2009, ¥3.922 in 2010, ¥3.946 in 2011, ¥3.952 in 2012, ¥3.944 in 2013 and ¥3.937 in 2014.<ref>{{cite web|url=http://www.imf.org/external/pubs/ft/weo/2009/01/weodata/weorept.aspx?pr.x=41&pr.y=7&sy=2006&ey=2014&scsm=1&ssd=1&sort=country&ds=.&br=1&c=924&s=PPPEX&grp=0&a= |title=World Economic Outlook Database, April 2009 |publisher=IMF |accessdate=2015-01-06}}</ref>

The People’s Bank of China lowered the renminbi’s daily fix to the US dollar by 1.9 per cent to ¥6.2298 on August 11, 2015.

{{Exchange rate|CNY|INR|RUB|style=navbox}}

== See also ==
* [[China Banknote Printing and Minting Corporation]] (CBPMC)
* [[Chinese lunar coins]]
* [[Economy of China]]
* [[List of renminbi exchange rates]]

== References ==
{{reflist|30em}}

== Further reading ==
{{refbegin}}
* Ansgar Belke, Christian Dreger und Georg Erber: ''Reduction of Global Trade Imbalances: Does China Have to Revalue Its Currency?'' In: ''Weekly Report.'' 6/2010, Nr. 30, 2010, {{ISSN|1860-3343}}, S. 222–229 ([http://www.diw.de/documents/publikationen/73/diw_01.c.363191.de/diw_wr_2010-30.pdf PDF-File; DIW Online]).
* Dr Hai Xin (2012). ''[http://www.rmbhandbook.com/ The RMB Handbook]: Trading, Investing and Hedging'', Risk books. ISBN 978-1906348816
* {{numis cite SCWC|date=1991}}
* {{numis cite SCWPM|date=1994}}
{{refend}}

== External links ==
{{commons category|Money of China}}
* [http://www.thebeijingguide.com/money/money3.html Photographs of all Chinese currency and sound of pronunciation in Chinese]
* [http://www.bbc.co.uk/news/10413076 Stephen Mulvey, Why China's currency has two names - BBC News, 2010-06-26]

{{Chinese currency and coinage}}
{{Currencies of Asia}}
{{Economy of China}}
{{China topics|state=autocollapse}}

{{Authority control}}

[[Category:Currencies of China]]
[[Category:1949 introductions]]
[[Category:Renminbi| ]]

Superman curse

2016-01-15T21:39:59Z

190.41.129.105: /* Superman actors not generally believed to have become victims of the curse */

The '''Superman curse''' refers to a series of supposedly related misfortunes that have plagued creative people involved in adaptations of ''[[Superman]]'' in various media, particularly actors who have played the role of Superman on film and television.<ref name=TV.com>{{cite web|url=http://www.tv.com/news/dana-reeve-widow-of-chris-reeve-dies-at-44-3557/ |title=Dana Reeve, widow of Chris Reeve, dies at 44 |last=Mahan |first=Colin |date=2006-03-07 |work=[[TV.com]] |accessdate=1 October 2011}}</ref> The "curse" is frequently associated with [[George Reeves]], who starred in ''[[Adventures of Superman (TV series)|Adventures of Superman]]'' on television from 1952 to 1958, and died of a gunshot wound at age 45 under disputed circumstances (officially ruled a suicide); and [[Christopher Reeve]], who played the superhero in four theatrical films from 1978 to 1987, was paralyzed in a 1995 horseback riding accident, and died nine years later at age 52.<ref>{{cite news |url=http://news.google.com/newspapers?id=fX0xAAAAIBAJ&sjid=EaIFAAAAIBAJ&pg=5145,559807&dq=superman+curse&hl=en |title=Superman role proves actors' curse |date=1995-06-02 |agency=[[Associated Press]] |work=Reading Eagle |accessdate=1 October 2011}}</ref><ref>{{cite news |url=http://thestar.com.my/lifestyle/story.asp?file=/2004/10/29/features/9238453&sec=features |title=World without Superman |last=Rahan |first=Kaleon |date=2004-10-29 |work=[[The Star (Malaysia)|The Star]] |accessdate=1 October 2011 |location=Petaling Jaya, Malaysia}}</ref>

The curse is often invoked whenever misfortune is experienced by actors and other personnel who work on Superman adaptations, so much so that some talent agents cite the curse as the reason for the difficulty in casting actors in the role in live-action feature films.<ref name=Variety>Brodesser, Claude. [http://www.variety.com/index.asp?layout=story&articleid=VR1117882354&categoryid=13&cs=1 "Inside Move: Dark 'Superman' curse?"]. ''[[Variety (magazine)|Variety]]''. March 16, 2003</ref><ref>[http://www.guardian.co.uk/film/2003/mar/17/news2 "Talent warned off by 'curse of Superman'"]. ''[[The Guardian]]''. March 17, 2003</ref>

==Deceased Superman actors who allegedly became victims of the curse==
The following actors who played Superman have sometimes been cited as victims of the "Superman curse".

;Kirk Alyn
[[Kirk Alyn]] played Superman in two low-budget 1940s serials but failed to find work afterwards because he was too closely identified with the role, and was relegated to voice-overs, commercials and uncredited screen roles. He later appeared as [[Lois Lane]]'s father in the 1978 ''Superman'' film.<ref name=ABCNews>Wolf, Buck. [http://abcnews.go.com/Entertainment/WolfFiles/story?id=2103736 "Career Kryptonite: The Superman Curse"]. [[ABC News]]. June 22, 2006</ref> Alyn suffered from Alzheimer's disease later in his life and died in 1999 at the age of 88.<ref name=Variety/><ref>{{cite news |url=http://www.independent.co.uk/arts-entertainment/obituary-kirk-alyn-1083768.html |title=Obituary: Kirk Alyn |last=Vallance |first=Tom |date=1999-03-29 |work=[[The Independent]]|accessdate=1 October 2011 |location=London}}</ref>

;Bud Collyer
[[Bud Collyer]] voiced the first ''Superman'' cartoon from 1941-43. He went on to enjoy a career in TV, hosting the game show ''[[To Tell the Truth]]''. He returned to Superman by voicing ''The New Adventures of Superman'' for CBS in 1966. Three years later, he was dead of a circulatory ailment at the age of 61.<ref name=Variety/><ref name=CNN/>

;Lee Quigley
[[Lee Quigley]], who played Superman as a baby in [[Superman (1978 film)|the 1978 film]], died in 1991 at age 14 due to [[Inhalant abuse|solvent abuse]].<ref name=BiographyChannel>McGasko, Joe (June 18, 2013). [http://www.biography.com/blog/the-superman-curse-21259185 "The Superman Curse"]. [[The Biography Channel]].</ref><ref>[http://news.bbc.co.uk/dna/place-lancashire/plain/A13645208 "The 'Curse' of Superman"]. [[BBC News]]. Retrieved August 6, 2013.</ref><ref>[http://xfinity.comcast.net/slideshow/entertainment-hollywoodcurses/9/ "The Superman Curse"]. [[Xfinity]]. Retrieved August 6, 2013.</ref><ref>{{cite book |last=Downton |first=Dawn Rae |title=The Little Book of Curses and Maledictions for Everyday Use |publisher=Skyhorse |location=New York |year=2009 |pages=21–22 |isbn=1-60239-741-4 |url=http://books.google.com/books?id=APnE8CWaDRcC&pg=PA21&dq=%22lee+quigley%22&hl=en&ei=Wb6GTrqlIaLw0gGbqNjUDw&sa=X&oi=book_result&ct=result&resnum=8&ved=0CF4Q6AEwBw#v=onepage&q=%22lee%20quigley%22&f=false}}</ref>

;George Reeves
[[George Reeves]] played Superman in the [[1951 in film|1951]] film ''[[Superman and the Mole Men]]'' and the ensuing television series ''[[Adventures of Superman (TV series)|Adventures of Superman]].'' Like Alyn and Reeve, he was too closely associated with the role
to find further work. On June 16, 1959, days before he was to be married, Reeves was found dead of a gunshot wound at his home with his [[Luger P08 pistol|Luger]] near him. The death was ruled a suicide, but controversy surrounds the death, as Reeves' fingerprints were never found on the gun, and he had been having an affair with the wife of MGM exec [[Eddie Mannix]].<ref name=ABCNews/><ref name=CNN/> It was Reeves' death that inspired the conspiracy theories and the urban legend of a curse associated with the character.<ref name=Metro>[http://www.metro.co.uk/showbiz/17464-superman-curse-returns "Superman curse returns"]. ''[[Metro (British newspaper)|Metro]]''. July 13, 2006</ref>

;Christopher Reeve
[[Christopher Reeve]] played Superman/Clark Kent in the [[Superman in film|Superman film series]], ''[[Superman (1978 film)|Superman: The Movie]]'' ([[1978 in film|1978]]), ''[[Superman II]]'' ([[1980 in film|1980]]), ''[[Superman III]]'' ([[1983 in film|1983]]), and ''[[Superman IV: The Quest for Peace]]'' ([[1987 in film|1987]]). Like Kirk Alyn, Reeve was so closely identified with the character that it was difficult for him to acquire lead parts in other films, and was largely relegated to ''Superman'' sequels and supporting roles.<ref name=ABCNews/> The actor was [[paralysis|paralyzed]] from the neck down after being thrown from his horse in a [[cross-country equestrianism|cross-country equestrian]] riding event on May 27, 1995. Reeve died on October 10, 2004 due to [[heart failure]] stemming from his medical condition.<ref name=CNN>[http://www.cnn.com/2003/SHOWBIZ/Movies/03/17/film.superman.reut/ "Is there a 'Superman' curse?"]. [[CNN]]. March 17, 2003</ref>

==Other alleged victims==
;Marlon Brando
[[Marlon Brando]], who played [[Jor-El]] in the 1978 film, is cited due to the misfortune he suffered in his private life, such as his son Christian's shooting of his half-sister Cheyenne's boyfriend in 1990 and subsequent decade-long imprisonment, Brando's own admission in court he had failed his son and daughter, his daughter's 1995 suicide and his later reclusiveness. He died in 2004, about four months before his ''Superman'' co-star Christopher Reeve.<ref name=BiographyChannel/>

;Margot Kidder
[[Margot Kidder]], who played Superman's love interest [[Lois Lane]] opposite [[Christopher Reeve]], suffers from intense [[bipolar disorder]]. In April 1996, she went missing for several days and was found by police in a paranoid, delusional state.<ref>{{cite web|author=J.D. Reed |url=http://www.people.com/people/archive/article/0,,20142326,00.html |title=Starting Over|publisher=[[People (magazine)|People]]|date=September 23, 1996|accessdate=2010-06-17}}</ref><ref name=CNN/><ref name=TorontoSun>Kevin Williamson and Jim Slotek. [http://www.torontosun.com/entertainment/movies/2011/04/01/17838401.html "Will Amy Adams face Superman curse?"]. ''[[Toronto Sun]]''. April 3, 2011</ref> Kidder dismisses the notion of a curse, remarking in a 2002 interview, "That is all newspaper-created rubbish. The idea cracks me up. What about the luck of Superman? When my car crashed this August, if I hadn't hit a [[electrical telegraph|telegraph]] pole after rolling three times, I would have dropped down a 50ft to 60ft ravine. Why don't people focus on that?"<ref name=Telegraph>Poole, Oliver. [http://www.telegraph.co.uk/culture/3586893/Curse-Its-the-luck-of-Superman.html "Curse? It's the luck of Superman"]. ''[[The Daily Telegraph]]''. December 9, 2002</ref>

;Richard Pryor
Comedian [[Richard Pryor]], who had previously suffered from a [[drug addiction]] that led to a near fatal suicide attempt, starred as villain [[Gus Gorman]] in [[1983 in film|1983]]’s ''[[Superman III]]'', but later took Superman's side near the end of the movie and became a hero. Three years later, he announced that he was diagnosed with [[multiple sclerosis]].<ref name=CNN/><ref name=Telegraph/> He died of [[cardiac arrest]] on December 10, 2005 at the age of 65.<ref>{{cite web|url=http://news.bbc.co.uk/1/hi/entertainment/4517714.stm|title=BBC NEWS - Entertainment - Comedian Richard Pryor dead at 65|work=bbc.co.uk}}</ref>

;Dana Reeve
The curse has been mentioned regarding the death of the widow of actor Christopher Reeve, who, despite being a non-smoker, died of lung cancer in 2006 at the age of 44.<ref name=TV.com/><ref name=Standard>[http://www.thisislondon.co.uk/film/article-23124736-superman-curse-is-back.do "Superman 'curse' is back"]. ''[[London Evening Standard]]''. July 12, 2006</ref>

;Jerry Siegel and Joe Shuster
[[Jerry Siegel]] and [[Joe Shuster]], the writer and artist who co-created Superman, sold the rights to their creation to DC Comics for a relatively small amount of money, in contrast to the amount of money the character has generated over the decades. Despite the repeated efforts over the course of the rest of their lives to recover legal ownership of Superman, and a share in the immense profits that the character for DC Comics, DC's copyright on the character was renewed.<ref name=BiographyChannel/> By the 1950s, Shuster's worsening eyesight prevented him from drawing, and he worked as a [[deliveryman]] in order to earn a living.<ref>{{cite news|last = Heer|first = Jeet|url = http://www.guardian.co.uk/commentisfree/2008/apr/05/theinjusticeofsuperman|title = The Injustice of Superman|work=The Guardian|date= April 5, 2008|location = [[UK]]|archiveurl =http://www.webcitation.org/5xFnRSG5I | archivedate= March 17, 2011|deadurl=no}}</ref><ref>{{cite news|last=Graham|first=Victoria| title=Originators of ''Superman'' Destitute: Sold Rights in 1938 for $130| work=[[Lansing State Journal|State Journal]]|location= [[Lansing, Michigan|Lansing]], [[Michigan]]|date= November 25, 1975| page = D-3}}</ref> [[Jerry Robinson]] claimed Shuster had delivered a package to the DC building, embarrassing the employees. He was summoned to the CEO, given one hundred dollars, and told to buy a new coat and find another job.<ref>{{cite book|last=Simon|first=Joe|title=Joe Simon: My Life in Comics|publisher=[[Titan Books]]|year= 2011|location= [[London]], [[UK]]| isbn = 978-1-84576-930-7|page=188}}</ref> By 1976, Shuster was almost blind and living in a California nursing home.<ref>Horn, Maurice. ''The World Encyclopedia of Comics'': Shuster, Joe. (Scribner, 1976) ISBN 978-0-87754-030-4</ref> In 1975, Siegel launched a publicity campaign, in which Shuster participated, protesting [[DC Comics]]' treatment of him and Shuster. In the face of a great deal of negative publicity over their handling of the affair (and due to the upcoming [[Superman (1978 film)|Superman movie]]), DC's parent company [[Warner Communications]] reinstated the byline dropped more than thirty years earlier and granted the pair a lifetime pension of $20,000 a year plus health benefits.<ref name=humble>{{cite news|url=http://www.ctv.ca/servlet/ArticleNews/story/CTVNews/20060628/superman_returns_cdn_060628/20060628?hub=Entertainment|title=Superman co-creator has humble Canadian roots|last=Associated Press|publisher=CTV|date=June 28, 2006|accessdate=2008-08-12 | archivedate= October 23, 2007 | archiveurl = http://web.archive.org/web/20110604145745/http://www.ctv.ca/CTVNews/Entertainment/20060628/superman_returns_cdn_060628/}}</ref><ref>{{cite news|url=http://query.nytimes.com/gst/fullpage.html?res=9E0CE6D71330F930A3575BC0A964958260|title=Joseph Shuster, Cartoonist, Dies; Co-Creator of 'Superman' Was 78 |last=Lambert|first=Bruce|date=August 3, 1992|work=[[The New York Times]] | accessdate=2008-08-12 | archiveurl = http://www.webcitation.org/5a1pxTNKz | archivedate = 12 Aug 2008 | deadurl = no}}</ref><ref>{{cite news|url=http://www.time.com/time/magazine/article/0,9171,947632,00.html|title=Man and Superman | date = January 5, 1976 | work=[[Time (magazine)|Time]] | accessdate=2008-08-12 | archivedate= October 23, 2007 | archiveurl = http://web.archive.org/web/20071023075925/http://www.time.com/time/magazine/article/0,9171,947632,00.html}}</ref> The first issue with the restored credit was ''[[Superman (comic book)|Superman]]'' #302 (August 1976).<ref>{{cite book|last=McAvennie|first= Michael|last2=Dolan|first2=Hannah, ed.|chapter= 1970s|title = DC Comics Year By Year A Visual Chronicle|publisher=[[Dorling Kindersley]] |year=2010 |isbn= 978-0-7566-6742-9 |page= 170 |quote = For the first time since 1947, Jerry Siegel and Joe Shuster's names were back in ''Superman'' comics, and listed as the Man of Steel's co-creators.}}</ref> Siegel died in 1996 and Shuster in 1992.<ref name=BiographyChannel/>

;Max and Dave Fleischer
Brothers [[Max Fleischer]] and [[Dave Fleischer]] who produced the [[Superman (1940s cartoons)|Paramount Superman cartoons]] began to quarrel with one another and their studio suffered financial disaster. After selling off Paramount Studios, the new owners fired the two brothers. One of them died in poverty.<ref>The Mary Celeste Syndrome by John Pinkney</ref>

;Miscellaneous
The curse was invoked after three people involved in the creation of the ''[[Superman Returns]]'' DVD suffered injuries, one of whom fell down a flight of stairs. Another was mugged and beaten up and a third smashed into a glass window. Director [[Bryan Singer]] remarked, "My DVD crew absorbed the curse for us."<ref name=Metro/><ref name=Standard/>

;Kate Bosworth
[[Kate Bosworth]] played Lois Lane in ''Superman Returns''. Although she did not suffer any physical attacks, accidents or illnesses, she lost her romantic relationship with actor [[Orlando Bloom]] in 2006, which she blamed on the Superman Curse.<ref>{{cite web|url=http://www.contactmusic.com/kate-bosworth/news/bosworth-blames-superman-curse-for-bloom-split_1008978|title=Bosworth Blames 'Superman' Curse For Bloom Split|author=WENN|work=Contactmusic.com}}</ref>

==Superman actors not generally believed to have become victims of the curse==
The following actors have portrayed Superman but are not typically associated with the curse.

;Dean Cain
[[Dean Cain]], who became a household name in the mid-1990s for his portrayal of Superman/Clark Kent in ''[[Lois & Clark: The New Adventures of Superman]],'' went on to have other varied roles in shows such as ''[[Frasier]]'' and ''[[Law & Order]],'' made-for-TV movies, and in two different parts of the Superman canon, a cameo appearance in ''[[Smallville (TV series)|Smallville]]'' as a villain called Dr. Curtis Knox, and in the 2015 ''[[Supergirl (U.S. TV series)|Supergirl]]'' in a recurring role as the title character's foster father, Jeremiah Danvers. [[ABC News]] correspondent [[Buck Wolf]] commented, "(Cain) has yet to find the right role."<ref name=ABCNews/> 

;Brandon Routh
Actor [[Brandon Routh]], who played Superman in the 2006 film ''[[Superman Returns]],'' dismisses the notion of the curse, stating that what occurs to one person or set of people will not necessarily occur to everyone, and that he does not live his life in fear.<ref name=Metro/><ref>[http://www.movieweb.com/news/talking-the-man-of-steel-with-superman-returns-brandon-routh "Talking the Man Of Steel with Superman Returns Brandon Routh"]. Movieweb. June 22, 2006</ref> 

;Bob Holiday
[[Bob Holiday]], who played Superman on Broadway in the 60s musical ''[[It's a Bird, It's a Plane, It's Superman!]]'', called the idea of a Superman Curse "silly." He states that "nothing but good" has come from his playing Superman.<ref>Edlitz, Mark (April 14, 2012). [http://herocomplex.latimes.com/2012/04/14/superman-bob-holiday-its-a-bird-its-a-plane/ "Superman sings! Bob Holiday on Broadway and Man of Steel brotherhood"]. ''[[Los Angeles Times]]''</ref> 

;Henry Cavill
[[Henry Cavill]], who plays Superman in the 2013 film ''[[Man of Steel (film)|Man of Steel]]'' and the 2016 sequel'' [[Batman v Superman: Dawn of Justice]]'', has said that he does not believe there is a Superman curse, and that incidents thought to be evidence of it are explained by bad luck.<ref>Weintrub, Steve (May 30, 2013). [http://collider.com/henry-cavill-man-of-steel-interview/ "Henry Cavill Talks MAN OF STEEL, the Superman Curse, His Preparation for the Role, and More"]. Collider.</ref>

;Tom Welling

==See also==
*''[[Hollywoodland]]''
*[[Poltergeist (film series)#The Poltergeist curse|''Poltergeist'' curse]]
*''[[Kennedy curse]]''

==References==
{{reflist}}

==External links==
*{{IMDb title|0830881|The Curse of Superman}}
*[http://www.snopes.com/movies/other/ourgang.asp "'Our Gang' Curse"]. [[Snopes]]. accessed September 6, 2011.

{{Superman in other media}}

[[Category:Superman in other media|Curse]]
[[Category:Curses]]

2011–2012 Saudi Arabian protests

2016-01-06T21:26:53Z

190.41.129.105: /* Execution of Nimr al-Nimr */ wahabi islam

{{Use dmy dates|date=April 2013}}{{EngvarB|date=April 2013}}{{Infobox 2011–2012 Saudi Arabian protests}}

The '''protests in [[Saudi Arabia]]''' were part of the [[Arab Spring]] that started with the 2011 [[Tunisian revolution]]. Protests started with a [[self-immolation]] in [[Samtah]]<ref name="saudi_selfimmo65yr" /> and [[Jeddah]] street protests in late January 2011.<ref name="Montreal" /><ref name="Reuters_Dozens_detained"/> Protests against [[Shi'a Islam in Saudi Arabia#Restrictions and persecutions|anti-Shia discrimination]] followed in February and early March in [[Qatif]], [[Hofuf]], [[al-Awamiyah]], and [[Riyadh]].<ref name="PressTV_PreRage"/><ref name="ThReut_demosillegal"/> A Facebook organiser of a planned 11 March "Day of Rage",<ref name="saudirage11March"/><ref name="guardian_rage_womensrights"/> Faisal Ahmed Abdul-Ahad,<ref name="handelsblatt_Abdul-Ahad" /> was allegedly killed by [[Ministry of Interior (Saudi Arabia)|Saudi security forces]] on 2 March,<ref name="handelsblatt_Abdul-Ahad"/><ref name="DPA_Abdul-Ahadwas"/><ref name="WSNewscast_Abdul-Ahadwas" /> with several hundred people protesting in Qatif, Hofuf and al-Amawiyah on the day itself.<ref name="LATimes_QatifDay3"/> [[Khaled al-Johani]] demonstrated alone in Riyadh,<ref name="LATimes_QatifDay3"/> was interviewed by [[BBC Arabic Television]], was detained in [[`Ulaysha Prison]],<ref name="AOL_alJohani"/><ref name="BBC_alJohani"/> and became known online as "the only brave man in Saudi Arabia".<ref name="AOL_alJohani"/> Many protests over human rights took place in April 2011 in front of government ministry buildings in [[Riyadh]], [[Ta'if]] and [[Tabuk, Saudi Arabia|Tabuk]]<ref name="presstv_literacy_5April"/><ref name="ThReut_10April_univ" /><ref name="ArabNews_10April_univ"/> and in January 2012 in Riyadh.<ref name="ABNA_14jan2012"/>

Anti-government protests demanding release of prisoners held without [[habeas corpus|charge or trial]] continued in April and May 2011 in Qatif, al-Awamiyah and Hofuf in the [[Eastern Province, Saudi Arabia|Eastern Province]],<ref name="ThReut_demosillegal"/><ref name="pressTV_17March_4kQatif"/><ref name="arabtimes_4kQatifetc_18March"/><ref name="IBT_1415April"/><ref name="PressTV_5May"/><ref name="presstv_13May"/><ref name="PressTV_20May"/> and extended to calls for the [[Peninsula Shield Force]] to be withdrawn from [[Bahraini uprising (2011–present)|Bahrain]]<ref name="KSA_ThReut_16March" /><ref name="KSA_ThReut_17March" /><ref name="AlAhramW_words_not_bullets" /> and for the [[Eastern Province, Saudi Arabia|Eastern Province]] to have a constitution and a legislature.<ref name="indep_oct_livefire" /> Four protestors were shot dead by Saudi authorities in late November in Qatif region protests and funerals,<ref name="HRW_Dec2011_protests" /> two on 12/13<ref name="AJE_Issam_Moh_Abd" /><ref name="BBC_Issam_Moh_Abd" /> and 26 January 2012,<ref name="presstv_alAbdel_26Jan2012" /> and two on 9 and 10 February 2012.<ref name="presstv_1shot_9feb2012" /><ref name="awamia_Munir" /><ref name="bbc_zuhair_said" /><ref name="awamia_zuhair_said" /> In the early 2012 demonstrations, protestors chanted slogans against the [[House of Saud]] and [[Ministry of Interior|Minister of Interior]], [[Nayef, Crown Prince of Saudi Arabia|Nayef]],<ref name="cdhrap_16jan_70k_mourners" /><ref name="presstv_19jan2012" /> calling Nayef a "terrorist", "criminal" and "butcher"<ref name="GlobalMail_growing_rebellion" /> and throwing an [[:wikt:effigy|effigy]] of Nayef at tanks.<ref name="GlobalMail_growing_rebellion" /> Police described two of the fatal shootings as responses to unidentified gunmen who had shot first.<ref name="bbc_zuhair_said" /><ref name="ThReut_alMedani" /> Eastern Province protests intensified after Sheikh [[Nimr al-Nimr]] was wounded in the leg and arrested by police on 8 July.<ref name="ThReut_alNimrwounded" /> Four men were killed in a protest immediately following the arrest,<ref name="AJE_alNimrwounded" /><ref name="presstv_alNimrwounded" /><ref name="cdhrap_3killed_10kdemo" /> and on 13 July,<ref name="presstv_14jul2012" /> with several funerals and protests following,<ref name="ThReut_10July2012funeral"/><ref name="presstv_11jul2012" /><ref name="presstv_13jul2012" /> including calls for the downfall of the [[House of Saud]].<ref name="ThReut_11July2012funeral" /><ref name="AJE_8July_snipers" /> While detained, al-Nimr was tortured and started a [[hunger strike]].<ref name="alManar_alNimr_tortured" /><ref name="presstv_alNimr_hungerstrike" /> Protest organisers insisted on the use of [[nonviolent resistance]]<ref name="awamianet_26jul2012" /> and called for all Shia and Sunni detainees to be freed.<ref name="awamia_muna_jabir_funeral" /> A protestor and a soldier were fatally shot in Qatif during a 3–4 August protest,<ref name="aje_alQallaf" /> leading to more protests.<ref name="awamia_alQallaffuneral" /><ref name="presstv_5Aug2012" /><ref name="presstv_6Aug2012" />

Protests and [[sit-in]]s calling for [[political prisoners in Saudi Arabia|political prisoners]]<ref name="IHRC_3rd_decade_silence" /> to be released spread beyond the Eastern Province to protests at the [[Ministry of Interior]] in Riyadh on 20 March<ref name="aljaz_20March" /> and in Riyadh and [[Buraidah]] in December 2011,<ref name="HRW_Dec2011_protests" /><ref name="presstv_buraidah_14jul2012" /><ref name="presstv_buraidah10arrested_14jul2012" /> and in July and August 2012 in front of the Ministry in Riyadh,<ref name="presstv_buraidah23jul2012" /><ref name="presstv_Riyadh25jul2012" /> in [[Mecca]]<ref name="presstv_RiyadhMakkah28Jul2012" /> in [[Ta'if]],<ref name="presstv_9Aug2012" /> in Buraidah,<ref name="presstv_15aug2012_EP_Bur" /> and near [[al-Ha'ir Prison]].<ref name="MFQahtani_alHair120813" /><ref name="MFQahtani_alHair120819a" /><ref name="MFQahtani_alHair120819b" />

Women organised a Facebook [[women's suffrage]] campaign called "Baladi", stating that Saudi Arabian law gives women electoral rights.<ref name="GulfNews_women2325April" /> In April 2011, women in [[Jeddah]], Riyadh and [[Dammam]] tried to register as electors for the [[Saudi Arabian municipal elections, 2011|29 September municipal elections]] despite officials stating that women could not participate.<ref name="GulfNews_women2325April" /><ref name="AJE_women2325April" /> In May and June, [[Manal al-Sharif]] and other women organised a [[women to drive movement|women's right-to-drive campaign]], with the main action to take place on 17 June.<ref name="France24_huwaiderfilmed" /><ref name="AP_detained21May"/> In late September, Shaima Jastania was sentenced to [[Human rights in Saudi Arabia#Corporal and capital punishment; right to representation|10 lashes]] for driving in Jeddah, shortly after King Abdullah announced women's participation in [[Saudi Arabian municipal elections, 2015|the 2015 municipal elections]] and eligibility as [[Consultative Assembly of Saudi Arabia|Consultative Assembly]] members; King Abdullah overturned the sentence.<ref name="NPR_lashes_revoked" /><ref name="Forbes_lashes_revoked"/> Al-Sharif and [[Samar Badawi]] filed lawsuits against Saudi authorities in the [[Legal system of Saudi Arabia#Court structure|Grievances Board]], a non-[[Sharia]] court,<ref name="Metz_KSA_legal_system"/> because of the rejection of their driving licence applications.<ref name="teleg_w2d_vs_Interior"/> Women university students protested in [[King Khalid University]] (KKU) in [[Abha]] in March 2012<ref name="akhbar_Abha_6_7March2012"/> and were attacked by security forces, leading to one death.<ref name="presstv_Abha_woman_killed"/><ref name="KKU_death_hajer_alyazidi"/> Other university protests followed in [[Taibah University]] in [[Medina]]<ref name="ANHRI_multi_city"/> and [[List of universities and colleges in Saudi Arabia|Tabuk University]] in March and April.<ref name="SGazette_8apr2012"/><ref name="arabianbiz_8apr2012"/> KKU students called for the university president to be dismissed. He was replaced on 1 July 2012.<ref name="Ottaway_KSAanalysis_Aug2012"/>

==Protests timeline==
{{main|Timeline of the 2011–13 Saudi Arabian protests}}

===January–April 2011===
{{main|Timeline of the 2011–13 Saudi Arabian protests (January–April 2011)}}
Protests started with a 65-year-old man's self-immolation in [[Samtah]], [[Jizan]] on 21 January<ref name="saudi_selfimmo65yr" /> and protests of a few hundred people in late January in [[Jeddah]], triggered by flooding,<ref name="Montreal" /><ref name="Reuters_Dozens_detained" /> and several times throughout February and early March in the cities of [[Qatif]], [[al-Awamiyah]], [[Riyadh]], and [[Hofuf]].<ref name="PressTV_PreRage" /><ref name="ThReut_demosillegal" /> A "Day of Rage" was planned for 11 March.<ref name="saudirage11March" /><ref name="guardian_rage_womensrights" /><ref name="torontostar_rev_longing" /> One of the main organisers, Faisal Ahmed Abdul-Ahad<ref name="handelsblatt_Abdul-Ahad" /> (or ''Abdul-Ahadwas''<ref name="DPA_Abdul-Ahadwas" />), was alleged to have been killed by [[Ministry of Interior (Saudi Arabia)|Saudi security forces]] on 2 March,<ref name="DPA_Abdul-Ahadwas" /><ref name="WSNewscast_Abdul-Ahadwas" /> by which time one of the ''Facebook'' groups discussing the plans had over 26,000 members.<ref name="eudigest_26k_FB" /> On 11 March, several hundred people protested in Qatif, Hofuf and al-Amawiyah.<ref name="LATimes_QatifDay3" /> [[Khaled al-Johani]] demonstrated in Riyadh despite a massive police presence,<ref name="LATimes_QatifDay3" /> was interviewed by [[BBC Arabic Television]], and has since then been detained in [[‘Ulaysha Prison]].<ref name="AOL_alJohani" /><ref name="BBC_alJohani" /> Al-Johani became known online as "the only brave man in Saudi Arabia".<ref name="AOL_alJohani" />

The [[Saudi Civil and Political Rights Association]] (ACPRA) and the Saudi organisation [[Human Rights First Society]] called for ACPRA co-founder Mohammed Saleh Albejadi to be released following his [[arbitrary arrest]] in [[Buraidah]] on 21 March by [[Mabahith]], the internal security agency.<ref name="acpra_albjady_arrested" /><ref name="hrfs_aims" /> In April, several small protests over labour rights took place in front of government ministry buildings in Riyadh, [[Ta'if]] and [[Tabuk, Saudi Arabia|Tabuk]].<ref name="presstv_literacy_5April" /><ref name="ThReut_10April_univ" /><ref name="ArabNews_10April_univ" /> Protests, made up mainly of [[Shia]] protestors, continued in late March and April in [[Qatif]] and smaller cities in the [[Eastern Province, Saudi Arabia|Eastern Province]] such as [[al-Awamiyah]], and [[Hofuf]].<ref name="ThReut_demosillegal" /><ref name="pressTV_17March_4kQatif" /><ref name="arabtimes_4kQatifetc_18March" /><ref name="IBT_1415April" /> The protestors called for the release of prisoners, for the [[Peninsula Shield Force]] to be withdrawn from Bahrain,<ref name="KSA_ThReut_16March" /><ref name="KSA_ThReut_17March" /> for equal representation in key offices and for reforms in political positions, as they feel marginalised.<ref name="IBT_1415April" />

In response to the 22–23 March announcement of [[Saudi Arabian municipal elections, 2011|men-only municipal elections in late September 2011]] to elect half the members of local councils,<ref name="alawsat_details" /><ref name="bloom_women" /> women organised a Facebook [[women's suffrage]] campaign called "Baladi", stating that Saudi Arabian law gives women electoral rights.<ref name="GulfNews_women2325April" /> In April, women in [[Jeddah]], Riyadh and [[Dammam]] tried to register as electors for the [[Saudi Arabian municipal elections, 2011|22 September municipal elections]] despite officials stating that women could not participate.<ref name="GulfNews_women2325April" /><ref name="AJE_women2325April" />

===May–December 2011===
{{main|Timeline of the 2011–13 Saudi Arabian protests (May–December 2011)}}
[[File:New Saudi Arabia's traffic sign (women2drive).gif|thumb|Poster for the Saudi Arabia's [[women to drive movement]], artwork by [[Carlos Latuff]].]]
In May and June, motivated by the [[Arab Spring]],<ref name="guardian_29jun2011" /> [[Manal al-Sharif]] and other women organised a [[women to drive movement|women's right-to-drive campaign]], with the main action to take place on 17 June. Al-Sharif drove a car in May and was detained on 22 May and from 23‒30 May.<ref name="France24_huwaiderfilmed" /><ref name="AP_detained21May" /><ref name="Indep23May_detained" /> Other women also drove cars, including actress Wajnat Rahbini, who was arrested after driving in Jeddah on 4 June and released a day later.<ref name="GulfNews_Rahbini" /> From 17 June to late June, about seventy cases of women driving were documented.<ref name="Guard_17June" /><ref name="alNafjan_29jun2011" /><ref name="alarabiya_50_17june" /> In late September, Shaima Jastania was sentenced to [[Human rights in Saudi Arabia#Corporal and capital punishment; right to representation|10 lashes]] for driving in Jeddah, shortly after King Abdullah announced women's participation in [[Saudi Arabian municipal elections, 2015|the 2015 municipal elections]] and eligibility as [[Consultative Assembly of Saudi Arabia|Consultative Assembly]] members. King Abdullah cancelled the sentence.<ref name="NPR_lashes_revoked" /><ref name="Forbes_lashes_revoked" />

From 17 June to late June, more than seventy cases of women driving were documented.<ref name="Guard_17June" /><ref name="alNafjan_29jun2011" /><ref name="alarabiya_50_17june" /> Protests in the Qatif region continued in May<ref name="PressTV_5May" /><ref name="presstv_13May" /><ref name="PressTV_20May" /> and in October protests, police shot live ammunition at protestors.<ref name="indep_oct_livefire" /> The protestors called for [[Eastern Province, Saudi Arabia|Eastern Province]] to have its own constitution and legislative assembly, and for their association [[Society for Development and Change]] to be legally registered.<ref name="indep_oct_livefire" /> In late November, Nasser al-Mheishi, Ali al-Felfel, Munib al-Sayyed al-'Adnan and Ali Abdullah al-Qarairis were shot dead by security forces in the Qatif region in successive protests and funerals.<ref name="HRW_Dec2011_protests" /><ref name="aljaz_Mheishi_Felfel" /><ref name="Guardian_Mheishi_age19" /><ref name="CDHRAP_4_Nov_deaths" /> The protests continued in December.<ref name="PressTV_Qatif30Dec2011" />

Hundreds of people protested in Riyadh and [[Buraidah]] in December, calling for the release or trial of prisoners.<ref name="HRW_Dec2011_protests" />

===January–June 2012===
{{main|Timeline of the 2011–13 Saudi Arabian protests (January–June 2012)}}
A protest for [[labor rights|labour rights]] took place in Riyadh on 14 January<ref name="ABNA_14jan2012" /> and a [[sit-in]] calling for the [[Syrian diplomatic missions#Middle East|Syrian Ambassador]] to be expelled occurred on 5 February in [[Jeddah]].<ref name="MashallahNews_Kashgari" />

Protests in the [[Qatif]] region continued from January to May,<ref name="presstv_qatif_18May2012" /> with security forces using live fire against protestors,<ref name="presstv_1shot_9feb2012" /><ref name="PressTV_Qatif10jan2012" /><ref name="presstv_qatif_13apr2012" /> killing four, and arresting medical personnel.<ref name="Syrian_doctor_arrested" /> Security forces shot dead Issam Mohamed Abu Abdallah in [[al-Awamiyah]] on 12<ref name="AJE_Issam_Moh_Abd" /> or 13 January,<ref name="BBC_Issam_Moh_Abd" /> Montazar Sa'eed al-Abdel in al-Awamiyah on 26 January,<ref name="presstv_alAbdel_26Jan2012" /> and Munir al-Midani<ref name="presstv_1shot_9feb2012" /><ref name="awamia_Munir" /> and Zuhair al-Said<ref name="bbc_zuhair_said" /><ref name="awamia_zuhair_said" /> on 9 and 10 February. In the 70,000 strong funeral for Abdallah on 16 January in al-Awamiyah and the daily Qatif region protests that followed, protestors chanted slogans against the [[House of Saud]] and [[Ministry of Interior (Saudi Arabia)|Minister of Interior]], [[Nayef, Crown Prince of Saudi Arabia]].<ref name="cdhrap_16jan_70k_mourners" /><ref name="presstv_19jan2012" /><ref name="cdhrap_18jan2012" /> In mid-February, two medical personnel were arrested for having clandestinely treated injured protestors.<ref name="Syrian_doctor_arrested" /> In a 10 February protest and a 13 February funeral, an effigy of Nayef was thrown at tanks and participants described Nayef as a "terrorist", "criminal" and "butcher".<ref name="GlobalMail_growing_rebellion" /> Police described two of the fatal shootings as responses to unidentified gunmen who had shot first.<ref name="bbc_zuhair_said" /><ref name="ThReut_alMedani" />

[[Manal al-Sharif]] and [[Samar Badawi]], active in the [[women to drive movement]], announced that they had filed lawsuits against Saudi authorities in the [[Legal system of Saudi Arabia#Court structure|Grievances Board]], a non-[[Sharia]] court,<ref name="Metz_KSA_legal_system" /> because of the rejection of their driving licence applications.<ref name="teleg_w2d_vs_Interior" /> As of the end of June 2012, 100 Saudi women had started driving regularly since the June 2011 campaign launch.<ref name="Bloomberg_W2Djun2012" /> Women university students protested in [[King Khalid University]] in [[Abha]] in March<ref name="akhbar_Abha_6_7March2012" /> and were attacked by security forces, leading to one death.<ref name="presstv_Abha_woman_killed" /><ref name="KKU_death_hajer_alyazidi" /> Other university protests followed in [[Taibah University]] in [[Medina]]<ref name="ANHRI_multi_city" /> and [[List of universities and colleges in Saudi Arabia|Tabuk University]] in March and April.<ref name="SGazette_8apr2012" /><ref name="arabianbiz_8apr2012" />

===July–August 2012===
{{main|Timeline of the 2011–12 Saudi Arabian protests (from July 2012)}}
In July 2012, [[Amnesty International]] protested in the [[United Nations Human Rights Council]] against legal persecution of [[Saudi Civil and Political Rights Association|Saudi Civil and Political Rights Association (ACPRA)]] leaders.<ref name="AI_ACPRA_UNHRC" /> Ten female activists were detained in a [[Buraidah]] 14 July protest<ref name="presstv_buraidah_14jul2012" /><ref name="presstv_buraidah10arrested_14jul2012" /> calling for [[political prisoner]]s<ref name="IHRC_3rd_decade_silence" /> to be freed. Similar protests calling for prisoners to be freed and protesting against the Saudi government occurred in Buraidah on 23 July and in front of the [[Ministry of Interior]] in [[Riyadh]] on 25 July,<ref name="presstv_buraidah23jul2012" /><ref name="presstv_Riyadh25jul2012" /> in Riyadh and [[Mecca]] on 28 July,<ref name="presstv_RiyadhMakkah28Jul2012" /> in [[Ta'if]].<ref name="presstv_9Aug2012" /> in Buraidah,<ref name="presstv_15aug2012_EP_Bur" /> near [[al-Ha'ir Prison]]<ref name="MFQahtani_alHair120813" /><ref name="MFQahtani_alHair120819a" /><ref name="MFQahtani_alHair120819b" /> and in [[Dammam]]<ref name="MFQahtani_Dammam120818" /> in August.

In July and August 2012, protests in the [[Qatif]] region intensified after Sheikh [[Nimr al-Nimr]] was wounded in the leg and arrested by police on 8 July.<ref name="ThReut_alNimrwounded" /> Three men were killed in a protest on the evening of the arrest.<ref name="AJE_alNimrwounded" /><ref name="presstv_alNimrwounded" /><ref name="cdhrap_3killed_10kdemo" /> Funerals and protests took place on 10 July,<ref name="ThReut_10July2012funeral"/> 11 July<ref name="presstv_11jul2012" /> and 13 July,<ref name="presstv_13jul2012" /> including chants calling for the downfall of the [[House of Saud]].<ref name="ThReut_11July2012funeral" /><ref name="AJE_8July_snipers" /> Another protestor was shot dead in 13 July [[al-Awamiyah]] protest.<ref name="presstv_14jul2012" /> While detained, al-Nimr was tortured, had bruises on his face and broken teeth, and started a [[hunger strike]].<ref name="alManar_alNimr_tortured" /><ref name="presstv_alNimr_hungerstrike" /> Protest organisers in al-Awamiyah stated their support for al-Nimr and insisted on the use of [[nonviolent resistance]].<ref name="awamianet_26jul2012" /> Protester Mohamed al-Shakhouri was shot in the back and neck and arrested in a 26–27 July protest calling for al-Nimr's release.<ref name="AFP_27jul2012" /> Further protests called for all Shia and Sunni detainees to be freed,<ref name="awamia_muna_jabir_funeral" /> including al-Shakhouri.<ref name="presstv_03aug2012" /> A protestor and a soldier were fatally shot in Qatif during a 3–4 August evening human rights protest,<ref name="aje_alQallaf" /> leading to several more protests.<ref name="awamia_alQallaffuneral" /><ref name="presstv_5Aug2012" /><ref name="presstv_6Aug2012" />

==Aftermath==
===2014 Qatif protests===
{{wikinews|Saudi Arabia executes 47 people as 'terrorists'}}
In early 2014, conflict between protestors and the security forces continued, with Qatif being "a militarised zone, surrounded by checkpoints and armoured vehicles". A Saudi journalist who had been documenting the protests for two years for the [[BBC News|BBC]] left Saudi Arabia as she judged the situation "too risky for [her] to continue investigating."<ref name="BBC201405_EastProv" /> [[Nimr al-Nimr]] was sentenced to death by the [[Specialized Criminal Court]] on 15 October 2014 for "seeking 'foreign meddling' in [Saudi Arabia], 'disobeying' its rulers and taking up arms against the security forces", and was executed on 2 January 2016.<ref name="BBC20141015_alNimr_deathsentence" />

In November 2014, unknown assailants in al-Ahsa governorate in the Eastern Province attacked a procession during Ashoura and killed eight Shias, including children, and left over 30 people wounded. The following week deputy governor of the province, Emir Jalwi bin Abdulaziz, was sacked by a royal decree and transferred to the Najran region. However, no official reason was given.<ref>http://www.presstv.in/detail/2014/11/12/385750/saudi-official-sacked-over-shia-killings/#sthash.1Pu9yj42.dpuf</ref>

==Casualties==

===Deaths===
{| class="wikitable sortable"
|+ Notable deaths (protesters)
|-
! Name
! Age
! From
! Date of death
! Cause of death
|-
| Faisal Ahmed Abdul-Ahad<ref name="handelsblatt_Abdul-Ahad" /> (or ''Abdul-Ahadwas'')<ref name="DPA_Abdul-Ahadwas" /> (Administrator of Facebook group calling for 11 March "Day of Rage", according to [[Deutsche Presse Agentur|DPA]])<ref name="handelsblatt_Abdul-Ahad" /><ref name="DPA_Abdul-Ahadwas" />
| 27<ref name="DPA_Abdul-Ahadwas" />
| [[Riyadh]]<ref name="DPA_Abdul-Ahadwas" />
| Before 2 March 2011<ref name="handelsblatt_Abdul-Ahad" /><ref name="DPA_Abdul-Ahadwas" />
| Shot by the [[Ministry of Interior (Saudi Arabia)|Saudi security forces]], who removed his body to "hide evidence of the crime".<ref name="DPA_Abdul-Ahadwas" /><ref name="WSNewscast_Abdul-Ahadwas" />
|-
| Nasser al-Mheishi<ref name="aljaz_Mheishi_Felfel" /><ref name="alAhram_Mheishi_Felfel" /> (or ''Nasir al-Muhaishi'')<ref name="HRW_Dec2011_protests" />
| 19<ref name="Guardian_Mheishi_age19" />
| [[List of cities and towns in Saudi Arabia|Al-Shweika]]<ref name="Guardian_Mheishi_age19" />
| 20 November 2011
| Shot by the police during a protest.<ref name="HRW_Dec2011_protests" /><ref name="aljaz_Mheishi_Felfel" />
|-
| Ali al-Felfel<ref name="aljaz_Mheishi_Felfel" />
| 24<ref name="CDHRAP_4_Nov_deaths" />
| [[List of cities and towns in Saudi Arabia|Al-Shweika]]<ref>{{cite web|url=http://www.rasid.com/english/index.php?act=artc&id=375&hl=ali%20alfelfel |title=Saudi forces crackdown protests in Qatif and kill a protester – Rasid News Network |publisher=Rasid.com |accessdate=20 October 2012}}{{dead link|date=July 2015}}</ref>
| 21 November 2011
| Shot in the chest by police during a funeral for Nasser al-Mheishi.<ref name="HRW_Dec2011_protests" /><ref name="aljaz_Mheishi_Felfel" />
|-
| Munib al-Sayyed al-Adnan<ref name="CDHRAP_4_Nov_deaths" />
| 20<ref name="CDHRAP_4_Nov_deaths" />
| [[List of cities and towns in Saudi Arabia|Al-Shweika]]<ref name="CDHRAP_4_Nov_deaths" />
| 23 November 2011
| Shot in the head by police during protest over al-Mheishi and al-Felfel killings.<ref name="HRW_Dec2011_protests" />
|-
| Ali Abdullah al-Qarayrees<ref name="CDHRAP_4_Nov_deaths" />
| 26<ref name="CDHRAP_4_Nov_deaths" />
| [[Al-Awamiyah]]<ref>{{cite web|url=http://mole.my/content/two-more-killed-shiite-protest-saudi-arabia |title=Two more killed in Shiite protest in Saudi Arabia |publisher=MOLE.my |date=24 November 2011 |accessdate=20 October 2012}}{{dead link|date=July 2015}}</ref>
| 23 November 2011
| Shot by police during protest over al-Mheishi and al-Felfel killings.<ref name="HRW_Dec2011_protests" />
|-
| Issam Mohamed Abu Abdallah<ref name="AJE_Issam_Moh_Abd" />
| 22<ref name="AJE_Issam_Moh_Abd" />
| [[Al-Awamiyah]]<ref name="AJE_Issam_Moh_Abd" />
| 12 January 2012
| Shot by security forces during protest.<ref name="AJE_Issam_Moh_Abd" /><ref name="BBC_Issam_Moh_Abd" /><ref name="LondonES_12jan2012" />
|-
| Montazar Sa'eed al-Abdel<ref name="presstv_alAbdel_26Jan2012" />
| 
| [[Al-Awamiyah]]<ref name="presstv_alAbdel_26Jan2012" />
| 26 January 2012
| Shot by security forces during protest.<ref name="presstv_alAbdel_26Jan2012" />
|-
| Muneer al-Midani<ref name="awamia_Munir" />
| 21<ref name="ThReut_alMedani" />
| [[List of cities and towns in Saudi Arabia|Al-Shweika]]<ref name="presstv_1shot_9feb2012" /><ref name="awamia_Munir" />
| 9 February 2012
| Shot in the heart by security forces during protest.<ref name="awamia_Munir" />
|-
| Zuhair al-Said<ref name="bbc_zuhair_said" /> (or ''Zaheer Abdullah Saeed'')<ref name="abna_zuhair_said" />
| 21<ref name="awamia_zuhair_said" />
| [[Al-Awamiyah]]<ref name="bbc_zuhair_said" />
| 10 February 2012
| Shot in the stomach by security forces during protest,<ref name="bbc_zuhair_said" /> died in hospital.<ref name="abna_zuhair_said" />
|-
| Hajer al-Yazidi<ref name="KKU_death_hajer_alyazidi" />
|
|[[Abha]]<ref name="presstv_Abha_woman_killed" />
| 7 March 2012
| [[epilepsy|Epileptic]] student injured in head during protest, died of head wound.<ref name="presstv_Abha_woman_killed" />
|-
| Akbar Hassan al-Shakhouri<ref name="presstv_alNimrwounded" /><ref name="ThReut_2killed_8July2012" />
| 31<ref name="Shafaqna_victim_ages_8July2012" />
| [[Al-Awamiyah]]<ref name="AJE_alNimrwounded"/>
| 8 July 2012
| Shot by security forces during protest over the arrest of [[Nimr al-Nimr]].<ref name="AJE_alNimrwounded"/>
|-
| Mohamed Redha al-Felfel<ref name="presstv_alNimrwounded" /><ref name="ThReut_2killed_8July2012" />
| 18<ref name="Shafaqna_victim_ages_8July2012" />
| [[Al-Awamiyah]]<ref name="AJE_alNimrwounded" />
| 8 July 2012
| Shot by security forces during protest over the arrest of [[Nimr al-Nimr]].<ref name="AJE_alNimrwounded"/>
|-
| Abdallah Jaafar al-Ojami<ref name="bikyamasr13jul2012" />
| 18<ref name="bikyamasr13jul2012" />
| [[Al-Awamiyah]]<ref name="presstv_14jul2012" />
| 13 July 2012
| Shot by security forces near a police station during protest.<ref name="presstv_14jul2012" />
|-
| Hussain Yusuf al-Qallaf<ref name="awamia_alQallaf" /><ref name="presstv_alQallaf" />
| 18<ref name="awamia_alQallaf" />
| [[Tarout Island]]<ref name="awamia_alQallaf" />
| 4 August 2012
| Shot in the chest by security forces during protest on 3 August, died of injuries on 4 August.<ref name="presstv_alQallaf" />
|-
| Khaled Abdulkarim al-Labad<ref name="reuters1">{{cite news|url=http://ca.reuters.com/article/topNews/idCABRE88Q05920120927 |title=Two killed as Saudi security forces try to arrest Shi'ite man |agency=Reuters |date=27 September 2012 |accessdate=20 October 2012}}</ref>
| 26<ref>{{cite web|url=http://riyadhbureau.com/2012/10/qatif-unrest |title=Riyadh Bureau – Deaths Fuel Protest Movement in Restive Qatif |publisher=Riyadhbureau.com |accessdate=20 October 2012}}</ref>
| [[Al-Awamiyah]]<ref name="presstv1">{{cite web|url=http://www.presstv.com/detail/2012/09/26/263694/saudi-security-forces-kill-teenager/ |title=Saudi teenager, activist killed by security forces in Qatif |publisher=Press TV |date=26 September 2012 |accessdate=20 October 2012}}</ref>
| 26 September 2012
| Shot in the head by security forces while authorities were trying to arrest him, he was one of 23 opposition activist accused of organising protests in Qatif.<ref name="reuters1"/><ref>{{cite web|url=http://awam203.homeip.net/index.php/permalink/5165.html |title=العوامية على الشبكة – السلطات تعتقل خالد اللباد بعد إصابته بطلقات نارية بليغة وأنباء عن حالة استشهاد |publisher=Awam203.homeip.net |date=26 September 2012 |accessdate=20 October 2012}}</ref>
|-
| Mohammed Habib al-Mnasif<ref name="autogenerated1">{{cite news|url=http://edition.cnn.com/2012/09/26/world/meast/saudi-arabia-clashes-fatalities/index.html |title=Two killed in clash with Saudi security forces |publisher=CNN |accessdate=20 October 2012 |date=27 September 2012}}</ref>
| 16<ref name="autogenerated1"/>
| [[Al-Awamiyah]]<ref name="presstv1"/>
| 26 September 2012
| Shot by security forces while authorities were trying to arrest Khaled Abdulkarim al-Labad.<ref name="autogenerated1"/><ref>{{cite web|url=http://www.presstv.ir/detail/2012/09/26/263694/saudi-security-forces-kill-teenager/ |title=PressTV – Saudi teenager, activist killed by security forces in Qatif |publisher=Press TV |date=26 September 2012 |accessdate=20 October 2012}}</ref>
|-
| Hassan Mohammad Zaheri<ref name="presstv2">{{cite web|url=http://www.presstv.ir/detail/2012/09/29/264056/saudi-regime-forces-kill-teenager/ |title=PressTV – Saudi teenager injured by regime forces dies |publisher=Press TV |date=29 September 2012 |accessdate=20 October 2012}}</ref>
| 16<ref name="rasid1">{{cite web|url=http://www.rasid.com/artc.php?id=50788 |title=شبكة راصد الإخبارية |publisher=Rasid.com |accessdate=20 October 2012}}{{dead link|date=July 2015}}</ref>
| [[Al-Awamiyah]]<ref name="rasid1"/>
| 28 September 2012
| Shot by security forces while authorities were trying to arrest Khaled Abdulkarim al-Labad on 26 September, died of injuries on 28 September.<ref name="presstv2"/><ref name="rasid1"/>
|-
| Ahmad al-Matar<ref name="al-monitor.com">http://www.al-monitor.com/pulse/politics/2013/01/peaceful-protestor-killed-in-saudi-arabia.html</ref>
| 18<ref name="saudishia.com">http://www.saudishia.com/?act=artc&id=355</ref>
| [[Tarout Island]]<ref name="saudishia.com"/>
| 28 December 2012
| Shot by security forces during protest over the detention of prisoners.<ref name="al-monitor.com"/>
|-
| Ali Hassan al-Mahroos<ref name="presstv3">{{cite web|title=PressTV – Saudi forces kill teenage boy in Qatif |url=http://www.presstv.ir/detail/2013/06/22/310247/saudi-forces-kill-teenage-boy-in-qatif/|archiveurl=http://www.webcitation.org/6I4e1k0kh|archivedate=13 July 2013|deadurl=no|accessdate=22 June 2013}}</ref>
| 19<ref name="reuters.com">{{cite news| url=http://www.reuters.com/article/2013/06/22/us-saudi-shiite-idUSBRE95L0AN20130622 | work=Reuters | title=Shi'ite man shot dead in Saudi Arabia | date=22 June 2013}}</ref>
| [[Qatif]]<ref name="presstv3"/>
| 21 June 2013
| Shot in his car by a stray bullet by police when they fired at another person on a motorbike.<ref name="reuters.com"/>
|}

{| class="wikitable sortable"
|+ Notable deaths (security forces)
|-
! Name
! Age
! From
! Date of death
! Cause of death
|-
| Hussein Bawah Ali Zabani<ref name="aje_alQallaf" />
| 20 or 21<ref name="SGazette_Zabani_birth" />
| [[List of cities and towns in Saudi Arabia|Al-Malha]]<ref name="SGazette_Zabani_birth" />
| 4 August 2012
| Shot by "rioters on a motorbike" in [[Qatif]] according to [[Ministry of Interior]] spokesperson Mansour al-Turki.<ref name="aje_alQallaf" />
|}

====Others====
On 21 January 2011, an unidentified 65-year-old man died after setting himself on fire in the town of [[Samtah]], [[Jizan]]. This was apparently the kingdom's first known case of [[self-immolation]].<ref>{{cite news|url=http://www.bbc.co.uk/news/world-middle-east-12260465 |title=Man dies after setting himself on fire in Saudi Arabia |publisher=BBC |date=23 January 2011 |accessdate=20 October 2012}}</ref>

On 21 November 2011, a 9-year-old girl was shot dead in a demonstration in [[Qatif]] along with Ali al-Felfel, during the funeral for Nasser al-Mheishi.<ref name="presstv_23nov2011" />

On 8 July 2012, an unidentified demonstrator was killed by the security forces along with Akbar Hassan al-Shakhouri and Mohamed Redha al-Felfel, during a protest against the arrest of [[Nimr al-Nimr]] by the Saudi authorities.<ref name="presstv_alNimrwounded" />

On 10 September 2012, a Bangladeshi man was shot dead in the [[Al-Awamiyah]] district of eastern Saudi Arabia. Saudi police said that the Bangladeshi man was driving when his car was hit by bullets fired at two security patrol cars. However, an activist in Al-Awamiyah gave a different account of the incident, saying the man had been killed by gunfire when security forces stormed a house while trying to arrest one of the 23 wanted activist for organising protest in Qatif.<ref>{{cite web|url=http://www.swissinfo.ch/eng/news/international/Bangladeshi_man_shot_dead_in_Shiite_area_of_Saudi_Arabia.html?cid=33494664 |title=Bangladeshi man shot dead in Shi'ite area of Saudi Arabia- swissinfo |publisher=Swissinfo.ch |date=11 September 2012 |accessdate=20 October 2012}}{{dead link|date=July 2015}}</ref>

==Response==

===Domestic===
On 10 February 2011, a [[Reuters]] report claimed that 10 intellectuals, [[human rights in Saudi Arabia|human rights]] activists and lawyers came together to create the [[Umma Islamic Party]] – considered to be the first political party in Saudi Arabia since the 1990s – to demand the end of [[absolute monarchy]] in the country.<ref name="threuters_umma_created"/> On 18 February however, all ten members of the party were arrested and ordered to withdraw demands for political reform in exchange for their release.<ref name="washpo_umma" />

On 23 February, Saudi Arabia's King Abdullah, after returning to the country following three months spent abroad for health treatment, announced a series of benefits for citizens amounting to $10.7 billion. These include funding to offset high inflation and to aid young unemployed people and Saudi citizens studying abroad, as well as writing off some loans. As part of the Saudi scheme, state employees will see their incomes increase by 15 percent, and additional cash has also been made available for housing loans. No political reforms were announced as part of the package, though the 86-year-old monarch did pardon some prisoners indicted in financial crimes.<ref name="AlJazeeraEnglishBenefits">{{cite news |title=Saudi king announces new benefits |url=http://english.aljazeera.net/news/middleeast/2011/02/2011223105328424268.html |publisher=Al Jazeera|date=23 February 2011 |accessdate=23 February 2011| archiveurl= http://web.archive.org/web/20110224181607/http://english.aljazeera.net/news/middleeast/2011/02/2011223105328424268.html| archivedate= 24 February 2011 | deadurl= no}}</ref>

On 6 March, the [[Council of Senior Scholars of the Kingdom of Saudi Arabia|Saudi Arabian Council of Senior Scholars]], headed by [[Grand Mufti]] [[Abdul-Azeez ibn Abdullaah Aal ash-Shaikh|Abd al-'Aziz al-Ashaikh]], issued a [[fatwā]] (religious opinion) opposing petitions and demonstrations, declaring, "Therefore the council hereby reaffirms that only the reform and [counsel] that has its legitimacy is that which may bring welfare and avert the evil, whereas it is illegal to issue statements and take signatures for the purposes of intimidation and inciting the strife. ... reform should not be by demonstrations and other means and methods that give rise to unrest and divide the community. ... The Council affirms prohibition of the demonstrations in this country and [that] the legal method which realizes the welfare without causing destruction rests on the mutual advice."<ref name="fatwa_nodemos">{{cite web| last =Council of Senior Scholars of the Kingdom of Saudi Arabia| title =A fatwa from the Council of Senior Scholars in the Kingdom of Saudi Arabia warning against mass demonstrations| publisher =Islamopediaonline | date=6 March 2011| url =http://islamopediaonline.org/fatwa/fatwa-council-senior-scholars-kingdom-saudi-arabia-warning-against-mass-demonstrations| accessdate=2 April 2011 |archiveurl= http://www.webcitation.org/5xeKnAzIs |archivedate=2 April 2011 |deadurl=no }}</ref><ref name="Guardian_fatwa">{{cite news| title=Saudi Arabia prints 1.5m copies of religious edict banning protests | date=29 March 2011 | work=The Guardian | url=http://www.guardian.co.uk/world/2011/mar/29/saudi-arabia-edict-banning-protests |accessdate=2 April 2011 |archiveurl=http://www.webcitation.org/5xeJz2Dh0 |archivedate=2 April 2011 |deadurl=no }}</ref> The fatwa included a "severe threat against internal dissent",<ref name="alAlawi_fatwa">{{cite news | first=Irfan | last=al-Alawi | title=Saudi Arabia's anti-protest fatwa is transparent | date=1 April 2011 | work=The Guardian | url=http://www.guardian.co.uk/commentisfree/belief/2011/apr/01/saudi-arabia-anti-protest-fatwa |accessdate=2 April 2011 |archiveurl=http://www.webcitation.org/5xeLnSw7x |archivedate=2 April 2011 |deadurl=no }}</ref> stating, "[The Prophet] again said: 'He who wanted separate affairs of this nation who are unified, you should kill him with sword whoever he is' (narrated by [[Sahih Muslim|Muslim]])." In late March, Abd al-'Aziz al-Ashaikh called for a million copies of the fatwa to be printed and distributed.<ref name="Guardian_fatwa" />

On 22–23 March 2011, officials of the [[Council of Ministers of Saudi Arabia|Ministry of Municipal and Rural affairs]] announced that men-only municipal elections to elect half the members of local councils would [[Saudi Arabian municipal elections, 2011|be held in September 2011]].<ref name="alawsat_details">{{cite news | first=Abeed | last=al-Suhaimy | title=Saudi Arabia announces municipal elections | date=23 March 2011 | publisher=[[Asharq al-Awsat]] | url=http://www.aawsat.com/english/news.asp?section=1&id=24616 |accessdate=2 April 2011 |archiveurl=http://www.webcitation.org/5xePFpuTH |archivedate=2 April 2011 |deadurl=no }}</ref><ref name="bloom_women">{{cite news | first=Donna | last=Abu-Nasr | title=Saudi Women Inspired by Fall of Mubarak Step Up Equality Demand | date=28 March 2011 | publisher=[[Bloomberg L.P.|Bloomberg]] | url=http://www.bloomberg.com/news/2011-03-28/saudi-women-inspired-by-revolt-against-mubarak-go-online-to-seek-equality.html |accessdate=2 April 2011 |archiveurl=http://www.webcitation.org/5xeO2w5aG |archivedate=2 April 2011 |deadurl=no }}</ref> ''[[Associated Press]]'' described the election announcement as having "coincided with rumblings of dissent in Saudi Arabia stemming from the wave of political unrest in the Arab world."<ref name="Star_KSA_municip_2011">{{cite news| title=Saudi Arabia to hold elections next month after year and a half delay | date=22 March 2011 | work=[[Toronto Star|The Star]]|agency=[[Associated Press]] | url=http://www.thestar.com/news/world/article/958117--saudi-arabia-to-hold-elections-next-month-after-year-and-a-half-delay |accessdate=22 March 2011 |archiveurl=http://www.webcitation.org/5xNsBXcwF |archivedate=22 March 2011 |deadurl=no }}</ref>

====Arrests and other repression====
About 30 to 50 people were arrested following 29 January Jeddah demonstration.<ref name="Reuters_Dozens_detained" /> On 18 February, the ten founding members of the [[Umma Islamic Party]] were arrested and ordered to withdraw demands for political reform in exchange for their release.<ref name="washpo_umma"/>

According to a [[Deutsche Presse-Agentur]] report on 2 March, Saudi activists have alleged that one of the main administrators of one of the Facebook groups calling for a "Day of Rage" on 11 March, Faisal Ahmed Abdul-Ahad<ref name="handelsblatt_Abdul-Ahad">{{cite news | language =German| title=Saudi-Arabiens Mächtige werden nervös | date=2 March 2011 | work=[[Handelsblatt]]|agency=[[Deutsche Presse-Agentur|DPA]] | url=http://www.handelsblatt.com/politik/international/saudi-arabiens-maechtige-werden-nervoes/3904178.html |accessdate=3 March 2011 |archiveurl=http://www.webcitation.org/5wxnceSVj |archivedate=5 March 2011 |deadurl=no }}</ref> (or ''Abdul-Ahadwas''<ref name="DPA_Abdul-Ahadwas"/>), was killed by [[Ministry of Interior (Saudi Arabia)|Saudi security forces]], who removed his body to "hide evidence of the crime".<ref name="DPA_Abdul-Ahadwas">{{cite news | title=Report: Saudi Facebook activist planning protest shot dead | date=2 March 2011 | publisher=[[Monsters and Critics]]|agency=[[Deutsche Presse-Agentur|DPA]] | url=http://www.monstersandcritics.com/news/middleeast/news/article_1623088.php/Report-Saudi-Facebook-activist-planning-protest-shot-dead |accessdate=2 March 2011 |archiveurl=http://www.webcitation.org/5wtRzehxX |archivedate=2 March 2011 |deadurl=no }}</ref><ref name="WSNewscast_Abdul-Ahadwas">{{cite news | first=Tom | last=Bustamante | title=Iraq Oil Refinery Attack Shows Need for EarthSearch (ECDC) Systems | date=2 March 2011 | publisher=[[Wall Street Newscast]] | url=http://www.wallstreetnewscast.com/news/2011/march/oil3257.html |accessdate=2 March 2011 |archiveurl=http://www.webcitation.org/5wtRyzFSi |archivedate=2 March 2011 |deadurl=no }}</ref>

On 5 March, thousands of security forces were sent to the north-east, causing delays on the road to [[Dammam]].<ref name="Fisk_troops">{{cite news|first=Robert |last=Fisk| title=Saudis mobilise thousands of troops to quell growing revolt|date=5 March 2011 | work=[[The Independent]] | url=http://www.independent.co.uk/news/world/middle-east/saudis-mobilise-thousands-of-troops-to-quell-growing-revolt-2232928.html|accessdate=3 March 2011|archiveurl=http://www.webcitation.org/5wxaC4jgz |archivedate=5 March 2011 |deadurl=no }}</ref> On the same day, following about two weeks of small protests in the eastern part of Saudi Arabia, the [[Ministry of Interior (Saudi Arabia)|Ministry of the Interior]] warned that the "ban [on] all sorts of demonstrations, marches, sit-ins" imposed by Saudi law would be enforced.<ref name="ThReut_demosillegal">{{cite news | first=Ulf | last=Laessing |author2= Matthew Jones| title=Saudi Arabia says won't tolerate protests | date=5 March 2011 | agency=[[Reuters]] | url=http://www.reuters.com/article/2011/03/05/us-saudi-protests-idUSTRE72419N20110305|accessdate=3 March 2011 |archiveurl=http://www.webcitation.org/5wxo8kIog |archivedate=5 March 2011 |deadurl=no }}</ref>

On 9 March, Foreign Minister [[Saud Al Faisal]] stated that the government would not tolerate any street protests against it, while also saying that the "best way to achieve demands is through national dialogue".<ref>{{cite news |title=Thousands stage rally in Bahrain |publisher=Al Jazeera|url=http://english.aljazeera.net/news/middleeast/2011/03/20113917595654981.html|date=9 March 2011 |accessdate=9 March 2011| archiveurl= http://web.archive.org/web/20110310104859/http://english.aljazeera.net/news/middleeast/2011/03/20113917595654981.html| archivedate= 10 March 2011 | deadurl= no}}</ref>

On 21 March, [[Saudi Civil and Political Rights Association]] (ACPRA) co-founder Mohammed Saleh Albejadi (also ''Al-Bjady'') was arrested in [[Buraidah]] by [[Mabahith]], the internal security agency. ACPRA stated that the arrest was [[arbitrary arrest|arbitrary]], in violation of the [[Basic Law of Saudi Arabia]] and the ''Law of Criminal Procedures''.<ref name="acpra_albjady_arrested">{{cite web| title =ACPRA demands the immediate unconditional release of its co-founder, Mohammed Al-Bjady| publisher =[[Saudi Civil and Political Rights Association]] | date=March 2011| url =http://www.acpra.net/news.php?action=list&cat_id=12| accessdate=24 March 2011 |archiveurl=http://www.webcitation.org/5xQmQEnJ2 |archivedate=24 March 2011 |deadurl=no }}</ref>
<ref name="hrfs_aims">{{cite web| title =Human Rights First Society – Human Rights Monitoring and Advocacy in Saudi Arabia| publisher =[[Human Rights First Society]] | date=March 2011| url =http://hrfssaudiarabia.org/| accessdate=24 March 2011 |archiveurl=http://www.webcitation.org/5xQntUChA |archivedate=24 March 2011 |deadurl=no }}</ref> Both the ACPRA<ref name="acpra_albjady_arrested" /> and [[Human Rights First Society]]<ref name="hrfs_aims" /> called for his immediate, unconditional release.

On 27 March 2011, [[Human Rights Watch]] estimated that the "scale of arrests [rose] dramatically during the preceding two weeks", up to about 160 protestors and critics being held without charge.<ref name="HRW_Laessing_etc" />

In early January 2012, Saudi authorities published the names of a list of 23 people who were allegedly involved in the October 2011 Awamiyah/Qatif protests, calling for their arrests.<ref name="ArabNews_listof23" /><ref name="ThReut_listof23" /> [[Ministry of Interior (Saudi Arabia)|Ministry of Interior]] spokesman Mansour al-Turki alleged that the protestors "were working according to a foreign agenda" and were "sponsored financially or supplied with weapons and were working as part of an organization".<ref name="ArabNews_listof23" /> Shah Ali al-Shokan (or ''Shaukan'') from Tarout Island, one of the 23, was arrested by [[Mabahith]] on 2 January 2012.<ref name="ABNA_alShokan_arrest" /> Hussain Ali Abdullah al-Baraki, Mosa Ja'far Mohammad al-Mabyouq, and two others among the 23 were also arrested on 2 January.<ref name="ABNA_5_arrested"/> The Ministry of Interior claimed that al-Shokan, al-Baraki and al-Mabyouq had turned themselves in voluntarily.<ref name="ABNA_5_arrested"/> On 10 January, Aqeel al-Yaseen was wounded in [[al-Awamiyah]] by security forces, arrested and transferred to a [[Mabahith]] facility in [[Dammam]], and forbidden family visits.<ref name="CDHRAP_12jan2012"/>

====Censorship====
In mid-March 2011, Reuters chief correspondent in Saudi Arabia, Ulf Laessing, who had reported from Riyadh since 2009, had his journalistic accreditation withdrawn because of his reporting on the early 2011 Saudi Arabian protests, effectively forcing him to leave Saudi Arabia.<ref name="HRW_Laessing_etc">{{cite web| title =Saudi Arabia: Arrests for Peaceful Protest on the Rise| publisher =[[Human Rights Watch]] | date=27 March 2011| url = http://www.hrw.org/en/news/2011/03/27/saudi-arabia-arrests-peaceful-protest-rise| accessdate=31 March 2011 |archiveurl=http://www.webcitation.org/5xbOLM8eQ |archivedate=31 March 2011 |deadurl=no }}</ref><ref name="ThReut_LaessingDeported">{{cite news | first=Ulf | last=Laessing |author2=Crispian Balmer| title=Witness – Searching for reforms in King Abdullah's Saudi Arabia | date=24 March 2011 | agency=[[Reuters]] | url=http://af.reuters.com/article/worldNews/idAFTRE72N39E20110324 |accessdate=31 March 2011 |archiveurl=http://www.webcitation.org/5xbOKqPaU |archivedate=31 March 2011 |deadurl=no }}</ref>

====Execution of Nimr al-Nimr====
One of the subsequent responses of the Saudi governemnt was the arrest, conviction and subsequent execution of Nimr al-Nimr on 2 January 2016.<ref>http://edition.cnn.com/2016/01/03/middleeast/saudi-arabia-executes-dozens-terror/</ref>

===International===

====Governments====

*{{Flagu|Russia}} – On 12 July 2012, K.K. Dolgov, human rights representative of the [[Ministry of Foreign Affairs (Russia)|Russian Ministry of Foreign Affairs]], expressed "great concern" about the July events in the Eastern Province. He stated, "We expect that the authorities of the Kingdom will undertake all necessary measures to settle the situation in its eastern regions, to avoid conflict, including confrontation on interconfessional basis, and to ensure the observance of conventional human rights, including the right for freedom of expression of opinion, peaceful demonstrations and freedom of associations, as it is prescribed by the law."<ref name="Akhbar_RU_concern" /><ref name="RuMin_RU_concern" />
*{{Flagu|United States}} – On 8 March 2012, the [[United States Department of State]] awarded [[Samar Badawi]] the 2012 International Women of Courage Award, citing her filing of a lawsuit for [[women's suffrage|women's voting rights]] in the [[Saudi Arabian municipal elections, 2011|September 2011 Saudi Arabian municipal elections]] and her encouragement of other women by the launching of an [[online campaign]].<ref name="USStateDept_award" />

====Street protests====
*{{Flagu|Australia}} – On 19 July 2012, 50 people protested in front of the Saudi Arabian Embassy in [[Canberra]] against the arrests of the [[Bahraini uprising (2011–present)|Bahraini uprising]], against "the crackdown happening in the eastern region of Saudi Arabia", and "to support the people seeking freedom of speech, seeking human rights, freedom for women".<ref name="Canberra_solidarityJul2012" />
*{{Flagu|Canada}} – On 21 July 2012, 30 people protested in front of the United States (US) Embassy in [[Toronto]] against US support of the Saudi Arabian government. A protest organiser claimed that the Saudi government was hypocritical because "Saudi Arabia says [it] support[s] Syria's push for freedom [in the [[Syrian uprising (2011–present)|Syrian uprising]]], but [it] repress[es] [its] own citizens". He called for the release of [[Nimr al-Nimr]].<ref name="Toronto_solidarityJul2012" />

====Media====
Journalist [[Robert Fisk]] said that the protests were known as the "Hunayn Revolution,"{{By whom|date=April 2011}} after the [[Battle of Hunayn]] fought between [[Muhammad]] and the [[Hawazin]].<ref name="Fisk_troops" />

====Other====
Exiled Saudi physicist and political dissident [[Mohammad al-Massari]] described police attacks on women in 3 March 2011 Qatif demonstration as a strategic error, saying, "They made a stupid mistake by attacking women and so on because they think Shia women do not have ... the honor protection like the rest of the women in the country. But attacking women in Saudi Arabia, in an Islamic country is very severe, very negative and catastrophic ... and this will have dire repercussions."<ref name="Qatif_women" />

On 21 February 2011, oil prices rose in response to the [[2011 Libyan civil war]] and speculation regarding 11 March Saudi Arabian Day of Rage.<ref name="saudirage11March" /> The Saudi [[Tadawul]] stock market index fell to a seven-month low on stability concerns.<ref name="bloomberg.com">{{cite news|last=Hankir |first=Zahra |url=http://www.bloomberg.com/news/2011-03-02/dubai-shares-slump-to-seven-year-low-on-saudi-arabia-concern.html |title=Dubai Stocks Extends Drop on Concern Mideast Unrest May Spread |publisher=Bloomberg |date=3 March 2011 |accessdate=3 April 2011}}</ref> During the week of 27 February, global stock prices fell as oil prices increased and silver reached a 30-year high price on stability concerns in the region.<ref>{{cite news|last=Regan |first=Michael P. |url=http://www.bloomberg.com/news/2011-03-02/asian-stocks-fall-as-oil-surges-on-mideast-silver-rises-to-30-year-high.html |title=U.S. Stocks Rise on Job-Market Strength; Oil Jumps, Dollar Falls |publisher=Bloomberg |date=2 March 2011 |accessdate=3 April 2011}}</ref> Regional stock market indices also fell on concern for Saudi stability.<ref name="bloomberg.com"/>

==See also==
{{Portal|Saudi Arabia|Human rights|Politics}}
*[[Human rights in Saudi Arabia]]
*''[[Freedom in the World]]''
*[[List of freedom indices]]
{{clear}}

==References==
{{Reflist|30em|refs=

{{Infobox 2011–2012 Saudi Arabian protests/refs}}
<ref name="KSA_ThReut_16March">{{cite news| title=Saudi Shi'ites protest, support Bahrain brethren | date=16 March 2011 | agency=[[Reuters]] | url=http://www.reuters.com/article/2011/03/16/us-bahrain-saudi-protests-idUSTRE72F8ZB20110316 |accessdate=17 March 2011 |archiveurl=http://www.webcitation.org/5xGAhIzV4 |archivedate=17 March 2011 |deadurl=no }}</ref>
<ref name="ThReut_Qatif25Mar">{{cite news | first=Jason | last=Benham| title=Hundreds of Saudi Shi'ites protest in east | date=25 March 2011 | agency=[[Reuters]] | url=http://ca.reuters.com/article/topNews/idCATRE72O3RL20110325 |accessdate=25 March 2011 |archiveurl=http://www.webcitation.org/5xSLWasoJ |archivedate=25 March 2011 |deadurl=no }}</ref>

<ref name="pressTV_17March_4kQatif">{{cite news| title=Several injured in Saudi Arabia protest | date=March 2011 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/170496.html |accessdate=18 March 2011 |archiveurl=http://www.webcitation.org/5xHkV8dvZ |archivedate=18 March 2011 |deadurl=no }}</ref>
<ref name="arabtimes_4kQatifetc_18March">{{cite news| title=Kuwait Navy set for Bahrain – Saudi Shias Rally | date=18 March 2011 | work=[[Arab Times]] | url=http://www.arabtimesonline.com/NewsDetails/tabid/96/smid/414/ArticleID/166871/t/Kuwait-Navy-set-for-Bahrain/Default.aspx |accessdate=19 March 2011 |archiveurl=http://www.webcitation.org/5xIz3sxxL |archivedate=19 March 2011 |deadurl=no }}</ref>

<ref name="eudigest_26k_FB">{{cite news | first=Sara | last=E| title=Saudi Facebook Administrator Faisal Ahmed Abdul-Ahadwas reportedly shot as Saudi Arabia bans protests ahead of its Day of Rage | date=6 March 2011 | publisher=EU-digest | url=http://eu-digest.blogspot.com/2011/03/faisal-ahmed-abdul-ahadwas-saudi.html |accessdate=9 March 2011 |archiveurl=http://www.webcitation.org/5x3J2Tg1Y |archivedate=9 March 2011 |deadurl=no }}</ref>
<ref name="AFP_Qatif10March_3injured">{{cite news| title=Saudi police wound 3 Shiite protesters: witness | date=10 March 2011 | publisher=[[France 24]]|agency=[[Agence France-Presse]] | url=http://www.france24.com/en/20110310-saudi-police-wound-3-shiite-protesters-witness |accessdate=10 March 2011 |archiveurl=http://www.webcitation.org/5x5VXfe7K |archivedate=10 March 2011 |deadurl=no }}</ref>
<ref name="ibtimes_20March">{{cite news | title=Saudi police break up protest outside Riyadh interior ministry | date=21 March 2011 | work=[[International Business Times]] | url=http://www.ibtimes.co.uk/articles/125014/20110321/saudi-arabia.htm |accessdate=21 March 2011 |archiveurl=http://www.webcitation.org/5xMMDK67z |archivedate=21 March 2011 |deadurl=no }}</ref>

<ref name="aljaz_20March">{{cite news | title=Saudi protest ends with arrests | date=21 March 2011 |publisher=Al Jazeera | url=http://english.aljazeera.net/news/middleeast/2011/03/2011320112126999266.html |accessdate=21 March 2011 |archiveurl=http://www.webcitation.org/5xMP59raA |archivedate=21 March 2011 |deadurl=no }}</ref>

<ref name="guard_20March_Riyadh">{{cite news | first= Martin| last= Chulov| title=Egyptians endorse reforms but Arab discontent simmers | date=21 March 2011 | work=The Guardian | url=http://www.guardian.co.uk/world/2011/mar/21/egyptians-endorse-reform-arab-discontent |accessdate=21 March 2011 |archiveurl=http://www.webcitation.org/5xMMKgXIH |archivedate=21 March 2011 |deadurl=no }}</ref>
<ref name="TheNational_KSA_municip_2011">{{cite news| title=Women remain barred from voting as Saudi Arabia announces elections | date=23 March 2011 | publisher=[[The National (Abu Dhabi)|The National]]|agency=[[Associated Press]]|agency=[[Bloomberg L.P.|Bloomberg]] | url=http://www.thenational.ae/news/worldwide/middle-east/women-remain-barred-from-voting-as-saudi-arabia-announces-elections |accessdate=22 March 2011 |archiveurl=http://www.webcitation.org/5xNr7T4Xv |archivedate=22 March 2011 |deadurl=no }}</ref>


<ref name="Reuters_Dozens_detained">{{cite news | title=Dozens detained in Saudi over flood protests | date=29 January 2011 | work=[[The Peninsula (newspaper)|The Peninsula]] |location=Qatar|agency=[[Reuters]] | url=http://www.thepeninsulaqatar.com/middle-east/140720-dozens-detained-in-saudi-over-flood-protests.html |accessdate=31 January 2011 |archiveurl=http://www.webcitation.org/5w9qUZeyR |archivedate=31 January 2011 |deadurl=no }}</ref>

<ref name="Montreal">{{cite web|url=http://www.montrealgazette.com/news/Flood+sparks+rare+action/4189873/story.html|title=Flood sparks rare action|date=29 January 2011|work=[[The Gazette (Montreal)|The Gazette]] |accessdate=29 January 2011 }}{{dead link|date=July 2015}}</ref>

<ref name="saudi_selfimmo65yr">{{cite news|url=http://www.bbc.co.uk/news/world-middle-east-12260465|title=Man dies after setting himself on fire in Saudi Arabia|date=23 January 2011 |publisher=BBC News|accessdate=23 January 2011 | archiveurl= http://web.archive.org/web/20110123045813/http://www.bbc.co.uk/news/world-middle-east-12260465| archivedate= 23 January 2011 | deadurl= no}}</ref>


<ref name="torontostar_rev_longing">{{cite news | first=Ammar | last=Awad| title=Protests continue across the Arab world | date=23 February 2011 | work=[[Toronto Star]]|agency=[[Associated Press]] | url=http://www.thestar.com/news/world/article/943434--protests-continue-across-the-arab-world |accessdate=24 February 2011 |archiveurl=http://www.webcitation.org/5wk3pvTMz |archivedate=24 February 2011 |deadurl=no }}</ref>
<ref name="guardian_rage_womensrights">{{cite news| title=Middle East unrest: Saudi and Bahraini kings offer concessions | date=23 February 2011 | work=The Guardian | url=http://www.guardian.co.uk/world/2011/feb/23/middle-east-unrest-concessions |accessdate=24 February 2011 |archiveurl=http://www.webcitation.org/5wtU78Xzb |archivedate=2 March 2011 |deadurl=no }}</ref>

<ref name="threuters_umma_created">{{cite news | first=Ulf | last=Laessing| title=Pro-reform Saudi activists launch political party | date=10 February 2011 | agency=[[Reuters]] | url=http://www.reuters.com/article/2011/02/10/us-saudi-opposition-idUSTRE71942L20110210|accessdate=11 February 2011 |archiveurl=http://www.webcitation.org/5wQOpuC8A |archivedate=11 February 2011 |deadurl=no }}</ref>
<ref name="washpo_umma">{{cite news |url=http://www.washingtonpost.com/wp-dyn/content/article/2011/02/18/AR2011021802641.html |title=Saudi authorites [sic] detain founders of new party |work=The Washington Post |date=18 February 2011 |accessdate=19 February 2011 |archiveurl=http://www.webcitation.org/5whAiOr55 |archivedate=22 February 2011 |deadurl=no}}</ref>


<ref name="PressTV_PreRage">{{cite news| title=Anti-govt. protests hit S Arabia cities | date=5 March 2011 | publisher=[[Press TV]] | url=http://www.presstv.com/detail/168261.html |accessdate=3 March 2011 |archiveurl=http://www.webcitation.org/5wxZ3aAm7 |archivedate=5 March 2011 |deadurl=no }}</ref>

<ref name="saudirage11March">{{cite news | first= Richard |last=Spencer |author2= James Kirkup, Nabila Ramdani| title=Libya: Muammar Gaddafi's regime on the brink of collapse | date=21 February 2011 | work=The Daily Telegraph | url=http://www.telegraph.co.uk/news/worldnews/africaandindianocean/libya/8339435/Libya-Muammar-Gaddafis-regime-on-the-brink-of-collapse.html |accessdate=22 February 2011 |archiveurl=http://www.webcitation.org/5wh6l0B7O |archivedate=22 February 2011 |deadurl=no }}</ref>

<ref name="swiss_Saudi_5Feb">{{cite news | first1=Ulf | last1=Laessing |first2=Asma |last2=Alsharif| title=Saudi women protest, web activists call for reform | date=5 February 2011 | publisher=[[Swiss Info]]|agency=[[Reuters]] | url=http://www.swissinfo.ch/eng/news/international/Saudi_women_protest,_web_activists_call_for_reform.html?cid=29428092 |accessdate=16 February 2011 |archiveurl=http://www.webcitation.org/5wYAoCCPC |archivedate=16 February 2011 |deadurl=no }}</ref>

<ref name="awsat_commander_alAzima">{{cite news | first=Muqbil | last=al-Saeri| title=A talk with Peninsula Shield force commander Mutlaq Bin Salem al-Azima | date=March 2011 | publisher=[[Asharq al-Awsat]] | url=http://aawsat.com/english/news.asp?section=3&id=24676 |accessdate=29 March 2011 |archiveurl=http://www.webcitation.org/5xYJcDTUV |archivedate=29 March 2011 |deadurl=no }}</ref>

<ref name="LATimes_QatifDay3">{{cite news | first= Neela| last= Banerjee| title=Saudi Arabia 'day of rage' protest fizzles | date=11 March 2011| url=http://www.latimes.com/news/nationworld/world/la-fg-saudi-unrest-20110312,0,72557.story |accessdate=11 March 2011 |archiveurl=http://www.webcitation.org/5x76tP4d2 |archivedate=11 March 2011 |deadurl=no | work=Los Angeles Times}}</ref>

<ref name="AOL_alJohani">{{cite news | first=Dana | last=Kennedy | title=Imprisoned Father of Autistic Boy Called 'the Bravest Man in Saudi Arabia' | date=8 April 2011 | publisher=[[AOL|AOL News]] | url= http://www.aolnews.com/2011/04/08/khaled-al-johani-the-bravest-man-in-saudi-arabia |accessdate=6 June 2011 |archiveurl=http://www.webcitation.org/5zFLXahyl |archivedate=6 June 2011 |deadurl=no }}
</ref>
<ref name="BBC_alJohani">{{cite news | first=Michael | last=Buchanan| title=Saudi Arabia: Calls for political reform muted | date=24 May 2011 | publisher=BBC | url=http://www.bbc.co.uk/news/world-middle-east-13507318 |accessdate=6 June 2011 |archiveurl=http://www.webcitation.org/5zFLU0k1x |archivedate=6 June 2011 |deadurl=no }}
</ref>
<ref name="KSA_ThReut_17March">{{cite news | first=Jason | last=Benham| title=Saudi Shi'ites call for Bahrain troop withdrawal | date=17 March 2011 | agency=[[Reuters]] | url=http://www.reuters.com/article/2011/03/17/us-saudi-protests-idUSTRE72G7JQ20110317 |accessdate=17 March 2011 |archiveurl=http://www.webcitation.org/5xGBKJvGP |archivedate=17 March 2011 |deadurl=no }}</ref>

<ref name="Qatif_women">{{cite news| title=Massive protests loom in Saudi Arabia | date=5 March 2011 | publisher=[[Press TV]] | url=http://www.presstv.com/detail/168262.html |accessdate=3 March 2011 |archiveurl=http://www.webcitation.org/5wxlexNuX |archivedate=5 March 2011 |deadurl=no }}</ref>


<ref name="presstv_literacy_5April">{{cite news| title=Saudis stage protest rally in Riyadh | date=5 April 2011 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/173211.html |accessdate=6 April 2011 |archiveurl=http://www.webcitation.org/5xkYXKJyp |archivedate=6 April 2011 |deadurl=no }}
</ref>
<ref name="ThReut_10April_univ">{{cite news | first=Asma | last=Alsharif |author2=Jason Benham| title=Saudi unemployed graduates protest to demand jobs | date=10 April 2011 | agency=[[Reuters]] | url=http://www.reuters.com/article/2011/04/10/us-saudi-protests-idUSTRE73914E20110410 |accessdate=12 April 2011 |archiveurl=http://www.webcitation.org/5xtfuPXOK |archivedate=12 April 2011 |deadurl=no }}
</ref>
<ref name="ArabNews_10April_univ">{{cite news| title=Scuffles break out as teachers protest for job stability, higher wages | date=11 April 2011 | publisher=[[Arab News]] | url=http://arabnews.com/saudiarabia/article352952.ece |accessdate=12 April 2011 |archiveurl=http://www.webcitation.org/5xtg7N8hD |archivedate=12 April 2011 |deadurl=no }}
</ref>
<ref name="IBT_1415April">{{cite news| title=Shia Muslims protest in eastern Saudi Arabia | date=16 April 2011 | work=[[International Business Times]] | url=http://www.ibtimes.com/articles/135126/20110416/saudi-arabia-shias-protest-sunni.htm |accessdate=17 April 2011 |archiveurl=http://www.webcitation.org/5y1DwSp6w |archivedate=17 April 2011 |deadurl=no }}
</ref>
<ref name="GulfNews_women2325April">{{cite news | first=Abdul Nabi | last=Shaheen| title=Saudi women defy ban to register for polls | date=26 April 2011 | work=[[Gulf News]] | url=http://gulfnews.com/news/gulf/saudi-arabia/saudi-women-defy-ban-to-register-for-polls-1.799161 |accessdate=25 April 2011 |archiveurl=http://www.webcitation.org/5yDVNODav |archivedate=25 April 2011 |deadurl=no }}
</ref>
<ref name="AJE_women2325April">{{cite news| title=Voters register for Saudi municipal elections | date=23 April 2011 |publisher=Al Jazeera| url=http://english.aljazeera.net/news/middleeast/2011/04/201142320134356901.html |accessdate=25 April 2011 |archiveurl=http://www.webcitation.org/5yDWc5ard |archivedate=25 April 2011 |deadurl=no }}
</ref>


<ref name="PressTV_5May">{{cite news| title=Saudis stage protest in Qatif | date=9 May 2011 | publisher=[[Press TV]] | url=http://edition.presstv.ir/detail/178587.html |accessdate=9 May 2011 |archiveurl=http://www.webcitation.org/5yXKrvS4F |archivedate=9 May 2011 |deadurl=no }}
</ref>
<ref name="presstv_13May">{{cite news| title=Saudis denounce Bahrain occupation | date=13 May 2011 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/179754.html |accessdate=14 May 2011 |archiveurl=http://www.webcitation.org/5ygKzD3w5 |archivedate=14 May 2011 |deadurl=no }}
</ref>
<ref name="PressTV_20May">{{cite news| title=Saudis show solidarity with Bahrainis | date=20 May 2011 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/180880.html |accessdate=22 May 2011 |archiveurl=http://www.webcitation.org/5ysY72gKW |archivedate=22 May 2011 |deadurl=no }}
</ref>


<ref name="France24_huwaiderfilmed">{{cite news | first=Wajeha | last=al-Huwaider| title=The Saudi woman who took to the driver's seat | date=23 May 2011 | publisher=[[France 24]] | url=http://observers.france24.com/content/20110523-saudi-woman-arrested-defying-driving-ban-manal-al-sharif-khobar |accessdate=23 May 2011 |archiveurl=http://www.webcitation.org/5yuEa50k5 |archivedate=23 May 2011 |deadurl=no }}
</ref>
<ref name="AP_detained21May">{{cite news | first=Abdullah | last=Al-Shihri| title= Manal al-Sherif, Saudi Woman, Detained For Defying Driving Ban | date=21 May 2011 | work=Huffington Post|agency=[[Associated Press]] | url=http://www.huffingtonpost.com/2011/05/21/manal-al-sherif-saudi-arabia-driving-ban_n_865120.html |accessdate=23 May 2011 |archiveurl=http://www.webcitation.org/5yu3HUXsL |archivedate=23 May 2011 |deadurl=no }}</ref>
<ref name="Indep23May_detained">{{cite news | first=Catrina | last=Stewart| title=Saudi woman arrested after defying driving ban | date=23 May 2011 | work=[[The Independent]] | url=http://www.independent.co.uk/news/world/middle-east/saudi-woman-arrested-after-defying-driving-ban-2287817.html |accessdate=23 May 2011 |archiveurl=http://www.webcitation.org/5yu3n9CvL |archivedate=23 May 2011 |deadurl=no }}
</ref>


<ref name="GulfNews_Rahbini">{{cite news | first=Habib | last=Toumi| title=Saudi actress Rahbini took driving lessons from husband | date=5 June 2011 | work=[[Gulf News]] | url=http://gulfnews.com/news/gulf/saudi-arabia/saudi-actress-rahbini-took-driving-lessons-from-husband-1.817674 |accessdate=5 June 2011 |archiveurl=http://www.webcitation.org/5zDqV0LIe |archivedate=5 June 2011 |deadurl=no }}
</ref>
<ref name="Guard_17June">{{cite news | first=Jason | last=Burke| title=Saudi Arabia women test driving ban | date=17 June 2011 | work=The Guardian | url=http://www.guardian.co.uk/world/2011/jun/17/saudi-arabia-women-drivers-protest |accessdate=19 June 2011 |archiveurl=http://www.webcitation.org/5zZ8tVem5 |archivedate=19 June 2011 |deadurl=no }}
</ref>

<ref name="guardian_29jun2011">{{cite news| title=Five Saudi women drivers arrested, says activist | date=29 June 2011 | work=The Guardian |agency=[[Associated Press]] | url=http://www.guardian.co.uk/world/2011/jun/29/saudi-women-drivers-arrested-jiddah |accessdate=13 January 2012 |archiveurl=http://www.webcitation.org/64fYrFlBW |archivedate=13 January 2012 |deadurl=no }}</ref>
<ref name="alarabiya_50_17june">{{cite news | first=Muna | last=Khan| title=Highway to Nowhere. Why is it so hard to give the wheel to women? | date=20 June 2011 | publisher=[[Al Arabiya]] | url=http://english.alarabiya.net/articles/2011/06/19/153953.html |accessdate=13 January 2012 |archiveurl=http://www.webcitation.org/64fYY1JTn |archivedate=13 January 2012 |deadurl=no }}</ref>
<ref name="alNafjan_29jun2011">{{cite web| last =al-Nafjan| first =Eman| authorlink =Eman al-Nafjan| title =Saudi women driving movement| date =29 June 2011| url =http://saudiwoman.wordpress.com/2011/06/29/saudi-women-driving-movement/ | accessdate =13 January 2012 |archiveurl=http://www.webcitation.org/64fZTL2Zc |archivedate=13 January 2012 |deadurl=no }}
</ref>
<ref name="NPR_lashes_revoked">{{cite news | first=Ahmed | last=al-Omran| title=Reports: Saudi King Cancels Lashing Sentence Against Woman Who Drove | date=29 September 2011 | publisher=[[NPR]] | url=http://www.npr.org/blogs/thetwo-way/2011/09/28/140887141/reports-saudi-king-cancels-lashing-sentence-against-woman-driver |accessdate=13 January 2012 |archiveurl=http://www.webcitation.org/64fbZmBzw |archivedate=13 January 2012 |deadurl=no }}
</ref>
<ref name="Forbes_lashes_revoked">{{cite news | first=Kerry A. | last=Dolan| title= Saudi King Revokes Lashing Punishment For Woman Driver| date=28 September 2011 | work=[[Forbes]] | url=http://www.forbes.com/sites/kerryadolan/2011/09/28/saudi-king-revokes-lashing-punishment-for-woman-driver/ |accessdate=13 January 2012 |archiveurl=http://www.webcitation.org/64fbHuLYt |archivedate=13 January 2012 |deadurl=no }}
</ref>


<ref name="indep_oct_livefire">{{cite news|url=http://www.independent.co.uk/news/world/middle-east/saudi-police-open-fire-on-civilians-as-protests-gain-momentum-2365614.html|title=Saudi Police open fire on civilians | work=The Independent | first=Patrick|last=Cockburn|date=5 October 2011 |accessdate=15 January 2012 |archiveurl=http://www.webcitation.org/64iNwDatr |archivedate=15 January 2012 |deadurl=no}}</ref>


<ref name="aljaz_Mheishi_Felfel">{{cite news| title=Saudi security forces 'fire on protesters' | date=22 November 2011 |publisher=Al Jazeera| url=http://www.aljazeera.com/news/middleeast/2011/11/20111121195944732930.html |accessdate=14 January 2012 |archiveurl=http://www.webcitation.org/64fiCZO2i |archivedate=13 January 2012 |deadurl=no}}</ref>
<ref name="CDHRAP_4_Nov_deaths">{{cite news| title=Two Shot Dead in Renewed Shiite Protests in Saudi | date=24 November 2011 | publisher=[[Committee for the Defense of Human Rights in the Arabian Peninsula|CDHRAP]]|agency=[[Agence France-Presse]] | url=http://cdhrap.net/english/index.php?sec=V1d4a1IySm5QVDA9&sub=V1cweFYwMHlUak5RVkRBOQ==&id=2828&act=show&Sectyp=146 |accessdate=14 January 2012 |archiveurl=http://www.webcitation.org/64fhzUWCE |archivedate=13 January 2012 |deadurl=no}}</ref>
<ref name="Guardian_Mheishi_age19">{{cite news | first=Hayder | last=al-Khoei| title=Deadly shootings in Saudi Arabia, but Arab media look the other way | date=28 November 2011 | work=The Guardian | url=http://www.guardian.co.uk/commentisfree/2011/nov/28/deadly-shootings-saudi-arabia-arab-media |accessdate=14 January 2012 |archiveurl=http://www.webcitation.org/64fjOV42i |archivedate=13 January 2012 |deadurl=no}}</ref>
<ref name="alAhram_Mheishi_Felfel">{{cite news| title=Protester killed in Saudi eastern Shiite region | date=22 November 2011 | work=[[Al-Ahram]]|agency=[[Agence France-Presse]] | url=http://english.ahram.org.eg/NewsContent/2/8/27227/World/Region/Protester-killed-in-Saudi-eastern-Shiite-region.aspx |accessdate=14 January 2012 |archiveurl=http://www.webcitation.org/64fjwGs3S |archivedate=13 January 2012 |deadurl=no}}</ref>
<ref name="presstv_23nov2011">{{cite news | author=PM/AS/HN | title=1000s of Saudis rally against regime | date=23 November 2011 | publisher=[[Press TV]] | url= http://www.presstv.ir/detail/211754.html|accessdate=10 July 2012 |archiveurl=http://www.webcitation.org/693sfXkgY= |archivedate=10 July 2012 |deadurl=no}}</ref>


<ref name="HRW_Dec2011_protests">{{cite news| title=Saudi Arabia: Renewed Protests Defy Ban | date=30 December 2011 | publisher=[[Human Rights Watch]] | url=http://www.hrw.org/news/2011/12/30/saudi-arabia-renewed-protests-defy-ban |accessdate=7 January 2012 |archiveurl=http://www.webcitation.org/64VGNirip |archivedate=6 January 2012 |deadurl=no}}</ref>
<ref name="PressTV_Qatif30Dec2011">{{cite news| title=KSA forces open fire on Qatif protesters | date=30 December 2011 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/218541.html |accessdate=7 January 2012 |archiveurl=http://www.webcitation.org/64VMpr2I2 |archivedate=6 January 2012 |deadurl=no}}</ref>


<ref name="ArabNews_listof23">{{cite news | first=MD |last=al-Sulami |author2=Walaa Hawari| title=Arrest warrants issued for 23 Qatif rioters | date=3 January 2012 | publisher=[[Arab News]] | url=http://arabnews.com/saudiarabia/article557944.ece |accessdate=7 January 2012 |archiveurl=http://www.webcitation.org/64VIl2qGb |archivedate=6 January 2012 |deadurl=no}}</ref>
<ref name="ThReut_listof23">{{cite news | first=Angus | last=McDowall| title=Saudi Arabia seeks arrest of 23 Shi'ites for unrest | date=2 January 2012 | agency=[[Reuters]] | url=http://uk.reuters.com/article/2012/01/02/uk-saudi-shiites-warrants-idUKTRE8010FP20120102 |accessdate=7 January 2012 |archiveurl=http://www.webcitation.org/64VIjtibw |archivedate=6 January 2012 |deadurl=no}}</ref>
<ref name="ABNA_alShokan_arrest">{{cite news| title=Saudi Wahhabi Police Arrested Shi'a Citizen Shah Ali Al Shokan | date=3 January 2012 | publisher=[[Ahlul Bayat News Agency]] | url=http://abna.ir/data.asp?lang=3&id=288344 |accessdate=7 January 2012 |archiveurl=http://www.webcitation.org/64VImT7GK |archivedate=6 January 2012 |deadurl=no}}</ref>
<ref name="ABNA_5_arrested">{{cite news| title=Saudi Wahhabi Security Forces Arrested 5 Shi'a Citizens | date=4 January 2012 | publisher=[[Ahlul Bayat News Agency]] | url=http://www.abna.ir/data.asp?lang=3&Id=288571 |accessdate=7 January 2012 |archiveurl=http://www.webcitation.org/64VO46XaR |archivedate=6 January 2012 |deadurl=no}}</ref>

<ref name="CDHRAP_12jan2012">{{cite news| title=Saudi security forces injured and arrested the Shia citizen Aqeel Al Yaseen | date=11 January 2012 | publisher=[[Committee for the Defense of Human Rights in the Arabian Peninsula|CDHRAP]] | url=http://cdhrap.net/english/index.php?sec=V1d4a1IySm5QVDA9&sub=V1cweFYwMHlUak5RVkRBOQ==&id=2855&act=show&Sectyp=146 |accessdate=12 January 2012 |archiveurl=http://www.webcitation.org/64e3wQ6AI |archivedate=12 January 2012 |deadurl=no}}</ref>


<ref name="LondonES_12jan2012">{{cite news| title=MPs question Saudi arms contracts | date=13 January 2012 | work=[[London Evening Standard]] |location=London | url=http://www.thisislondon.co.uk/standard/article-24027527-mps-question-saudi-arms-contracts.do |accessdate=13 January 2012 |archiveurl=http://www.webcitation.org/64fHZYnXM |archivedate=13 January 2012 |deadurl=no}}</ref>
<ref name="AJE_Issam_Moh_Abd">{{cite news| title=Saudi forces clash with protesters in Qatif | date=13 January 2012 |publisher=Al Jazeera| url=http://www.aljazeera.com/news/middleeast/2012/01/2012113143917567124.html |accessdate=14 January 2012 |archiveurl=http://www.webcitation.org/64flMehoW |archivedate=13 January 2012 |deadurl=no}}</ref>
<ref name="BBC_Issam_Moh_Abd">{{cite news| title=Shia protester 'shot dead' in Saudi Arabia | date=13 January 2012 | publisher=BBC News | url=http://www.bbc.co.uk/news/world-middle-east-16543013 |accessdate=14 January 2012 |archiveurl=http://www.webcitation.org/64flLxPB3 |archivedate=13 January 2012 |deadurl=no}}</ref>

<ref name="PressTV_Qatif10jan2012">{{cite news| title=Cameron visits despotic Saudi friends | date=12 January 2012 | publisher=[[Press TV]] | url=http://presstv.com/detail/220641.html |accessdate=13 January 2012 |archiveurl=http://www.webcitation.org/64eNiWnnQ |archivedate=12 January 2012 |deadurl=no}}</ref>

<ref name="ABNA_14jan2012">{{cite news| title=Saudi police break up rare Riyadh demo | date=14 January 2012 | publisher=[[Press TV]]|agency=[[Ahlul Bayt News Agency]] | url=http://abna.ir/data.asp?lang=3&id=290598 |accessdate=16 January 2012 |archiveurl=http://www.webcitation.org/64ispU5Ee |archivedate=15 January 2012 |deadurl=no }}
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<ref name="cdhrap_16jan_70k_mourners">{{cite web| title =Thousands people escorted the Shi'a martyr Issam Abu Abdullah|publisher =[[Committee for the Defense of Human Rights in the Arabian Peninsula|CDHRAP]] | date =17 January 2012 | url =http://cdhrap.net/english/index.php?sec=V1d4a1IySm5QVDA9&sub=V1cweFYwMHlUak5RVkRBOQ==&id=2859&act=show&Sectyp=146| accessdate =15 January 2012 |archiveurl=http://www.webcitation.org/64oVbQTZO |archivedate=15 January 2012 |deadurl=no }}</ref>

<ref name="cdhrap_18jan2012">{{cite web| title =Shi'a citizens held two peaceful protests in Tarout and Sihat| publisher =[[Committee for the Defense of Human Rights in the Arabian Peninsula|CDHRAP]]| date =19 January 2012| url =http://cdhrap.net/english/index.php?sec=V1d4a1IySm5QVDA9&sub=V1cweFYwMHlUak5RVkRBOQ==&id=2861&act=show&Sectyp=146 | accessdate =20 January 2012 |archiveurl=http://www.webcitation.org/64qRR5z3m |archivedate=19 January 2012 |deadurl=no }}</ref>
<ref name="presstv_19jan2012">{{cite news| title=Saudis hold anti-regime demo in Qatif | date=19 January 2012 | publisher=[[Press TV]] | url=http://presstv.com/detail/221870.html |accessdate=19 January 2012 |archiveurl=http://www.webcitation.org/64oVRK5sS |archivedate=19 January 2012 |deadurl=no}}</ref>

<ref name="presstv_alAbdel_26Jan2012">{{cite news| title=Saudi forces kill another protester | date=27 January 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/223279.html |accessdate=27 January 2012 |archiveurl=http://www.webcitation.org/650sx7m9q |archivedate=27 January 2012 |deadurl=no}}</ref>


<ref name="MashallahNews_Kashgari">{{cite web| last =al-Tamimi | first =Omar| title =The Hamza I Know| publisher =[[Mashallah News]] | date =14 February 2012| url =http://mashallahnews.com/?p=7199| accessdate =19 February 2012 |archiveurl=http://www.webcitation.org/65ZSLpUgt |archivedate=19 February 2012 |deadurl=no }}</ref>

<ref name="presstv_1shot_9feb2012">{{cite news| title=Saudi crackdown kills one, injures 14 | date=9 February 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/225825.html |accessdate=9 February 2012 |archiveurl=http://www.webcitation.org/65KgMbAsm |archivedate=9 February 2012 |deadurl=no}}</ref>
<ref name="awamia_Munir">{{cite news|script-title=ar:إستشهاد الشاب منير الميداني برصاص القوات السعودية | date=9 February 2012 | publisher=Awamia.com | url=http://www.awamia.com/?act=artc&id=16462 |accessdate=9 February 2012 |archiveurl=http://www.webcitation.org/65KkP87xQ |archivedate=9 February 2012 |deadurl=no| language =Arabic }}</ref>
<ref name="ThReut_alMedani">{{cite news | first=Nour | last= Merza |author2=Sami Aboudi|author3=Myra MacDonald| title=UPDATE 1-Police kill protester in Eastern Saudi Arabia-activists | date=10 February 2012 | agency=[[Reuters]] | url=http://www.reuters.com/article/2012/02/10/saudi-protest-idUSL5E8DA8O820120210 |accessdate=10 February 2012 |archiveurl=http://www.webcitation.org/65M8DgiHo |archivedate=10 February 2012 |deadurl=no}}</ref>

<ref name="bbc_zuhair_said">{{cite news| title=New clashes in Saudi Arabia leave 'protester' dead | date=13 February 2012 | publisher=BBC News | url=http://www.bbc.co.uk/news/world-middle-east-16995286 |accessdate=14 February 2012 |archiveurl=http://www.webcitation.org/65QqxDVXc |archivedate=13 February 2012 |deadurl=no}}</ref>
<ref name="abna_zuhair_said">{{cite news| title=Saudi Wahhabi Security Forces Martyred Two Peaceful Protesters in East + pic | date=12 February 2012 | publisher=[[Ahlul Bayat News Agency]] | url=http://abna.ir/data.asp?lang=3&id=296016 |accessdate=14 February 2012 |archiveurl= http://www.webcitation.org/65QqwPVhn |archivedate=13 February 2012 |deadurl=no}}</ref>
<ref name="awamia_zuhair_said">{{cite web| script-title=ar:شرق السعودية يشهد حداداً عاماً وموجة غضب اثر استشهاد شابين | language=Arabic| publisher =Awamia.com | date =11 February 2012| url =http://www.awamia.com/?act=artc&id=16482| accessdate =14 February 2012 |archiveurl=http://www.webcitation.org/65Qt0sldQ |archivedate=13 February 2012 |deadurl=no }}</ref>

<ref name="GlobalMail_growing_rebellion">{{cite news | first=Jess | last=Hill| title=The Growing Rebellion in Saudi Arabia | date=24 February 2012 | publisher=[[The Global Mail]] | url=http://www.theglobalmail.org/feature/the-growing-rebellion-in-saudi-arabia/84/ |accessdate=26 February 2012 |archiveurl=http://www.webcitation.org/65kLveWeP |archivedate=26 February 2012 |deadurl=no}}</ref>

<ref name="Syrian_doctor_arrested">{{cite news| title=Saudi authorities detained a Syrian doctor works in a governmental clinic | date=15 February 2012 | publisher=[[Committee for the Defense of Human Rights in the Arabian Peninsula|CDHRAP]] | url=http://cdhrap.net/english/index.php?sec=V1d4a1IySm5QVDA9&sub=V1cweFYwMHlUak5RVkRBOQ==&id=2907&act=show&Sectyp=146 |accessdate=23 January 2012 |archiveurl=http://www.webcitation.org/65U6bm1oN |archivedate=23 January 2012 |deadurl=no}}</ref>

<ref name="ABNA_14jan2012">{{cite news| title=Saudi police break up rare Riyadh demo | date=14 January 2012 | publisher=[[Press TV]]|agency=[[Ahlul Bayt News Agency]] | url=http://abna.ir/data.asp?lang=3&id=290598 |accessdate=16 January 2012 |archiveurl=http://www.webcitation.org/64ispU5Ee |archivedate=15 January 2012 |deadurl=no }}</ref>

<ref name="indep_oct_livefire">{{cite news|url=http://www.independent.co.uk/news/world/middle-east/saudi-police-open-fire-on-civilians-as-protests-gain-momentum-2365614.html|title=Saudi police 'open fire on civilians' as protests gain momentum |work=The Independent |location=UK |first=Patrick|last=Cockburn|date=5 October 2011 |accessdate=15 January 2012 |archiveurl=http://www.webcitation.org/64iNwDatr |archivedate=15 January 2012 |deadurl=no}}</ref>

<ref name="teleg_w2d_vs_Interior">{{cite news| title =Saudi women launch legal fight against driving ban| work =The Daily Telegraph|agency=[[Agence France-Presse]] | date =6 February 2012| url =http://www.telegraph.co.uk/news/worldnews/middleeast/saudiarabia/9062995/Saudi-women-launch-legal-fight-against-driving-ban.html| accessdate =7 February 2012 |archiveurl=http://www.webcitation.org/65Hm1sjlP |archivedate=7 February 2012 |deadurl=no }}</ref>
<ref name="Metz_KSA_legal_system">{{cite web| last =Metz | first =Helen Chaplin| title =The Legal System | work =Saudi Arabia: A Country Study| year = 1992 | publisher =[[United States Library of Congress]] | url = http://countrystudies.us/saudi-arabia/51.htm| accessdate =24 February 2012|deadurl=no }}</ref>

<ref name="AlAhramW_words_not_bullets">{{cite news | first=Rashid | last=Abul-Samh| title=Saudi Shias riot yet again for better conditions | date=13 October 2011 | publisher=[[Al-Ahram Weekly]] | url=http://weekly.ahram.org.eg/2011/1068/re9.htm |accessdate=22 February 2012 |archiveurl=http://www.webcitation.org/65eWIIiAu |archivedate=22 February 2012 |deadurl=no}}</ref>


<ref name="presstv_Abha_woman_killed">{{cite news| title=Female student killed in Saudi Arabian city of Abha | date=8 March 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/230638.html |accessdate=8 March 2012 |archiveurl= http://www.webcitation.org/661CBmzch |archivedate=8 March 2012 |deadurl=no}}</ref>
<ref name="KKU_death_hajer_alyazidi">{{cite web| last =McMahon | first =Felim |author2=Wael Abdullah | title =Campus revolt: Saudis demand #KKU regime change| publisher =Storyful | date =2012-03-10| url =http://storyful.com/stories/22210| accessdate =12 March 2012 |archiveurl=http://www.webcitation.org/665rTxAYo |archivedate=11 March 2012 |deadurl=no }}</ref>

<ref name="akhbar_Abha_6_7March2012">{{cite news| title=Fifty injured in attack on Saudi student protest: report | date=7 March 2012 | work=[[Al Akhbar (Lebanon)|Al Akhbar]] | url=http://english.al-akhbar.com/content/50-students-hurt-attack-saudi-student-protest-report |accessdate=8 March 2012 |archiveurl=http://www.webcitation.org/65zxWGSuG |archivedate=7 March 2012 |deadurl=no}}</ref>

<ref name="Ottaway_KSAanalysis_Aug2012">{{cite web| last =Ottaway | first =David B.| title =Saudi Arabia's Race Against Time | publisher=[[Woodrow Wilson International Center for Scholars]] | date =3 August 2012| url =http://www.wilsoncenter.org/sites/default/files/saudi_arabias_race_against_time.pdf | accessdate =14 August 2012 |archiveurl=http://www.webcitation.org/69vBFPs5k |archivedate=14 August 2012 |deadurl=no }}</ref>

<ref name="ANHRI_multi_city">{{cite web| title =Saudi Arabia: Student and citizen die in protests| publisher =[[Arab Network for Human Rights Information]] | date =13 March 2012| url =http://www.anhri.net/en/?p=7345| accessdate =13 March 2012 |archiveurl=http://www.webcitation.org/6691mXfBv |archivedate=13 March 2012 |deadurl=no }}</ref>
<ref name="SGazette_8apr2012">{{cite news| title= Female students protest 'poor conditions' at Tabuk University | date=10 April 2012 | work=[[Saudi Gazette]] | url=http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentID=20120410121469 |accessdate=11 May 2012 |archiveurl=http://www.webcitation.org/67ZAcN23q |archivedate=10 May 2012 |deadurl=no}}</ref>

<ref name="presstv_qatif_13apr2012">{{cite news| title=Saudis protesters demand release of political prisoners | date=13 April 2012 | publisher=[[Press TV]] | url=http://presstv.com/detail/236079.html |accessdate=24 April 2012 |archiveurl=http://www.webcitation.org/67Acpa2O0 |archivedate=24 April 2012 |deadurl=no}}</ref>

<ref name="arabianbiz_8apr2012">{{cite news | first=Sara | last=Anabtawi| title= Saudi females protest over learning conditions | date=10 April 2012 | work=[[Arabian Business]] | url=http://m.arabianbusiness.com/saudi-females-protest-over-learning-conditions-453408.html |accessdate=11 May 2012 |archiveurl=http://www.webcitation.org/67ZBgaeld |archivedate=10 May 2012 |deadurl=no}}</ref>
<ref name="presstv_qatif_18May2012">{{cite news | author=SZH/JR | title=Saudi Arabians hold anti-regime rally in Eastern Province | date=18 May 2012 | publisher=[[Press TV]] | url=http://www.presstv.com/detail/2012/05/18/241799/saudis-hold-antiregime-protests/ |accessdate=10 July 2012 |archiveurl=http://www.webcitation.org/693iYVHu2 |archivedate=10 July 2012 |deadurl=no}}</ref>
<ref name="Bloomberg_W2Djun2012">{{cite news | first= Donna | last=Abu-Nasr | title=Saudi Women Drive on Anniversary of Campaign to End Ban | date=29 June 2012 | publisher=[[Bloomberg L.P.|Bloomberg]] | url=http://www.bloomberg.com/news/2012-06-28/saudi-women-urged-to-drive-on-anniversary-of-campaign-to-end-ban.html |accessdate=13 July 2012 |archiveurl= http://www.webcitation.org/6989oTI4U |archivedate=13 July 2012 |deadurl=no}}</ref>


<ref name="AJE_alNimrwounded">{{cite news | title= Saudi protest crackdown leaves two dead | date=9 July 2012 | publisher=[[Al Jazeera]] | url=http://www.aljazeera.com/news/middleeast/2012/07/20127819561763436.html |accessdate=10 July 2012 |archiveurl=http://www.webcitation.org/693pOd8Vd |archivedate=10 July 2012 |deadurl=no}}</ref>
<ref name="ThReut_2killed_8July2012">{{cite news | first=Andrew |last=Hammond |author2= Sami Aboudi, Ralph Boulton | title=Saudi Arabia says two killed after cleric's arrest | date=9 May 2012 | agency=[[Reuters]] | url=http://af.reuters.com/article/worldNews/idAFBRE8680YJ20120709?sp=true |accessdate=10 July 2012 |archiveurl=http://www.webcitation.org/693x9NSZE |archivedate=10 July 2012 |deadurl=no}}</ref>
<ref name="presstv_alNimrwounded">{{cite news | author=HSN/HJL | title= Saudi regime forces kill three demonstrators in Eastern Province| date=9 July 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/2012/07/09/250021/saudi-regime-forces-kill-two-protesters |accessdate=10 July 2012 |archiveurl=http://www.webcitation.org/693td14K4 |archivedate=10 July 2012 |deadurl=no}}</ref>
<ref name="Shafaqna_victim_ages_8July2012">{{cite news | title=Pictures of Qatif martyrs killed by the Saudi regime including funeral | date=10 May 2012 | publisher=[[Shafaqna]] | url=http://www.shafaqna.com/english/shafaq/item/4707-painful-pictures-of-qatif-martyrs-killed-by-the-saudi-regime-including-funeral-viewer-discretion-is-advised.html?tmpl=component&print=1 |accessdate=11 July 2012 |archiveurl=http://www.webcitation.org/695Hcq4lQ |archivedate=11 July 2012 |deadurl=no}}</ref>

<ref name="AI_ACPRA_UNHRC">{{cite web| title =Saudi Arabia: Punish human rights violators not human rights defenders: Oral intervention at the UN Human Rights Council 20th Session| publisher =[[Amnesty International]] | date =3 July 2012| url = http://www.amnesty.org/en/library/asset/MDE23/016/2012/en/b15fe11d-7119-499b-b08c-1858bb609dc5/mde230162012en.html | accessdate =13 July 2012 |archiveurl=http://www.webcitation.org/698S01jZw |archivedate=13 July 2012 |deadurl=no }}</ref>
<ref name="ThReut_alNimrwounded">{{cite news | first= Asma |last = Al Sharif |author2 = Angus McDowall, Sami Aboudi, Christopher Wilson | title=Saudi police arrest prominent Shi'ite Muslim cleric | date=8 July 2012 | agency=[[Reuters]] | url=http://www.reuters.com/article/2012/07/08/us-saudi-arrest-idUSBRE8670GH20120708 |accessdate=10 July 2012 |archiveurl=http://www.webcitation.org/693pPRIzc |archivedate=10 July 2012 |deadurl=no}}</ref>
<ref name="AJE_8July_snipers">{{cite news | title= Saudi Shia protesters mourned by 'thousands' | date=12 July 2012 | publisher=[[Al Jazeera]] | url=http://www.aljazeera.com/news/middleeast/2012/07/201271252423623334.html |accessdate=13 July 2012 |archiveurl=http://www.webcitation.org/698MCSBjT |archivedate=13 July 2012 |deadurl=no}}</ref>
<ref name="cdhrap_3killed_10kdemo">{{cite web| title =Saudi protesters hold massive anti-regime rally in Qatif| publisher =[[Committee for the Defense of Human Rights in the Arabian Peninsula|CDHRAP]]| date =11 July 2012| url =http://cdhrap.net/english/index.php?sec=V1d4a1IySm5QVDA9&sub=V1cweFYwMHlUak5RVkRBOQ==&id=2996&act=show&Sectyp=146 | accessdate =13 July 2012 |archiveurl=http://www.webcitation.org/698KXEmFx |archivedate=13 July 2012 |deadurl=no }}</ref>
<ref name="ThReut_10July2012funeral">{{cite news | first=Sami |last=Aboudi |author2= Asma al-Sharif, Ralph Boulton, Kevin Liffey | title= Saudi Shi'ites throng funeral of slain protester| date=11 July 2012 | agency=[[Reuters]] | url=http://www.reuters.com/article/2012/07/11/us-saudi-funeral-idUSBRE86A0VR20120711 |accessdate=13 July 2012 |archiveurl=http://www.webcitation.org/698LeMmO4 |archivedate=13 July 2012 |deadurl=no}}</ref>
<ref name="presstv_11jul2012">{{cite news | author=1ASH/HMV/IS | title=Saudi regime's power in decline: Analyst | date=12 July 2012 | publisher=[[Press TV]] | url=http://presstv.com/detail/2012/07/12/250622/saudi-regime-losing-grip-on-power/ |accessdate=13 July 2012 |archiveurl=http://www.webcitation.org/698Msas1g |archivedate=13 July 2012 |deadurl=no}}</ref>
<ref name="ThReut_11July2012funeral">{{cite news | first= Sami | last= Aboudi |author2= Asma al-Sharif, Andrew Hammond, Ralph Boulton, Kevin Liffey | title=Saudi Shi'ites throng funerals of slain protesters | date=11 July 2012 | agency=[[Reuters]] | url=http://af.reuters.com/article/worldNews/idAFBRE86A15020120711?sp=true |accessdate=13 July 2012 |archiveurl=http://www.webcitation.org/698PvQRZD |archivedate=13 July 2012 |deadurl=no}}</ref>
<ref name="presstv_13jul2012">{{cite news | author=HM/JR/SS | title=Saudi protesters rally in Qatif to demand release of Shia cleric | date=13 July 2012 | publisher=[[Press TV]] | url=http://presstv.com/detail/2012/07/13/250730/saudi-protesters-demand-cleric-release/ |accessdate=13 July 2012 |archiveurl=http://www.webcitation.org/698RBmwqf |archivedate=13 July 2012 |deadurl=no}}</ref>

<ref name="presstv_14jul2012">{{cite news | author=DB/MA/AZ | title=Young protester shot dead by Saudi forces in Awamiyah | date=14 July 2012 | publisher=[[Press TV]] | url=http://www.presstv.com/detail/2012/07/14/250808/young-protester-killed-by-saudi-forces/ |accessdate=14 July 2012 |archiveurl=http://www.webcitation.org/6999N4XXx |archivedate=14 July 2012 |deadurl=no}}</ref>
<ref name="bikyamasr13jul2012">{{cite news | title=Saudi protester killed in latest unrest | date=14 July 2012 | publisher=[[Bikya Masr]] | url= http://www.bikyamasr.com/72692/saudi-protester-killed-in-latest-unrest|accessdate=15 July 2012 |archiveurl= |deadurl=no}}{{dead link|date=July 2015}}</ref>

<ref name="presstv_buraidah_14jul2012">{{cite news | author=HSN/JR/IS | title=Saudi protesters hold anti-regime demonstration in Buraydah | date=14 July 2012 | publisher=[[Press TV]] | url=http://www.presstv.com/detail/2012/07/14/250884/saudis-hold-antiregime-demo-in-buraydah |accessdate=14 July 2012 |archiveurl=http://www.webcitation.org/699xaaF5V |archivedate=14 July 2012 |deadurl=no}}</ref>
<ref name="presstv_buraidah10arrested_14jul2012">{{cite news | author=AGB/MA | title=Saudi Arabia arrests 10 women protesters in Buraydah | date=15 July 2012 | publisher=[[Press TV]] | url=http://presstv.com/detail/2012/07/15/250975/saudi-arabia-arrests-10-women-protesters/ |accessdate=15 July 2012 |archiveurl=http://www.webcitation.org/69BFv8mqh |archivedate=15 July 2012 |deadurl=no}}</ref>
<ref name="presstv_buraidah23jul2012">{{cite news | author=MRS/JR/IS | title= Saudi protesters call for immediate release of prisoners| date=24 July 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/2012/07/24/252561/saudi-protesters-urge-prisoners-release/ |accessdate=24 July 2012 |archiveurl=http://www.webcitation.org/69P9BsGt1 |archivedate=24 July 2012 |deadurl=no}}</ref>
<ref name="presstv_Riyadh25jul2012">{{cite news | title=Saudi protesters call for release of political prisoners | date=25 July 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/2012/07/25/252791/saudis%2Dwant%2Dpolitical%2Dprisoners%2Dreleased/ |accessdate=26 July 2012 |archiveurl=http://www.webcitation.org/69S393v9p |archivedate=26 July 2012 |deadurl=no}}</ref>
<ref name="presstv_RiyadhMakkah28Jul2012">{{cite news | title=Saudi anti-regime protesters stage rallies in Riyadh, Mecca | date=29 July 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/2012/07/29/253276/riyadh-mecca-see-fresh-protest-rallies/ |accessdate=30 July 2012 |archiveurl=http://www.webcitation.org/69Wpbtprp |archivedate=29 July 2012 |deadurl=no}}</ref>

<ref name="alManar_alNimr_tortured">{{cite news | title=Sheikh Nimr Tortured by Saudi Authorities | date=17 July 2012 | publisher=[[Al-Manar]] | url=http://www5.almanar.com.lb/english/adetails.php?eid=61729&frid=23&seccatid=28&cid=23&fromval=1 |accessdate=18 July 2012 |archiveurl=http://www.webcitation.org/69G6QqmGy |archivedate=18 July 2012 |deadurl=no}}</ref>
<ref name="presstv_alNimr_hungerstrike">{{cite news | title=Saudi Arabia's jailed Sheikh Nemr goes on hunger strike | date=19 July 2012 | publisher=[[Press TV]] | url=http://www.presstv.com/detail/2012/07/19/251736/jailed-saudi-cleric-starts-hunger-strike/ |accessdate=19 July 2012 |archiveurl=http://www.webcitation.org/69HSLSFLs |archivedate=19 July 2012 |deadurl=no}}</ref>
<ref name="awamianet_26jul2012">{{cite web| script-title=ar:بيان : الحراك الرسالي يحث على المشاركة الفاعلة في مسيرة 'كلنا نمور' الليلة | publisher =Awamia.net |language=Arabic | date =26 July 2012| url =http://awamia.net/index.php/permalink/4705.html | accessdate =26 July 2012 |archiveurl=http://www.webcitation.org/69SEMqbpE |archivedate=26 July 2012 |deadurl=no }}</ref>
<ref name="AFP_27jul2012">{{cite news | title= Saudi police fire on Shiite protest: witnesses | date=27 July 2012 | publisher=[[France 24]]|agency=[[Agence France-Presse]] | url=http://www.france24.com/en/20120727-saudi-police-fire-shiite-protest-witnesses |accessdate=27 July 2012 |archiveurl=http://www.webcitation.org/69ThZyzeX |archivedate=27 July 2012 |deadurl=no}}</ref>
<ref name="awamia_muna_jabir_funeral">{{cite web| script-title=ar:السلطات تمنع تشييع عقيلة آية الله النمر والآلاف يخرجون في مسيرة غاضبة | language=Arabic | publisher =Awamia.net | date =1 August 2012| url =http://awamia.net/index.php/permalink/4764.html | accessdate =1 August 2012 |archiveurl=http://www.webcitation.org/69bDhWj0N |archivedate=1 August 2012 |deadurl=no }}</ref>
<ref name="presstv_03aug2012">{{cite news | author=AGB/MA/AZ | title=Saudis rally to call for release of teenage protester | date=3 August 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/2012/08/03/254174/saudis-rally-for-teen-protester-freedom/ |accessdate=3 August 2012 |archiveurl=http://www.webcitation.org/69e2KcEgu |archivedate=3 August 2012 |deadurl=no}}</ref>

<ref name="aje_alQallaf">{{cite news | title= Deaths in clash after Saudi rights protest | date=4 August 2012 | publisher=[[Al Jazeera]] | url=http://www.aljazeera.com/news/middleeast/2012/08/20128472859450737.html |accessdate=4 August 2012 |archiveurl=http://www.webcitation.org/69fmJPJ3l |archivedate=4 August 2012 |deadurl=no}}</ref>
<ref name="presstv_alQallaf">{{cite news | title=Teenage protester shot dead in Saudi Arabia's Qatif | date=4 August 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/2012/08/04/254345/teenage-boy-shot-dead-in-saudi-arabia/ |accessdate=4 August 2012 |archiveurl=http://www.webcitation.org/69fb55ylF |archivedate=4 August 2012 |deadurl=no}}</ref>

<ref name="awamia_alQallaf">{{cite web| script-title=ar:القطيف: استشهاد الشاب حسين القلاف برصاص القوات السعودية |language=Arabic | publisher =Awamia.net | date =3 August 2012| url =http://awamia.net/index.php/permalink/4797.html | accessdate =4 August 2012 |archiveurl=http://www.webcitation.org/69fliSSLs |archivedate=4 August 2012 |deadurl=no }}</ref>
<ref name="SGazette_Zabani_birth">{{cite news | first=Abdul Rahman |last=al-Khatarish |author2= Muhammad Makki | title= I'm proud my son died a martyr| date=6 August 2012 | work=[[Saudi Gazette]] | url=http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20120806132261 |accessdate=14 August 2012 |archiveurl=http://www.webcitation.org/69v6rFauY |archivedate=14 August 2012 |deadurl=no}}</ref>


<ref name="BBC201405_EastProv">{{cite news | first= | last= | pages= | title=Reporting Saudi Arabia's hidden uprising | date=2014-05-30 | publisher=BBC News | url=http://www.bbc.co.uk/news/world-middle-east-27619309 |accessdate=2014-10-15 |archiveurl=http://www.webcitation.org/6TLnZNPMf |archivedate=2014-10-15 |deadurl=no}}</ref>

<ref name="BBC20141015_alNimr_deathsentence">{{cite news | first= | last= | pages= | title=Saudi Shia cleric Nimr al-Nimr 'sentenced to death'| date=2014-10-15| publisher=BBC News | url=http://www.bbc.co.uk/news/world-middle-east-29627766|accessdate=2014-10-15 |archiveurl=http://www.webcitation.org/6TLomu3cZ|archivedate=2014-10-15 |deadurl=no}}</ref>


<ref name="Akhbar_RU_concern">{{cite news | title=Russia "concerned" by Saudi oppression | date=15 July 2012 | publisher=[[Al Akhbar (Lebanon)|Al Akhbar]]|agency=[[Reuters]] | url = http://english.al-akhbar.com/content/russia-concerned-saudi-oppression | accessdate =15 July 2012 |archiveurl=http://www.webcitation.org/69B3M2vbL |archivedate=15 July 2012 |deadurl=no }}</ref>
<ref name="RuMin_RU_concern">{{cite web| last =Dolgov | first =K.K.| title =Comment of K. K. Dolgov, Representative on Human Rights, Democracy and the Rule of Law of the MFA of Russia, on situation in the Eastern province of Saudi Arabia | publisher =[[Ministry of Foreign Affairs (Russia)|Ministry of Foreign Affairs]] | date =12 July 2012| url=http://www.mid.ru/brp_4.nsf/0/F9DAE72017153B9744257A3A002D1661 |accessdate=15 July 2012 |archiveurl=http://www.webcitation.org/69B3F2eiq |archivedate=15 July 2012 |deadurl=no}}</ref>



<ref name="USStateDept_award">{{cite web| title =2012 International Women of Courage Award Winners| publisher =[[United States Department of State|US Dept of State]] | date =5 February 2012| url =http://www.state.gov/s/gwi/programs/iwoc/2012/bio/index.htm | accessdate =9 February 2012 |archiveurl= http://www.webcitation.org/662jRhJHC|archivedate=9 February 2012 |deadurl=no }}</ref>


<ref name="Toronto_solidarityJul2012">{{cite news | first=Alex | last=Consiglio | title=Protesters target US Consulate | date=21 July 2012 | work=[[Toronto Sun]] | url=http://www.torontosun.com/2012/07/21/protesters-target-us-consulate |accessdate=23 July 2012 |archiveurl=http://www.webcitation.org/69Lgcu3CD |archivedate=22 July 2012 |deadurl=no}}</ref>

<ref name="Canberra_solidarityJul2012">{{cite news | first=Sarah | last=Homewood | title= Pro-democracy protesters at Saudi embassy | date=20 July 2012 | work=[[The Canberra Times]] | url=http://www.canberratimes.com.au/act-news/prodemocracy-protesters-at-saudi-embassy-20120719-22dcu.html |accessdate=23 July 2012 |archiveurl=http://www.webcitation.org/69LgwwoZl |archivedate=22 July 2012 |deadurl=no}}</ref>


<ref name="IHRC_3rd_decade_silence">{{cite web| title =Saudi Arabia's political prisoners: towards a third decade of silence | publisher =[[Islamic Human Rights Commission]] | date =30 September 2011| url =http://ihrc.org.uk/attachments/article/9867/Saudi%20Report%20A4-v04.pdf | accessdate =2 February 2012 |archiveurl=http://www.webcitation.org/65A9Q7yJh |archivedate=2 February 2012 |deadurl=no }}</ref>


<ref name="presstv_9Aug2012">{{cite news|author= AGB/MA/AZ|title= Saudi protesters call for prisoners' release | date=10 August 2012 | publisher=[[Press TV]]|url=http://www.presstv.com/detail/2012/08/10/255462/saudis-call-for-prisoners-release/ |accessdate=14 August 2012 |archiveurl=http://www.webcitation.org/69v348avh |archivedate=14 August 2012 |deadurl=no}}</ref>

<ref name="presstv_15aug2012_EP_Bur">{{cite news | author=MN/MA | title= Saudis hold anti-regime demonstrations| date=17 July 2012 | publisher=[[Press TV]] | url=http://www.presstv.ir/detail/2012/08/16/256520/saudis-hold-antiregime-demonstrations/ |accessdate=17 August 2012 |archiveurl=http://www.webcitation.org/69zTvo5Mr |archivedate=17 August 2012 |deadurl=no}}</ref>


<ref name="MFQahtani_alHair120813">{{cite web| last =al-Qahtani | first =Mohammad Fahad | authorlink =Mohammad Fahad al-Qahtani | title =Mohammad Al-Qahtani| publisher =Twitter | date =13 August 2012| url =https://twitter.com/MFQahtani/status/235128701795311618 | accessdate =19 August 2012 |archiveurl=http://www.webcitation.org/6A2aellTS |archivedate=19 August 2012 |deadurl=no }}</ref>
<ref name="MFQahtani_Dammam120818">{{cite web| last =al-Qahtani | first =Mohammad Fahad | authorlink =Mohammad Fahad al-Qahtani | title =Mohammad Al-Qahtani| publisher =Twitter | date =18 August 2012| url =https://twitter.com/MFQahtani/status/236956115831750656 | accessdate =19 August 2012 |archiveurl=http://www.webcitation.org/6A2bBBJJC |archivedate=19 August 2012 |deadurl=no }}</ref>

<ref name="MFQahtani_alHair120819a">{{cite web| last =al-Qahtani | first =Mohammad Fahad | authorlink =Mohammad Fahad al-Qahtani | title = Mohammad Al-Qahtani| publisher =Twitter | date =19 August 2012| url =https://twitter.com/MFQahtani/status/237207632191041536 | accessdate =19 August 2012 |archiveurl=http://www.webcitation.org/6A2Zsz0QC |archivedate=19 August 2012 |deadurl=no }}</ref>
<ref name="MFQahtani_alHair120819b">{{cite web| last =al-Qahtani | first =Mohammad Fahad | authorlink =Mohammad Fahad al-Qahtani | title =Mohammad Al-Qahtani| publisher =Twitter | date =19 August 2012| url = https://twitter.com/MFQahtani/status/237229286447280128 | accessdate =19 August 2012 |archiveurl= http://www.webcitation.org/6A2ZteDZb |archivedate=19 August 2012 |deadurl=no }}</ref>

<ref name="awamia_alQallaffuneral">{{cite web|script-title=ar:الآلاف يزفون الشهيد القلاف إلى مثواه الأخير |language=Arabic|publisher =Awamia.net | date =6 August 2012| url =http://awamia.net/index.php/permalink/4820.html|accessdate =14 August 2012 |archiveurl=http://www.webcitation.org/69kOJlZuf|archivedate=7 August 2012 |deadurl=no }}</ref>

<ref name="presstv_5Aug2012">{{cite news | author=HSN/MA/HJL|title= Saudi protesters hold anti-regime demo in Tarout Island| date=6 August 2012 | publisher=[[Press TV]] | url=http://www.presstv.com/detail/2012/08/06/254715/saudis-hold-antiregime-demo-in-tarout/ |accessdate=14 August 2012 |archiveurl=http://www.webcitation.org/69v2SYZye |archivedate=14 August 2012 |deadurl=no}}</ref>

<ref name="presstv_6Aug2012">{{cite news|author=AO/HN/HJL|title= Saudi protesters hold anti-regime rallies in Qatif | date=7 August 2012 | publisher=[[Press TV]]|url=http://www.presstv.ir/detail/2012/08/07/254934/saudi-protesters-hold-rallies-in-qatif/|accessdate=14 August 2012 |archiveurl=http://www.webcitation.org/69v2lFkw2|archivedate=14 August 2012 |deadurl=no}}</ref>

}}

==Further reading==
*{{cite book |last=Alrabaa |first=Sami |year=2010 |title=Veiled Atrocities: True Stories of Oppression in Saudi Arabia |location=Amherst, NY |publisher=Prometheus Books |isbn=978-1-61614-159-2 }}
*{{cite book |last=Al-Rasheed |first=Madawi |year=2007 |title=Contesting the Saudi State: Islamic Voices from a New Generation |location=New York |publisher=Cambridge University Press |isbn=0-521-85836-4 }}
*{{cite book |last=Hamzawy |first=Amr |chapter=The Saudi Labyrinth: Is There a Political Opening? |editor1-last=Ottaway |editor1-first=Marina |editor2-last=Choucair-Vizoso |editor2-first=Julia |title=Beyond the Façade: Political Reform in the Arab World |location=Washington, DC |publisher=Carnegie Endowment for International Peace |year=2008 |pages=187–210 |isbn=978-0-87003-239-4 }}

==External links==
{{Commons category|2011–2012 Saudi Arabian protests}}
*[http://saudiwoman.wordpress.com/2011/02/18/the-arab-revolution-saudi-update Blog discussing a Facebook page for 11 March protests] by [[Eman al-Nafjan|Eman Fahad al-Nafjan]] [http://www.webcitation.org/5waUoy2QN archive 2011-02-18]
* {{youtube|c7zgifyiqnA|Saudi Arabia's Secret Uprising}} and [http://www.bbc.com/news/world-middle-east-31915367 on BBC], documentary film, BBC, 2015, by [[Safa Al Ahmad]].

{{2011–2012 Saudi Arabian protests}}
{{Arab Spring}}
{{World protests in 21st century}}

{{DEFAULTSORT:2011-2012 Saudi Arabian Protests}}
[[Category:2011 in Saudi Arabia|Protests]]
[[Category:2012 in Saudi Arabia|Protests]]
[[Category:Arab Spring by country|Saudi Arabia]]
[[Category:2011 protests|Saudi Arabian]]
[[Category:2012 protests|Saudi Arabian]]
[[Category:2011–12 Saudi Arabian protests| ]]
[[Category:Iran–Saudi Arabia relations]]

Talk:TD Bank (United States)

2015-12-03T22:38:51Z

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== Images for article ==


There are two free images of Mr. C available. ~ [[User:BigrTex|Bigr]][[User Talk:BigrTex|Tex]] 22:53, 29 March 2007 (UTC)

== Recent edits ==

Hi there. Seems like we have a good bit of back and forth reverts going on here today. Let's stop for a minute and disuss this rather than violating the [[Wikipedia:Three-revert rule|Three-revert rule]].

Information has been being added to the article without [[WP:RS|reliable sources]] having been [[WP:CITE|cited]] as is required by the [[WP:V|verifiability policy]]. To quote from that policy, ''"The threshold for inclusion in Wikipedia is '''verifiability, not truth'''''.

Wikipedia also has a strict [[Wikipedia:neutral point of view|neutral point of view]] policy and I would tend to agree that some of the language in the new information needs to be toned down to conform to it.

Right now, the only citations in the entire article are in the *Robbery incidents* section. There really need to be more for ALL of the information in the article, not just the new information. I have tagged the article with {{tl|moresources}} to give editors a chance to add some and establish the firm's [[WP:NOTE|notability]] firmly.

So, now that I have given my thoughts; based admittedly on my first impressions of what's going on, what are all of your thoughts? Thanks! —[[User:Elipongo|Elipongo]] ([[User talk:Elipongo|Talk]] [[Special:Contributions/Elipongo|contribs]]) 01:56, 1 July 2007 (UTC)

:I appreciate your feedback. My main concern regarding the recent edits was the use of non-NPOV terms like "political pawn." However, if cited sources can be found using these actual terms and phrases in the mainstream media or elsewhere, I will drop my objections.
:I re-added the information about COmmerce Bank Harrisburg, an independently owned franchise. I cited sources (their website) for the article. If I did not cite the sources properly, please fix them or tell me. [[User:PanzaM22|PanzaM22]] 23:44, 1 July 2007 (UTC) Mike

== Questions about Business Model section ==

I'm curious about the sentence "Much of Commerce Bank's sucess is the ability of the company to get no-bid government contracts for their insurance business as well as lucrative government deposits." Not that I actively dis-believe it or find such a notion offensive, I am just curious what if any sources are there for this statement. [[User:Doregasm|Doregasm]] 00:46, 6 July 2007 (UTC)

:You're not alone in noting the lack of sources to support recent edits. PansaM22 seems to be doing a good job keeping unsourced POV edits (mostly made by CAMDENBEER) out. [[User:Wl219|Wl219]] 21:17, 6 July 2007 (UTC)

:this section seems like it was written by employees of this company.

== Scandals ==

Not one portion of this section is cited...added a dubie. --[[User:DodgerOfZion|DodgerOfZion]] 21:52, 13 August 2007 (UTC)

Much of it was reported in the [[Philadelphia Inquirer]] or [[Courier-Post]] newspapers over the last few years [[User:Bunnygod888|Bunnygod888]] 11:34, 19 August 2007 (UTC)

:It needs citing, or I'm liable to 86 it. [[User:DodgerOfZion|DodgerOfZion]] —The preceding {{#ifeq:{{{Date|{{{Time|18:09:18, August 19, 2007}}}}}} | | comment was }} [[Wikipedia:Signatures|signed but undated]]{{#ifeq:{{{Date|{{{Time|18:09:18, August 19, 2007}}}}}} | | | comment was added at {{{Date|{{{Time|18:09:18, August 19, 2007}}}}}} (UTC{{{Zone|{{{3|{{{2|}}}}}}}}}) }}. 

Thanks for the citations on the first two items, Flavious27. Also thanks for correcting the dates of Wow celebrations at the Tweeter. I used dates that were there, and added an additional one (that I attended), but had not read that 2003 was already noted for NYC [[User:Bunnygod888|Bunnygod888]] 01:28, 22 August 2007 (UTC)

I would like to hear more on this.. —Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[User:Manoftheisland|Manoftheisland]] ([[User talk:Manoftheisland|talk]] • [[Special:Contributions/Manoftheisland|contribs]]) 07:43, 6 June 2008 (UTC) 

==Cycle Service Charge==
Has anyone else been hit with one of these? So much for "No stupid fees; no stupid hours"... --[[User:Scottandrewhutchins|Scottandrewhutchins]] 20:53, 15 November 2007 (UTC)

It might help to tell us what cycle service charge means. [[User:PanzaM22|PanzaM22]] 23:48, 15 November 2007 (UTC) Mike

A cycle service charge is incurred when a customer drops below the $100 minimum for that statement cycle... Commerce thought it was a great idea to use that name to confuse people : )

I know it's almost a year after the fact...but the fact is most banks do that. Happened to me when I was at another bank. --[[User:ChrisP2K5|ChrisP2K5]] ([[User talk:ChrisP2K5|talk]]) 06:34, 19 June 2008 (UTC)

==TD Banknorth and TD Bank==
:''See also discussion at [[Talk:Commerce Bancorp#Separate articles]].''
someone added a citation to a comment stating that the sale fell through, but the link is to purchase an article.
TD Banknorth's article does not mention this... [[User:Bunnygod888|Bunnygod888]] ([[User talk:Bunnygod888|talk]]) 13:39, 1 January 2008 (UTC)

WHOA WHOA WHOA I'm confused. Since TD Banknorth was the larger company, why is it that the page refers almost entirely to the history of Commerce Bancorp? This page needs heavy revision. I'll work on it as best I can but other help would be appreciated. [[User:AsukaSeagull]] 23:53 1 August 2008 —Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[Special:Contributions/204.210.73.160|204.210.73.160]] ([[User talk:204.210.73.160|talk]]) 03:54, 2 August 2008 (UTC) 

Let me explain. Currently, Commerce Bank's legal name is [[TD Bank, N.A.]]

As of right now, Commerce Bank is merely a trade name of TD Bank, N.A. This is displayed on signs at every teller window in every branch.

As of right now, [[TD Bank, N.A.]] and [[TD Banknorth]] are separate subsidiaries of [[TD Bank]]. Sometime in 2009, TD Banknorth will be merged into TD Bank, N.A. Until then, they are separate subsidiaries and that's why the Wiki pages for each bank are separate. Once TD Banknorth is merged into TD Bank, N.A., then we can make one Wiki page that covers the history of both companies.

If you have any questions, leave them here on the talk page, and I will answer them for you.

[[User:PanzaM22|PanzaM22]] ([[User talk:PanzaM22|talk]]) 19:57, 2 August 2008 (UTC) Mike

:For the record, [http://www.banknorth.com TD Banknorth's website] says that TD Banknorth is '''also''' a trade name of TD Bank, N.A. I took that to mean that the (legal) merger of the two banks had already been completed, even though it may not currently be reflected at the organizational / branding level. If that is not the case then obviously some of my earlier edits were in error.
:Regardless, given the [[Wikipedia:Article size|recommendations on article lengths]], it may be better to keep the two separate articles (as histories of the separate defunct entities), and possibly create a new TD Bank, N.A. article in addition.— [[user:stickguy|stickguy (:^›)—]] || [[user talk:stickguy|talk]] || 00:48, 3 August 2008 (UTC)

:PanzaM22 is incorrect; stickguy is correct. In the United States, the Canadian '''Toronto-Dominion Bank''' operates under the TD Bank, N.A. name. Both TD Banknorth and Commerce Bancorp are subsidiaries of the same singular bank. (see tdbanknorth.com or commerceonline.com for more information about trade names). So, of course, my question is once again. Why is Commerce Bancorp not one page, TD Banknorth another, and TD Bank, N.A., the combined new bank, a third? [[User:AsukaSeagull]] —Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[Special:Contributions/204.210.73.160|204.210.73.160]] ([[User talk:204.210.73.160|talk]]) 02:55, 3 August 2008 (UTC) 

::You can also just check out [http://www.tdbank.com the TD Bank, N.A. website]. And just throwing this out there - a lot of this article is really not important. I'm not completely up to date on notability, but I think that having "Commerce Bank's unique features" is sort of not what Wikipedia is all about. In particular, it confuses this section. People who may be looking at this page are looking to see what TD Bank, N.A. is and will be. —Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[Special:Contributions/204.210.73.160|204.210.73.160]] ([[User talk:204.210.73.160|talk]]) 03:02, 3 August 2008 (UTC) 

According to their webpage, Commerce Bank will be rebranded as [[TD Bank, N.A.]] next month, while [[TD Banknorth]] will not be re-branded until sometime on 2009. I did not realize that TD Banknorth is already a trade name of TD Bank, N.A. however, since they are using different brand names currently, I'm thinking maybe we should leave each one to their own page for now. Once both brands are re-branded in 2009, we could take the jist of the data from both pages and merge them into one. This is what appears to have eben done on other banks pages, like Bank of America, etc. Anyone else have thoughts or ideas?

[[User:PanzaM22|PanzaM22]] ([[User talk:PanzaM22|talk]]) 21:19, 4 August 2008 (UTC) Mike

:I think it is better left as 3 separate articles. We have articles on defunct banks, and since this is more a merger of 2 banks than a simple re-branding of one bank, they should be left as two. '''[[User:MBisanz|MBisanz]]''' [[User talk:MBisanz|talk]] 13:20, 3 November 2008 (UTC)
::Completely disagree. The company is no longer in existence. That plus it's not more of a merger than it is both a merger and a complete rebranding. The page should not be split. --[[User:ChrisP2K5|ChrisP2K5]] ([[User talk:ChrisP2K5|talk]]) 05:39, 5 November 2008 (UTC)

:::As I state at the [[Talk:Commerce Bancorp#RFC|RFC]], Banknorth and Commerce Bank are entities with lengthy histories in their own right. TD Bank is a new entity with a totally different brand, management, and scope. Per past practice at [[:Category:Defunct banks of the United States]] and the fact that TD Bank is a new bank that will generate new information and fill out the already good sized article, I believe we should leave Banknorth and Commerce as historic articles and continue with current practices at TD Bank. Also, Banknorth is already at 20K as an article and Commerce is at 8K, smashing those two different articles together into TD does not make sense since the histories would overlap so much. '''[[User:MBisanz|MBisanz]]''' [[User talk:MBisanz|talk]] 09:42, 5 November 2008 (UTC)

:::Actually, it makes perfect sense. The name of Commerce and Banknorth is changing to TD Bank. The articles should, and must, be merged. TD Bank is not a totally different brand, management, or scope. It is basically what Commerce was + what TD wants it to be. There is absolutely no good reason why there should be separate pages. --[[User:ChrisP2K5|ChrisP2K5]] ([[User talk:ChrisP2K5|talk]]) 16:44, 5 November 2008 (UTC)

::::I'm not sure why they "must" be merged, each of the three entities is notable in its own right and we have separate articles for many other defunct banking entities. '''[[User:MBisanz|MBisanz]]''' [[User talk:MBisanz|talk]] 17:02, 5 November 2008 (UTC)

::::Again, the name is being changed. Commerce is not defunct, it is operating under a new name. The company is not folding, therefore your "defunct" theory does not apply here. I repeat, there is no good reason why there should be separate pages. --[[User:ChrisP2K5|ChrisP2K5]] ([[User talk:ChrisP2K5|talk]]) 17:47, 5 November 2008 (UTC)

:::::The legal entity "Commerce Bancorp" no longer exists, the entity "Banknorth" no longer exists, how is that not "defunct"? '''[[User:MBisanz|MBisanz]]''' [[User talk:MBisanz|talk]] 17:52, 5 November 2008 (UTC)
::::::For what it's worth, I agree with MBisanz, for reasons stated in [http://en.wikipedia.org/w/index.php?title=Talk:TD_Bank,_N.A.&diff=249396990&oldid=229853169 this post]. I'll elaborate further if necessary. –[[User:Juliancolton|Juliancolton]] [[User talk:Juliancolton|'''T'''ropical]] [[Special:contributions/Juliancolton|'''C'''yclone]] 18:40, 5 November 2008 (UTC)

:::::::I also agree these articles should be kept separate due to their unique history. A summary of their connection with a link in each article to the other article is fine too. — [[User:Rlevse|Rlevse]] • [[User_talk:Rlevse|Talk]] • 21:58, 5 November 2008 (UTC)

:::::::You're wrong. The entities still exist, so they cannot be "defunct." They are just doing business under one name now. Both pages should be merged with this page and the pertinent information surrounding both should come with the mergers. I repeat, there is no legitimate reason why there needs to be three separate pages for the same thing. --[[User:ChrisP2K5|ChrisP2K5]] ([[User talk:ChrisP2K5|talk]]) 04:55, 6 November 2008 (UTC)

::::::::I like "You're wrong". Smooth. Please note that both Commerce Bank and TD Banknorth are trade names of T.D. Bank, N.A. From an accountancy point of view, this means that Commerce Bancorp and TD Banknorth are no longer distinct companies, but instead units within another, third company called "TD Bank". Legally speaking, the entites do ''not'' still exist.
As to what that means on Wikipedia, I can only tell you that this article remains, as it was months ago when I first mentioned it, not accurate: TD Bank is a successor to both Commerce Bancorp ''and'' TD Banknorth, and the article should reflect both the banks' histories and not just that of Commerce Bancorp. However that could best be done. [[User:AsukaSeagull]] 08 November 2008

:::::::::Really? Do the branches not do business any more? Is the bank completely closed? The answer to both questions is no. There should be one unifying page (this one) with most of the pertinent information on TD Banknorth and Commerce on it. If anything, we could have two history pages. --[[User:ChrisP2K5|ChrisP2K5]] ([[User talk:ChrisP2K5|talk]]) 05:19, 8 November 2008 (UTC)

::::::::::Commerce Bancorp was not a bank, it was a holding company. It is no longer in operation. --[[User:AsukaSeagull]] 25 November 2008

:The easiest way to reflect the the changeover is to have 2 historical articles on the 2 historic banks and have a third current article referencing the unification of the 2 banks. The allows for the best balance of history without any overlaps from when they were separate. '''[[User:MBisanz|MBisanz]]''' [[User talk:MBisanz|talk]] 06:20, 8 November 2008 (UTC)

::No, the easiest way to reflect the changeover is to have one page, this one, and a history page with each bank's history included in it. --[[User:ChrisP2K5|ChrisP2K5]] ([[User talk:ChrisP2K5|talk]]) 07:31, 9 November 2008 (UTC)

:::The precedent (excuse my spelling) appears to be to do as MBisanz suggests; defunct notable companies generally get to keep their Wikipedia question. --[[User:AsukaSeagull]] 25 November 2008

=== there is a trace left ===
http://invest.tdbank.com/investview_demo/custom/iag/cbam_logo.gif
so you can't say they left no trace of Commerce on their site.
[[User:Pale2hall|Pale2hall]] ([[User talk:Pale2hall|talk]]) 09:15, 15 December 2008 (UTC)

=== Slanted ===

This article is written as if TD Bank is a continuation of Commerce Bank, which it certainly is not. Commerce Bank has its own article as does TD Banknorth with whom it merged with. The history of Commerce Bank is irrelevant on this page because it is about the merged bank which is equally TD Banknorth as it is Commerce Bank. The article needs to be rewritten to reflect this. [[User:Grk1011|Grk1011/Stephen]] ([[User talk:Grk1011|talk]]) 03:06, 9 March 2009 (UTC)
:I've gone and cut the scandals section, which had nothing to do with TD Bank, any other sections that need pruning? '''[[User:MBisanz|MBisanz]]''' [[User talk:MBisanz|talk]] 03:30, 9 March 2009 (UTC)
::The history section is about Commerce Bank, not TD Bank and information in the infobox is all about Commerce Bank as well. This bank was formed last year, not in 1973. Like I said, the article needs to be rewritten to reflect the fact that it is not Commerce Bank just with a name change, but rather the merger of it with another bank, creating a completely new company. I went through and made some changes to reflect this. [[User:Grk1011|Grk1011/Stephen]] ([[User talk:Grk1011|talk]]) 16:19, 9 March 2009 (UTC)

TD Bank is definitely not to be treated just as Commerce Bank with a new name. It is a popular misconception as TD adopted most of Commerce's philosphies, and kept their branch design. TD Banknorth was a larger US bank with several hundred more locations than Commerce at the time of the merger. Joe8609 17:48, 21 August 2010 (UTC) —Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[User:Joe8609|Joe8609]] ([[User talk:Joe8609|talk]] • [[Special:Contributions/Joe8609|contribs]])  

== Past tense needed if changes took place ==

I tagged the article because the changes have supposedly taken place but are not reflected in the article. My only interest in this article is that a couple of banks down south are merging with this one.[[User:Vchimpanzee|Vchimpanzee]] '''·''' [[User talk:Vchimpanzee| talk]] '''·''' [[Special:Contributions/Vchimpanzee|contributions]] '''·''' 15:33, 31 May 2010 (UTC)

== Started in 1852 as Portland Sav Bk ==

The TD Bank website says the bank started in 1852. The website's [http://www.tdbank.com/aboutus/company_history.html Company History] webpage says:

"Company History

"TD Bank, America's Most Convenient Bank®, has proudly provided unparalleled convenience and legendary WOW! Customer service for more than 150 years.

"The company '''first opened its doors as Portland Savings Bank''' in Portland, Maine, '''in 1852''', and later grew through a series of mergers '''and became Peoples Heritage Bank in 1983'''. At the turn of the millennium, the opportunity for growth presented itself again as '''Peoples Heritage Bank''', through several acquisitions, '''expanded''' deeper into New England '''and took the name Banknorth'''.

"Meanwhile, Cherry Hill, New Jersey-based Commerce Bank was turning Customers into Fans as America’s Most Convenient Bank. Founded in 1973, Commerce Bank expanded rapidly over the next 30 years into metro New York and Philadelphia, Washington D.C., and South Florida, winning new Customers with WOW! service and convenience.

"In 2004, Banknorth caught the eye of TD Bank Financial Group of Toronto, Canada, a top 10 financial services company in North America. TD Bank Financial Group soon became Banknorth’s majority shareholder and the company became known as TD Banknorth. TD Bank Financial Group completed its purchase of TD Banknorth in 2007.

"Looking to expand further in the U.S., TD Bank Financial Group acquired Commerce Bank on March 31, 2008, and the company rebranded as TD Bank, America's Most Convenient Bank. TD Banknorth locations followed suit in September 2009, completing the merger of the two companies and uniting them under the TD Bank brand name.

"Today, TD Bank, America’s Most Convenient Bank, remains focused on delivering award-winning Customer service and hassle-free products to Customers from Maine to Florida."

Thus, if we accept the bank's version, the Wiki article's history section should go back to 1852. [[User:Eagle4000|Eagle4000]] ([[User talk:Eagle4000|talk]]) 05:28, 30 August 2010 (UTC)
:I wouldn't call it their "version". We have the [[TD Banknorth]] article that has an indepth history of the company before it became part of TD. I think it is separated for convenience. We could always add a small overview and then a main article link. [[User:Grk1011|Grk1011/Stephen]] ([[User talk:Grk1011|talk]]) 12:18, 30 August 2010 (UTC)

==Class action law suit settlement?==

They got hand-smacked pretty hard for predatory practices, $62m paid out. Shouldn't that be part of this article? In re: Checking Account Overdraft Litigation
Case No. 1:09-MD-02036-JLK http://www.topclassactions.com/lawsuit-settlements/lawsuit-news/3749-court-approves-62m-td-bank-overdraft-class-action-settlement

== About the Mascot Section ==

The mascot idea is not cool, better be removed from here too.

Selma, Alabama

2015-12-01T21:17:59Z

190.41.129.105: /* Selma Voting Rights Movement */ oh my daysssss

{{Infobox settlement
|official_name = Selma, Alabama
|settlement_type = [[City]]
|nickname = Queen City of the Black Belt, Butterfly Capital of Alabama
|image_skyline = St. James Hotel, Selma, Alabama Highsmith.jpg
|imagesize =
|image_caption = The St. James Hotel and a portion of Water Avenue in Selma
|image_seal =
|image_map = Dallas_County_Alabama_Incorporated_and_Unincorporated_areas_Selma_Highlighted.svg
|mapsize = 250px
|map_caption = Location in [[Dallas County, Alabama|Dallas County]] and the state of [[Alabama]]
|image_map1 =
|mapsize1 =
|map_caption1 =
|established_title = Settled
|established_date = 1815
|established_title1 = Incorporated
|established_date1 = 1820
|established_title2 = 
|established_date2 =
|established_title3 =
|established_date3 =
|extinct_title =
|extinct_date =
|founder =
|named_for =
|coordinates_region = US-AL
|subdivision_type = [[List of sovereign states|Country]]
|subdivision_type1 = [[U.S. state|State]]
|subdivision_type2 = [[List of counties in Alabama|County]]
|subdivision_name = [[United States]]
|subdivision_name1 = [[Alabama]]
|subdivision_name2 = [[Dallas County, Alabama|Dallas]]
|government_type = Mayor/City Council
|leader_title = Mayor
|leader_name = George Patrick Evans
|established_date =
|area_magnitude =
|area_total_km2 = 37.4
|area_total_sq_mi = 14.5
|area_land_km2 = 35.9
|area_land_sq_mi = 13.9
|area_water_km2 = 1.5
|area_water_sq_mi = 0.6
|elevation_ft = 125
|elevation_m = 38
|population_as_of = [[United States Census Bureau|2014]]
|population_footnotes = <ref name="2014 Pop Estimate">{{cite web|title=Population Estimates|url=http://www.census.gov/popest/data/cities/totals/2013/SUB-EST2013-3.html|publisher=[[United States Census Bureau]]|accessdate=2014-06-07}}</ref>
|population_total = 19,814
|population_metro =
|population_density_km2 = 548.4
|population_density_sq_mi = 1503.1
|timezone = [[Central Time Zone (North America)|Central (CST)]]
|utc_offset = -6
|latd = 32 |latm = 24 |lats = 59 |latNS = N
|longd = 87 |longm = 1 |longs = 29 |longEW = W
|timezone_DST = CDT
|utc_offset_DST = -5
|postal_code_type = [[ZIP code]]s
|postal_code = 36701-36703
|area_code = [[Area code 334|334]] Exchanges: 418,872,874,875,876,877,878
|blank_name = [[Federal Information Processing Standard|FIPS code]]
|blank_info = 01-69120
|blank1_name = [[Geographic Names Information System|GNIS]] feature ID
|blank1_info = 0163940
|website = http://www.selma-al.gov/
|footnotes =
}}

'''Selma''' is a city in and the [[county seat]] of [[Dallas County, Alabama|Dallas County]], in the [[Black Belt (region of Alabama)|Black Belt region]] of south central [[Alabama]] and extending to the west. Located on the banks of the [[Alabama River]], the city has a population of 20,756 as of the [[2010 United States Census|2010 census]].<ref name=2010census>{{Cite web|title=Fact Sheet- Selma city, Alabama|work=State and County QuickFacts|publisher=[[United States Census Bureau|U.S. Census Bureau]]|url=http://quickfacts.census.gov/qfd/states/01/0169120.html|accessdate=17 December 2011}}</ref>

The city is best known for the 1960s Selma Voting Rights Movement and the [[Selma to Montgomery marches]], beginning with "Bloody Sunday" in March 1965 and ending with 25,000 people entering Montgomery at the end of the last march to press for voting rights. This activism generated national attention to social justice and that summer, the [[Voting Rights Act of 1965]] was passed by Congress to authorize federal oversight and enforcement of constitutional rights of all citizens.

It had been a trading center and market town during the years of King Cotton in the South. It was also an important armaments manufacturing and iron shipbuilding center during the Civil War, surrounded by miles of earthen fortifications. The undermanned Confederate forces were defeated during the [[Battle of Selma]].

==History==
Prior to settlement by European peoples, the area of present-day Selma had been inhabited for thousands of years by varying cultures of [[indigenous peoples]]. The Europeans encountered the historic [[Native Americans in the United States|Native American]] people known as the [[Muscogee (Creek)|Muscogee]] (also known as the Creek), who had been in the area for hundreds of years.

French explorers and colonists were the first Europeans to explore this area. In 1732 they recorded the site of present-day Selma as ''Écor Bienville.'' Later Anglo-Americans called it the Moore's Bluff settlement. Selma was incorporated in 1820. The city was planned and named as Selma by [[William R. King]], a politician and planter from North Carolina who was a future Vice President of the United States. The name, meaning "high seat" or "throne", came from the [[Ossian]]ic poem ''The Songs of Selma''.<ref name="alher">{{cite journal |year=2003 |author=Daniel Fate Brooks |title=The Faces of William R. King |journal=Alabama Heritage |publisher=University of Alabama, University of Alabama at Birmingham, Alabama Department of Archives and History |volume=69 |issue=Summer |pages=14–23 |url=http://www.havana-mobile.com/AH_69_William_Rufus_King.pdf }}</ref><ref>{{cite web |url=http://www.selma.com/history.aspx |title=History of Selma, Alabama |publisher=City of Selma, Alabama |accessdate=June 17, 2011}}</ref>

===Selma during the Civil War===
{{Main|Selma, Alabama, in the Civil War}}

During the [[American Civil War|Civil War]], Selma was one of the South's main military manufacturing centers, producing tons of supplies and munitions, and building Confederate warships such as the [[Ironclad warship|ironclad]] [[CSS Tennessee|''Tennessee'']]. The Selma iron works and foundry was considered the second-most important source of weaponry for the South, after the [[Tredegar Iron Works]] in [[Richmond, Virginia]]. This strategic concentration of manufacturing capabilities eventually made Selma a target of Union raids into Alabama late in the [[American Civil War|Civil War]].<ref name=alabama/>

Because of its military importance, Selma had been fortified by three miles of earthworks that ran in a semicircle around the city. They were anchored on the north and south by the [[Alabama River]]. The works had been built two years earlier, and while neglected for the most part since, were still formidable. They were {{convert|8|ft|m}} to {{convert|12|ft|m}} high, {{convert|15|ft|m}} thick at the base, with a ditch {{convert|4|ft|m}} wide and {{convert|5|ft|m}} deep along the front. In front of this was a {{convert|5|ft|m}} high picket fence of heavy posts planted in the ground and sharpened at the top. At prominent positions, earthen forts were built with artillery in position to cover the ground over which an assault would have to be made.

The North had learned of the importance of Selma to the Confederate military, and federal military planned to take the city. Gen. [[William Tecumseh Sherman]] first made an effort to reach it, but after advancing from the west as far as [[Meridian, Mississippi]], within {{convert|107|mi|km}} of Selma, his forces retreated back to the Mississippi River. Gen. [[Benjamin Grierson]], invading with a cavalry force from [[Memphis, Tennessee]], was intercepted and returned; Gen. Rousseau made a dash in the direction of Selma, but was misled by his guides and struck the railroad forty miles east of [[Montgomery, Alabama|Montgomery]].<ref name=hardy>{{Cite book
| last = Hardy
| first = John
| authorlink =
| coauthors =
| title = Selam: Her Institutions and Her Men
| publisher = Bert Neville and Clarence DeBray
| year = 1879
| location =
| pages =
| url = http://scuba-doc.com/Batlsel.htm
| doi =
| id =
| isbn = }}</ref>

====Battle of Selma====
[[File:James Wilson (soldier).jpg|thumb|right|180px|Union General [[James H. Wilson]]]]
{{Main|Battle of Selma}}
On March 30, 1865, Union General [[James H. Wilson]] detached Gen. [[John T. Croxton]]'s brigade to destroy all Confederate property at [[Tuscaloosa, Alabama]]. Wilson's forces captured a Confederate courier, who was found to be carrying dispatches from [[History of Confederate States Army Generals|Confederate General]] [[Nathan Bedford Forrest]] describing his scattered forces. Wilson sent a brigade to destroy the bridge across the [[Cahaba River]] at Centreville, which cut off most of Forrest's reinforcements from reaching the area. He began a running fight with Forrest's forces that did not end until after the fall of Selma.

On the afternoon of April 1, after [[skirmisher|skirmishing]] all morning, Wilson's advanced guard ran into Forrest's line of battle at Ebenezer Church, where the Randolph Road intersected the main Selma road. Forrest had hoped to bring his entire force to bear on Wilson. Delays caused by flooding, plus earlier contact with the enemy, resulted in Forrest mustering fewer than 2,000 men, many of whom were not war veterans but home militia consisting of old men and young boys.

The outnumbered and outgunned Confederates fought for more than an hour as reinforcements of Union cavalry and artillery were deployed. Forrest was wounded by a saber-wielding Union captain, whom he shot and killed with his revolver. Finally, a Union cavalry charge broke the Confederate militia, causing Forrest to be flanked on his right. He was forced to retreat.

[[File:Nathan Bedford Forrest.jpg|thumb|left|180px|Confederate General [[Nathan Bedford Forrest|Nathan B. Forrest]]]]
Early the next morning, Forrest reached Selma; he advised Gen. [[Richard Taylor (general)|Richard Taylor]], departmental commander, to leave the city. Taylor did so after giving Forrest command of the defense. Selma was protected by fortifications that circled much of the city; it was protected on the north and south by the [[Alabama River]]. The wall was high and deep, surrounded by a ditch and picket fence. Earthen forts were built to cover the grounds with artillery fire.

Forrest's defenders consisted of his Tennessee escort company, [[Henry Eustace McCulloch|McCullough]]'s Missouri Regiment, Crossland's Kentucky Brigade, Roddey's Alabama Brigade, [[Frank Crawford Armstrong|Frank Armstrong]]'s Mississippi Brigade, General [[Daniel W. Adams]]' state reserves, and the citizens of Selma who were "volunteered" to man the works. Altogether this force numbered less than 4,000. As the Selma fortifications were built to be defended by 20,000 men, Forrest's soldiers had to stand 10 to {{convert|12|ft|m}} apart to try to cover the works.

Wilson's force arrived in front of the Selma fortifications at 2 p.m. He had placed Gen. Eli Long's Division across the Summerfield Road with the Chicago Board of Trade Battery in support. Gen. [[Emory Upton]]'s Division was placed across the Range Line Road with Battery I, 4th US Artillery in support. Altogether Wilson had 9,000 troops available for the assault.

The Federal commander's plan was for Upton to send in a 300-man detachment after dark to cross the swamp on the Confederate right; enter the works, and begin a flanking movement toward the center moving along the line of fortifications. A single gun from Upton's artillery would signal the attack to be undertaken by the entire Federal Corps.

At 5 p.m., however, Gen. [[Eli Long]]'s ammunition train in the rear was attacked by advance elements of Forrest's scattered forces approaching Selma. Both Long and Upton had positioned significant numbers of troops in their rear for just such an event. But, Long decided to begin his assault against the Selma fortifications to neutralize the enemy attack in his rear.

Long's troops attacked in a single rank in three main lines, dismounted and shooting their Spencer's carbines, supported by their own artillery fire. The Confederates replied with heavy small arms and artillery fire. The Southern artillery had only solid shot on hand, while a short distance away was an arsenal which produced tons of canister, a highly effective anti-personnel ammunition.

[[File:St. Paul's Episcopal Church Selma.jpg|thumb|300px|[[St. Paul's Episcopal Church (Selma, Alabama)|St. Paul's Episcopal Church]], burned following the Battle of Selma and rebuilt in 1871]]
The Federals suffered many casualties (including General Long) but continued their attack. Once the Union Army reached the works, there was vicious hand-to-hand fighting. Many soldiers were struck down with clubbed muskets, but they kept pouring into the works with their greater numbers. In less than 30 minutes, Long's men had captured the works protecting the Summerfield Road.

Meanwhile, General Upton, observing Long's success, ordered his division forward. They succeeded in overmounting the defenses and soon U.S. flags could be seen waving over the works from Range Line Road to Summerfield Road.

After the outer works fell, General Wilson led the [[4th U.S. Cavalry]] Regiment in a mounted charge down the Range Line Road toward the unfinished inner line of works. The retreating Confederate forces, upon reaching the inner works, united and fired repeatedly together into the charging column. This broke up the charge and sent General Wilson sprawling to the ground when his favorite horse was wounded. He quickly remounted his stricken horse and ordered a dismounted assault by several regiments.

Mixed units of Confederate troops had also occupied the Selma railroad depot and the adjoining banks of the railroad bed to make a stand next to the Plantersville Road (present day Broad Street). The fighting there was heavy, but by 7 p.m. the superior numbers of Union troops had managed to flank the Southern positions. The Confederates abandoned the depot as well as the inner line of works.

In the darkness, the Federals rounded up hundreds of prisoners, but hundreds more escaped down the Burnsville Road, including generals Forrest, Armstrong, and Roddey. To the west, many Confederate soldiers fought the pursuing Union Army all the way down to the eastern side of Valley Creek. They escaped in the darkness by swimming across the Alabama River near the mouth of Valley Creek (where the present day Battle of Selma Reenactment is held.)

The Union troops looted the city that night and burned many businesses and private residences. They spent the next week destroying the arsenal and naval foundry. They left Selma heading to Montgomery. At the war's end, they were en route to [[Columbus, Georgia|Columbus]] and [[Macon, Georgia]].

==Post-war period==
Selma became the seat of Dallas County in 1866 and the county courthouse was built here.<ref name=alabama>{{Cite web
| last = Lewis
| first = Herbert J.
| title = Selma
| work = Encyclopedia of Alabama
| date = 21 January 2010
| url = http://www.encyclopediaofalabama.org/face/Article.jsp?id=h-1635
| accessdate =1 February 2010}}</ref> Planters and other slaveholders struggled to figure out how to deal with free labor after the war. Insurgents tried to keep white supremacy over the freedmen, and most whites resented former slaves being granted the right to vote. As in other southern states, white Democrats regained political power in the mid-1870s after suppressing black voting through violence and fraud; [[Reconstruction Era of the United States|Reconstruction]] officially ended in 1877 when federal troops were withdrawn. The white Democratic state legislature imposed [[Jim Crow]] laws of [[racial segregation]] in public facilities and other means of [[white supremacy]]. The city developed its own police force and county law enforcement was run by an elected County Sheriff, whose jurisdiction included the grounds of the county courthouse.

==Twentieth century==
In 1901 the state legislature passed a new constitution, with electoral provisions such as [[poll tax (United States)|poll taxes]] and [[literacy tests]], that effectively [[Disfranchisement after Reconstruction era|disenfranchised]] most blacks and tens of thousands of poor whites. This left them without representation in government, as well as depriving them of participation in juries and other forms of citizenship. Selma, Dallas County, and other jurisdictions carried out the segregation laws passed by the state.

African Americans and poor whites both participated in fighting in the two World Wars, and returned to the US to enjoy the freedoms they had fought for. Especially in the post-World War II period, through legal challenges by the [[NAACP]] against southern discriminatory laws, and activities of private citizens, blacks became increasingly active in trying to exercise their constitutional rights as citizens.

===Selma Voting Rights Movement===
[[File:Selma to Montgomery Marches.jpg|thumb|left|300px|[[Selma to Montgomery marches]], 1965]]
Selma maintained segregated schools and other facilities, enforcing the state law in new enterprises such as movie theaters. The Jim Crow laws and customs were enforced with violence if necessary.

In the 1960s, blacks who pushed the boundaries, attempting to eat at "white-only" lunch counters or sit in the downstairs "white" section of the movie theater, were still beaten and arrested. Nearly half of Selma's residents were black but, because of the restrictive electoral laws and practices since the turn of the century, only one percent were registered to vote. This prevented them from serving on juries or serving in local office.<ref>''U.S. Civil Rights Commission report'', 1961</ref> All the members of the city council were elected by [[at-large]] voting. Blacks were prevented from registering to vote by the [[literacy test]], administered in a subjective way; economic retaliation organized by the [[Citizens' Councils|White Citizens' Council]] in response to civil rights activism, [[Ku Klux Klan]] violence, and police repression. After the Supreme Court case ''[[Smith v. Allwright]]'' (1944) ended the use of [[white primaries]] by the Democratic Party, the Alabama state legislature passed a law giving voting registrars more authority to challenge erstwhile voters under the literacy test. Also, in Selma, the county registration board opened doors for registration only two days a month, arrived late, and took long lunches.<ref>''Eyes on the Prize'' documentary film ~ Blackside</ref>

In early 1963, [[Bernard Lafayette]] and Colia Lafayette of the [[Student Nonviolent Coordinating Committee]] (SNCC) began organizing in Selma alongside local civil rights leaders Sam, [[Amelia Boynton|Amelia]], and Bruce Boynton; Rev. L.L. Anderson of Tabernacle Baptist Church, [[J.L. Chestnut]] (Selma's first Black attorney), [[Southern Christian Leadership Conference|SCLC]] Citizenship School teacher [[Marie Foster]], public school teacher Marie Moore, and [[Frederick D. Reese]] and others active with the Dallas County Voters League (DCVL).<ref>[http://www.crmvet.org/tim/timhis63.htm#1963selma1 Selma — Cracking the Wall of Fear] ~ Civil Rights Movement Veterans</ref>

In 1963 the public library of Selma-Dallas County was integrated under the leadership of [[Patricia Swift Blalock]].<ref>Graham, P.T., (2002) ''A Right to Read: Segregation and Civil Rights in Alabama's Public Libraries, 1900-1965.'' Tuscaloosa: University of Alabama Press.</ref>
[[File:Brown Chapel AME.jpg|thumb|300px|[[Brown Chapel A.M.E. Church (Selma, Alabama)|Brown Chapel A.M.E. Church]] in Selma. A gathering place for meetings and a starting point for the Selma to Montgomery Civil Rights marches of 1965, it has been designated as a [[National Historic Landmark]].]]

Against fierce opposition from Dallas County Sheriff [[Jim Clark (sheriff)|Jim Clark]] and his volunteer posse, blacks continued their voter registration and desegregation efforts, which expanded during 1963 and the first part of 1964. Defying intimidation, economic retaliation, arrests, firings, and beatings, an ever-increasing number of Dallas County blacks tried to register to vote, but few were able to do so under the subjective system administered by whites.<ref>[http://www.crmvet.org/tim/tim63b.htm#1963fdselma Freedom Day in Selma] ~ Civil Rights Movement Veterans</ref>

In the summer of 1964, a sweeping injunction issued by local Judge James Hare barred any gathering of three or more people under sponsorship of SNCC, SCLC, or DCVL, or with the involvement of 41 named civil rights leaders. This injunction temporarily halted civil rights activity until Dr. [[Martin Luther King, Jr.]] defied it by speaking to a crowd about the struggle at [[Brown Chapel A.M.E. Church (Selma, Alabama)|Brown Chapel AME Church]] on January 2, 1965. He had been invited by local leaders to help their movement.<ref>{{Cite web |url= http://www.crmvet.org/tim/tim64c.htm#1964selmainj |title= The Selma Injunction |work=Veterans of the Civil Rights Movement |accessdate=July 5, 2010}}</ref>

Beginning in January 1965, SCLC and SNCC initiated a revived Voting Rights Campaign designed to focus national attention on the systematic denial of black voting rights in Alabama, and particularly Selma. Blacks had followed a campaign to register, thwarted by subjective tests administered by white registrars. Over the next weeks, more than 3,000 African Americans were arrested, and they suffered police violence and economic retaliation. [[Jimmie Lee Jackson]], who was unarmed, was killed in a cafe in nearby Marion after state police broke up a peaceful protest in the town.

[[File:Bloody Sunday-Alabama police attack.jpeg|thumb|left|300px|Bloody Sunday]]
Activists planned a larger, more public march, from [[Selma to Montgomery marches|Selma to the state capital of Montgomery]], to publicize their cause. It was initiated and organized by [[James Bevel]], SCLC's Director of Direct Action who was directing SCLC's Selma Movement. This march represented one of the political and emotional peaks of the modern Civil Rights Movement. On March 7, 1965, approximately 600 civil rights marchers departed Selma on [[U.S. Highway 80]], heading east to the capital. After they passed over the crest of the [[Edmund Pettus Bridge]] and left the boundaries of the city, they were confronted by county sheriff's deputies and state troopers who attacked them using [[tear gas]], horses, and [[billy club]]s, and drove them back across the bridge. Governor [[George Wallace]] had vowed that the march would not be permitted. Seventeen marchers were hospitalized and 50 more were treated for lesser injuries. Because of the brutal attacks, this became known as [[Bloody Sunday (1965)|"Bloody Sunday."]] It was covered by national press and television news, reaching many American and international homes.<ref>[http://www.nps.gov/nr/travel/civilrights/cost.htm "The Cost", ''We Shall Overcome: Historic Places of the Civil Rights Movement''], National Park Service</ref>

Two days after the first march, on March 9, 1965, Martin Luther King, Jr. led a symbolic march over the bridge. By then local activists and residents had been joined by hundreds of protesters from across the country, including numerous clergy and nuns. Whites made up one-third of the marchers. That day King pulled the marchers back from entering the county and having another confrontation with county and state forces. But that night white minister [[James Reeb]], who had traveled to the city from Boston, was attacked and killed in Selma by white members of the KKK.

King and other civil rights leaders filed to get court protection for a third, larger-scale march from Selma to Montgomery, the state capital. King was also in touch with the administration of President Lyndon B. Johnson, who arranged for protection for another march. [[Frank Minis Johnson|Frank Minis Johnson, Jr.]], the Federal District Court Judge for the area who reviewed the injunction, decided in favor of the demonstrators, saying:

{{quote|The law is clear that the right to petition one's government for the redress of grievances may be exercised in large groups...and these rights may be exercised by marching, even along public highways.|Frank Johnson}}

On March 21, 1965, a Sunday, approximately 3,200 marchers departed for Montgomery. Marching in the front row with King were Rev. [[Ralph Abernathy]], Rabbi [[Abraham Joshua Heschel]], Greek Orthodox Father Iakovos, and Roman Catholic nuns. They walked approximately 12 miles a day, and slept in nearby fields. The federal government provided protection by National Guard and military troops. Thousands of people joined the march along the way. By the time the marchers reached the capitol four days later, on March 25, their strength had swelled to around 25,000 people. Their moral campaign had attracted thousands of people from across the country.<ref>{{Cite web |url= http://www.crmvet.org/disc/selma.htm |title=Selma & the March to Montgomery-A Discussion November–June, 2004-2005 |work=Veterans of the Civil Rights Movement |accessdate=July 5, 2010}}</ref>

The events at Selma helped increase public support for the cause; later that year the US Congress passed the [[Voting Rights Act of 1965]], an effort whose bill was introduced, supported and signed by President [[Lyndon B. Johnson]]. It provided for federal oversight and enforcement of voting rights for all citizens in state or jurisdictions where patterns of under-representation showed discrimination against certain populations, historically ethnic minorities.

By March 1966, a year after the Selma to Montgomery marches, nearly 11,000 blacks had registered to vote in Selma, where 12,000 whites were registered. Registration increased by November, when [[Wilson Baker]] was elected as Dallas County Sheriff to replace the notorious [[Jim Clark (sheriff)|Jim Clark]].

Seven years later, however, blacks had not been able to elect a candidate of their choice to the city council. Its members were elected at-large by the entire city, and the white majority had managed to control the elections. Threatened with a lawsuit under the Voting Rights Act because of this system, the Selma city council voted to adopt a system of electing its ten members from single-member districts. After the change, five African-American Democrats were elected to the city council, including activist [[Frederick Douglas Reese]], who became a major power in the city; five whites were also elected to the council.<ref name="ari">[http://www.thenation.com/article/199217/fifty-years-after-march-selma-everything-and-nothing-has-changed Ari Berman, "Fifty Years After Bloody Sunday in Selma, Everything and Nothing Has Changed"], ''The Nation'', 25 February 2015, accessed 12 March 2015</ref>

The city and rural region have struggled economically, as agriculture does not provide enough jobs. There was a downturn after restructuring in industry that had done well into the 1960s.

==Geography==
Selma is located at {{Coord|32|24|26|N|87|1|16|W|}},<ref name="GR1">{{cite web|url=http://www.census.gov/geo/www/gazetteer/gazette.html|publisher=[[United States Census Bureau]]|accessdate=2011-04-23|date=2011-02-12|title=US Gazetteer files: 2010, 2000, and 1990}}</ref> west of Montgomery.

According to the [[U.S. Census Bureau]], the city has a total area of {{convert|14.4|sqmi}} of which {{convert|13.9|sqmi}} is land and {{convert|0.6|sqmi}} is water.<ref name=2000censusarea>{{Cite web | title = Geographic Comparison Table- Alabama | work = American Fast Facts | publisher = United States Census Bureau | url = http://factfinder.census.gov/servlet/GCTTable?_bm=y&-geo_id=04000US01&-_box_head_nbr=GCT-PH1&-ds_name=DEC_2000_SF1_U&-format=ST-7| accessdate = 1 February 2010}}</ref>

==Demographics==
{{US Census population
|1830= 401
|1840= 1199
|1850= 3073
|1860= 3177
|1870= 6484
|1880= 7529
|1890= 7622
|1900= 8713
|1910= 13649
|1920= 15589
|1930= 18012
|1940= 19834
|1950= 22840
|1960= 28400
|1970= 27400
|1980= 26700
|1990= 23755
|2000= 20512
|2010= 20756
|estyear=2014
|estimate=19814
|estref=<ref name="USCensusEst2014">{{cite web|url=http://www.census.gov/popest/data/cities/totals/2014/SUB-EST2014.html|title=Annual Estimates of the Resident Population for Incorporated Places: April 1, 2010 to July 1, 2014|accessdate=June 4, 2015}}</ref>
|align-fn=center
|footnote=U.S. Decennial Census<ref>{{cite web|url=http://www.census.gov/prod/www/decennial.html|title=Census of Population and Housing|author=[[United States Census Bureau]]|accessdate=August 10, 2013}}</ref> 2013 Estimate<ref>{{cite web|url=http://www.census.gov/popest/data/cities/totals/2013/SUB-EST2013-3.html|title=Annual Estimates of the Resident Population: April 1, 2010 to July 1, 2013|accessdate=June 7, 2014}}</ref>
}}

As of the [[2010 United States Census|2010 census]], there were 20,756 people residing in the city. The racial makeup of the city was 80.3% [[Race (United States Census)|Black]] or [[Race (United States Census)|African American]], 18.0% [[Race (United States Census)|White]], 0.20% [[Race (United States Census)|Native American]], 0.60% [[Race (United States Census)|Asian]], 0.1% [[Race (United States Census)|other races]], 0.80% from two or more races and Hispanics or Latinos, of any race, comprised 0.60% of the population.

As of the [[census]] of 2000, there were 20,512 people, 8,196 households, and 5,343 families residing in the city. The [[population density]] was {{convert|1479.6|sqmi}}. There were 9,264 housing units at an average density of {{convert|668.3|/sqmi}}. The racial makeup of the city was 70.68% Black or African American, 28.77% White, 0.10% Native American, 0.56% Asian, 0.01% [[Race (United States Census)|Pacific Islander]], 0.22% from other races, and 0.66% from two or more races.

There were 8,196 households, out of which 30.3% had children under the age of 18 living with them; 34.2% were married couples living together, 27.2% had a female householder with no husband present, and 34.8% were non-families. 32.6% of all households were made up of individuals and 14.6% had someone living alone who was 65 years of age or older. The average household size was 2.44 and the average family size was 3.10.

In the city the population was spread out with 27.3% under the age of 18, 9.7% from 18 to 24, 24.9% from 25 to 44, 21.8% from 45 to 64, and 16.3% who were 65 years of age or older. The median age was 36 years. For every 100 females there were 78.2 males. For every 100 females age 18 and over, there were 72.0 males.

The median income for a household in the city was $21,261, and the median income for a family was $28,345. Males had a median income of $29,769 versus $18,129 for females. The [[per capita income]] for the city was $13,369. About 26.9% of families and 31.7% of the population were below the [[poverty line]], including 41.8% of those under age 18 and 28.0% of those age 65 or over.

==Economy==
Industries in Selma include [[International Paper]], [[Bush Hog]] (agricultural equipment), Plantation Patterns, American Apparel, and Peerless Pump Company (LaBour).

The city's major shopping center is [[Selma Mall]]. The town also has a [[Walmart]].
There are a few surviving shops in the downtown area, although many buildings there are empty and abandoned.

==Arts and culture==

===Arts===
[[File:Sturdivant Hall 001.jpg|thumb|Sturdivant Hall, completed in 1856 and now a historic house museum.]]
[[File:Edmund Pettus Bridge 03.jpg|thumb|The [[Edmund Pettus Bridge]] over the [[Alabama River]] in Selma, site of some of the events of [[Selma to Montgomery marches#First March: "Bloody Sunday"|"Bloody Sunday"]] during the Civil Rights Movement.]]
Cultural events are held at Mira's Avon Fan Club House, the Performing Arts Center, and the Selma Art Guild Gallery.

===Museums and points of interest===
Museums in the city include [[Sturdivant Hall]], the [[National Voting Rights Museum]], Historic Water Avenue, Martin Luther King, Jr. Street Historic Walking Tour, Old Depot Museum, [[Joseph T. Smitherman Historic Building|Vaughan-Smitherman Museum]] and Heritage Village.

Selma boasts the state's largest contiguous [[Historic district (United States)|historic district]], with more than 1,250 structures identified as contributing. Area attractions include the Old Town Historic District, Old Live Oak Cemetery, Paul M. Grist State Park, and [[Cahaba, Alabama|Old Cahawba Archaeological Park]].

The complex history is reflected in naming and monuments as well. Highway 80, which runs east and west through Selma and the state has reflected this in naming patterns. In 1920 the east-west Highway 80 was designated as part of the Jefferson Davis Memorial Highway. In 1977 US 80 was named Givhan Parkway in honor of the long-serving state senator [[Walter C. Givhan]], a segregationist to the end. In 1996 it was designated as part of the 'National Civil Rights Trail' by President Bill Clinton and is administered by the National Park Service. In 2000 sections of Highway 80 leading into Selma were renamed in honor of leaders in the Selma Voting Rights Movement: [[F.D. Reese]], [[Marie Foster]], and [[Amelia Boynton Robinson|Amelia Boynton]].<ref name="david"/>

As part of its Civil War history, a monument to native [[Nathan Forrest|Nathan Bedford Forrest]], a Confederate General and KKK Grand Wizard, was installed in Old Live Oak Cemetery.<ref>[http://newsone.com/2032022/nathan-bedford-forrest-kkk/]</ref> It was torn down in 2012, reflecting the continuing controversy about him. In August 2012, plans were announced to build a larger monument, more resistant to vandalism, but many African Americans object to it because of his history as a postwar leader with the KKK, and his earlier involvement in the massacre of black Union troops at [[Fort Pillow]].<ref name="david">[http://www.thecrimereport.org/news/articles/2015-02-on-the-road-to-selma-a-jim-crow-relic David J. Krajicek, "On the Road to Selma, a Jim Crow Relic"], ''The Crime Report'', 2 February 2015, accessed 14 March 2015</ref><ref>[http://usnews.nbcnews.com/_news/2012/08/22/13415785-monument-to-civil-war-general-ku-klux-klan-leader-triggers-controversy?lite]</ref>

===Library===
[[File:SelmaDallasCountyAL.JPG|thumb|Selma and Dallas County Public Library]]
The Selma-Dallas County Public Library serves the city and the region with a collection of 76,751 volumes. It was established as a [[Carnegie library]] in 1904, receiving matching funds for construction. The {{convert|25000|sqft|sqm}} library is in downtown Selma.<ref>{{Cite web
|url= http://www.selmalibrary.org/
|title=Selma-Dallas County Public Library Main Page
|work=selmalibrary.org
|accessdate=July 5, 2010
}}</ref>

==Government==
The city government of Selma consists of a [[mayor]] and a nine-member [[city council]], elected from [[single-member districts]]. The current mayor is George Patrick Evans. The city council members are: Corey D. Bowie, City Council President; Dr. Cecil Williamson, Ward 1; Susan M. Keith, Ward 2; Greg J. Bjelke, Ward 3; Angela Benjamin, Ward 4; Samuel L. Randolph, Ward 5; Benny L. Tucker, Ward 6; Bennie Ruth Crenshaw, Ward 7; Michael Johnson, Ward 8.

==Transportation==

===Airports===
* [[Craig Field (Alabama)|Craig Field]] (SEM), located four nautical miles (4.6 mi, 7.4 km) southeast of the [[central business district]] of Selma

==Education==
[[College]]s in Selma include [[Concordia College Alabama]], [[Selma University]], and
George Corley Wallace State Community College (Wallace Community College Selma) located at the edge of the city limits near Valley Grande, Alabama.

===Primary===
[[Selma City Schools]] operates the city's public schools. Public [[high school]]s consist of [[Selma High School]] and Selma Early College High School. [[Middle school]]s include Selma Middle CHAT Academy and the School of Discovery. The city has eight [[elementary school]]s.

====Private====
Selma has three private [[K–12 (education)|K–12]] preparatory schools: John T. Morgan Academy, Meadowview Christian School, and Ellwood Christian Academy.

==Media==
{{See also|List of television stations in Alabama|List of radio stations in Alabama}}
Selma is served by the [[Template:Montgomery TV|Montgomery-Selma television]] [[media market|Designated Market Area (DMA)]]. [[Charter Communications]] provides [[cable television]] service. [[DirecTV]] and [[Dish Network]] provide [[direct broadcast satellite]] television including both local and national channels to area residents.

===Radio stations===
*[[WALX]] 100.9 FM ([[Classic Hits]])
*[[Alabama Public Radio|WAPR]] 88.3 FM ([[Educational]])
*[[WAQU]] 91.1 FM ([[Christian radio|Christian]])
*[[Fusion 100]] 100.1 FM ([[Adult Hits]])
*[[WHBB]] 1490 AM ([[News radio|news]]/[[Talk radio|Talk]]/[[Gospel music|Gospel]])
*[[WJAM]] 1340 AM/96.3 FM ([[Urban adult contemporary]])
*[[WRNF]] 89.5 FM ([[Religious broadcasting|Religious]])

===Television stations===
*[[WAKA]] (Channel 8) [[CBS]]
*[[WBIH]] (Channel 29) [[Independent station|Independent]]

===Newspaper===
*''[[Selma Times-Journal]]'' (daily)

==Notable people==
{{Main|List of people from Selma, Alabama}}
*[[Zinn Beck]] - former [[Major League Baseball|MLB]] infielder; managed the first [[Selma Cloverleafs]] from 1928 - 1930, winning the [[Southeastern League]] pennant in 1930
*[[Patricia Swift Blalock]], [[librarian]] and civil rights activist
*[[Jo Bonner]] - former U.S Representative
*[[Edgar Cayce]] - famed psychic who worked and lived in Selma
*[[J.L. Chestnut]] - [[author]], [[lawyer|attorney]], and a figure in the U.S. Civil Rights Movement.
*[[Jim Clark (sheriff)|Jim Clark]] - Selma sheriff during the 1965 Voting Rights campaign
*[[Annie Lee Cooper]] - long-time civil rights activist who was active in the 1965 movement
*[[Charles Davis (basketball, born 1984)|Charles Davis]], member of the [[Azerbaijan national basketball team]]
*[[Howard W. Gilmore]], [[World War II]] [[submarine]] commander who posthumously received the [[Medal of Honor]]
*[[Jimmy Gresham]], [[soul music]]ian
*[[Mia Hamm]] - former Professional soccer player
*[[Candy Harris]], former Major League Baseball player for the [[Houston Astros]]
*[[Sam Hobbs]], U.S. Representative from 1935 to 1951
*[[Eunice W. Johnson]], founder and director of the ''[[Ebony Fashion Fair|Ebony]]''[[Ebony Fashion Fair|Fashion Fair]]
*[[Michael Johnson (defensive end)|Michael Johnson]] - Professional Football Player, [[NFL]], [[Cincinnati Bengals]]
*[[Ralph Jordan|James Ralph "Shug" Jordan]] - former head football coach of [[Auburn University]]
*[[William Rufus King]] - Vice President of the United States, U.S. Senator, Minister to France
*[[Terry Leach]] - former professional baseball player [[MLB]], baseball field at Bloch Park named for him.
*[[Larry Marks (boxer)|Larry Marks]], professional boxer
*[[William Clarence Matthews]], former baseball player, first head football coach for [[Tuskegee University]], lawyer, and [[civil rights activist]]
*[[Pat McHugh]], former professional football player for the [[Philadelphia Eagles]]
*[[John Melvin]] - first American naval officer to die in [[World War I]]
*[[Olan Mills Sr.]], photographer and founder of [[Olan Mills]]
*[[Johnny Moore (musician)|Johnny Moore]], lead singer for [[The Drifters]]
*[[Ben Obomanu]] - Professional Football Player, [[NFL]], New York Jets
*[[Shwetak Patel]] - [[computer scientist]] and [[entrepreneur]]
*[[James Perkins, Jr.]], first [[African American]] mayor of Selma
*[[Edmund Pettus]] - U.S. Senator, Brigadier General [[Confederate States Army|CSA]]
*[[Minnie Bruce Pratt]], educator, activist, and essayist
*[[Cal Ramsey]], former NBA player
*[[Frederick D. Reese]], Voting Rights Movement leader
*[[Amelia Boynton Robinson]] - Voting Rights Movement leader and long time civic activist in Selma
*[[Richard Scrushy]] - founder of [[HealthSouth]]
*[[Jeff Sessions]] - [[United States Senator]]
*[[Terri Sewell]] - 2010 Democratic representative for [[Alabama's 7th congressional district]]
*[[Benjamin S. Turner]] - first African American elected to U.S. Congress from Alabama (1871- Republican)
*[[Hattie Hooker Wilkins]], first woman elected to the [[Alabama Legislature]]
*[[Kathryn Tucker Windham]] - famed [[Storytelling|storyteller]], [[author]], [[photographer]], and [[journalist]]

==Sports==
Selma's [[Bloch Park]] was home to [[Southeastern League of Professional Baseball]] club the [[Selma Cloverleafs]].

==In popular culture==
* [[Selma (film)|''Selma'']], a 2014 award-winning film, features a filmed-on-location reenactment of the events surrounding the 1965 [[Selma to Montgomery marches]] on "Bloody Sunday".
* Selma was featured in the 1999 Disney television movie ''[[Selma, Lord, Selma]]'' for its historical significance in the [[African American Civil Rights Movement]] on "Bloody Sunday".<ref>{{cite web |work=IMDb.com |title=Selma, Lord, Selma |url=http://www.imdb.com/title/tt0171728/}}</ref>
* 1968's [[The Heart Is a Lonely Hunter (film)|''The Heart Is a Lonely Hunter'']] was filmed in Selma.
* [[Blue Sky (film)|''Blue Sky'']] was filmed at [[Craig Field (Alabama)|Craig Field]], the former Air Force base located at the edge of the city. The 1994 film employed many of the people of Selma as extras, including local high school marching bands.
* ''Return of the Body Snatchers'' was partially filmed at [[Craig Field (Alabama)|Craig Field]].
* Selma is mentioned in the 1965 song "[[Eve of Destruction (song)|Eve of Destruction]]" by [[P. F. Sloan]]
* Referenced in [[Charles Mingus]]'s 1965 composition "[[It Was A Lonely Day In Selma, Alabama]]."

==References==
{{reflist|35em}}

==External links==
{{Portal|Alabama}}
{{Commons category}}
{{EB1911 Poster|Selma}}
* [http://www.selma-al.gov/ The official website of Selma, Alabama]
* [http://www.selmaalabama.com/index.php?option=com_content&task=view&id=30&Itemid=73 Selma-Dallas County Chamber of Commerce]
* [http://www.selmalibrary.org/ Selma-Dallas County Public Library]
* [http://www.nvrmi.com/ National Voting Rights Museum and Institute]
* [http://www.sturdivanthall.com/ Sturdivant Hall]
* [http://www.craigcomplex.com/ Craig Field Airport]
* [http://www.selmatimesjournal.com/ Selma Times-Journal]
* [http://www.findagrave.com/cgi-bin/fg.cgi?page=gr&GRid=1788 William Rufus DeVane King]
*[http://www.isjl.org/history/archive/al/selma.html Institute of Southern Jewish Life, History of Selma]

{{Coord|32.41|-87.02|type:city_region:US|display=title}}

{{Dallas County, Alabama}}

{{Authority control}}
[[Category:Populated places established in 1820]]
[[Category:1820 establishments in Alabama]]
[[Category:Cities in Alabama]]
[[Category:Cities in Dallas County, Alabama]]
[[Category:Micropolitan areas of Alabama]]
[[Category:County seats in Alabama]]
[[Category:Selma, Alabama| ]]

List of banks in Azerbaijan

2015-10-27T20:35:59Z

190.41.129.105: /* Notable Banks */ removing section because the article is a List

==Central bank==
[[Central Bank of Azerbaijan]]

==Commercial banks==
{{col-start}}
{{col-3}}
*[[AccessBank Azerbaijan|AccessBank]]
*[[AFB Bank]]
*[[Azerigasbank|AGBank]]
*[[Amrahbank]]
*[[Azerbaijan Industry Bank|ASB]]
*[[AtaBank]]
*[[Atrabank]]
*[[Azer-Türk Bank]]
*[[Azerbaijan Credit Bank]]
*[[Bank Eurasia]]
*[[Bank BTB]]
*[[Bank Melli Iran]]
*[[Bank of Azerbaijan]]
*[[Bank of Baku]]
*[[Bank Respublika]]
{{col-3}}
*[[Bank Silk Way]]
*[[Bank Standard]]
*[[DekaBank (Azerbaijan)|DekaBank]]
*[[DemirBank]]
*[[Evrobank]]
*[[Expressbank]]
*[[Ganjabank]]
*[[Günay Bank]]
*[[International Bank of Azerbaijan]]
*[[Kapital Bank]]
*[[Chawal Bank of BD]]
*[[KredoBank]]
*[[MuganBank]]
*[[Nakhchivanbank]]
*[[NBCBank]]
{{col-3}}
*[[National Bank of Pakistan]]
*[[Nikoil Bank]]
*[[PAŞA Bank]]
*[[Parabank]]
*[[Rabitabank]]
*[[Royal Bank (Azerbaijan)|Royal Bank]]
*[[Texnikabank]]
*[[Transcaucasus Development Bank]]
*[[TuranBank]]
*[[Unibank (Azerbaijan)|Unibank]]
*[[United Credit Bank]]
*[[VTB Bank|VTB Bank Azerbaijan]]
*[[Xalq Bank]]
*[[Yapı ve Kredi Bankası|YapiKredi Bank Azerbaijan]]
*[[Zaminbank]]
{{col-end}}

Complete list, based on information at Banks.az website (updated 01.11.2011)

== References ==
{{reflist}}
* [http://www.banks.az/banks.php?lang=az The list of the banks in Azerbaijan, www.banks.az, retrieved 1 November 2011]

{{Asia topic|List of banks in}}
{{List of banks in Europe}}

[[Category:Economy of Azerbaijan| ]]
[[Category:Banks of Azerbaijan|*]]
[[Category:Lists of companies of Azerbaijan|Banks]]
[[Category:Lists of banks by country|Azerbaijan]]

Deflategate

2015-10-15T18:00:16Z

190.41.129.105: you can not "center around" something

{{Infobox NFL single game
| name = Deflategate
| image = [[File:Gillette Stadium02.jpg|250px|center]]
| caption = Gillette Stadium, the site of the game
| visitor = Indianapolis Colts
| visitor abbr = IND
| visitor coach = [[Chuck Pagano]]
| visitor record = 11–5
| home = New England Patriots
| home abbr = NE
| home coach = [[Bill Belichick]]
| home record = 12–4
| visitor qtr1 = 0
| visitor qtr2 = 7
| visitor qtr3 = 0
| visitor qtr4 = 0
| visitor total = 7
| home qtr1 = 14
| home qtr2 = 3
| home qtr3 = 21
| home qtr4 = 7
| home total = 45
| date = {{Start date|2015|1|18}}| stadium = [[Gillette Stadium]]
| city = [[Foxborough, Massachusetts]]
| referee = [[Walt Anderson (American football)|Walt Anderson]]
| attendance = 68,756
| odds = Patriots by 7
| network = [[NFL on CBS|CBS]]
| announcers = [[Jim Nantz]] and [[Phil Simms]]
}}

The '''2014 AFC Championship Game football tampering scandal''', commonly referred to as '''Deflategate,''' or '''Ballghazi''', is a [[National Football League controversies|controversy]] in the [[National Football League]] (NFL) involving allegation of tampering with footballs by the [[2014 New England Patriots season|New England Patriots]], related to the accusation that the team tampered with footballs used in the [[American Football Conference]] (AFC) [[AFC Championship Game|Championship Game]] against the [[Indianapolis Colts]] on [[2014–15 NFL playoffs#AFC Championship Game: New England Patriots 45, Indianapolis Colts 7|January 18, 2015]]. The league announced on May 11, 2015, that it would suspend Patriots quarterback [[Tom Brady]] for four games of the [[2015 NFL season|upcoming 2015 regular season]] for his alleged part in the scandal. After NFL commissioner [[Roger Goodell]] upheld the suspension in an internal appeal, the matter was moved to federal court. On September 3, 2015, Judge [[Richard M. Berman]] vacated Goodell's four-game suspension of Brady, holding that "...the requisites of fairness and due process" were missing from the process leading to the imposition of the penalty.<ref name="JudgeNullifiesBradySuspension">{{cite web|last=Orr|first=Conor|title=Judge nullifies Tom Brady's four-game suspension|url=http://www.nfl.com/news/story/0ap3000000520618/article/judge-nullifies-tom-bradys-fourgame-suspension|publisher=National Football League|date=September 3, 2015|accessdate=September 3, 2015}}</ref>

==Background==

The official rules of the National Football League require footballs to be inflated to a [[Pressure measurement|gauge pressure]] between 12.5 and 13.5 pounds per square inch (psi) or 86 to 93 [[Pascal (unit)|kPa]], when measured by the referees. The rules do not specify the temperature at which such measurement is to be made.<ref>{{cite web|title=''Official Playing Rules of the National Football League – Rule 2-1''|url=http://static.nfl.com/static/content/public/image/rulebook/pdfs/5_2013_Ball.pdf|publisher=National Football League|date=October 25, 2013|accessdate=January 26, 2015}}</ref> Per the [[Gay-Lussac's law#Pressure-temperature law|pressure-temperature law]], there is a positive correlation between the temperature and pressure of a gas with a fixed volume and mass. Thus, if a football were inflated to the minimum pressure of 12.5 psi at room temperature, the pressure would drop below the minimum as the gases inside cooled to the colder ambient temperature on the playing field. Under-inflating a football may make it easier to grip, throw, and catch, and may inhibit fumbling, especially in cold rainy conditions.<ref>{{cite web|last=Manfred|first=Tony|title=Why Using Deflated Footballs Gave The Patriots A Huge Advantage|url=http://www.businessinsider.com/advantage-of-deflated-footballs-2015-1|work=Business Insider|date=January 21, 2015|accessdate=January 27, 2015}}</ref>

Prior to 2006, NFL custom was for the home team to provide all of the game footballs. In 2006, the rules were altered so that each team uses its own footballs while on offense. Teams rarely handle a football used by the other team except after recovering a fumble or interception. [[Tom Brady]], [[quarterback]] of the [[New England Patriots]] (along with [[Peyton Manning]], who was quarterback of the [[Indianapolis Colts]] in 2006), argued for the rules change for the express purpose of letting quarterbacks use footballs that suited them.<ref>{{cite web|last=Rakov|first=Abe|title=Brady, Manning convince NFL to allow offenses to use own footballs on the road|url=http://articles.sun-sentinel.com/2006-11-28/sports/0611270475_1_new-football-new-england-quarterback-competition-committee |publisher=Sun-Sentinel|date=November 28, 2006|accessdate=January 24, 2015}}</ref>

Initial reports indicated that the magnitude of the pressure change observed in the game balls was inconsistent with that predicted analytically, suggesting that human intervention was involved; data in the Wells Report and subsequent analysis of same, however, suggest the opposite conclusion (see below).

Early reports suggested that the [[Indianapolis Colts]] and [[Baltimore Ravens]] first suspected that the footballs the Patriots were using in the games against each team might have been deliberately underinflated to gain an illegal advantage during the [[2014 NFL season|2014 NFL regular season]],<ref>{{cite web|url=http://www.newsday.com/sports/football/nfl-was-ready-to-check-new-england-patriots-footballs-against-colts-report-says-1.9829583|title=NFL was ready to check New England Patriots' footballs against Colts, report says - Newsday|work=Newsday|accessdate=May 6, 2015}}</ref><ref>{{cite web|url=http://www.boston.com/sports/football/patriots/extra_points/2015/01/report_patriots_may_have_deflated_footballs_for_af.html|title=Report: Colts Raised Concerns About Under-Inflated Balls After Game vs. Patriots in Indianapolis|work=Boston.com|accessdate=May 6, 2015}}</ref> although Baltimore head coach [[John Harbaugh]] denied reports concerning the Ravens.<ref>{{cite web|last=Hensley|first=Jamison|title=Ravens didn't tip off Colts about PSIs|url=http://espn.go.com/nfl/playoffs/2014/story/_/id/12263313/john-harbaugh-baltimore-ravens-says-did-not-tip-indianapolis-colts-new-england-patriots-underinflated-balls|work=ESPN|date=February 1, 2015|accessdate=April 12, 2015}}</ref>

==AFC Championship Game==
{{see also|2014–15 NFL playoffs#AFC Championship Game: New England Patriots 45, Indianapolis Colts 7}}

The [[American Football Conference]] (AFC) [[AFC Championship Game|Championship Game]] for the [[2014 NFL season|2014 season]] was played on January 18, 2015, at [[Gillette Stadium]] in [[Foxborough, Massachusetts]], home of the New England Patriots, who hosted the Indianapolis Colts. Both teams had the chance to play in [[Super Bowl XLIX]].

During the first half of the [[2014–15 NFL playoffs#AFC Championship Game: New England Patriots 45, Indianapolis Colts 7|AFC Championship Game]], Patriots quarterback [[Tom Brady]] threw an interception to Colts linebacker [[D'Qwell Jackson]]. After the play was over, Jackson handed the ball to the Colts equipment manager for safekeeping as a souvenir. Early reports suggested that Jackson was first to suspect the ball was deflated, but Jackson said he did not notice anything wrong with the ball he caught.<ref>{{cite web|last=Weinfuss|first=Josh|title=D'Qwell Jackson didn't notice weight|url=http://espn.go.com/nfl/story/_/id/12213533/dqwell-jackson-indianapolis-colts-says-one-noticed-ball-was-inflated|work=ESPN.com|date=January 22, 2015|accessdate=April 12, 2015}}</ref> Jackson says he actually did not even know the ball was taken or that the controversy existed until he was being driven home from the team's charter plane after the Colts had arrived in Indianapolis."I wouldn't know how that could even be an advantage or a disadvantage," Jackson said. "I definitely wouldn't be able to [http://videos.designworldonline.com/detail/videos/recent-videos/video/4416416476001/getting-a-feel-for-deflated-footballs?autoStart=true&page=1 tell if one ball had less pressure than another]."<ref>{{cite web|last=Darlington|first=Jeff|title=Colts' D'Qwell Jackson: I didn't know football had less pressure|url=http://www.nfl.com/news/story/0ap3000000462315/article/colts-dqwell-jackson-i-didnt-know-football-had-less-pressure|publisher=National Football League|date=January 22, 2015|accessdate=April 12, 2015}}</ref> After Jackson's interception, a Colts equipment manager measured the pressure of the ball on the sideline, even though this is prohibited (though the Colts were not penalized), and the team notified NFL Gameday Operations that the ball measured below the permissible range.

At halftime, [[NFL]] officials inspected the footballs. It was initially reported that eleven of the twelve balls used by the Patriots were measured to be two pounds per square inch below the minimum amount,<ref>{{cite web|url=http://www.sportingnews.com/nfl/story/2015-01-21/ex-nfl-referee-all-12-patriot-footballs-were-underinflated-new-england-tom-brady-bill-belichick|title=Ex-NFL referee: All 12 Patriot footballs were underinflated|author=Travis Durkee|publisher=Sporting News|date=January 21, 2015|accessdate=January 24, 2015}}</ref><ref name="Dubin">{{cite web|author=Dubin, Jared|title=Report: NFL finds 11 footballs were under-inflated in AFC title game|url=http://www.cbssports.com/nfl/eye-on-football/24981262/report-nfl-finds-11-footballs-were-under-inflated-in-afc-championship-game|publisher=[[CBSSports.com]]|date=January 20, 2015|accessdate=January 21, 2015}}</ref> but later reports refuted this allegation, citing only a single ball two pounds per square inch below the minimum.<ref name=Rapoport/>

According to NFL official Dean Blandino, referees do not log the pressure of the balls prior to the game, or if checked during the game, and did not do so in this case. [[Walt Anderson (American football)|Walt Anderson]], the referee, gauged the footballs. The Patriots' game balls were re-inflated at halftime to meet specifications.<ref>{{cite web|last=Howe|first=Jeff|title=Dean Blandino: Referee doesn't document football PSI levels|url=http://www.bostonherald.com/sports/patriots_nfl/the_blitz/2015/01/dean_blandino_referee_doesnt_document_football_psi_levels|publisher=''Boston Herald''|date=January 29, 2015|accessdate=January 29, 2015}}</ref>

Conflicting reports arose over which footballs were used in the second half. An unconfirmed report states that the Patriots used their backup set of footballs in the second half, instead of the original 12 footballs,<ref name="Mortensen">{{cite web|last=Mortensen|first=Chris|title=11 of 12 Pats footballs underinflated|url=http://espn.go.com/boston/nfl/story/_/id/12202450/nfl-says-new-england-patriots-had-inflated-footballs-afc-championship-game|publisher=[[ESPN.com]]|date=January 21, 2015|accessdate=January 24, 2015}}</ref> while other reports asserted that the under-inflated footballs were re-inflated at halftime. No issues were raised on the pressure of the footballs used in the second half.<ref>{{cite web|last=Schwab|first=Frank|title=How did Colts know Patriots' balls weren't inflated? And Gronk takes blame|url=http://sports.yahoo.com/blogs/nfl-shutdown-corner/how-did-colts-find-out-about-deflate-gate--and-gronk-takes-blame-144407663.html|publisher=[[Yahoo! Sports]]|date=January 20, 2015|accessdate=January 24, 2015}}</ref><ref>{{cite web|url=http://www.bbc.co.uk/sport/0/american-football/30971213|title=Deflate-gate: Bill Belichick says Patriots have followed every rule|publisher=BBC Sport|date=January 24, 2015|accessdate=January 24, 2015}}</ref> The pressures of four of the Colts' footballs were measured at halftime and found to be within regulation; the remainder were not measured because, according to the Wells Report, "the officials were running out of time before the start of the second half."

The Patriots led 17–7 at the half; in the second half, the Patriots scored 28 unanswered points for a final score of 45-7.<ref>{{cite news|title=NFL Game Center|url=http://www.nfl.com/gamecenter/2015011801/2014/POST20/colts@patriots#menu=gameinfo%7CcontentId%3A0ap3000000460458&tab=recap|publisher=National Football League|date=January 18, 2015|accessdate=May 12, 2015}}</ref> It was the [[Colts–Patriots rivalry|50th win by the Patriots in the rivalry]].

==Investigation==
{{see also|2014–15 NFL playoffs}}

The National Football League began an investigation into the underinflation of the game balls.<ref name="CNN1">{{cite news|url=http://www.cnn.com/2015/01/22/us/nfl-patriots-deflategate-rules/|title=What the heck is Deflategate anyway?|last=McLaughlin|first=Eliott|date=January 23, 2015|work=[[CNN]]|accessdate=January 23, 2015}}</ref><ref>{{cite news|author1=Susanna Kim|author2=Aaron Katersky|title=Deflategate: NFL Probing Whether New England Patriots Used Deflated Balls|url=http://abcnews.go.com/Sports/deflategate-nfl-investigating-england-patriots-deflated-balls/story?id=28322679|publisher=ABC News|date=January 19, 2015|accessdate=April 12, 2015}}</ref> The report of the investigation was released in May 2015.<ref name="Wells Report">{{cite web|title=INVESTIGATIVE REPORT CONCERNING FOOTBALLS USED DURING THE AFC CHAMPIONSHIP GAME ON JANUARY 18, 2015|url=https://nfllabor.files.wordpress.com/2015/05/investigative-and-expert-reports-re-footballs-used-during-afc-championsh.pdf|author=Wells Jr., Theodore V.|publisher=National Football League|date=May 6, 2015|accessdate=May 7, 2015}}</ref>

On January 22, Patriots Head Coach [[Bill Belichick]] indicated that he did not know anything about the balls being under-inflated until the day after the event, and that the New England Patriots would "cooperate fully" with any investigation.<ref name=globe>{{cite web| url=https://www.bostonglobe.com/sports/2015/01/22/bill-belichick/NHocsMvabLBrzgPy1FNu1H/story.html | title=Bill Belichick says he has ‘no explanation’ for Deflategate | work=Boston Globe | date=January 22, 2015 | accessdate=January 22, 2015 | author=Pepin, Matt}}</ref> He said, <blockquote>When I came in Monday morning, I was shocked to hear about the news reports about the footballs. I had no knowledge of the situation until Monday morning. [...] I think we all know that quarterbacks, kickers, specialists have certain preferences on the footballs. They know a lot more than I do. They're a lot more sensitive to it than I am. I hear them comment on it from time to time, but I can tell you, and they will tell you, that there's never any sympathy whatsoever from me on that subject. Zero. [...] Tom's personal preferences on his footballs are something that he can talk about in much better detail and information than I could possibly provide.<ref name="globe" /></blockquote>Patriots quarterback Tom Brady initially referred to the accusations as "ridiculous".<ref>{{cite news|author1=Meghan Keneally|author2=Susanna Kim|author3=Aaron Katersky|title=Deflate-Gate: New England Patriots Coach Says Team Will Cooperate With Probers|url=http://abcnews.go.com/Sports/deflate-gate-england-patriots-coach-team-cooperate-probers/story?id=28330108|publisher=ABC News|date=January 19, 2015|accessdate=April 12, 2015}}</ref> Brady also held a news conference on January 22, prepping his team with a talk beforehand. He denied any involvement and stated that the National Football League had not contacted him in regard to their investigation.<ref>{{cite web|last=Alper|first=Josh|title=Tom Brady: NFL hasn’t contacted me as part of investigation|url=http://profootballtalk.nbcsports.com/2015/01/22/tom-brady-nfl-hasnt-contacted-me-as-part-of-investigation/|work=[[NBC Sports]]|date=January 22, 2015|accessdate=April 12, 2015}}</ref> He went on to say that he was handling the situation before the Super Bowl and that "this isn't [[Islamic State of Iraq and the Levant|ISIS]]".<ref>{{cite web|url=https://www.youtube.com/watch?v=HD7i5hQYHZs&t=27m45s|title=Tom Brady: Press Conference - YouTube|work=[[YouTube]]}}</ref>

HeadSmart Labs found that similar weather changes caused an average 1.8 psi drop in football pressure.<ref>{{cite web|last1=HeadSmart Labs|title=HeadSmart Labs’ Study Scientifically Demystifies Deflategate|url=http://www.sporttechie.com/2015/01/31/headsmart-labs-study-scientifically-demystifies-deflategate/|website=Sport Techie|accessdate=5 June 2015}}</ref> They also reported that the air in an electric pump could reach 130 °F.

In another report, on January 25 a "league source" disclosed to [[Mike Florio]] of [[Profootballtalk.com|ProFootballTalk.com]] that 10 of the 12 footballs may have been closer to 11.5 PSI, a smaller deviation beneath the legal minimum than originally claimed.<ref>{{cite web|last=Perry|first=Phil|title=PFT: Patriots footballs may have been closer to 11.5 PSI|url=http://www.csnne.com/blog/patriots-talk/pft-patriots-footballs-may-have-been-closer-115-psi?p=ya5nbcs&ocid=yahoo|work=Comcast SportsNet|date=January 25, 2015|accessdate=January 27, 2015}}</ref>

On January 27, an anonymous league source stated that the investigation was focusing on a Patriots locker room attendant who was seen on surveillance video taking the 24 game footballs (12 from each team) into a restroom for approximately 90 seconds. This video was provided to the NFL by the New England Patriots the day after the 45-7 Patriots victory.<ref>{{cite web|title=NFL looking at Patriots attendant|url=http://espn.go.com/boston/nfl/story/_/id/12232207/nfl-looking-new-england-patriots-locker-room-attendant-deflategate-investigation|work=ESPN.com|date=January 27, 2015|accessdate=January 27, 2015}}</ref>

Dean Blandino, NFL head of officiating, confirmed on January 29 that the NFL does not log the exact pressure of each football so they would be unable to determine if they were slightly or significantly under-inflated.<ref>{{cite web|last=Smith|first=Michael David|title=NFL didn’t log the PSI of each Patriots football|url=http://profootballtalk.nbcsports.com/2015/01/29/nfl-didnt-log-the-psi-of-each-patriots-football/|publisher=NBC Sports|date=January 29, 2015|accessdate=January 30, 2015}}</ref> In the same news conference, referee Bill Vinovich said <blockquote>We test them. It's 12.5 to 13.5. We put 13 in every ball. ... Dean tested a couple in the office and had one underinflated and one to specs, and you really couldn't tell the difference unless you actually sat there and tried to squeeze the thing or did some extraordinary thing. If someone just tossed you the ball, especially in 20 degree weather, you're going to pretty much play with the ball. They are going to be hard. You're not going to notice the difference.<ref>{{cite web|last=Reiss|first=Mike|title=Learning more on how referees test and document football air pressure|url=http://espn.go.com/blog/boston/new-england-patriots/post/_/id/4777441/learning-more-on-how-referees-test-and-document-football-air-pressure|publisher=ESPN|date=January 29, 2015|accessdate=February 2, 2015}}</ref></blockquote>

Additional details released by the NFL on February 1 confirmed that only the intercepted ball was deflated by two psi, and that many balls were under inflated by "just a few ticks".<ref name=Rapoport>{{cite news|last1=Rapoport|first1=Ian|title=More details on the investigation of Patriots' deflated footballs|url=http://www.nfl.com/news/story/0ap3000000466783/article/more-details-on-the-investigation-of-patriots-deflated-footballs|work=NFL.com|date=February 1, 2015|accessdate=February 2, 2015}}</ref>

The investigation also found that officials noticed during the game that a game ball was missing, and two different officials handed replacement balls to a Patriots equipment manager. One of those officials was reportedly fired from the NFL for selling game balls for personal profit, though the NFL denied this claim.<ref>{{cite web|url=http://bleacherreport.com/articles/2369259-deflategate-nfl-official-reportedly-fired-for-selling-one-of-balls-in-question|title=NFL|author=Matt Fitzgerald|work=Bleacher Report}}</ref>

===Origin of the investigation===

[[Ryan Grigson]], speaking at the 2015 [[NFL Combine]], stated that "prior to the AFC Championship Game, we notified the league about our concerns that the Patriots might be using under-inflated footballs".<ref name="timeline">{{cite news|last=Hubbuch|first=Bart|title=There’s a glaring contradiction in NFL’s Deflategate timeline|url=http://nypost.com/2015/02/20/colts-gm-we-warned-nfl-about-deflated-balls-before-title-game/|work=[[New York Post]]|date=February 20, 2015|accessdate=April 13, 2015}}</ref> According to the NFL’s investigation, "Grigson, Sullivan, and other members of the Colts equipment staff referenced the Colts Week 11 game against the Patriots in Indianapolis. During that game, Colts strong safety Mike Adams intercepted two passes thrown by Tom Brady… the intercepted footballs appeared to be coated in a tacky substance and seemed spongy or soft when squeezed."<ref name="Wells Report"/>{{rp|46}} A ''New York Post'' article noted that Grigson's claim implied that the NFL had advance knowledge of the issue and was trying to run a [[sting operation]], contradicting Dean Blandino's claim that it was an issue that "came up in the first half",<ref name="timeline" /> The claim also contradicts NFL executive vice president of football operations [[Troy Vincent]]'s statement that Grigson notified the league "during the second quarter of the game".<ref>{{cite news|last=Brinson|first=Will|title=Ryan Grigson tipped NFL off to deflated balls in Patriots-Colts|url=http://www.cbssports.com/nfl/eye-on-football/25027938/ryan-grigson-tipped-nfl-off-to-deflated-balls-in-patriots-colts|publisher=[[CBS Sports]]|date=February 3, 2015|accessdate=February 23, 2015}}</ref>

===Wells Report===

On May 6, the NFL published a 243-page investigative report regarding the deflation of footballs used in the AFC Championship game.<ref name="Wells Report" /> This report is known as the Wells Report,<ref>The report is officially entitled ''Investigative Report Concerning Footballs Used During the AFC Championship Game on January 18, 2015''.</ref> named for its leading author, attorney [[Ted Wells|Theodore V. Wells, Jr.]], of [[Paul, Weiss, Rifkind, Wharton & Garrison]]. The investigation concluded that it was "more probable than not" that New England Patriots equipment personnel were deliberately circumventing the rules.<ref name="Wells Report"/>{{rp|122}} Further, Brady was implicated as it being more probable than not that he was "generally aware" of the deflation.<ref name="Wells Report"/>{{rp|122}} The report further stated that Belichick and other members of the coaching staff were not involved in the situation.<ref name="Wells Report"/>{{rp|122}} The report focuses on the communications and actions of locker-room attendant Jim McNally and equipment assistant John Jastremski. The report concludes it was "more probable than not" that the two deliberately released air from Patriot game balls after they were tested by game officials. In several texts between Jastremski and McNally, the two mention and joke about inflation, deflation, needles, and gifts from Tom Brady to McNally. Tom Brady was a constant reference point in these discussions. McNally referred to himself as "the deflator" in a text message to Jastremski as far back as May 2014.<ref name="Wells Report"/>{{rp|75}}

The Wells Report relied on scientific analysis performed by [[Exponent (consulting firm)|Exponent]] and supported by Dr. Daniel Marlow, a professor of Physics at [[Princeton University]]. This analysis concluded that within the range of game conditions and circumstances studied, no set of environmental or physical factors could account for the loss of air pressure exhibited by the Patriots game balls. The scientific study supported the report's conclusion that the loss of air pressure may be accounted for by human intervention.<ref name="Wells Report"/>{{rp|130–31}}

====Reactions to the report====
Dated May 6, 2015, in reaction to the Wells Report, the New York Times ran a story “In the End, Science Works Against the Patriots.” The story took the position that the Patriots almost certainly cheated, and that the proof of it is that when accounting for warming during half-time prior to measurement, the ideal gas law could not explain the Patriots’ football pressure.<ref>{{cite news|title=In the End, Science Works Against the Patriots|url=http://www.nytimes.com/2015/05/07/sports/football/in-the-end-science-works-against-the-patriots.html|publisher=The New York Times |accessdate=September 20, 2015}}</ref>

On May 7, when asked to comment on the report, Brady stated that he had no reaction since the report was 30 hours old, he was still "digesting the report", and he hoped to comment more fully in the future.<ref>{{cite news|title=Tom Brady says he's still digesting 'Deflategate' report|url=http://www.cnn.com/2015/05/07/us/nfl-deflategate-report/index.html|publisher=CNN|accessdate=May 7, 2015}}</ref> He also referred back to owner Robert Kraft's comments following the release of the report.<ref>{{cite web|title=Patriots owner Robert Kraft releases defiant statement defending his team after the NFL nailed them for deflategate|url=http://www.businessinsider.com/robert-kraft-statement-on-deflategate-report-2015-5#ixzz3ZY1tEv9a|website=businessinsider.com|publisher=Business Insider|accessdate=May 6, 2015}}</ref> Brady's agent [[Don Yee]] criticized the report stating investigators jumped to conclusions.<ref>{{cite web|title=Deflategate Report: Tom Brady's Agent Slams Findings, Says Investigators Jumped to Conclusions|url=http://abcnews.go.com/Sports/tom-bradys-agent-slams-deflategate-report-investigators-jumped/story?id=30870752|website=abc.news.go.com|publisher=ABC News|accessdate=May 7, 2015}}</ref>

On May 12, lead author Ted Wells defended the report, indicating text messages between Patriots game-day employees Jim McNally and John Jastremski about Brady were more than circumstantial evidence to implicate Brady.<ref>{{cite web|title=Ted Wells sure of Tom Brady's guilt, defends integrity of report |url=http://www.sportingnews.com/nfl/story/2015-05-12/ted-wells-tom-brady-deflategate-wells-report-suspension-findings-don-yee-nfl-investigation|publisher=Sportingnews.com|accessdate=2015-06-20}}</ref>

On May 14, attorney Daniel L. Goldberg prepared a document refuting specific charges made in the Wells Report,<ref>{{cite web|title=The Wells Report in Context|url=http://wellsreportcontext.com/|publisher=Wellsreportcontext.com|accessdate=2015-06-20}}</ref> citing Nobel Prize winning scientist [[Roderick MacKinnon]], who has financial ties to Robert Kraft.<ref>{{cite web|title=Patriots’ Deflategate rebuttal included scientist with financial ties to owner Bob Kraft|url=http://www.washingtonpost.com/blogs/early-lead/wp/2015/05/15/patriots-deflategate-rebuttal-included-scientist-with-financial-ties-to-owner-bob-kraft/|publisher=Washingtonpost.com|accessdate=2015-06-20}}</ref> Goldberg has represented the Patriots and was present during all of the interviews of Patriots personnel conducted at Gillette Stadium.<ref>{{cite web|title=The Patriots made a truther website about the Wells Report|url=http://www.msn.com/en-us/sports/nfl/the-patriots-made-a-truther-website-about-the-wells-report/ar-BBjMQ3N?ocid=ansUSAsports11|publisher=Msn.com|accessdate=2015-06-20}}</ref>

In June 2015, the [[American Enterprise Institute]], a conservative think tank utilizing the [[ideal gas law]] as a basis for their report,<ref>{{cite web|title=Hacks Desperately Try To Disprove Deflategate|url=http://www.atlredline.com/hacks-desperately-try-to-disprove-deflategate-1711426528}}</ref> released an independent scientific analysis that concluded that the Wells Report was "deeply flawed" and that "[i]t is ... unlikely that the Patriots deflated the footballs."<ref>{{cite web|title=On the Wells Report|url=https://www.aei.org/publication/on-wells-report/|last1=Hassett|first1=Kevin|last2=Sullivan|first2=Joseph|last3=Veuger|first3=Stan|date=June 12, 2015|work=AEI Economic Perspectives|accessdate=2015-06-20}}</ref> The report noted the lack of evidence of a pressure rise during the measurements and used it to challenge the timing assumptions and thus the question of how much warming happened to Patriots and Colts footballs, and thus the question of whether the pressure differences could be explained by science. The NFL responded that timing still could not explain the pressure declines."<ref>{{cite web|title=Final Decision on Article 46 Appeal of Tom Brady|url=http://static.nfl.com/static/content/public/photo/2015/07/28/0ap3000000504265.pdf|last1=Goodell|first1=Roger|date=June 12, 2015||accessdate=2015-09-20}}</ref>

On August 19, 2015, New York Law School professor and self-described Patriots detractor Robert Blecker posted an article “DeflateGate: the Smoking Gun”, in which he looked at pictures in the Wells report and concluded that they had been deliberately staged to make the ref’s recollection about which gauge was used appear less reliable. 60 Minutes Sports later interviewed professor Blecker and showed the pictures.<ref>{{cite web|title=DeflateGate: The Smoking Gun|url=http://www.robertblecker.com/deflategate-the-smoking-gun/|last1=Blecker|first1=Robert|date=August 19, 2015||accessdate=2015-09-23}}</ref>

On August 26, 2015, self-described Patriots fan Robert F. Young posted online a letter he sent to the Judge reviewing the Tom Brady suspension.<ref>{{cite web|title=Permission requested to file AMICUS CURIAE IN OPPOSITION TO THE NFL’S MOTION TO CONFIRM ARBITRATION AWARD |url=http://betterdialogue.com/download/amicus%20request%20letter.pdf|last1=Young|first1=Robert|date=August 25, 2015||accessdate=2015-09-23}}</ref> It requested permission to file an amicus brief. The judge posted the letter to the official court docket on September 10, 2015. The Wall Street Journal reported on Mr. Young's work being on the docket on September 17, 2015. <ref>{{cite web|title=The ‘Deflategate’ Judge’s Unusual Fan Mail|url=http://blogs.wsj.com/law/2015/09/17/the-deflategate-judges-unusual-fan-mail/tab/comments/|last1=Gershman|first1=Jacob|date=September 17, 2015||accessdate=2015-09-20}}</ref> The letter asserted that the lack of pressure rise noted by the American Enterprise Institute report was due not to timing differences but rather due to the science firm used in the Wells Report, Exponent, deliberately rigging the warming test to produce too high a result, as compared to the game-day events, by not properly simulating how on game-day the Patriots footballs had remained in the bag. The letter summarized how it claimed the Exponent appendix to the Wells report provides sufficient proof of the deception and that the fundamental conclusion that the Patriots ball pressure could not be explained by science was a lie on the part of Exponent.

On August 26, 2015, Robert F. Young posted online the 59-page amicus brief that he sent to the court.<ref>{{cite web|title=ROBERT F. YOUNG’S AMICUS CURIAE IN OPPOSITION TO THE NFL’S MOTION TO CONFIRM ARBITRATION AWARD |url=http://betterdialogue.com/download/amicus as submitted.pdf|last1=Young|first1=Robert|date=August 25, 2015||accessdate=2015-09-23}}</ref> Judge Richard M. Berman posted the brief to the official court docket on September 9, 2015 and it was subsequently noted and linked to by the Wall Street Journal on September 17, 2015.<ref>{{cite web|title=The ‘Deflategate’ Judge’s Unusual Fan Mail|url=http://blogs.wsj.com/law/2015/09/17/the-deflategate-judges-unusual-fan-mail/tab/comments/|last1=Gershman|first1=Jacob|date=September 17, 2015||accessdate=2015-09-20}}</ref> In addition to providing the supporting detail behind the letter, it used heat flow theory to calculate that the warming difference caused by the bag on game day was sufficient to completely explain the difference between the NLF/Exponent simulation results based on the ref’s recollection of the gauge and the actual Patriots ball pressures.

The brief examined each reason given by Exponent for not believing the ref regarding the question of which gauge had been used pre-game, arguing why Exponent would not have actually believed each reason it gave. It noted an observation by New York Law School professor Robert Blecker that Exponent's timing assumption for the Colts footballs had no basis in information provided by the NFL and was not explained in any way. It noted that with the more generally agreed timing assumption of the Colts balls having been tested at the last minute, the Exponent experimental simulation data was inconsistent with disbelieving the ref and consistent with believing the ref. Combining the above it argued that the Exponent work, when properly understood, shows that to the best that can be known by the science known to Exponent, the evidence proves that no air was improperly removed from the Patriots footballs.

On August 30, 2015, Robert F. Young posted a pictorial summary of the issues mentioned in his amicus brief. The summary included experimental data from patriots fan Mike Greenway, not part of the brief, showing that even a dry bag, partially open, was sufficient to slow warming of even a football in the top of the bag by 2.5x relative to the Exponent experimental work.<ref>{{cite web|title=Simple pictures (to show Exponent knew Pat’s ball pressure was fine)|url=http://betterdialogue.com/dgateinpics/|last1=Young|first1=Robert|date=August 30, 2015||accessdate=2015-09-10}}</ref>

On August 31, 2015, in a wbur.org "Cognoscenti" op-ed piece<ref>{{cite web|title=DeflateGate, And The Patriots’ False Appearance Of Guilt|url=http://cognoscenti.wbur.org/2015/08/31/patriots-roger-goodell-tom-brady-court-robert-blecker|last1=Blecker|first1=Robert|date=August 31, 2015||accessdate=2015-09-20}}</ref> New York Law School Professor Robert Blecker, self-described Patriots detractor, explained how he believes the NFL and Exponent had been deceptive regarding crucial evidence, and that he believes that most likely no cheating was committed by the Patriots. The op-ed mentions that the "expert accusers" (Exponent) ignored the effect of the balls having remained in the bag on game day. The op-ed linked to Robert F. Young’s website deflategate landing page<ref>{{cite web |title=Better Dialogue re: #DeflateGate |url=http://betterdialogue.com/DeflateGate/ |last1=Young |first1=Robert |date=August 31, 2015 |accessdate=2015-08-31}}</ref> for further proof of the bag issue.

On September 13, 2015, NY Professor Robert Blecker claims that the NFL investigation was completely biased against the Patriots during an interview on 60 Minutes. He states that the gauges used to measure the footballs at halftime were Walt Anderson's personal gauges and that, "if you want to know how much something has dropped, you’ve got to measure it with the same gauge before the game as you do at halftime." Robert Blecker also noted that the side-by-side comparison of the two gauges shown in the Wells Report were different sizes. In addition to that, the picture also showed that the NFL measured the 2 needles at different spot to make the smaller needle appear longer. According to Robert Blecker, the different needle sizes resulted in one gauge reading at a constant measure of about 0.4 PSI higher than the other.<ref>Oliver Thomas, [http://nep.247sports.com/Headline/New-York-law-professor-Deflategate-based-on-a-tissue-of-lies-39495498 "New York law professor: Deflategate 'based on a tissue of lies'"], ''CBS Sports'', September 17, 2015. Retrieved September 20, 2015.</ref>

==Sanctions by the NFL and appeals==

[[File:Tom Brady 2011.JPG|thumbnail|right|Tom Brady]]

On May 11, 2015, the NFL announced that it suspended [[Tom Brady]] without pay for four games of the [[2015 NFL season|upcoming season]] for his involvement, based on "substantial and credible evidence" that Brady knew Patriots employees were deflating footballs and that he failed to cooperate with investigators.<ref>{{cite web|last=Rosenthal|first=Gregg|url=http://www.nfl.com/news/story/0ap3000000492185/article/brady-suspended-4-games-patriots-forfeit-2016-first-rounder|title=Patriots' Tom Brady suspended 4 games|publisher=[[National Football League]]|date=May 11, 2015|accessdate=May 11, 2015}}</ref> The Patriots were also fined [[United States dollar|$]]1 million and lost their first round pick in the [[2016 NFL draft]] and their fourth round pick in the 2017 NFL draft. NFL Executive Vice President of Football Operations [[Troy Vincent]]'s May 11 letter to Brady stated in part: "Your actions as set forth in the report clearly constitute conduct detrimental to the integrity of and public confidence in the game of professional football."<ref name="National Football League">{{cite web|title= NFL releases statement on Patriots' violations|url=http://www.nfl.com/news/story/0ap3000000492190/article/nfl-releases-statement-on-patriots-violations|publisher=[[National Football League]]|date=May 11, 2015|accessdate=May 12, 2015}}</ref> Troy Vincent's letter further stated: "With respect to your particular involvement, the report established that there is substantial and credible evidence to conclude you were at least generally aware of the actions of the Patriots' employees involved in the deflation of the footballs and that it was unlikely that their actions were done without your knowledge. Moreover, the report documents your failure to cooperate fully and candidly with the investigation, including by refusing to produce any relevant electronic evidence (emails, texts, etc.), despite being offered extraordinary safeguards by the investigators to protect unrelated personal information, and by providing testimony that the report concludes was not plausible and contradicted by other evidence." <ref name="National Football League"/>

The NFL also announced a three-day appeal deadline for charges against Brady specifically according to the 2011 collective bargaining agreement, and a deadline of May 21 for charges against the team.<ref>{{cite web|last=Rosenthal|first=Gregg|title=Brady suspended 4 games; Patriots forfeit 2016 first rounder|url=http://www.nfl.com/news/story/0ap3000000492185/article/brady-suspended-4-games-patriots-forfeit-2016-first-rounder|publisher=National Football League|date=May 11, 2015|accessdate=May 11, 2015}}</ref> Brady's agent indicated the suspension will be appealed.<ref>{{cite web|url=http://www.wcvb.com/sports/brady-patriots-prepare-for-fight-with-nfl/32956916|title=Brady to appeal suspension; Agent calls discipline 'ridiculous'|work=wcvb.com|date=May 11, 2015|accessdate=May 11, 2015}}</ref> The Patriots suspended Jim McNally and John Jastremski indefinitely on May 6, with the NFL indicating that the pair could not be rehired without the league's approval.<ref>{{cite web|last=Gantt|first=Darin|title=The Deflator, Pats equipment assistant suspended indefinitely|url=http://profootballtalk.nbcsports.com/2015/05/11/the-deflator-pats-equipment-assistant-suspended-indefinitely/|work=NBC Sports|date=May 11, 2015|accessdate=May 11, 2015}}</ref> Patriots owner Robert Kraft issued a statement stating the punishment "far exceeded" reasonable expectation, was based on circumstantial evidence, and that Tom Brady had his unconditional support.<ref>{{cite web|title=Kraft: DeflateGate Punishment ‘Far Exceeded’ Reasonable Expectation|url=http://boston.cbslocal.com/2015/05/11/kraft-deflategate-punishment-far-exceeded-reasonable-expectation/|publisher=[[WBZ-TV]]|date=May 11, 2015|accessdate=May 11, 2015}}</ref> After Judge Berman vacated the Brady suspension, the Patriots requested that Jastremski and McNally be reinstated; the NFL officially did so on September 16, 2015.<ref>{{cite web|title=Patriots Ask NFL To Reinstate Team Employees John Jastremski, Jim McNally|url=http://nesn.com/2015/09/patriots-ask-nfl-to-reinstate-team-employees-john-jastremski-jim-mcnally/|publisher=[[NESN]]|date=September 9, 2015|accessdate=September 9, 2015}}</ref><ref>{{cite web|title=NFL Reinstates Patriots Employees John Jastremski, Jim McNally From Suspension|url=http://nesn.com/2015/09/nfl-reinstates-patriots-employees-john-jastremski-jim-mcnally-from-suspension/|publisher=[[NESN]]|date=September 16, 2015|accessdate=September 16, 2015}}</ref>

Commentary on the initial punishment was mixed. [[Bleacher Report]] referred to the penalties as "brutal."<ref name=MFreeman>{{cite web|url=http://bleacherreport.com/articles/2461343-nfl-deflategate-message-no-player-is-above-the-rules-not-even-tom-brady|title=NFL Deflategate Message: No Player Is Above the Rules, Not Even Tom Brady|author=Mike Freeman|publisher=[[Bleacher Report]]|date=11 May 2015}}</ref> Various commentators also inferred that the prior reputation of the Patriots organization as a team that bends rules appeared to factor into the harshness of the punishment.<ref name=MFreeman /><ref>{{cite web|url=http://sports.yahoo.com/news/tom-brady-allowed-the-new-nfl-way-to-smack-patriot-way-in-stunning-fashion-001804019.html|title=Tom Brady allowed the new NFL Way to smack Patriot Way in stunning fashion|author=Eric Adelson|publisher=[[Yahoo! Sports]]|date=11 May 2015|quote=Somewhere along the line, the debate over what happened in the hours and minutes leading up to the AFC championship game in January went beyond air pressure and weather conditions, and became a referendum on the character of Tom Brady and his franchise.}}</ref> Others described the punishment as "firm but fair."<ref>{{cite web|url=http://espn.go.com/nfl/story/_/id/12868077/tom-brady-skip-appeal-deflategate-penalty-tell-truth-now|title=Tom Brady should skip appeal, tell truth now|first=Ian |last=O'Connor|work=ESPN.com|publisher=ESPN Internet Ventures|accessdate=12 May 2015}}</ref>

===After NFLPA filing an appeal===

On May 14, the [[National Football League Players Association]] (NFLPA) filed an appeal of Tom Brady's four-game suspension.<ref>{{cite web|url=http://espn.go.com/nfl/story/_/id/12887452/nflpa-appeals-four-game-suspension-new-england-patriots-quarterback-tom-brady|title=NFLPA appeals Patriots QB Tom Brady's four-game suspension|publisher=ESPN.com|accessdate=14 May 2015}}</ref> The NFL also announced [[Roger Goodell]] will preside over Brady's appeal, despite objections from the NFLPA, which requested a neutral arbitrator.<ref>{{cite web|url=http://www.usatoday.com/story/sports/nfl/2015/05/14/tom-brady-suspension-appeal-roger-goodell-deflategate-new-england-patriots/|title=Roger Goodell to preside over Tom Brady's appeal of Deflategate suspension|author=Lindsay H. Jones|publisher=USAToday.com|accessdate=12 May 2015}}</ref>

On May 19, Robert Kraft told media at an NFL owners meeting that he does not plan on appealing the penalties imposed on the team; that decision had no impact on the NFLPA's appeal on behalf of Brady. Also, Patriots fans held a "Free Brady" rally at Gillette Stadium on May 26, 2015.<ref>{{cite web|last=Walder |first=Seth |url=http://www.nydailynews.com/sports/football/kraft-patriots-won-appeal-deflategate-penalties-article-1.2228009 |title=Kraft says Patriots won’t appeal DeflateGate penalties |publisher=Nydailynews.com |date=2015-05-19 |accessdate=2015-06-20}}</ref><ref>{{cite web|url=http://espn.go.com/boston/nfl/story/_/id/12913741/robert-kraft-says-new-england-patriots-appeal-deflategate-punishmen|title=Robert Kraft: Patriots won't appeal Deflategate punishment|last=Reiss|first=Mike|work=ESPN.com|publisher=ESPN Internet Ventures|date=19 May 2015|accessdate=25 May 2015}}</ref>

On June 23, Tom Brady appealed his suspension before Roger Goodell at the NFL's offices in New York City in a 10-hour-long hearing.<ref>{{cite web|url=http://www.cnn.com/2015/06/23/us/deflategate-brady-hearing/|title=Tom Brady's 'Deflategate' appeal hearing ends after 10 hours|author=Don Melvin|publisher=CNN.com|accessdate=23 June 2015}}</ref>

===After appeal hearing===
On July 28, Goodell announced that he had upheld the four-game suspension, citing Brady's destruction of his cell phone as a critical factor: "On or shortly before March 6, the day that Tom Brady met with independent investigator Ted Wells and his colleagues, Brady directed that the cell phone he had used for the prior four months be destroyed," the league statement read. "He did so even though he was aware that the investigators had requested access to text messages and other electronic information that had been stored on that phone. During the four months that the cell phone was in use, Brady had exchanged nearly 10,000 text messages, none of which can now be retrieved from that device. The destruction of the cell phone was not disclosed until June 18, almost four months after the investigators had first sought electronic information from Brady."<ref>{{cite web|last=Rosenthal|first=Gregg|title=Roger Goodell upholds Tom Brady suspension|url=http://www.nfl.com/news/story/0ap3000000504258/article/roger-goodell-upholds-tom-brady-suspension|publisher=National Football League|date=July 28, 2015|accessdate=July 28, 2015}}</ref><ref>{{cite web|last=Gantt|first=Darin|title=Goodell cites destroying phone in upholding Tom Brady’s suspension|url=http://profootballtalk.nbcsports.com/2015/07/28/roger-goodell-upholds-tom-bradys-four-game-suspension-2/|publisher=NBC Sports|date=July 28, 2015|accessdate=July 28, 2015}}</ref> The NFL also filed papers in [[Manhattan]] federal court seeking to confirm Roger Goodell's decision.<ref>{{cite web|last=Armstrong|first=Kevin|title=NFL hopes to have expected Tom Brady lawsuit in New York and not Minnesota |url=http://www.nydailynews.com/sports/football/nfl-hopes-brady-lawsuit-heard-ny-not-minnesota-article-1.2307094|publisher=New York Daily News|date=July 28, 2015|accessdate=July 28, 2015|display-authors=etal}}</ref>

On July 29 the [[National Football League Players Association|NFL Players Association]] (NFLPA) announced that they filed an injunction in [[Minnesota]] that would prevent the NFL from enforcing the four-game suspension that commissioner Roger Goodell confirmed.<ref>{{cite web|last=Hanzus|first=Dan|title=What's next in Tom Brady's legal fight?|url=http://www.nfl.com/news/story/0ap3000000504307/article/whats-next-in-tom-bradys-legal-fight|website=NFL.com|publisher=National Football League|date=July 29, 2015|accessdate=July 29, 2015}}</ref><ref>{{cite web|last1=Belson|first1=Ken|title=Brady vows to fight suspension, says he ‘did nothing wrong’ in Deflategate scandal|url=http://www.theglobeandmail.com/sports/football/patriots-qb-brady-says-he-did-nothing-wrong-in-deflategate-scandal/article25749138/|website=The Globe and Mail|publisher=[[The Globe and Mail]]|accessdate=29 July 2015}}</ref> On July 30, a Minnesota judge ordered the lawsuit be transferred to the [[United States District Court for the Southern District of New York|Southern District of New York]].<ref>{{cite web|title=Tom Brady's suspension appeal is in federal court|url=http://www.cbsnews.com/news/tom-bradys-suspension-appeal-is-in-federal-court/|publisher=[[CBS News]]|date=July 30, 2015|accessdate=July 31, 2015}}</ref>

===After motions filed in court by NFL and NFLPA===
On July 29, Brady released a statement on his [[Facebook]] page criticizing Goodell's decision to uphold the suspension, stating in part (emphasis in the original): <blockquote>I am very disappointed by the NFL’s decision to uphold the 4 game suspension against me. I did nothing wrong, and no one in the Patriots organization did either. Despite submitting to hours of testimony over the past 6 months, it is disappointing that the Commissioner upheld my suspension based upon a standard that it was "probable" that I was "generally aware" of misconduct. The fact is that neither I, nor any equipment person, did anything of which we have been accused. I also disagree with yesterdays narrative surrounding my cellphone. I replaced my broken Samsung phone with a new iPhone 6 AFTER my attorneys made it clear to the NFL that my actual phone device would not be subjected to investigation under ANY circumstances. As a member of a union, I was under no obligation to set a new precedent going forward, nor was I made aware at any time during Mr. Wells investigation, that failing to subject my cell phone to investigation would result in ANY discipline.

Most importantly, I have never written, texted, emailed to anybody at anytime, anything related to football air pressure before this issue was raised at the AFC Championship game in January. To suggest that I destroyed a phone to avoid giving the NFL information it requested is completely wrong.
To try and reconcile the record and fully cooperate with the investigation after I was disciplined in May, we turned over detailed pages of cell phone records and all of the emails that Mr. Wells requested. We even contacted the phone company to see if there was any possible way we could retrieve any/all of the actual text messages from my old phone. In short, we exhausted every possibility to give the NFL everything we could and offered to go thru the identity for every text and phone call during the relevant time.
He dismissed my hours of testimony and it is disappointing that he found it unreliable...I will not allow my unfair discipline to become a precedent for other NFL players without a fight.<ref>{{cite web|last=Orr|first=Conor|title=Tom Brady responds to Roger Goodell's ruling|url=http://www.nfl.com/news/story/0ap3000000504572/article/tom-brady-responds-to-roger-goodells-ruling|publisher=National Football League|date=July 29, 2015|accessdate=July 29, 2015}}</ref><ref>{{cite web|last=Kerr-Dineen|first=Luke|title=Tom Brady rips the NFL's Deflategate decision on his Facebook page|url=http://ftw.usatoday.com/2015/07/tom-brady-rips-the-nfls-deflategate-decision-on-his-facebook-page|publisher=[[USA Today|''USA Today'' Sports]]|date=July 29, 2015|accessdate=July 29, 2015}}</ref></blockquote>

Patriots owner Robert Kraft also stated at a news conference that "I was wrong to put my faith in the league" and apologized to the team's fans for accepting the "harshest penalty in history of NFL for an alleged ball violation" because he thought that cooperating would help exonerate Brady.<ref>{{cite web|last1=Almasy|first1=Steve|title=Tom Brady and Patriots owner attack NFL over 'Deflategate' decision|url=http://www.cnn.com/2015/07/29/us/tom-brady-deflategate-suspension-upheld/|website=CNN.com|publisher=CNN|accessdate=29 July 2015}}</ref><ref>{{cite web|last1=Davis|first1=Nate|title=Robert Kraft blisters NFL for upholding Brady suspension, apologizes to fans|url=http://www.usatoday.com/story/sports/nfl/patriots/2015/07/29/robert-kraft-bill-belichick-tom-brady-deflategate-suspension-upheld-jimmy-garoppolo/30824363/|website=USAToday.com|publisher=USA Today|date=July 29, 2015|accessdate=July 29, 2015}}</ref>

The Patriots released email exchanges between the Patriots organization and the NFL on July 31, 2015. The emails, beginning in February 2015, show the Patriots' frustration over the NFL's failure to investigate the source of leaks, which turned out to consist largely of incorrect information.<ref>Mike Florio, [http://profootballtalk.nbcsports.com/2015/07/31/patriots-release-emails-to-nfl-on-leaks-of-false-information/ "Patriots release emails to NFL on leaks of false information"], ''NBC Sports'', July 31, 2015. Retrieved August 2, 2015.</ref> Mike Florio of ProFootballTalk.com later contrasted Wells' lack of concern regarding these leaks with his "outrage" over leaks from Columbia University after they were asked to consult on the investigation.<ref>{{Cite web|url = http://profootballtalk.nbcsports.com/2015/08/06/ted-wells-didnt-hire-columbia-physicists-due-to-leaks/|title = Ted Wells didn’t hire Columbia physicists due to leaks|date = |accessdate = |website = |publisher = }}</ref>

On July 31, 2015, John Dennis of WEEI reported that NFL Vice President of Game Operations Mike Kensil was the "main source" of the report regarding 11 of the 12 Patriots footballs being under inflated.<ref>Tom E Curran, [http://www.csnne.com/new-england-patriots/attention-circles-back-to-mike-kensil-as-deflategate-source "Attention circles back to Kensil as Deflategate source"], ''CSNNE'', July 31, 2015. Retrieved August 2, 2015.</ref>

===Reactions to the transcript of the appeal hearing===
On August 4, as part of the appeals process, the transcript from Brady's appeal hearing were made public. Analysts pointed out that the transcript raised numerous issues regarding both Goodell's ruling and the Wells Report. For example, Goodell's decision upholding the suspension stated:<blockquote>"The sharp contrast between [''sic''] the almost complete absence of communications through the AFC championship game undermines any suggestion during the three days following the AFC championship game that the communications addressed only preparation of footballs for the Super Bowl rather than the tampering allegations and their anticipated responses to inquiries about the tampering."<ref name=":0">{{Cite news|url = http://sports.yahoo.com/news/roger-goodell-s-manipulation-of-tom-brady-s-testimony-leaves-nfl-on-slippery-slope-214409591-nfl.html|title = Roger Goodell's manipulation of Tom Brady's testimony leaves NFL on slippery slope|last = Wetzel|first = Dan|date = |work = |access-date = |via = }}</ref></blockquote>[[Dan Wetzel]] of [[Yahoo! Sports]] notes that this claim directly contradicts Brady's testimony:<blockquote>"While preparing for the Super Bowl was a primary concern – is that surprising? – Brady couldn't have been more clear that other topics were broached, including the scandal, and that they didn't ONLY discuss football prep for the Seattle game."<ref name=":0" /></blockquote>
This, along with other issues raised, led Wetzel to ask "how does anyone in the NFL – owner, coach, player or fan – possibly trust the league office to investigate and rule on anything ever again?"<ref name=":0" /> [[Sally Jenkins]] of the ''Washington Post'' asked on Twitter whether this "beg[s] that other disciplinary hearings be unsealed, given how NFL misconstrued testimony?"<ref>{{cite web|url=https://twitter.com/sallyjenx/status/629126075088531456|title=Sally Jenkins|work=Twitter}}</ref> The transcript also showcased that league officials, in particular Troy Vincent, were ignorant of the [[ideal gas law]] and natural changes in PSI.<ref>{{cite web|url=http://profootballtalk.nbcsports.com/2015/08/05/transcript-proves-nfl-didnt-know-air-pressure-could-drop-naturally|title=Transcript proves NFL didn’t know air pressure could drop naturally - ProFootballTalk|work=nbcsports.com}}</ref>

===Appearance of conflict of interest of lawyers surfacing during appeal hearing===
The independence of Wells and [[Paul, Weiss, Rifkind, Wharton & Garrison|Paul, Weiss & Co.]] has been doubted, notably by [[Mike Florio]], citing a [[conflict of interest]]: Lorin Reisner, who worked on the Wells Report served as the attorney who (on behalf of the NFL) cross-examined Brady at the appeal hearing; in addition, Wells asserted [[attorney–client privilege]] during the hearing.<ref>{{cite web|url=http://profootballtalk.nbcsports.com/2015/08/06/ted-wells-independent-investigator-in-name-only|title=Ted Wells, "independent" investigator in name only - ProFootballTalk|work=nbcsports.com}}</ref>

==Court proceedings and subsequent vacatur of the suspension==
On August 12, the NFL Players Association and Tom Brady met the NFL in the [[United States District Court for the Southern District of New York]] at the [[Daniel Patrick Moynihan United States Courthouse]] in [[Foley Square]] to discuss a possible settlement. No settlement was reached; the next scheduled court date was August 19. The judge asked to know what exact evidence links Brady to deflating footballs, with NFL lawyer Daniel Nash responding that there was "no direct evidence Mr. Brady clearly knew about this," including records of text messages, and phone calls between the quarterback and one of the two Patriots employees implicated. He also indicated there is no "[[smoking gun]]" showing that Brady had direct knowledge that the balls were deflated.<ref>{{cite web|url=http://espn.go.com/nfl/story/_/id/13423742/deflategate-hearing-continues-judge-richard-m-berman-yet-decide-tom-brady-settlement-case?ex_cid=sportscenterTW&sf11886341=1&sf11886359=1|title=Deflategate hearing begins with judge Richard M. Berman yet to decide on Tom Brady settlement case|work=ESPN.com}}</ref>

It was reported that, at the August 19th hearing, the Judge, [[Richard M. Berman]], pushed the NFL to settle. While he could not force either side to settle the case, Judge Berman was critical of the NFL's argument with questions of fundamental fairness and evident impartiality. It was also reported that Berman didn't want to make a decision in the case and would rather have had both sides come to a settlement. His tactics in court were to point out the NFL's biggest flaws in their arguments, in hopes that this would trigger the settlement. The next settlement hearing was August 31, with no change in position from either side.<ref>{{cite web|url=http://abcnews.go.com/Sports/wireStory/goodell-brady-due-court-deflategate-case-33426150|title=No Settlement: Goodell, Brady Await 'Deflategate' Ruling|author=ABC News|work=ABC News}}</ref> Judge Berman indicated a final decision would be rendered within a week.

On September 3, Judge Berman threw out Brady's suspension on the grounds of a lack of fair due process for Brady.<ref name="JudgeNullifiesBradySuspension" /><ref>{{cite web|title=Judge rules in favor of Tom Brady in Deflategate; NFL appeals decision|url=http://espn.go.com/boston/nfl/story/_/id/13570716/tom-brady-new-england-patriots-wins-appeal-nfl-deflategate|publisher=ESPN|date=September 3, 2015|accessdate=September 3, 2015}}</ref> The NFL announced it would appeal the decision.<ref>{{cite web|last=Patra|first=Kevin|title=NFL officially appeals Tom Brady decision|url=http://www.nfl.com/news/story/0ap3000000520654/article/nfl-officially-appeals-tom-brady-decision|publisher=National Football League|date=September 3, 2015|accessdate=September 3, 2015}}</ref>

==Media coverage==
Media reaction to the incident was extremely strong. Factors that may have helped fuel media interest in the incident include:
*The 2007 [[2007 New England Patriots videotaping controversy|Spygate]] incident, in which the Patriots were sanctioned for having a video camera in an unapproved location filming an opponent's defensive signals during a game in violation of a memo that was sent to the NFL teams,<ref>{{cite web|url=http://www.courant.com/sports/football/hc-patriots-controveries-through-the-years-0121-20150120-story.html|title=Patriots And Belichick: Spygate, Deflategate ... And More|publisher=''[[Hartford Courant]]''|author=Paul Doyle|date=January 20, 2015|accessdate=February 27, 2015}}</ref> a memo that misquoted the rules in question.<ref>{{cite web|url=http://www.bleacherreport.com/articles/199345-the-truth-about-spygate-punishing-success-and-promoting-parity|title=The Truth About Spygate: Punishing Success and Promoting Parity|author=Scott Sheaffer|work=Bleacher Report}}</ref>
*Unrelated incidents earlier in the season, involving NFL players: [[Ray Rice]] knocking his girlfriend unconscious and [[Adrian Peterson]] whipping his child, and the media's focus on the reaction by the league.<ref>{{cite news|url=http://www.independent.co.uk/sport/us-sport/national-football-league/deflategate-soft-balls-causing-a-feeling-of-deflation-before-super-bowl-9999455.html|title=Deflategate: Soft balls causing a feeling of deflation before Super Bowl |publisher=''[[The Independent]]''|author=Rupert Cornwell|date=January 23, 2015|accessdate=February 27, 2015}}</ref>
*The two week hiatus between championship games and the Super Bowl, which creates natural pressure on sports journalists writing on the NFL to "fill the void".<ref>{{cite web|url=http://sports.yahoo.com/blogs/nfl-shutdown-corner/the-five-strangest-opinions-put-forth-during-the-deflate-gate-mess-173121225.html|title=The five most unbelievable opinions about the deflate-gate controversy|publisher=[[Yahoo! Sports]]|author=Frank Schwab|date=January 22, 2015|accessdate=February 27, 2015}}</ref>
*Chris Mortensen's report, citing league sources, which claimed the balls were as low as 10.5 PSI, which was shown to be false months later when measurements were released in the Wells Report.<ref>{{cite web|url=http://nesn.com/2015/08/espns-chris-mortensen-deletes-tweet-containing-incorrect-deflategate-report/|title=ESPN’s Chris Mortensen Deletes Tweet Containing Incorrect Deflategate Report - New England Patriots - NESN.com|work=NESN.com}}</ref> The Patriots released e-mails showing their lawyers pleading with NFL attorneys to correct the record, but the NFL made no effort to do so.<ref>{{cite web|url=http://www.boston.com/sports/football/patriots/2015/07/31/patriots-release-private-emails-with-nfl-despite-judge-order-tone-down-rhetoric/FMZBSHPvhkpftVOIfIh7yL/story.html?ia=39162127|title=Patriots release private emails with NFL|work=Boston.com}}</ref> This led to criticism from Forbes that ESPN, perhaps due to its "unnerving" financial commitments with the league, were unable to report on the league objectively.<ref>{{cite web|url=http://www.forbes.com/sites/maurybrown/2015/08/25/espns-uncomfortable-unnerving-relationship-with-the-nfl/|title=ESPN's Uncomfortable, Unnerving Relationship With The NFL|author=Maury Brown|work=Forbes}}</ref>

Before the investigation had concluded, several media outlets called for Belichick—or even the entire Patriots team—to be banned from [[Super Bowl XLIX]].<ref>{{cite web|url=http://www.wcvb.com/sports/column-deflategate-should-keep-belichick-out-of-super-bowl/30898160|title=Deflategate should keep Belichick out of Super Bowl|author=Paul Newberry|accessdate=February 4, 2015}} {{cite web|url=http://www.forbes.com/sites/maurybrown/2015/01/21/should-bill-belichick-be-suspended-for-the-super-bowl-over-deflate-gate/|title=Should Bill Belichick Be Suspended For The Super Bowl Over Deflate-Gate?|publisher=Forbes.com|author=Maury Brown|date=January 21, 2015}}</ref><ref>{{cite web|url=http://edition.cnn.com/2015/01/23/opinion/jones-patriots-super-bowl/|title=Throw the Patriots out of the Super Bowl|publisher=CNN.com|author=Roxanne Jones|date=January 23, 2015}}</ref> [[Dan Wetzel]] of [[Yahoo! Sports]] strongly criticized the league for deferring much of the investigation until after the Super Bowl so as not to interfere with the Patriots' preparations.<ref>{{cite web|url=http://sports.yahoo.com/news/most-troubling-out-of-tom-brady-s-deflate-gate-comments--league-hasn-t-talked-to-qb-234447768.html|title=Most troubling news out of Tom Brady's deflate-gate comments: NFL hasn't talked to QB|publisher=[[Yahoo! Sports]]|author=[[Dan Wetzel]]|date=January 22, 2015}}</ref> Former quarterback [[Troy Aikman]] claimed that Deflategate was worse than [[Bountygate]], and that Belichick should receive a harsher penalty than the one-year suspension [[New Orleans Saints]] coach [[Sean Payton]] received in the latter.<ref>{{Cite news|url = http://www.cbssports.com/nfl/eye-on-football/24984232/aikman-patriots-punishment-should-exceed-saints-in-bounty-scandal|title = Aikman: Patriots' punishment should exceed Saints' in bounty scandal|date = |work =Cbssports.com |accessdate =2015-06-20 }}</ref> Other voices in the press, meanwhile, considered it a "phony scandal",<ref>{{cite web|url=http://edition.cnn.com/2015/01/19/opinion/downey-football-deflate-investigation/|title=Deflate-gate: Will the air go out of a phony scandal?|publisher=CNN.com|author=Mike Downey|date=January 23, 2015|accessdate=February 27, 2015}}</ref> or "the dumbest sports scandal ever",<ref>{{cite web|url=http://www.forbes.com/sites/matthewkory/2015/01/26/deflate-gate-bill-belichick-patroits-sports-controversy-dumbest-ever-seriously-its-mindblowingly-stupid/|title=Deflate-gate Is The Dumbest Sports Controversy Ever|author=Matthew Kory|publisher=''[[Forbes]]''|date=January 26, 2015}}</ref> and accused the media generally of overhyping the issue.<ref>{{cite web|url=http://edition.cnn.com/videos/tv/2015/01/25/is-media-coverage-overinflating-deflategate.cnn|title=Is media coverage overinflating 'deflategate'?|publisher=CNN.com|date=January 25, 2015|accessdate=February 4, 2015}}</ref>

The strength of the media reaction to the incident contrasts with the very superficial coverage that media outlets gave to allegations of prohibited texts sent by Cleveland Browns staff,<ref>{{cite web|url=http://www.si.com/nfl/2015/02/19/textgate-cleveland-browns-ray-farmer-apology|title=Browns GM Ray Farmer apologizes for 'Textgate' controversy|publisher=[[Sports Illustrated]]|date=February 19, 2015|accessdate=February 27, 2015}}</ref> or that the [[Atlanta Falcons]] may have secured an unfair advantage by [[2014 Atlanta Falcons season#Use of artificial crowd noise|piping in artificial crowd noise]] during opponent's offensive snaps, even though some argued that if the accusations were true, "that's a far more serious offense than any deflated footballs could possibly be".<ref>{{cite web|url=http://sports.yahoo.com/blogs/nfl-shutdown-corner/falcons--arthur-blank-on-crowd-noise---what-we-ve-done-----is-wrong-203120000.html|title=Falcons' Arthur Blank on crowd noise: 'What we've done ... is wrong'|author=Jay Busbee|publisher=[[Yahoo! Sports]]|date=February 3, 2015}}</ref> In November 2014, the [[Minnesota Vikings]] and [[Carolina Panthers]] were caught on film using sideline heaters to warm the footballs during the game in violation of league policies,<ref>{{Cite news|url = http://www.nfl.com/news/story/0ap3000000437309/article/nfl-to-remind-teams-not-to-warm-footballs?campaign=Twitter_atl|title = NFL to remind teams not to warm footballs|date = |work = |access-date = }}</ref> but no penalties were issued in that case and the media reaction was superficial.{{citation needed|date=May 2015}}

The controversy was not only the dominant topic in the build-up to the Super Bowl, but was discussed beyond sports media. ''[[National Review]]''<ref>{{cite web|last=Tuttle|first=Ian|title=Why DeflateGate Is a Cultural Problem|url=http://www.nationalreview.com/article/397014/why-deflategate-cultural-problem-ian-tuttle|publisher=National Review Online|date=January 23, 2015|accessdate=January 24, 2015}}</ref> and [[Rush Limbaugh]] provided social commentary.<ref name="Limbaugh">{{cite web|url=http://www.rushlimbaugh.com/daily/2015/01/21/the_nfl_s_big_ball_problem|title=The NFL's Big Ball Problem|author=Rush Limbaugh|publisher=rushlimbaugh.com|date=January 21, 2015|accessdate=January 24, 2015}}</ref> Limbaugh and fellow talk host [[Mark Levin]] compared the amount of attention devoted to the controversy with the amount devoted to the death of King [[Abdullah of Saudi Arabia]] and the change of government in [[Yemen]], to comment on the priorities of the American public.

On January 24, 2015, ''[[Saturday Night Live]]'' satirized the scandal in a [[cold open]] sketch with [[Beck Bennett]] as Bill Belichick and [[Taran Killam]] as Tom Brady.<ref name=SNL>{{cite news|last1=Schwartz|first1=Nick|title='Saturday Night Live' spoofs Deflategate|url=http://ftw.usatoday.com/2015/01/saturday-night-live-new-england-patriots-deflategate|work=For The Win|publisher=USA Today Sports|date=January 25, 2015}}</ref>

On September 16, 2015, ''[[South Park]]'' satirized the Deflategate scandal in its [[South Park (season 19)|season 19]] premiere episode, "[[Stunning and Brave]]".<ref>{{cite web|last=Caffrey|first=Dan|title="Stunning And Brave" – South Park – TV Review|url=http://www.avclub.com/tvclub/south-park-stunning-and-brave-225470|publisher=''[[The A.V. Club]]''|date=September 17, 2015|accessdate=September 17, 2015}}</ref>

===Claims regarding an equipment attendant and a "K" ball===
On February 17, 2015, ESPN reporter Kelly Naqi reported that a Patriots ball attendant, Jim McNally, had tried "to introduce an unauthorized football"—lacking the markings found on approved footballs—into the game during the first half.<ref>{{Cite news|url = http://espn.go.com/espn/otl/story/_/id/12340408/new-england-patriots-employee-gave-unapproved-ball-official-lines-reports|title = Patriots locker room attendant tried to put unapproved ball into AFC final|last = Naqi|first = Kelly|date = February 17, 2015|work = ESPN.com|access-date = February 23, 2015}}</ref> That initial report did not indicate why or exactly when this happened, but did state that Kensil went to the officials' locker room at halftime to inspect the game balls, "in part because of the suspicions McNally's actions raised." Naqi later led a report on ESPN's program ''[[Outside the Lines]]'', in which she interviewed an Indianapolis-based ex-referee who claimed that NFL officials had been "aware" of McNally for years and had raised concerns about him. This football was a "[[Football (ball)#American and Canadian football|'K' ball]]", one of the footballs used for [[American football positions#Special teams|special-teams]]<ref>{{cite web|url=http://profootballtalk.nbcsports.com/2015/02/19/patriots-alerted-nfl-to-issue-with-special-teams-ball/|title=Patriots alerted NFL to issue with special-teams ball - ProFootballTalk|work=nbcsports.com}}</ref> plays.

Naqi's report was immediately contradicted by another ESPN reporter, [[Adam Schefter]].<ref>{{cite web|url = https://www.youtube.com/watch?v=SyHU0vCiAVE|title = NFL official fired for stealing AFC Championship football|date = February 18, 2015|accessdate = February 23, 2015|website = Youtube|publisher = }}</ref> Schefter's report cited sources stating that a "K" ball had gone missing, and that an NFL employee in charge of collecting game footballs for charity had handed the unmarked ball to McNally. Those sources also claimed that the NFL employee was fired after the game, as he had been taking footballs intended for charity and selling them at a profit "over a period of time".<ref>{{Cite news|url = http://espn.go.com/espn/otl/story/_/id/12344667/nfl-employee-handed-new-england-patriots-locker-room-attendant-kicking-game-ball-source-says|title = NFL employee handed kicking game ball to Patriots' locker room attendant|date = February 18, 2015|work = |access-date = February 23, 2015}}</ref>

==See also==
{{portal|American football}}
* [[Football (ball)#American and Canadian football|"K" ball]]
* [[National Football League controversies]]
* [[2007 New England Patriots videotaping controversy]]
* [[List of scandals with "-gate" suffix]]

==External links==
*[http://www.barstoolsports.com/boston/who-exactly-is-mike-kensil-aka-the-ringleader-of-deflategate/ Who Exactly Is Mike Kensil? AKA – The Ringleader of Deflategate]

==References==
{{Reflist|colwidth=30em}}

{{New England Patriots}}
{{Indianapolis Colts}}

[[Category:2015 controversies]]
[[Category:2015 in Massachusetts]]
[[Category:Controversies in the United States]]
[[Category:National Football League controversies]]
[[Category:New England Patriots postseason]]
[[Category:Indianapolis Colts postseason]]
[[Category:2014 National Football League season]]
[[Category:National Football League playoffs]]

2015 Mina stampede

2015-10-01T23:01:32Z

190.41.129.105: /* The disaster */ fixing table sorting mechanism

{{Use dmy dates|date=September 2015}}
{{Infobox event
| title = 2015 Mina disaster
| image = The way to Jamarat Bridge 3.JPG
| caption = The way to [[Jamaraat Bridge]] (2011)
| time = 09:00 [[Arabia Standard Time|AST]] (UTC+03:00)
| date = {{Start date|2015|09|24|df=y}}
| place = [[Mina, Saudi Arabia|Mina]], [[Mecca]], [[Saudi Arabia]]
| coordinates = {{coord|21|24|59.5|N|39|53|04.9|E|display=inline}}
| cause = Disputed, under investigation
| reported death(s) = at least 1,170
| reported injuries = 934
| reported missing = at least 1,243
}}
On September 24, 2015, an overcrowding situation caused at least several hundred people to suffocate or be crushed to death during the annual [[Hajj]] pilgrimage in [[Mina, Saudi Arabia|Mina]], [[Mecca]].<ref name=bbc1>{{cite web|title=Hajj stampede: At least 717 killed in Saudi Arabia|url=http://www.bbc.com/news/world-middle-east-34346449|work=BBC News|accessdate=24 September 2015}}</ref> The incident happened at the intersection of streets 204 and 223 leading up to [[Jamaraat Bridge]].<ref>{{cite news|title=Hundreds killed in stampede at Muslim hajj pilgrimage |url=http://www.cbsnews.com/news/saudi-arabia-hajj-muslim-pilgrimage-stampede-mina-holy-city-mecca/|accessdate=29 September 2015|work=CBSNEWS|date=24 September 2015}}</ref> The official Saudi figures say that 769 were killed and 934 others injured, though other sources including the government of Iran have said that they believe the death toll was more than 1,100.<ref name=bbctoll>{{cite news|title=Hajj disaster: Foreign officials question Saudi death toll|url=http://www.bbc.com/news/world-middle-east-34391055|accessdate=29 September 2015|work=BBC|date=29 September 2015}}</ref><ref name=itv2>{{cite news|title=Hajj stampede death toll 'rises up to 1,100' as Saudi Arabia faces criticism over safety record|url=http://www.ibtimes.co.uk/hajj-stampede-death-toll-rises-1100-saudi-arabia-faces-criticism-over-safety-record-1521334|first=Mark|last=Piggott|accessdate=28 September 2015|work=itv|date=26 September 2015}}</ref><ref name=Samaa/><ref name="auto2">{{Cite web|title = Hajj disaster: Saudi police say 1,100 photos of dead are from entire pilgrimage – BelfastTelegraph.co.uk|url = http://www.belfasttelegraph.co.uk/news/world-news/hajj-disaster-saudi-police-say-1100-photos-of-dead-are-from-entire-pilgramage-31568118.html|accessdate = 29 September 2015}}</ref> Pakistan Federal Minister for Religious Affairs said that 1,250 victims of the Mina tragedy could not be identified.<ref>{{Cite web|title = 54 Pakistani pilgrims martyred in Mina tragedy: Sardar Yousaf - 92 News HD|url = https://92newshd.tv/54-pakistani-pilgrims-martyred-in-mina-tragedy-sardar-yousaf/|accessdate = 2015-10-01}}</ref> This is almost equal to the pilgrims reported missing by different nations. It is the deadliest accident to occur in the Hajj since the [[1990 Mina disaster|1990 disaster]] that killed 1,426 people.<ref name=nyt>{{cite news|first=Ben|last=Hubbard|first2=Mona|last2= Boshnaq|title=Stampede Near Mina, Mecca During Hajj Leaves at Least 717 Dead|url=http://www.nytimes.com/2015/09/25/world/middleeast/mecca-stampede.html|work=The New York Times|accessdate=24 September 2015}}</ref>

The cause of the stampede is disputed. Iran, with the highest number of victims, strongly criticized Saudi Arabia for mishandling the annual pilgrimage and threatened to press the case against Saudi rulers in international courts.<ref name="auto3">{{cite news|title=Iran demands Saudi Arabia apologize for stampede near Mecca|url=https://www.washingtonpost.com/world/national-security/iran-demands-saudi-arabia-apologize-for-mecca-stampede/2015/09/27/7301a1e7-5577-4464-8029-e3db99a6b7cb_story.html|accessdate=27 September 2015|publisher=Washington Post|date=27 September 2015}}</ref> The incident has inflamed sectarian tensions between regional rivals [[Sunni]] Saudi Arabia and [[Shia]] Iran, which were already raised due to the wider turmoil in the Middle East, such as the [[Syrian Civil War]] and [[Yemen Civil War]].<ref>{{cite news|url=http://mobile.nytimes.com/2015/09/26/world/middleeast/hajj-stampede-mecca-saudi-arabia.html|title=Hajj Tragedy Inflames Schisms During a Pilgrimage Designed for Unity|first=Ben|last=Hubbard|newspaper=The New York Times|date=25 September 2015|accessdate=27 September 2015}}</ref><ref>{{cite news|url=http://www.theguardian.com/world/2015/sep/25/iran-blames-saudi-government-hajj-disaster-investigation|title=Iran blames Saudi leaders for hajj disaster as investigation begins|first1=Ian|last1=Black|first2=Matthew|last2=Weaver|newspaper=The Guardian|date=25 September 2015|accessdate=27 September 2015}}</ref><ref>{{cite news|url=https://www.washingtonpost.com/news/worldviews/wp/2015/09/24/how-the-deadly-hajj-stampede-is-revealing-old-middle-east-rivalries|title=How the deadly hajj stampede feeds into old Middle East rivalries|newspaper=The Washington Post|first=Ishaan|last=Tharoor|date=24 September 2015|accessdate=27 September 2015}}</ref> This was the second fatal incident at Mecca in less than two weeks; on 11 September a [[Mecca crane collapse|crane had collapsed]], killing 111 people and injuring 394.

In a press conference held on the day of the incident, spokesman of the Ministry of Interior Mansour Al-Turki attempted to address most issues regarding the incident. He said that an investigation was ongoing and that the exact cause for crowding that led to the deadly stampede on Mina Street 204 are yet to be ascertained.<ref name="auto">{{cite web|url=http://www.saudigazette.com.sa/index.cfm?method=home.regcon&contentid=20150925257735|title=717 killed, 863 injured in Mina stampede – Saudi Gazette|work=saudigazette.com.sa}}</ref>

== Background ==
[[File:Some perspective on Mina - Flickr - Al Jazeera English.jpg|thumb|left|Tent City at [[Mina, Saudi Arabia|Mina]] in 2009]]
{{Main|Hajj}}
The [[Hajj]] is an annual pilgrimage in [[Mecca]] prescribed as a [[Fard|duty]] for Muslims to undertake at least once in their lifetime. As traditionally performed, it consists of a series of rites including the [[Stoning of the Devil]] ({{lang-ar|{{large|رمي الجمرات|}}}} ''{{transl|ar|ramī aj-jamarāt}}'')<ref>{{cite book|last=Burton|first=Richard Francis |authorlink= Richard Francis Burton|title=Personal Narrative of a Pilgrimage to El Medinah and Meccah |url= http://books.google.com/books?id=kXcOAAAAQAAJ&pg=PA226|year=1857|page=226|quote=The word ''jamrah'' is applied to the place of stoning, as well as to the stones.}}</ref><ref>{{cite book| author=Abū Dāʼūd|author-link=Abū Dāʼūd |title=Sunan Abu Dawud|pages=519–1337|url=http://books.google.com/books?id=SwvYAAAAMAAJ|year=1984 |publisher=Sh. M. Ashraf|quote=1204. ''Jamrah'' originally means a pebble. It is applied to the heap of stones or a pillar.}}</ref> which takes place at the [[Jamaraat Bridge]] in [[Mina, Saudi Arabia|Mina]], a district a few miles east of Mecca. The Jamaraat Bridge is a pedestrian bridge from which pilgrims can throw pebbles at the three ''jamrah'' pillars. The stoning ritual is the last major ritual and is often regarded as the most dangerous part of the Hajj, with its large crowds, confined spaces, and tight scheduling. A number of [[Incidents during the Hajj#Stampedes and failures of crowd control|stampedes]] have occurred in the past.<ref>{{cite news|title=Satan stoned – most dangerous hajj rite|url=http://www.news24.com/World/News/Satan-stoned-most-dangerous-hajj-rite-20111106|accessdate=24 September 2015|agency=News24|date=6 November 2011}}</ref>

346 people were killed in a [[2006 Hajj stampede|similar incident in 2006]], which prompted the [[Politics of Saudi Arabia|Saudi government]] to improve the infrastructure of the city.<ref name=bbc1 /> The Saudi Arabian government has been spending $60 billion to expand the Grand Mosque which houses the Kaaba, and has deployed 100,000 security forces and 5,000 CCTV cameras to monitor the crowds.<ref>{{cite news|title=Survivors question how hajj stampede spiraled out of control|url=http://www.pbs.org/newshour/bb/survivors-question-hajj-stampede-spiraled-control/|accessdate=25 September 2015|publisher=PBS|date=24 September 2015}}</ref>

The 2015 Hajj occurred among such obstacles as regional turmoil, the hottest temperatures in Mecca in 20 years, the [[Middle East respiratory syndrome|MERS]] infection and "all-time high" tensions between [[Shia–Sunni relations|Sunnis and Shias]].<ref>{{cite web|url=http://www.economist.com/blogs/economist-explains/2015/09/economist-explains-14|title=The Economist explains|work=The Economist}}</ref>

== The disaster ==
{| class="wikitable sortable floatright" style="font-size:85%; text-align:right; margin:0 0 1.5em 1.5em;"
|+ '''Nationalities of victims'''
|-
! style="text-align:left; width:120px" | Nationality
! style="text-align:left;" | Deceased
! style="text-align:left;" | Injured
! style="text-align:left;" | Missing
! style="text-align:left;" | <abbr title="Reference">Ref.</abbr>
|-
|style="text-align:left;" |{{Flag|Afghanistan}}
|{{nts|2}}
|{{N/A}}
|{{nts|6}}
|<ref>{{cite web|title=اجساد دو زائر کشته شده افغان در عربستان شناسایی شد|url=http://www.bbc.com/persian/afghanistan/2015/09/150926_zs_afghan_haji_casualties|work=BBC Persian|date=26 September 2015|accessdate=27 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Algeria}}
|{{nts|14}}
|{{nts|7}}
|{{nts|61}}
|<ref name="Algeria Presse Service">{{cite web|title = Algeria: Mina Stampede – Nine Dead, 11 Injured Among Algerian Hajjis|url = http://allafrica.com/stories/201509300727.html |work = Algerie Presse Service|date = 29 September 2015|accessdate = 30 September 2015}}</ref><ref>{{Cite web|title = Bousculade à Mina (Mecque): 62 hadjis algériens toujours portés disparus|url = http://www.huffpostmaghreb.com/2015/10/01/bousculade-hadjis-algeriens-disparus_n_8225380.html|website = Al Huffington Post|accessdate = 2015-10-01}}</ref>{{citation needed|date=October 2015}}
|-
|style="text-align:left;" |{{Flag|Bangladesh}}
|{{nts|41}}
|{{nts|61}}
|{{nts|148}}
|<ref>{{Cite web|title = Death count now 41: foreign ministry|url = http://channelionline.com/news/details/%E0%A6%AE%E0%A6%BF%E0%A6%A8%E0%A6%BE-%E0%A6%A6%E0%A7%81%E0%A6%B0%E0%A7%8D%E0%A6%98%E0%A6%9F%E0%A6%A8%E0%A6%BE%E0%A7%9F-%E0%A6%A8%E0%A6%BF%E0%A6%B9%E0%A6%A4-%E0%A6%AC%E0%A6%BE%E0%A6%82%E0%A6%B2/8942|accessdate = 01 October 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Benin}}
|{{nts|17}}
|{{N/A}}
|{{nts|0}}
|<ref>{{Cite web|title = Bousculade à la Mecque : 17 Béninois décédés et une centaine d’autres portés disparus|url = http://www.lanouvelletribune.info/benin/25633-bousculade-a-la-mecque-17-beninois-morts-et-une-centaine-d-autres-portes-disparus-2|website = www.lanouvelletribune.info|accessdate = 30 September 2015|first = Yao Hervé|last = Kingbêwé}}</ref>
|-
|style="text-align:left;" |{{Flag|Burkina Faso}}
|{{nts|1}}
|{{N/A}}
|{{nts|0}}
|<ref name=Yahoo>{{cite web|title=Foreign toll in Saudi hajj stampede
|url=http://news.yahoo.com/foreign-toll-saudi-hajj-stampede-132057544.html|work=YAHOO! NEWS|date=26 September 2015|accessdate=26 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Burundi}}
|{{nts|1}}
|{{N/A}}
|{{nts|6}}
|<ref>{{Cite web|title = Un pèlerin burundais décédé à la Mecque et six autres portés disparus - Afrique - Actualités - StarAfrica.com|url = http://fr.starafrica.com/actualites/un-pelerin-burundais-decede-a-la-mecque-et-six-autres-portes-disparus.html|website = Starafrica|accessdate = 2015-09-30}}</ref>
|-
|style="text-align:left;" |{{Flag|Cameroon}}
|{{nts|42}}
|{{nts|100}}
|{{nts|55}}
|<ref>{{Cite web|title = Hadj 2015 : 37 Camerounais décédés en Arabie Saoudite {{!}} Actualite au Cameroun et en Afrique|url = http://www.africapresse.com/hadj-2015-37-camerounais-decedes-en-arabie-saoudite/|website = www.africapresse.com|accessdate = 30 September 2015}}</ref><ref>{{Cite web|title = Le bilan s'alourdit : 42 pèlerins camerounais décédés à la Mecque – Camer24|url = https://www.camer24.de/bilan-salourdit-42-pelerins-camerounais-decedes-a-mecque/|accessdate = 2015-10-01}}</ref>
|-
|style="text-align:left;" |{{Flag|Chad}}
|{{nts|11}}
|{{N/A}}
|{{nts|0}}
|<ref>{{Cite web|title = Hadj 2015 : 11 Tchadiens décédés dans la bousculade à Mina|url = http://tchadinfos.com/tchad/hadj-2015-9-tchadiens-decedes-dans-la-bousculade-a-mina/|accessdate = 2015-09-30}}</ref>
|-
|style="text-align:left;" |{{Flag|China}}
|{{nts|4}}
|{{N/A}}
|{{nts|0}}
|<ref>{{Cite web|title = Four Chinese pilgrims confirmed dead in Hajj stampede_World_www.newsgd.com|url = http://www.newsgd.com/news/2015-09/30/content_133904725.htm|website = www.newsgd.com|accessdate = 2015-09-30|last = Will}}</ref>
|-
|style="text-align:left;" |{{Flag|Egypt}}
|{{nts|124}}
|{{nts|16}}
|{{nts|72}}
|<ref>{{Cite web|title = Egyptian fatalities in Mecca stampede rises to 124 - Politics - Egypt - Ahram Online|url = http://english.ahram.org.eg/NewsContent/1/64/151845/Egypt/Politics-/Egyptian-fatalities-in-Mecca-stampede-rises-to-.aspx|website = english.ahram.org.eg|accessdate = 2015-10-01}}</ref>
|-
|style="text-align:left;" |{{Flag|Ethiopia}}
|{{nts|13}}
|{{nts|26}}
|{{nts|0}}
|<ref>{{Cite web|title = Additional 11 Ethiopians Killed by Hajj Stampede|url = http://www.ena.gov.et/en/index.php/social/item/1462-additional-11-ethiopians-killed-by-hajj-stampede|accessdate = 30 September 2015|first = Semere|last = Moges}}</ref>
|-
|style="text-align:left;" |{{Flag|Ghana}}
|{{nts|13}}
|{{N/A}}
|{{nts|21}}
|<ref>{{Cite web|title = Hajj stampede: 21 Ghanaians missing; 13 dead|url = http://www.starrfmonline.com/1.7343236|accessdate = 2015-10-01|first = Mensah|last = Kent}}</ref>
|-
|style="text-align:left;" |{{Flag|India}}
|{{nts|51}}
|{{nts|38}}
|{{nts|63}}
|<ref>{{Cite web|title = Mina Stampede Toll of Indians Goes Up|url = http://m.newindianexpress.com/nation-2/546753|accessdate = 28 September 2015}}</ref><ref>{{Cite web|title = Haj stampede: 63 Indians still missing|url = http://indianexpress.com/article/india/india-news-india/haj-stampede-63-indians-still-missing/|accessdate = 2015-09-30}}</ref><ref>{{Cite web|title = Death Toll of Indians in Haj Stampede Rises to 51 {{!}} Oct 01,2015|url = http://www.outlookindia.com/news/article/death-toll-of-indians-in-haj-stampede-rises-to-51/915284|website = www.outlookindia.com|accessdate = 2015-10-01}}</ref>
|-
|style="text-align:left;" |{{Flag|Indonesia}}
|{{nts|59}}
|{{nts|4}}
|{{nts|74}}
|<ref>{{Cite web|title = 74 Indonesian hajj pilgrims still missing, 59 dead in Mina tragedy|url = http://www.antaranews.com/en/news/100738/74-indonesian-hajj-pilgrims-still-missing-59-dead-in-mina-tragedy|website = www.antaranews.com|accessdate = 2015-10-01}}</ref>
|-
|style="text-align:left;" |{{Flag|Iran}}
|{{nts|464}}
|{{nts|14}}
|{{nts|0}}
|<ref>{{cite web|url=http://www.irna.ir/en/News/81780768/|title=Number of Iranians killed in Hajj tragedy rises to 464
|work=IRNA|accessdate=1 October 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Iraq}}
|{{nts|1}}
|{{N/A}}
|{{nts|0}}
|<ref>{{cite web|url=http://rudaw.net/english/middleeast/iraq/270920151|title=Chief of Baghdad crimes unit died in hajj stampede
|accessdate=1 October 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Ivory Coast}}
|{{nts|14}}
|{{N/A}}
|{{nts|77}}
|<ref name="279Yahoo">{{cite web|agency=Agence France-Presse|publisher=Yahoo! News|date=27 September 2015|accessdate=27 September 2015|title=Foreign toll in Saudi hajj stampede|url=http://news.yahoo.com/foreign-toll-saudi-hajj-stampede-132057544.html}}</ref>
|-
|style="text-align:left;" |{{Flag|Jordan}}
|{{nts|1}}
|{{N/A}}
|{{nts|2}}
|<ref>{{Cite web|title = Awqaf mission remains in Saudi Arabia to look for missing pilgrims {{!}} Jordan Times|url = http://www.jordantimes.com/news/local/awqaf-mission-remains-saudi-arabia-look-missing-pilgrims|website = www.jordantimes.com|accessdate = 30 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Kenya}}
|{{nts|6}}
|{{N/A}}
|{{nts|8}}
|<ref>{{Cite web|title = Death toll of Kenyans in hajj crush rises to six, eight missing – Supkem|url = http://www.the-star.co.ke/news/death-toll-kenyans-hajj-crush-rises-six-eight-missing-supkem|accessdate = 29 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Libya}}
|{{nts|8}}
|{{N/A}}
|{{nts|0}}
|<ref>{{Cite web|title = Le nombre de pèlerins libyens décédés à La Mecque passe de 4 à 8|url = http://afrique360.com/2015/09/29/le-nombre-de-pelerins-libyens-decedes-a-la-mecque-passe-de-4-a-8_147717.html|website = Le site de l'actualité africaine|accessdate = 2015-10-01|first = Par: PANA|last = {{!}}}}</ref>
|-
|style="text-align:left;" |{{Flag|Malaysia}}
|{{nts|1}}
|{{N/A}}
|{{nts|0}}
|<ref>{{Cite web|title = One Malaysian pilgrim killed in Mina stampede|url = http://www.nst.com.my/news/2015/09/one-malaysian-pilgrim-killed-mina-stampede|website = www.nst.com.my|accessdate = 28 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Mali}}
|{{nts|79}}
|{{nts|155}}
|{{nts|129}}
|<ref>{{Cite web|title = Bousculade près de La Mecque: au moins 53 Maliens tués, une centaine disparus (documents officiels)|url = http://maliactu.net/bousculade-pres-de-la-mecque-au-moins-53-maliens-tues-une-centaine-disparus-documents-officiels/|website = Mali Actu|accessdate = 30 September 2015|last = maliactu.net}}</ref><ref>{{Cite web|title = Foreign toll in Saudi hajj stampede {{!}} The Guardian Nigeria|url = http://www.ngrguardiannews.com/2015/09/foreign-toll-in-saudi-hajj-stampede-4/|accessdate = 30 September 2015|first = The Guardian|last = Newspapers}}</ref><ref>{{Cite web|title = Malijet Hadj 2015 à la Mecque : Le désarroi des parents des victimes maliennes de la bousculade de Mina Bamako Mali|url = http://malijet.com/a_la_une_du_mali/137246-hadj_a_la_mecque_le_desarroi_des_parents.html|website = malijet.com|accessdate = 2015-09-30}}</ref>
|-
|style="text-align:left;" |{{Flag|Mauritius}}
|{{N/A}}
|{{N/A}}
|{{nts|5}}
|<ref>{{Cite web|title = Hadj: cinq Mauriciens toujours portés manquants • Defimedia.info|url = http://defimedia.info/hadj-cinq-mauriciens-toujours-portes-manquants-1417/|accessdate = 2015-09-30}}</ref>
|-
|style="text-align:left;" |{{Flag|Morocco}}
|{{nts|19}}
|{{nts|8}}
|{{nts|29}}
|<ref>{{Cite web|title = 10 Moroccan Pilgrims Dead, 8 Wounded, 29 Missing|url = http://www.moroccoworldnews.com/2015/09/169117/mina-stampede-10-moroccan-pilgrims-dead-8-wounded-29-missing//|website = Morocco World News|accessdate = 30 September 2015}}</ref><ref>{{Cite web|title = Drame de Mina: le bilan des pèlerins marocains décédés s’élève à 19|url = http://www.le360.ma/fr/societe/drame-de-mina-le-bilan-des-pelerins-marocains-decedes-seleve-a-19-53001|accessdate = 2015-10-01}}</ref>
|-
|style="text-align:left;" |{{Flag|Myanmar}}
|{{nts|5}}
|{{N/A}}
|{{nts|7}}
|<ref>{{Cite web|title = At least five Myanmar pilgrims killed in Hajj|url = http://www.mmtimes.com/index.php/national-news/16705-at-least-five-myanmar-pilgrims-killed-in-hajj.html|website = www.mmtimes.com|accessdate = 28 September 2015|first = Ei Ei|last = Thu}}</ref>
|-
|style="text-align:left;" |{{Flag|Netherlands}}
|{{nts|1}}
|{{N/A}}
|{{nts|0}}
|<ref name="Guardian">{{cite web|title = Saudi Arabia under pressure to improve safety at Mecca after fatal hajj crush|url = http://www.theguardian.com/world/2015/sep/25/saudi-arabia-hajj-stampede-mecca-safety|work = The Guardian|date = 25 September 2015|accessdate = 25 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Niger}}
|{{nts|22}}
|{{nts|39}}
|{{nts|0}}
|<ref>{{Cite web|title = DRAME DE MINA : Liste nominative des victimes nigériennes identifiées|url = http://www.actuniger.com/societe/10632-drame-de-mina-liste-nominative-des-victimes-nig|accessdate = 30 September 2015|first = Super|last = Utilisateur}}</ref>
|-
|style="text-align:left;" |{{Flag|Nigeria}}
|{{nts|64}}
|{{nts|71}}
|{{nts|244}}
|<ref>{{Cite web|title = Mecca Stampede: Nigeria death toll rises to 64 as NAHCON identifies more bodies – Vanguard News|url = http://www.vanguardngr.com/2015/09/mecca-stampede-nigeria-death-toll-rises-to-64-as-nahcon-identifies-more-bodies/|accessdate = 29 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Oman}}
|{{N/A}}
|{{nts|5}}
|{{nts|1}}
|<ref>{{cite web|title=Omani among Hajj stampede victims|url=http://timesofoman.com/article/68185/Oman/Government/Haj-Stampede:-Injured-pilgrims-from-Oman-stable-in-Saudi-Arabia|work=Times of Oman|date=24 September 2015|accessdate=24 September 2015}}</ref><ref>{{Cite web|title = Omani pilgrim missing after Haj stampede|url = http://gulfnews.com/news/gulf/oman/omani-pilgrim-missing-after-haj-stampede-1.1590158|website = gulfnews.com|accessdate = 27 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Pakistan}}
|{{nts|54}}
|{{nts|12}}
|{{nts|110}}
|<ref>{{Cite web|title = 54 Pakistani pilgrims martyred in Mina tragedy: Sardar Yousaf - 92 News HD|url = https://92newshd.tv/54-pakistani-pilgrims-martyred-in-mina-tragedy-sardar-yousaf/|accessdate = 2015-10-01}}</ref>
|-
|style="text-align:left;" |{{Flag|Philippines}}
|{{nts|1}}
|{{N/A}}
|{{nts|0}}
|<ref>{{cite web|title=Pinoy among dead in hajj stampede|url=http://m.philstar.com/314191/show/2582a6be987e400ae61db5482be3a8c9/?|work=philstar|date=26 September 2015|accessdate=26 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Senegal}}
|{{nts|10}}
|{{nts|2}}
|{{nts|52}}
|<ref>{{Cite web|title = Catastrophe de Mouna : 52 perdus de vue et 7 morts sénégalais – Radiodiffusion Télévision Sénégalaise|url = http://www.rts.sn/articles-de-presse/societe/catastrophe-de-mouna-52-perdus-de-vue-et-7-morts-senegalais.html|website = www.rts.sn|accessdate = 30 September 2015}}</ref><ref>{{Cite web|title = Bousculade de Mina ; Macky Sall décrète 3 jours de deuil national|url = http://www.seneweb.com/news/Societe/bousculade-de-mina-macky-sall-decrete-3-_n_164928.html|accessdate = 2015-10-01}}</ref>
|-
|style="text-align:left;" |{{Flag|Somalia}}
|{{nts|8}}
|{{N/A}}
|{{nts|0}}
|<ref name ="Guardian" />
|-
|style="text-align:left;" |{{Flag|Sri Lanka}}
|{{N/A}}
|{{N/A}}
|{{nts|2}}
|<ref>{{Cite web|title = Two Lankans missing in Hajj stampede {{!}} Daily News Online : Sri Lanka's National News|url = http://www.dailynews.lk/?q=security/two-lankans-missing-hajj-stampede|website = www.dailynews.lk|accessdate = 28 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Sudan}}
|{{nts|9}}
|{{nts|13}}
|{{nts|20}}
|<ref>{{Cite web|title = ‘Nine Sudanese dead in Hajj stampede, 20 still missing’|url = https://www.dabangasudan.org/en/all-news/article/nine-sudanese-dead-in-hajj-stampede-20-still-missing|accessdate = 27 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Tanzania}}
|{{nts|7}}
|{{N/A}}
|{{nts|37}}
|<ref>{{Cite web|title = Hajj death toll now 7 as more names released|url = http://mobile.thecitizen.co.tz/news/Hajj-death-toll-now-7-as-more-names-released/-/2304482/2892718/-/format/xhtml/-/gde4btz/-/index.html|website = mobile.thecitizen.co.tz|accessdate = 2015-10-01}}</ref>
|-
|style="text-align:left;" |{{Flag|Tunisia}}
|{{nts|1}}
|{{N/A}}
|{{nts|0}}
|<ref>{{Cite web|title = Stampede: 54 Nigerians confirmed dead in S’Arabia|url = http://nationalmirroronline.net/new/stampede-54-nigerians-confirmed-dead-in-sarabia/|website = http://nationalmirroronline.net/new/stampede-54-nigerians-confirmed-dead-in-sarabia/|accessdate = 28 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Turkey}}
|{{nts|4}}
|{{N/A}}
|{{nts|5}}
|<ref>{{Cite web|title = 4 Turks among dead in Hajj crush, 5 remain missing|url = http://www.todayszaman.com/latest-news_4-turks-among-dead-in-hajj-crush-5-remain-missing_399924.html|accessdate = 28 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|United Kingdom}}
|{{N/A}}
|{{N/A}}
|{{nts|1}}
|<ref>{{cite web|url=http://www.ibtimes.co.uk/hajj-disaster-foreign-office-urgently-seeking-information-about-100s-missing-britons-1521262|title=Hajj disaster: Foreign Office 'urgently seeking information' about 100s of missing Britons|work=International Business Times UK}}</ref><ref>{{Cite web|title = Wales' Hajj groups all accounted for, Muslim leader says – BBC News|url = http://www.bbc.com/news/uk-wales-34369289|accessdate = 30 September 2015}}</ref><ref>{{Cite web|title = British woman reported missing after hajj stampede in Mina|url = http://www.theguardian.com/uk-news/2015/sep/29/manchester-woman-missing-hajj-stampede-mina|website = the Guardian|accessdate = 30 September 2015|first = Press|last = Association}}</ref>
|-
|style="text-align:left;" |Unknown
|{{N/A}}
|{{nts|369}}
|{{nts|0}}
|
|- class="sortbottom"
!style="text-align:left;" | Total
! 1,170
! 934
! 1,243
! <ref name=itv>{{cite news|title=Saudi cleric: Hajj stampede beyond 'human control'|url=http://www.itv.com/news/update/2015-09-26/hajj-stampede-death-toll-rises-to-769/|accessdate=26 September 2015|work=itv|date=26 September 2015}}</ref><ref>{{cite news|title=Hajj crush: Saudi Arabia issues over 1,000 images suggesting death-toll rise|url=http://www.theguardian.com/world/2015/sep/28/saudi-arabia-1100-photographs-suggest-rise-hajj-death-toll|accessdate=1 October 2015|work=The Guardian|date=1 October 2015}}</ref>
|}

{| class="wikitable sortable floatright" style="font-size:85%; margin:0 0 1.5em 1.5em;"
|+ '''Deceased dignitaries'''
|-
! style="text-align:left; width:120px" | Nationality
! style="text-align:left;" | Name
! style="text-align:left;" | <abbr title="Reference">Ref.</abbr>
|-
|style="text-align:left;" |{{Flag|Nigeria}}
|Tijani El-Miskin Hajiya Bilkisu Yusuf Alhaji Abbas Ibrahim Sambo Justice Abdulkadir Jega Justice Musa Hassan Alkali Engr Bello Gidan Hamma Alhaji Shehu Kontagora
|<ref>{{cite web|title=Prominent Nigerian Citizens Among Hajj Stampede Victims
|url=https://www.naij.com/564851-prominent-nigerian-islamic-professor-first-female-journalist-north-among-dead-hajj-stampede.html|work=NAIJ.com|date=25 September 2015|accessdate=25 September 2015}}</ref><ref name=Nigeria>{{Cite news|title = Hajj tragedy latest: 100 nigerians may have died|url = http://www.maravipost.com/life-and-style/people/9734-hajj-tragedy-latest-100-nigerians-may-have-died.html|date=27 September 2015|accessdate = 27 September 2015|work=maravipost.com}}</ref><ref>{{Cite web|title = Nigeria News. Your Nigerian Online News Source: Nigerianeye.com: Niger Accountant General among those killed in Saudi stampede|url = http://www.nigerianeye.com/2015/09/niger-accountant-general-among-those.html|accessdate = 28 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Pakistan}}
|[[Assad Murtaza Gilani]]
|<ref name=Pak2>{{cite web|title=Ex-PM Gilani’s nephew among 315 missing Pakistani Hajj pilgrims
|url=http://www.samaa.tv/pakistan/2015/09/ex-pm-gilanis-nephew-among-315-missing-pakistani-hajj-pilgrims/|work=Samaa TV|date=25 September 2015|accessdate=26 September 2015}}</ref>
|-
|style="text-align:left;" |{{Flag|Iran}}
|Mohammad Rahim Aghaei Poor [[Ghazanfar Roknabadi]] 
|<ref>[http://www.mehrnews.com/news/2925045/%D8%AF%DB%8C%D9%BE%D9%84%D9%85%D8%A7%D8%AA-%D9%87%D8%A7%DB%8C-%D9%85%D9%81%D9%82%D9%88%D8%AF%DB%8C-%D9%88-%D9%85%D8%AC%D8%B1%D9%88%D8%AD-%D9%88%D8%B2%D8%A7%D8%B1%D8%AA-%D8%AE%D8%A7%D8%B1%D8%AC%D9%87-%D8%AF%D8%B1-%D8%AD%D8%A7%D8%AF%D8%AB%D9%87-%D9%85%D9%86%D8%A7 دیپلمات های مفقودی و مجروح وزارت خارجه در حادثه منا] ''mehrnews.com'' (Persian Language)</ref><ref name="Roknabadi">{{cite web|title=Former Iranian envoy to Lebanon killed in Hajj stampede
|url=http://www.albawaba.com/news/former-iranian-envoy-lebanon-killed-hajj-stampede-749806|work=albawaba NEWS|date=1 October 2015|accessdate=1 October 2015}}</ref>
|}
According to a statement by the Saudi civil defence directorate, the stampede occurred Thursday 24 September 2015 at 09:00 Mecca time (06:00 UTC) at the junction between street 204 and 223 as pilgrims were en route to the [[Jamaraat Bridge]]. The [[Ministry of Interior (Saudi Arabia)|Saudi Interior Ministry]] stated that the stampede was triggered when two large groups of pilgrims intersected from different directions onto the same street.<ref name=bbc1 /> The junction lay between two pilgrim camp sites.<ref name=AJE>{{cite news|title=More than 300 killed in Saudi Hajj stampede|url=http://www.aljazeera.com/news/2015/09/pilgrims-killed-hajj-stampede-mina-mecca-150924082302232.html|accessdate=24 September 2015|work=Al Jazeera|date=24 September 2015}}</ref>
Lebanon-based Arabic-language daily ''[[Ad-Diyar]]'' alleged that the convoy escorting Prince [[Mohammad bin Salman Al Saud]], comprising 200 soldiers and 150 police officers, played a central role in the incident, by making some pilgrims turn around against the flow, which triggered a stampede. The article also stated that Mohammad and his huge entourage swiftly abandoned the scene, adding that the Saudi authorities sought to hush up the entire story and impose a media blackout on reporting Mohammad's presence in the area.<ref>{{cite web|title=al-Diyar: Massacre in the ranks of Mecca pilgrims|url=http://www.addiyar.com/article/1044347-%D9%85%D8%AC%D8%B2%D8%B1%D8%A9-%D9%81%D9%8A-%D8%B5%D9%81%D9%88%D9%81-%D8%AD%D8%AC%D8%A7%D8%AC-%D9%85%D9%83%D8%A9-%D8%A7%D9%84%D9%85%D9%83%D8%B1%D9%85%D8%A9-%D9%88%D8%AD%D9%88%D8%A7%D9%84%D9%89-10000-%D9%82%D8%AA%D9%8A%D9%84-%D9%882000-%D8%AC%D8%B1%D9%8A%D8%AD%D8%AA%D8%B3%D9%88%D9%8A%D8%A9-%D8%B3%D9%8A%D8%A7%D8%B3%D9%8A%D8%A9-%D9%86%D8%A7%D8%AC%D8%AD%D8%A9-%D9%81%D9%8A|accessdate=25 September 2015}}</ref>

[[Asharq Al-Awsat]] reported that the stampede started when a group of 300 Iranian pilgrims started moving in the wrong direction on a one-way street, meeting hundreds of pilgrims coming from the opposite direction.<ref>{{cite web|url=http://www.arabnews.com/news/811961|title=Crush cause: 300 Iranians violated rule|work=arabnews.com|accessdate=1 October 2015}}</ref> Iran, with the highest number of victims, strongly criticized Saudi Arabia for mishandling the annual pilgrimage and threatened to press the case against Saudi rulers in international courts.<ref name="auto3"/>

The Deputy Governor of Nigeria's state of [[Kebbi]], who was present at the incident, confirmed that the deaths happened due to a blockage of the route to Jamaraat Bridge. "What actually happened was that all the pilgrims scheduled to throw Jamrat at that time were channeled to one particular street. At a time we got to a certain point around 8:00am, a military vehicle was set across to create a barrier and then some of the Saudi soldiers were standing by, suggesting that you cannot go beyond that point." "About 5,000 people coming from the same direction were not aware of the road block in front, which resulted to a tight and stationary human traffic, which made it very difficult for us to even stand. So, we continued to squat to make room for fresh air while the temperature was about 47 degrees celsius." "Pilgrims, in efforts to get fresh air, attempted to scale fences of tents on both sides of the road. Very few succeeded, while most people just succumb to the situation. It was at this juncture that we saw dead bodies piling up around us."<ref>{{Cite web|title = Hajj Tragedy: Saudis lied, no stampede, says Nigerian deputy governor|url = http://thenewsnigeria.com.ng/2015/09/hajj-tragedy-saudis-lied-no-stampede-says-nigerian-deputy-governor/|accessdate = 27 September 2015}}</ref>

On 29 September 2015, Iranian Javan Daily News released a report criticizing the Saudi authorities over the secrecy surrounding the details of the disaster. The report went further by claiming that Saudi authorities tried to bury the unidentified bodies of victims. The report also referred to eyewitnesses claims that Saudi soldiers had seized the mobile phones of pilgrims who had used them to record videos of the disaster.<ref>http://javanonline.ir/fa/news/743097/دفن-اسناد-كشتار-4-هزار-و700-حاجي-به-دست-سعودي</ref> In a poll conducted by Javan Daily among Iranian nationals between 27–30 September, 64 percent of respondents said that Menna was " Intentional" , while 28 percent related the incident to the "Mismanagement and Incompetence" of Saudi rulers. Only 8 percent of respondent said that it is simply "an accident".<ref>{{cite web|url=http://javanonline.ir/fa/polls/archive|title=آرشیو نظرسنجی|work=javanonline.ir|accessdate=1 October 2015}}</ref>

[[PressTV]] reported that an Iranian survivor of the 24 September incident in Mina, whose name was not revealed, said only a handful of Saudi soldiers assisted those being trampled in the crush. "When I returned to the disaster point to help, Saudi soldiers prevented me from entering the area. This, as only a handful of Saudi soldiers were helping the victims, while a large number of them were standing by idly and looking," the man told Press TV. A number of other survivors have also shared similar accounts, saying that mismanagement by the Saudi authorities and a poor rescue response complicated the situation.<ref>{{cite news|url=http://www.presstv.ir/Detail/2015/09/28/431050/Saudi-Arabia-Mecca-Mina|title=Saudi soldiers watched pilgrims die: Survivor|date=29 September 2015|accessdate=29 September 2015|publisher=[[PressTV]]}}</ref>

In a press conference held the day of the incident, spokesman of the Ministry of Interior Mansour Al-Turki attempted to address most issues regarding the incident. He said that an investigation was ongoing, that the exact causes for crowding that led to the deadly stampede on Mina Street 204 are yet to be ascertained.<ref name="auto"/> He explained that "Street number 204 is a road leading from the camps to the Jamarat Bridge. What happened was that a group of pilgrims on buses were allowed to descend onto the pathways that lead to the Jamarat Bridge at a time that wasn’t allocated to them," Al Arabiya News Channel’s correspondent in Mina, Saad Al-Matrafi said. "As they neared the area, they converged with an existing group of people who were already in the area, which pushed the area to over capacity."
The spokesman also mentioned that most diplomatic convoys take place in the south of Mina and in underground tunnels, while the incident took place in the north. He added that news regarding the incident should be sought from official sources, pointing out that most controversial news regarding the unfortunate incident are coming from sources at conflict with the Saudi Government.<ref>{{cite web|url=http://english.alarabiya.net/en/News/middle-east/2015/09/24/Hajj-100-dead-and-390-injured-in-Mina-stampede.html |title=Hajj: More than 700 dead in Mina stampede |website=english.alarabiya.net |publisher=Al Arabiya News |last=Naar |first=Ismaeel |date=24 September 2015 |accessdate=27 September 2015}}</ref><ref>{{cite web|url=http://m.skynewsarabia.com/#!/web/article/777164|title=أخبار اليوم – أخبار سكاي نيوز عربية|work=skynewsarabia.com|accessdate=27 September 2015}}</ref><ref>{{cite web|url=http://m.hunaaden.com/news27920.html|title=هنا عدن|work=hunaaden.com|accessdate=27 September 2015}}
{{cite news|title=Hajj stampede caused by Iranian pilgrims "not following instructions": Hajj mission official|url=http://english.aawsat.com/2015/09/article55345221/hajj-stampede-caused-by-iranian-pilgrims-not-following-instructions-hajj-mission-official|accessdate=26 September 2015|publisher=Aawsat|date=26 September 2015}}</ref>

One scientific study explains the causes of such stampedes by using systematic review of computer models. According to this study, crowds are of two types: physical crowds (where people are simply in one place) and [[Crowd psychology|psychological crowds]] (where people in a physical crowd share a common self-definition – a social identity). A group of people at an event may all see themselves and each other as Muslims, Manchester United supporters, or music lovers, for example. This shared identity affects the behaviour of the crowd and is therefore imperative for understanding and predicting the crowd movements, including flow and congestion. Recent research has shown that feelings of group identity may mean psychological crowds are easier for their members to cope with even if they are tightly packed or very slow moving because they feel safe within the group. But when there are several psychological crowds within the same physical space they can inadvertently limit the movement of one another. In a recent (unpublished) study it was found that people in one psychological crowd walk more closely together, walk more slowly and walk further distances to stay together than people who are just in physical crowds. Those outside the psychological crowd did not try to walk through it but instead walked around it.<ref>{{Cite web|title = Here's how to make the Hajj safer – by better understanding crowd psychology|url = http://phys.org/news/2015-09-hajj-safer-crowd-psychology.html|accessdate = 28 September 2015}}</ref>

=== Casualties ===
The Saudi Civil Defence directorate stated that [[casualties]] were of multiple nationalities and announced the deployment of 4,000 personnel to the stampede site alongside 220 emergency response units.<ref name=AJE /> Pilgrims were redirected away from the stampede site.<ref>{{cite news|title=Hajj: At least 717 dead in Mina stampede|url=http://english.alarabiya.net/en/News/middle-east/2015/09/24/Hajj-100-dead-and-390-injured-in-Mina-stampede.html|accessdate=24 September 2015|work=Al Arabiya News}}</ref> The [[Saudi Red Crescent]] was also mobilised and the injured are being treated at four hospitals.<ref name=bbc1 />

Medics at Mina's emergency hospital said they alone received almost 700 people on the day of the incident, suggesting the overall death toll could grow. The eight hospitals around the Hajj landmarks and the six main hospitals in the city of Mecca were operating at full capacity after the stampede, medics said.<ref name="aljazeera.com"/>

Iran's official news agency [[IRNA]] reported that according to Iran's Hajj and Pilgrimage Organisation more than 2,000 people were killed and 2,000 more injured in the stampede.<ref>{{cite web|url=http://www.irna.ir/en/News/81776427/|title=Mina tragedy needs impartial probe|work=irna.ir}}</ref><ref>{{cite web|url=http://isna.ir/en/news/94070603375/Iran-will-take-legal-action-over-Mina-crush|title=ایسنا – Iran will take legal action over Mina crush: Zarif|work=isna.ir}}</ref> Also on 29 September 2015 Fars News referring to Iran's Hajj and Pilgrimage Organisation estimated that there were 2,700 people killed.<ref name=Samaa>{{Cite web|title = Saudi confirmed death of 1100 Hajj pilgrims: Pakistan {{!}} SAMAA TV|url = http://www.samaa.tv/pakistan/2015/09/saudi-confirmed-death-of-1100-hajj-pilgrims-pakistan/|accessdate = 28 September 2015}}</ref><ref>{{cite web|url=http://www.farsnews.com/newstext.php?nn=13940707000145|title=به‌روزرسانی می‌شود/ ششمین روز حادثه منا|work=farsnews.com}}</ref><ref>{{cite news|title=External Affairs Minister Sushma Swaraj puts Hajj stampede death toll at 1090|url=http://www.dnaindia.com/india/report-external-affairs-minister-sushma-swaraj-puts-hajj-stampede-death-toll-at-1090-2129299|accessdate=27 September 2015|publisher=DNA India|date=27 September 2015}}</ref>
Later reports by Iranian sources put the death toll at over 4,000. [[PressTV]] recently reported that the Saudi government confirms the death toll in the tragedy has reached 4,173.<ref>{{cite news|title=
Hajj tragedy death toll crosses 4,000|url=http://www.presstv.ir/Detail/2015/09/29/431233/Saudi-Hajj-Mecca-Mina-|publisher=[[PressTV]]|date=29 September 2015}}</ref><ref>{{cite news|url=http://www.irna.ir/en/News/81778510/|title=Iran death toll at Mina hits 239|publisher=[[Islamic Republic News Agency|IRNA]]|date=29 September 2015}}</ref>
[[File:Nationalities of victims of 2015 Mina stampede.png|750px|thumbnail|center| Nationalities of victims of 2015 Mina stampede including deceased, injured and missing.]]
[[File:Islam percent population in each nation World Map Muslim data by Pew Research.svg|700px|thumbnail|center| Map shows the [[Islam by country|% Muslim population in each nation, worldwide]].]]

===Deceased===
*'''[[Ghazanfar Roknabadi]]''', an Iranian diplomat, who served as Iranian ambassador to Lebanon from 2010 to 2014, attended the Hajj in 2015. He is believed to be dead in the disaster.<ref name="Roknabadi"/> Iranian Foreign Ministry Spokeswoman Marzieh Afkham on 28 September 2015 referring to Saudi media reports that say have no official record on the entry of Ghazanfar Asl Roknabadi to the kingdom, described the reports as "incorrect" and "hasty", saying the ministry has documents showing that Riyadh had approved an ordinary Hajj visa for the dead diplomat.<ref>{{cite web|url=http://www.presstv.ir/Detail/2015/09/28/431100/Afkham-Saudi-Roknabadi-diplomat|title=PressTV-Iran rejects claims on missing diplomat|work=presstv.ir}}</ref> Iranian media also release footage on 29 September, showing Roknabadi's presence in Mina.<ref>{{cite web|url=http://tnews.ir/videos/DFE949054943.html|title=حضور "رکن آبادی" در عرفات ۹۴+فیلم|work=tnews.ir|accessdate=29 September 2015}}</ref> The passport that shows his entrance into Saudi Arabia was also released by Iranian media.<ref>{{cite web|url=http://www.iribnews.ir/NewsBody.aspx?ID=96008|title=خبرگزاری صداوسیما – IRIB News|work=iribnews.ir|accessdate=29 September 2015}}</ref>

===Missing===
*'''Mufti Mohammed Farooq''', a prominent Indian Islamic scholar who was to perform Hajj, has been missing since the stampede. Farooq, a senior religious scholar, is a prolific writer and has authored over 50 books on a range of subjects, including Hadith and Fiqh, in Urdu and Hindi, reports said. He is the founder and principal of Jamia Mahmoodia in Meerut which has been running for over 25 years and has over 700 students.<ref>{{cite web|url=http://www.thequint.com/hot-wire/2015/09/30/prominent-indian-scholar-missing-after-deadly-hajj-stampede|title=Prominent Indian Scholar Missing After Deadly Hajj Stampede}}</ref>
*'''Hon. Adeola Maurufudeen Adefolabi''', from Lagos, Nigeria, is missing since the stampede. He is one term honourable member representing Ifako Ijaiye in the lower chamber of the National Assembly and former chairman of Ifako Ijaiye and Ojokoro Local Government Areas. As per report, he was last communicated before the stampede and all efforts made by family, friends and fellow pilgrims to locate the grass root political titan has proved abortive.<ref>{{cite web|url=http://www.nairanaijanews.com/2015/09/hajj-stampede-hon-adefolabi-still.html|title=Hajj Stampede: Hon. Adefolabi Still Missing}}</ref>

== Eyewitness accounts==

Several eyewitnesses claimed that the closure of Street 206 was the main reason behind the stampede.<ref>{{Cite web|title = Closure of Street 206 blamed for the tragedy {{!}} Saudi Gazette|url = http://www.saudigazette.com.sa/mobile/index.cfm?method=sphome.spcon&contentid=20150926257782|website = www.saudigazette.com.sa|accessdate = 26 September 2015}}</ref>

== Reactions ==

=== Governments ===
;{{flag|Saudi Arabia}}
:*The governor of the [[Makkah Region]] and head of the Central Hajj Committee [[Khalid bin Faisal Al Saud|Prince Khaled al-Faisal]] blamed the stampede on "some pilgrims from African nationalities."<ref name="AJE" /> The Saudi health minister [[Khalid A. Al-Falih]] stated that the stampede occurred due to pilgrims failing to follow official directions, adding that timetables established by authorities were ignored.<ref name="bbc1" /> However, witnesses dispute this, according to the ''[[The Guardian|Guardian]]''.<ref>{{cite web|author=Agence France-Presse |url=http://www.theguardian.com/world/2015/sep/25/hajj-stampede-witnesses-blame-saudi-officials-and-police-as-king-salman-orders-review |title=Hajj stampede: witnesses blame Saudi officials and police as King Salman orders review |work=The Guardian |date=25 September 2015 |accessdate=25 September 2015}}</ref>
:*[[King Salman]] removed three high-level officials from their posts following the stampede.<ref>{{Cite web |title=MIDEAST – Three Saudi officials removed from posts over hajj disaster |url=http://www.hurriyetdailynews.com/three-saudi-officials-removed-from-posts-over-hajj-disaster.aspx?pageID=238&nid=89054 |accessdate=27 September 2015}}</ref>
;{{flag|Iran}}
:*[[Ali Khamenei]], Supreme leader of Islamic Republic of Iran, declared three days of [[National day of mourning|national mourning]] in Iran. "The Saudi government is obligated to shoulder its heavy responsibility in this bitter incident and meet its obligations in compliance with the rule of righteousness and fairness. Mismanagement and improper measures that were behind this tragedy should not be overlooked," Khamenei said.<ref>{{cite news|title=Iran declares 3-day national mourning over Mecca deaths|url=http://www.presstv.ir/Detail/2015/09/24/430577/Iran-Khamenei-Mecca-Hajj-Saudi|publisher=[[Press TV]]|date=24 September 2015}}</ref> He further said "Saudi Arabia is incapable of organising the pilgrimage. The running of the Hajj must be handed over to Islamic states.<ref>{{cite news|title=Saudi authorities blamed after Hajj stampede kills 717; Iran holds protest over deaths|url=http://www.abc.net.au/news/2015-09-25/saudi-blamed-after-hajj-stampede-kills-717/6806660|accessdate=25 September 2015|publisher=ABC News|date=25 September 2015}}</ref>
:* [[Hassan Rouhani]], the President of Iran, in his address to [[Seventieth session of the United Nations General Assembly|the seventieth UN General Assembly]] said the feelings of millions of Muslims being hurt by the incident amounts to spiritual loss which cannot be compensated for simply by material means. "The public opinion demands that Saudi authorities discharge, without delay, their international responsibility in providing immediate consular access for the quick identification and returning of the bodies [of the deceased]," said the Iranian president. He further added that "It is also required that the necessary conditions be provided for [conducting] an independent and precise inquiry into the causes of the [Mina] disaster and [working out] methods for preventing a repeat of that in the future."<ref>{{cite news |title=Mina tragedy caused by Riyadh's incompetence: Rouhani |url=http://www.presstv.ir/Detail/2015/09/28/431129/Hassan-Rouhani-General-Assembly-JCPOA |publisher=[[PressTV]] |date=28 September 2015 |accessdate=29 September 2015}}</ref>
:*[[Ministry of Foreign Affairs (Iran)|Iranian Foreign Ministry]] summoned Saudi Arabia’s chargé d'affaires,<ref>{{cite web|url=http://en.alalam.ir/news/1742127|title=Iran’s Foreign Ministry Summons Saudi Charge d’Affaires over Mina Stampede|work=alalam.ir}}</ref> and dispatched a high-ranking delegation from the Foreign Ministry and the [[Iranian Red Crescent]], headed by [[Hassan Qashqavi]], to investigate the situation.<ref>{{cite web|url=http://en.trend.az/iran/politics/2437028.html|title=Iran Foreign Ministry dispatches special envoy to Mecca on stampede|date=25 September 2015|work=Trend}}</ref> [[Amir Abdollahian]], Deputy of Foreign Affairs Minister, accused Saudi officials of tactlessness over the lack of safety measures at the Hajj<ref>{{cite news|title=Iran slams Saudi Arabia over Hajj stampede|url=http://www.aljazeera.com/news/2015/09/iran-slams-saudi-arabia-hajj-stampede-150924140959859.html|accessdate=27 September 2015|publisher=[[Aljazeera.com|Al Jazeera]]|date=25 September 2015}}</ref> and said "We can in no way be indifferent to this irresponsible behaviour of Saudi Arabia. This will be dealt with through diplomatic channels."<ref name="tribune.com.pk" />
:*The head of Iran’s Hajj organisation, Said Ohadi, accused Saudi Arabia of safety errors that caused the accident saying that "Today’s incident shows mismanagement and lack of serious attention to the safety of pilgrims. There is no other explanation. The Saudi officials should be held accountable."<ref name="tribune.com.pk">{{cite news|title=Iran accuses Saudi of Hajj safety errors after stampede|url=http://tribune.com.pk/story/962728/iran-accuses-saudi-of-hajj-safety-errors-after-stampede/|accessdate=24 September 2015|newspaper=The Express Tribune|date=24 September 2015}}</ref>
:*Khamenei’s representative on Hajj affairs, Seyed Ali Ghaziaskar, said: "Saudi officials do not let our medical team and doctors to reach the affected areas and hospitals to help."<ref>{{cite news|first1=Saeed Kamali|last1=Dehghan|first2=Ian|last2=Black|url=http://www.theguardian.com/world/2015/sep/25/iran-blames-saudi-mismanagement-for-deadly-hajj-crush-stampede |title=Iran blames Saudi mismanagement for deadly hajj crush |work=The Guardian |date=25 September 2015 |accessdate=25 September 2015}}</ref>
:*Thousands of people marched in [[Tehran]] to protest at Saudi Arabia’s handling of the hajj pilgrimage. The Iranian demonstrators carried black banners and chanted "death to [[Al Saud]]" ({{lang|fa|مرگ بر آل سعود}}), the ruling royal family of Saudi Arabia.<ref name ="Guardian" />
:*Iran also vowed to take international legal action against Saudi Arabia’s rulers over the stampede. Iran’s State Prosecutor Ebrahim Raisi said "Under international law, this incident is absolutely subject to prosecution. The Al-Saud must be responsive. They have to know that we will pursue the trial of Al-Saud for the crime they have committed against the hajj pilgrims through international courts and organizations."<ref>{{cite news|title=Iran vows legal action against Saudi after hajj disaster|url=http://news.yahoo.com/india-raises-death-toll-citizens-hajj-stampede-18-091148963.html|first=Ali Akbar|last=Dareini|accessdate=26 September 2015|publisher=[[Yahoo.com|Yahoo News]]|agency=Associated Press|date=26 September 2015}}</ref>
;{{flag|Turkey}}
:[[Mehmet Gormez]], the head of [[Presidency of Religious Affairs]] blamed serious management issues at Mecca,<ref>{{cite news|title=Critics question Saudi safety focus after hajj tragedy|url=http://www.samaa.tv/social-buzz/2015/09/critics-question-saudi-safety-focus-after-hajj-tragedy/|accessdate=25 September 2015|publisher=Samaa TV|date=25 September 2015}}</ref> saying, "There was serious negligence by authorities in directing the crowd."<ref>{{cite news|title=At least 753 dead, 887 injured in stampede at Mina during Hajj pilgrimage in Saudi Arabia|url=http://www.dailysabah.com/mideast/2015/09/24/at-least-753-dead-887-injured-in-stampede-at-mina-during-hajj-pilgrimage-in-saudi-arabia|accessdate=25 September 2015|newspaper=Daily Sabah|date=25 September 2015}}</ref> [[Justice and Development Party (Turkey)|AKP]] Deputy Chair [[Mehmet Ali Şahin]] also criticised the Saudi organisation, and has claimed that Turkey could do a better job than Saudi Arabia at organising the Hajj pilgrimage, calling for Turkey to be entrusted with its management.<ref>{{cite news|title=AKP deputy chair slams Saudis over Hajj tragedy, Erdoğan disapproves criticism|url=http://www.hurriyetdailynews.com/akp-deputy-chair-slams-saudis-over-hajj-tragedy-erdogan-disapproves-criticism.aspx?pageID=238&nID=89002&NewsCatID=510|accessdate=26 September 2015|newspaper=Hürriyet Daily News|date=25 September 2015}}</ref> However, Turkish President, [[Recep Tayyip Erdogan]] defended the Saudi government saying, "I do not sympathise with the hostile statements against Saudi Arabia."<ref>{{cite news|title=Turkey’s Erdogan defends Saudis after Mecca tragedy|url=http://news.yahoo.com/turkeys-erdogan-defends-saudis-mecca-tragedy-144224926.html|accessdate=25 September 2015|publisher=Yahoo News|date=25 September 2015}}</ref> He asserted, "It is not right to have the approach of putting the blame on Saudi Arabia. On the contrary, during the Hajj and Umrah I participated in, I came to observe closely the level of sensibility in the organization work conducted there. Therefore I cannot say ‘the organization is wrong’."<ref>{{cite news|title=Turkish President Erdoğan defends Saudi organization of Hajj|url=http://www.hurriyetdailynews.com/turkish-president-erdogan-defends-saudi-organization-of-hajj--.aspx?pageID=238&nid=89001|accessdate=25 September 2015|newspaper=Hürriyet Daily News|date=25 September 2015}}</ref>
;{{Flag|Lebanon}}
:[[Hassan Nasrallah]], the Secretary General of [[Hezbullah]] said that the Saudi regime holds the full responsibility for the Mina incident as it was the sole manager of the pilgrimage and it has always refused to share this responsibility with anyone else. He stressed that blaming the pilgrims for this tragedy was a simplification of things, and that the consequent accidents in the pilgrimage that take place every year indicate that there is a major problem in Saudi’s management.<ref>{{cite news|url=http://www.almanar.com.lb/english/adetails.php?fromval=1&cid=23&frid=23&eid=232033|title= Sayyed Nasrallah: Global War on Syria Failed, Aoun for Presidency|date=25 September 2015|publisher=Am-Manar}}</ref> He further said Saudi Arabia should allow Muslim countries to help the kingdom run the Hajj pilgrimage rituals, emphasising the need for the formation of a Muslim committee to "supervise the management" of the annual Islamic event. He also added that a group of Muslim countries should be formed to probe the fatal stampede during Hajj rites.<ref>{{cite news|url=http://www.presstv.ir/Detail/2015/09/25/430725/Saudi-Arabia-Hajj-Mina-Mecca-stampede-|title=Committee of Muslim states must oversee Hajj: Nasrallah|date=25 September 2015|publisher=PressTV}}</ref>
;{{Flag|Nigeria}}
:*Nigerian government has dismissed remarks by the Saudi health minister blaming pilgrims for "not following instructions."<ref>{{cite news|title=Hajj stampede: Saudis face growing criticism over deaths|url=http://www.bbc.com/news/world-middle-east-34357383|accessdate=25 September 2015|publisher=BBC News|date=25 September 2015}}</ref>
:*Abdullahi Mukhtar, the Chairman of National Hajj Commission of Nigeria said, "It was not fair for anyone to blame Africans participating at the pilgrimage for the fatal incident" and called on the Saudi authority to include Nigeria in a government investigation into the incident.<ref>{{cite news|title=Hajj Stampede: Nigeria wants to be part of Saudi probe|url=http://www.premiumtimesng.com/news/top-news/190588-hajj-stampede-nigeria-wants-to-be-part-of-saudi-probe.html|accessdate=25 September 2015|newspaper=Premium Times|date=25 September 2015}}</ref>
:*The Sultan of Sokoto, Alhaji Sa’ad Abubakar III, urged Saudi authorities to henceforth provide improved safety measures during the annual pilgrimage to Mecca.<ref>{{Cite news|title = Hajj Disaster: Sultan wants Saudi to improve safety during Hajj|url = http://www.ngrguardiannews.com/2015/09/hajj-disaster-sultan-wants-saudi-to-improve-safety-during-hajj/|date=26 September 2015|accessdate = 26 September 2015|newspaper=The Guardian Nigeria}}</ref>
:*Members of the House of Representatives condemned stampede in Mecca during which several lives were lost. The House also demanded for the immediate take-over of the investigation of the incident by international investigators since there were still conflicting reports as to the cause of the incident. It stated that this became necessary in order to prevent future occurrence. During the tragedy, 54 Nigerians lost their lives. One member of the House, Honourable Igbokwue, pointed out that if nothing concrete was done to establish the cause of the stampede, it would definitely happen again.<ref>{{Cite news|title = House of Reps resumes, condemns hajj stampede tragedy|url = http://tribuneonlineng.com/house-reps-resumes-condemns-hajj-stampede-tragedy|date=29 September 2015|accessdate = 29 September 2015}}</ref>
;{{flag|Syria}}
:State-controlled news agency [[Syrian Arab News Agency]] said, "The stampede raised questions about the Saudi government’s attention to pilgrims’ safety despite billions of dollars that Saudi authorities claim to spend to improve Hajj."<ref>{{cite news|title=Iran Criticizes Saudis Over Hajj Disaster|url=http://www.wsj.com/articles/iran-attacks-saudis-over-hajj-disaster-1443183376|accessdate=25 September 2015|publisher=WSJ|date=25 September 2015}}</ref>
;{{flag|Indonesia}}
:*Indonesian officials criticized Saudi Arabia's response to the hajj disaster in Mina, saying authorities in the kingdom prevented their diplomats from seeing initial data and blocked their immediate access to the dead.<ref name="auto1">{{Cite web|title = Indonesia criticizes Saudi Arabia for hajj disaster response|url = http://www.theet.com/web_exclusive/headlines/indonesia-criticizes-saudi-arabia-for-hajj-disaster-response/article_f5a5b6ac-b4f8-5fe7-b835-c4422978587d.html|accessdate = 29 September 2015}}</ref>
:*Indonesia officially offered assistance to help Saudi Arabia in identifying bodies of hundreds of hajj pilgrims killed in Thursday's stampede during the conduction of a hajj procession in Mina, a statement released by Indonesian Foreign Affairs Ministry.<ref>{{cite news|title=Indonesia offers body identification assistance to Saudi Arabia|url=http://news.xinhuanet.com/english/2015-09/29/c_134672383.htm|accessdate=29 September 2015}}</ref>

=== Analysts ===
*Irfan al-Alawi, the executive director of the Islamic Heritage Research Foundation, said that "the disaster was a result of poor management by the government, given the number of past disasters."<ref name=nytimes />
*[[Madawi al-Rasheed]], a Saudi-Arabian anthropologist and visiting professor at the London School of Economics, said: "There is no accountability. It’s shocking that almost every year there is some kind of death toll. The renovation and expansion are done under the pretext of creating more space for Muslim pilgrims, but it masks land grabs and vast amounts of money being made by the princes and by other Saudis. Officials in the kingdom had avoided responsibility in part by citing the Islamic doctrine that anyone who dies during the pilgrimage goes to heaven."<ref name=nytimes>{{cite news|title=Stampede Near Mecca During Hajj Leaves Over 700 Dead|url=http://www.nytimes.com/2015/09/25/world/middleeast/mecca-stampede.html?hp&action=click&pgtype=Homepage&module=first-column-region&region=top-news&WT.nav=top-news&_r=0|accessdate=24 September 2015|work=The New York Times|date=24 September 2015}}</ref>
*[[Ali al-Ahmed]], a Saudi analyst and current director of the Washington D.C. based Institute for Gulf Affairs [[think tank]] blamed the Saudi government’s "mismanagement" of the Hajj, saying that "the Ministry of Interior’s use of soldiers who have no clue or expertise in managing crowds was the real cause of stampedes. This really has to do with the failure of the Saudi government in organizing this Hajj, and they need to get help from around the world."<ref>{{cite news|title=More than 700 dead in Hajj stampede, Saudi Arabia authorities say|url=http://america.aljazeera.com/articles/2015/9/24/hundreds-killed-hajj-stampede.html|accessdate=24 September 2015|publisher=Al Jazeera|date=24 September 2015}}</ref>
*[[Saeed al-Shehabi]], a London-based political activist in an interview with Iranian-based television [[Press TV]] said that, "In Saudi Arabia; it is good the Saudis are good at war, are good at financing terrorism and extremism, they are [[Saudi Arabian-led intervention in Yemen|bombing Yemen days and nights]], yet they cannot manage this annual festival where Muslims are expected to exercise their worship in peace and in harmony and also to discuss their own lively matters that concern Muslims."<ref>{{cite news|title=Muslim nations should set up Hajj management team: Analyst|url=http://www.presstv.ir/Detail/2015/09/24/430557/Saeed-Shahabi-Hajj-Saudi-Arabia-Mecca-|accessdate=24 September 2015|publisher=Press TV|date=24 September 2015}}</ref>
*[[Salman al-Ouda]], a Saudi cleric said that "Riyadh regime should be held accountable for the crush, adding that Saudi rulers cannot evade their responsibility by labeling the tragedy as an act of God." He called on media outlets to cover the incident with full transparency.<ref>{{cite news|title=Riyadh must not evade responsibility for Hajj tragedy: Saudi cleric|url=http://www.presstv.ir/Detail/2015/09/27/430922/Saudi-Arabia-alOuda--Mina-Crush-AbdulAziz-ibn-Abdullah-ashSheikh-Mohammad-bin-Nayef|accessdate=27 September 2015|publisher=Press TV|date=27 September 2015}}</ref>
* Grand Mufti Sheikh [[Abdul Aziz al-Sheikh]], Saudi Arabia's top religious leader told Saudi Arabia's crown prince: "You are not responsible for what happened. As for the things that humans cannot control, you are not blamed for them. Fate and destiny are inevitable," the sheikh told the prince, who is also minister of interior.<ref>{{cite web|url=http://www.aljazeera.com/news/2015/09/saudi-grand-mufti-hajj-stampede-human-control-150926080554917.html|title=Saudi Mufti: Hajj stampede beyond human control|work=aljazeera.com}}</ref>
* [[Yasmin Alibhai-Brown]], a Ugandan British author and journalist, seized upon the incident to blast Saudi Arabia for its human rights violations and funding violent [[Wahhabism]] in the world. She criticized the Saudi government for blaming the victims in the incident and added "Mecca was once a place of simplicity and spirituality. Today the avaricious Saudis have bulldozed historical sites and turned it into the Las Vegas of Islam – with hotels, skyscrapers and malls to spend, spend, spend. The poor can no longer afford to go there. Numbers should be controlled to ensure safety – but that would be ruinous for profits." She also added that Western leaders are not willing to confront Saudi Arabia because of oil and profits made by arm sales.<ref>{{cite news|title=The evil empire of Saudi Arabia is the West’s real enemy|url=http://www.independent.co.uk/voices/the-evil-empire-of-saudi-arabia-is-the-west-s-real-enemy-a6669531.html|publisher=[[The Independent]]|date=27 September 2015|first=Yasmin|last=Alibhai-Brown|accessdate=29 September 2015}}</ref>
* One of the grandsons of the Saudi Arabia's founder, Abdul Aziz Ibn Saud, citing unrest among the royal family, plummeting oil prices and criticism of Saudi’s management of Makkah days after a stampede during Hajj claimed 1,100 lives, said there was a need for a change in leadership. The prince explained a double tragedy in Makkah – the collapse of a crane that killed more than 100, followed by a stampede last week that killed 1,100 – has raised questions not just about social issues, but also about royal stewardship of the holiest site in Islam. "The public are also pushing this very hard, all kinds of people, tribal leaders," the prince added. "They say you have to do this or the country will go to disaster."<ref>{{Cite web|title = Saudi royal calls for regime change in Riyadh – The Express Tribune|url = http://tribune.com.pk/story/964276/saudi-royal-calls-for-regime-change-in-riyadh/|accessdate = 29 September 2015}}</ref>
* Dr. Abbass Schumann, the Undersecretary of Al-Azhar, Egypt, said that allegations of negligence concerning Saudi’s administration and handling of the hajj are "unacceptable". Schumann called for patience pending the conclusion of the investigation by Saudi Arabia, and cautioned against rushing to judgment.<ref>{{Cite web|title = Al-Azhar defends Saudi after Mena stampede, says allegations of negligence ‘unnacceptable’|url = http://www.thecairopost.com/news/169298/news/al-azhar-defends-saudi-after-mena-stampede-says-allegations-of-negligence-unnacceptable|accessdate = 29 September 2015}}</ref>
* [[Vijay Prashad]], Northampton-based journalist and historian, said that survivors told journalists that Saudi's response to the tragedy was "too little, too late," stressing that Saudi rescuers arrived almost two hours after the incident. ...much of Mecca, like Saudi Arabia in general, is designed for the VIP and the VVIP. Embarrassingly, Riyadh provides little if any care to ordinary people and it is not the first time that Saudi Arabia has demonstrated disdain for the lives of Muslims. Instead of pouring money into the war, Riyadh should use its wealth to make the Hajj safe not only for the VIPs, but for millions of ordinary Muslims.<ref>{{Cite web|title = VIP Hajj: Saudis Accommodate the Rich, Turn Blind Eye to the Poor|url = http://sputniknews.com/analysis/20150929/1027737724/saudi-arabia-accomodates-rich.html|website = sputniknews.com|accessdate = 29 September 2015|last = Sputnik}}</ref>
* Citing the rumors about the block, Basma Attasi, the reporter from Aljazeera who was present in the ritual, explained "For those who know the area where the stampede occurred, this report seems far from reality. The relatively humble area is far from the entrance to Mina and houses ordinary pilgrims arriving from outside of Saudi Arabia. Important personalities stay in areas close to the entrance and their convoys are assigned separate tunnels and roads to facilitate their movement."<ref name="aljazeera.com">{{cite web|url=http://www.aljazeera.com/blogs/middleeast/2015/09/human-cost-hajj-stampede-150926133507886.html|title=The human cost of the Hajj stampede|work=aljazeera.com}}</ref>
* Keith Still, Professor of Crowd Science at Manchester Metropolitan University in Britain who helped redesign the Jamarat after a disaster in 2004, said there was criticism at the time that the upgrades at the Jamarat had not been extended to other areas. "For complex systems that flow in and out, if you make one change along the way it can have knock-on and ripple effects elsewhere," said Still. "Change any one part of system with 3 million people, and there's a danger of an accident like this."<ref>{{Cite web|title = After Billions Spent on Hajj Safety, Saudis Lost Control of Deadly Crowd {{!}} Jakarta Globe|url = http://jakartaglobe.beritasatu.com/international/billions-spent-hajj-safety-saudis-lost-control-deadly-crowd/|accessdate = 30 September 2015}}</ref>

== See also ==
*[[1987 Mecca incident]]
*[[Incidents during the Hajj]]
*[[List of accidents and disasters by death toll#Stampedes and panics|List of deadliest stampedes and panics]]

{{Portal bar|2010s|Disasters|Saudi Arabia}}

== References ==
{{Reflist|30em}}

== External links ==
{{Wikinews|Mecca stampede kills hundreds}}
{{Commons category|Hajj stampede}}
*{{cite tweet |user= KSA_998 |number= 646964173960687616 |language= ar |date= 24 September 2015 |title= Sorting operations are still continuing |author= Saudi Civil Defense Directorate }}
*{{cite web |url= http://www.al-monitor.com/pulse/originals/2015/09/saudi-arabia-claims-can-protect-holy-sites.html |title= Is Saudi Arabia up to the task of protecting the 'House of God'? |publisher= [[Al-Monitor]] |first= Fahad |last= Nazer |date= 16 September 2015 }}

{{Human stampedes}}
{{Saudi Arabia topics}}

[[Category:2015 in Islam|Hajj Stampede]]
[[Category:2015 in Saudi Arabia]]
[[Category:21st century in Mecca]]
[[Category:Disasters in places of worship]]
[[Category:Filmed accidental deaths]]
[[Category:Human stampedes in 2015]]
[[Category:Human stampedes in Saudi Arabia]]
[[Category:Incidents during the Hajj]]

South American dreadnought race

2015-09-10T17:42:35Z

190.41.129.105:

{{Use dmy dates|date=May 2012}}
[[File:Brazilian battleship Minas Geraes firing a broadside.jpg|thumb|right|upright=2|The gun trials of the Brazilian [[dreadnought]] {{ship|Brazilian battleship|Minas Geraes||2}}, the ship that began the dreadnought race.{{efn-ua|"Minas Geraes" was the spelling when the battleship was [[ship commissioning|commissioned]], but later changes to [[Portuguese orthography]] deprecated it in favor of "Minas Gerais." Primary sources, being before the orthographical change, obviously use the former, but there is no consensus spelling in secondary sources. This article uses "Geraes."}} Here, all guns capable of training to the port side were fired, forming what was at that time the heaviest [[broadside]] ever fired off a warship.<ref group="upper-roman" name="SciAm">Reprinted from "The Brazilian Battleship," ''Scientific American'', 240.</ref>]]
{{South American dreadnought race}}
A naval [[arms race]] among [[Argentina]], [[Brazil]] and [[Chile]]—the most powerful and wealthy countries in [[South America]] at the time—began in the early twentieth century when the Brazilian government ordered three "[[dreadnought]]s", formidable [[battleship]]s whose capabilities far outstripped older vessels in the world's navies.

In 1904, the Brazilian Navy found itself well behind the Argentine and Chilean navies in quality and total tonnage; few ships had been ordered since the fall of the Brazilian emperor [[Pedro II of Brazil|Pedro II]] in 1889 and subsequent naval rebellions [[Revolta da Armada|in 1891 and 1893–94]], while its continental rivals Argentina and Chile had just concluded a [[Argentine–Chilean naval arms race|fifteen-year naval arms race]] which filled their navies with modern warships. Rising demand for coffee and rubber brought the Brazilian government a large increase in revenue, and they voted to devote some of the proceeds to address this naval imbalance. They believed that building a strong navy would play an essential role in their goal of making the country an international power.

The Brazilian government ordered three small battleships from the British company [[Armstrong Whitworth]] in late 1905, but the appearance of the revolutionary British warship {{HMS|Dreadnought|1906|6}} in 1906 quickly scrapped these plans.{{efn-ua|''cf.'' [[Pre-dreadnought battleship#Obsolescence|"Obsolescence"]] in [[Pre-dreadnought battleship]].}} Instead, the Brazilians ordered three {{sclass-|Minas Geraes|battleship|0}} dreadnoughts—a warship type which quickly became a measure of international prestige, similar to nuclear weapons today. This action focused the world's attention on the newly ascendant country: newspapers and politicians in the great powers fretted that Brazil would sell the ships to a belligerent nation, while the Argentine and Chilean governments immediately canceled their naval-limiting pact and ordered two dreadnoughts each (the {{sclass-|Rivadavia|battleship|5}} and {{sclass-|Almirante Latorre|battleship|4}}es, respectively).

Meanwhile, Brazil's third dreadnought faced a good deal of political opposition due to an economic downturn and the [[Revolt of the Lash]], in which the crews of both of their brand-new battleships mutinied and threatened to fire on Rio de Janeiro if their demands were not met. Despite these pressures, Armstrong successfully held the Brazilians to their contractual obligations. Construction on the new ship, preliminarily named [[Brazilian battleship Rio de Janeiro (1913)|''Rio de Janeiro'']], was halted several times due to repeated design changes. Brazil's coffee and rubber booms collapsed soon after. Concerned that their ship would be outclassed by larger [[super-dreadnought]]s, they sold the incomplete vessel to the [[Ottoman Empire]] in December 1913.

The [[First World War]] marked the end of the naval arms race, as the South American countries found themselves unable to purchase additional warships. The Brazilian government ordered a new battleship, [[#Riachuelo|''Riachuelo'']], in May 1914, but the conflict effectively canceled the ship. The British purchased the two Chilean battleships before they were completed; one was sold back to Chile in 1920. Argentina's two dreadnoughts, having been built in the neutral United States, escaped this fate and were commissioned in 1914–15. Although several South American [[#Aftermath: post-war expansions|post-war naval expansion plans]] called for dreadnoughts, no additional units were constructed.

== Background: naval rivalry, revolts, and export crops ==

=== Argentine–Chilean arms race ===
{{main|Argentine–Chilean naval arms race}}
{| class="wikitable plainrowheaders" align="right" style="text-align: center; width:36%; font-size:80%; border:1px solid darkgray; margin-left:2em;" border="1"
|+<big>Major Argentine and Chilean warship purchases and orders, 1887–1902</big>
|-
!scope="row" style="width:12%;"| <div style="text-align:center;">'''Year'''</div>
!scope="row" style="width:31%;"| <div style="text-align:center;">'''Ships (type)'''</div>
!scope="row" style="width:12%;"| <div style="text-align:center;">'''Year'''</div>
!scope="row" style="width:31%;"| <div style="text-align:center;">'''Ships (type)'''</div>
|-
| 1887 {{flagicon|CHI}}
|
{{ship|Chilean battleship|Capitán Prat||2}} (BB) 
{{ship|Chilean cruiser|Presidente Errázuriz||2}} (PC) 
[[Chilean cruiser Presidente Pinto (1890)|''Presidente Pinto'']] (PC) 
| 1896 {{flagicon|CHI}}
|
{{ship|Chilean cruiser|O'Higgins|1897|2}} (AC) 
|-
| 1888 {{flagicon|ARG}}
|
{{ship|ARA|Libertad|1890|2}} (BB) 
{{ship|ARA|Independencia|1891|2}} (BB)
| 1896 {{flagicon|ARG}}
| {{ship|ARA|San Martín||2}} (AC)
|-
| 1890 {{flagicon|ARG}}
| {{ship|ARA|Veinticinco de Mayo|1890|2}} (PC)
| 1897 {{flagicon|ARG}}
|
{{ship|ARA|Pueyrredón||2}} (AC)
|-
| 1891 {{flagicon|ARG}}
|
{{ship|ARA|Nueve de Julio|1892|2}} (PC) 
| 1898 {{flagicon|ARG}}
|
{{ship|ARA|General Belgrano|1896|2}} (AC)
|-
| 1892 {{flagicon|CHI}}
| {{ship|Chilean cruiser|Blanco Encalada|1893|2}} (PC)
| 1901 {{flagicon|ARG}}
|
[[Japanese cruiser Kasuga|''Rivadavia'']] (AC) 
[[Japanese cruiser Nisshin|''Mariano Moreno'']] (AC)
|-
| 1894 {{flagicon|ARG}}
| {{Ship|ARA|Buenos Aires|1895|2}} (PC)
| 1901 {{flagicon|CHI}}
|
{{ship|Chilean battleship|Constitución|1903|2}} (BB) 
{{ship|Chilean battleship|Libertad||2}} (BB)
|-
| 1895 {{flagicon|CHI}}
|
{{ship|Chilean cruiser|Esmeralda|1895|2}} (AC) 
{{ship|Chilean cruiser|Ministro Zenteno|1896|2}} (PC) 
| 1901 {{flagicon|ARG}}
|
Two battleships, possibly ordered
|-
| 1895 {{flagicon|ARG}}
|
{{ship|ARA|Garibaldi||2}} (AC)
| 1901 {{flagicon|CHI}}
|
{{ship|Chilean cruiser|Chacabuco|1898|2}} (PC)
|-
!scope="row" colspan="4"| <div style="text-align:center;">Key: {{flagicon|CHI}} Chile {{flagicon|ARG}} Argentina BB: [[pre-dreadnought battleship]] – PC: [[protected cruiser]] – AC: [[armored cruiser]]
|-
!scope="row" colspan="4"| <div style="text-align:center;">Statistics complied from: Scheina, ''Naval History'', 46–51, 297–99.
|}
Conflicting Argentine and Chilean claims to [[Patagonia]], the southernmost region in South America, had been causing tension between the two countries since the 1840s. This tension was heightened in 1872 and 1878, when Chilean warships seized merchant ships which had been licensed to operate in the disputed area by the Argentine government. An Argentine warship did the same to a Chilean-licensed American ship in 1877. This action nearly led to war in November 1878, when the Argentines dispatched a squadron of warships to the [[Santa Cruz River (Argentina)|Santa Cruz River]]. The Chilean Navy responded in kind, and war was only avoided by a hastily signed treaty. Each government was distracted in the next few years, Argentina's with intensified [[Conquest of the Desert|military operations against the indigenous population]] (1870–84), and Chile's with the [[War of the Pacific]] (''Guerra del Pacífico'', 1879–83) against Bolivia and Peru. Still, several warships were ordered by both nations: the Chileans ordered a [[protected cruiser]], {{ship|Chilean cruiser|Esmeralda|1883|2}}, while the Argentines contracted for two warships, the [[central battery ship|central battery]] [[ironclad warship|ironclad]] {{ship|ARA|Almirante Brown|1880|2}} and protected cruiser {{ill|es|ARA Patagonia (1885)|lt=''Patagonia''}}.<ref>Scheina, ''Naval History'', 45–46, 347; Garrett, "Beagle Channel," 85–87.</ref>

In 1887, the Chilean government added [[Pound sterling|£]]3,129,500 to the budget for its fleet, whose fleet was still centered on two aging central battery ironclads, {{ship|Chilean ironclad|Almirante Cochrane||2}} and {{ship|Chilean ironclad|Blanco Encalada||2}}, from the 1870s. They ordered the battleship {{ship|Chilean battleship|Capitán Prat||2}}, two protected cruisers, and two [[torpedo boat]]s; their [[keel laying|keels were laid]] in 1890. The Argentine government quickly responded with an order for two battleships, {{ill|es|ARA Independencia (1891)|lt=''Independencia''|ARA Independencia}} and {{ill|es|ARA Libertad (1890)|lt=''Libertad''|ARA Libertad (1892)}}, beginning a naval [[arms race]] between the two countries. It continued through the 1890s, even after the expensive [[Chilean Civil War of 1891|Chilean Civil War]] (1891). The two countries alternated cruiser orders between 1890 and 1895, each marking a small increase in capabilities from the ship previous. Argentina escalated the race in July 1895 by buying an [[armored cruiser]], {{ship|ARA|Garibaldi||2}}, from Italy. Chile responded by ordering its own armored cruiser, {{ship|Chilean cruiser|O'Higgins|1897|2}}, and six torpedo boats; the Argentine government quickly ordered another armored cruiser from the Italian engineering company [[Gio. Ansaldo & C.|Ansaldo]], and later ordered two more.<ref>Scheina, ''Naval History'', 45–49, 297–98, 347.</ref>

The race slowed for a few years after [[Puna de Atacama dispute|a boundary dispute in the Puna de Atacama]] region was successfully mediated in 1899 by the [[United States Ambassador to Argentina|American ambassador to Argentina]], [[William Paine Lord]], but more ships were ordered by both countries in 1901. The Argentine Navy bought two more armored cruisers from Italy, and the Chilean Navy replied with orders for two ''Constitución''-class [[pre-dreadnought battleship|pre-dreadnought]] battleships from British shipyards. The Argentines replied by signing letters of intent with Ansaldo in May 1901 to buy two larger battleships.<ref>Scheina, ''Naval History'', 49–51.</ref>

The growing dispute disturbed members of the British government, as war looked like a very real possibility, and an armed conflict would disrupt the extensive British commercial interests in the area. Argentina and Chile both imported British-made goods, while the United Kingdom imported large amounts of Argentine grain, most shipped through the River Plate, and Chilean nitrates.<ref>Scheina, ''Naval History'', 52; Massie, ''Castles'', 204.</ref> The British government mediated negotiations between the two countries through their [[Envoy (title)|envoy]] in Chile. These [[Pacts of May|were successfully concluded]] on 28 May 1902 with three pacts. The third limited the naval armaments of both countries; both were barred from acquiring any further warships for five years without giving the other eighteen months' advance notice. The warships under construction were sold to the United Kingdom and Japan: Chile's battleships became the former's {{sclass-|Swiftsure|battleship|4}}, and Argentina's armored cruisers the latter's {{sclass-|Kasuga|cruiser|4}}. It is not clear if the two planned Argentine battleships were ordered, but in any case the plans were quickly scuttled. ''Capitán Prat'', ''Garibaldi'', and ''Pueyrredón'' were disarmed with the exception of their main batteries, as there was no crane capable of removing the cruisers' gun turrets.<ref>Scheina, ''Naval History'', 49–52; Grant, ''Rulers, Guns, and Money'', 146.</ref>

=== Brazilian decline and re-emergence ===
{{See also|Decline and fall of Pedro II of Brazil|First Brazilian Republic}}
Brazil's navy fell into disrepair and obsolescence after an [[Decline and fall of Pedro II of Brazil#Republican coup|1889 revolution]], which deposed [[Politics of the Empire of Brazil|Emperor]] [[Dom (title)|Dom]] [[Pedro II of Brazil|Pedro II]], [[Revolta da Armada|two naval revolts]] (1891 and 1893–94), the [[Federalist Riograndense Revolution (Brazil)|Federalist Revolution]] (1893–95), and the [[War of Canudos]] (1896–97).<ref>Grant, ''Rulers, Guns, and Money'', 148; Martins, ''A marinha brasileira'', 56, 67; Brook, ''Warships for Export'', 133; Livermore, "Battleship Diplomacy," 32; Topliss, "Brazilian Dreadnoughts," 240.</ref>{{efn-ua|In 1893, Rear Admiral [[Custódio José de Mello]], the minister of the navy, revolted against President [[Floriano Peixoto]], bringing nearly all of the Brazilian warships currently in the country with him. Mello's forces took [[Florianópolis|Desterro]] when the governor surrendered, and began to coordinate with secessionists in the southern province of [[Rio Grande do Sul]], but loyal Brazilian forces overwhelmed them both. Most of the rebel naval forces were sailed to Argentina, where their crews surrendered; the flagship, {{ship|Brazilian battleship|Aquidabã||2}}, held out near Desterro until it was sunk by a torpedo boat.<ref>Scheina, ''Naval History'', 67–76, 352.</ref>}} The navy had just forty-five percent of its authorized personnel in 1896, and the only modern armored ships were two small coast-defense vessels launched in 1898.<ref>Love, ''Revolt'', 16; Sondhaus, ''Naval Warfare'', 216; Scheina, "Brazil," 403.</ref> With such dilapidated defenses, [[José Paranhos, Baron of Rio Branco|José Paranhos Jr., the Baron of Rio Branco]] and [[Foreign Minister of Brazil]], stated "In such conditions, you ... understand how upset I am and all the worries I have. All that still protects [Brazil] is the moral force and old prestige still left from [the Imperial era] when there was still foresight in this land..."<ref>Viana Filho, ''A vida do Barão do Rio Branco'', 445.</ref>{{efn-ua|A professional diplomat and the son of the famed [[José Paranhos, Viscount of Rio Branco|Viscount of Rio Braco]], the Baron of Rio Branco was named as Brazil's Foreign Minister in 1902 after a distinguished career as a diplomat, and served there until his death in 1912. In that time, he oversaw the signing of many treaties and mediated territorial disputes between Brazil and its neighbors, and became a famous name in his own right.<ref>Love, ''Revolt'', 8–9.</ref>}}

[[File:Pedro II of Brazil - Brady-Handy.jpg|thumb|left|upright=1.1|[[Pedro II of Brazil|Pedro II]], the emperor of Brazil, was deposed in a bloodless [[Decline and fall of Pedro II of Brazil#Republican coup|1889 revolution]]. He is seen here in 1876 at age 51.<ref group=upper-roman>Photograph [[:File:Pedro II of Brazil - Brady-Handy.jpg#Summary|courtesy]] of the Library of Congress.</ref>]]
Meanwhile, although the Argentine–Chilean agreement had limited their naval expansion, they still retained the numerous vessels built in the interim,<ref>Scheina, ''Naval History'', 45–52; Garrett, "Beagle Channel," 86–88.</ref> so by the turn of the 20th century the Brazilian Navy lagged far behind its Argentine and Chilean counterparts in quality and total tonnage.<ref>Martins, ''A marinha brasileira'', 50–51; Martins, "Colossos do mares," 75; Livermore, "Battleship Diplomacy," 32.</ref> Brazil's huge advantage in population—it had almost three times the population of Argentina, close to five times that of Chile, and nearly double of the two combined—led the Brazilian government to believe that it should assume a leading role in naval affairs on the continent.<ref>Scheina, "Brazil," 403; Livermore, "Battleship Diplomacy," 32.</ref>{{efn-ua|The countries' actual naval tonnages were {{convert|36896|LT|t}} for Chile, {{convert|34425|LT|t}} for Argentina, and {{convert|27661|LT|t}} for Brazil, while the populations were estimated by Livermore at three million, five million, and fourteen million, respectively.<ref name="Livermore32">Livermore, "Battleship Diplomacy," 32.</ref> However, while the population statistics are significant, this needs to be put into its proper economic context: [[Angus Maddison]] and the scholars continuing his work in quantitative [[macroeconomics|macroeconomic]] history have shown that Argentina and Chile's 1904 [[gross domestic product]] per capita were $3,191 and $2,287 (respectively) in 1990 [[Geary–Khamis dollar|international dollars]], juxtaposed against just $713 for Brazil. These are four-and-a-half and three times greater than Brazil's. By 1910, the disparity had grown: Argentina and Chile's GDP per capita was five and four times larger, respectively.<ref name="Maddison">Bolt and van Zanden, "Maddison Project."</ref>}}

The late nineteenth and early twentieth century demand for coffee and rubber led to Brazil's so-called "[[Coffee production in Brazil#History|coffee economy]]" and "[[rubber boom]]." At the time, it was estimated that seventy-five to eighty percent of the world's coffee supply was grown in Brazil, particularly in [[São Paulo (state)|São Paulo]], [[Minas Gerais|Minas Geraes]], and [[Rio de Janeiro (state)|Rio de Janeiro]]. The resulting profits meant that the Brazilian government collected much more revenue than in previous years.<ref>Hutchinson, "Coffee 'Valorization'," 528–29.</ref> Simultaneously, there was an effort on the part of prominent Brazilian politicians, most notably [[Pinheiro Machado (politician)|Pinheiro Machado]] and Rio Branco, to have the country recognized as an international power. A strong navy was seen as crucial to this goal.<ref>Love, ''Revolt'', 14; Scheina, ''Naval History'', 80.</ref>

The [[National Congress of Brazil]] passed a large naval acquisition program on 14 December 1904, but it was two years before any ships were ordered or purchased, and while Rio Branco suggested purchasing used warships to fill the gap, nothing came of it. By 1906, two factions had developed over which types of ships should be ordered.<ref>Scheina, ''Naval History'', 80; Martins, ''A marinha brasileira'', 156–58; Scheina, "Brazil," 403; Topliss, "Brazilian Dreadnoughts," 240.</ref> One, supported by the British armament company [[Armstrong Whitworth]] (which eventually received the order), favored a navy centered on a small number of large warships. The other, supported by Rio Branco, preferred a larger navy composed of smaller warships.<ref>Scheina, ''Naval History'', 80; Martins, ''A marinha brasileira'', 80, 128, 158.</ref> Rio Branco, in support of this measure, stated that "with six small battleships we would be much better. If we lost one or two in combat, there would be still four or five left to fight with. But with three [larger battleships]? With two damaged or destroyed, we would be left with one only."<ref>Viana Filho, ''A vida do Barão do Rio Branco'', 446.</ref>

At first, the smaller warships faction prevailed. After Law no. 1452 was passed on 30 December 1905, which authorized £4,214,550 for new warship construction (£1,685,820 in 1906), three small battleships, three [[armored cruiser]]s, six [[destroyer]]s, twelve [[torpedo boat]]s, three [[submarine]]s, a [[Collier (ship)|collier]], and a [[training ship]] were ordered.<ref>English, ''Armed Forces'', 108; Scheina, ''Naval History'', 80; Brook, ''Warships for Export'', 133; Grant, ''Rulers, Guns, and Money'', 147; Martins, ''A marinha brasileira'', 75, 78; Alger, "Professional Notes," 1051–52.</ref> Though the Brazilian government later eliminated the armored cruisers for monetary reasons, the Minister of the Navy, Admiral {{ill|pt|Júlio César de Noronha}}, signed a contract with Armstrong Whitworth for the planned battleships on 23 July 1906.<ref>Martins, ''A marinha brasileira'', 80; Topliss, "Brazilian Dreadnoughts," 240–46.</ref>

The British ambassador to Brazil was opposed to the planned naval expansion, even though the orders went to a British company, for its large cost and its negative effects on relations between Brazil and Argentina. He saw it as "an embodiment of national vanity, combined with personal motives of a pecuniary character."<ref>Foreign Office, British National Archives 371/201, General Report on Brazil for the Year 1906, W.H.D. Haggard, in Grant, ''Rulers, Guns, and Money'', 149.</ref> The American ambassador to Brazil was alarmed, and sent a [[cablegram]] to his [[United States Department of State|Department of State]] in September 1906, warning them of the destabilization that would occur if the situation devolved into a full naval arms race. At the same time, the American government under [[Theodore Roosevelt]] tried using diplomatic means to coerce the Brazilians into canceling their ships, but the attempts were dismissed, with the Baron of Rio Branco remarking that caving to the American demands would render Brazil as powerless as Cuba, whose [[1901 Constitution of Cuba|new constitution]] allowed the American government to intervene in Cuban affairs.<ref name=Livermore33>Livermore, "Battleship Diplomacy," 33.</ref> The new [[President of Brazil]], [[Afonso Pena]], supported the naval acquisitions in an address to the National Congress of Brazil in November 1906, as in his opinion the ships were necessary to replace ''Aquidabã'', which unexpectedly blew up that year, and the antiquated vessels composing the current navy.<ref>Grant, ''Rulers, Guns, and Money'', 152; Livermore, "Battleship Diplomacy," 33; "[http://news.google.com/newspapers?nid=2249&dat=19061117&id=FnY-AAAAIBAJ&sjid=mFkMAAAAIBAJ&pg=2388,2700141 New Era in the Americas]," ''[[Boston Evening Transcript]]'', 17 November 1906, 1.</ref>

== Catalyst: Brazil's opening salvo ==
{{main |Minas Geraes-class battleship | l1 = ''Minas Geraes''-class battleship}}
After construction began on Brazil's three new small battleships, the Brazilian government reconsidered their order and chosen battleship design (something that would happen [[#Reciprocation: Brazil orders again|several more times]] during the construction of [[HMS Agincourt (1913)|''Rio de Janeiro'']] in 1913). This was wrought by the impact of the [[Battle of Tsushima]], which led navies to believe that larger guns were necessary, and the debut of the United Kingdom's new [[dreadnought]] concept, represented by the surprisingly fast construction and [[ship commissioning|commissioning]] of [[HMS Dreadnought (1906)|the eponymous ship]] in 1906, rendered the Brazilian ships obsolete before they were completed.<ref>Scheina, ''Naval History'', 81; Topliss, "Brazilian Dreadnoughts," 246; "Brazilian Battleship 'Minas Geraes'—Most Powerful Fighting Ship Afloat," ''Scientific American'', 428.</ref>
{{multiple image
| align = right
| direction = vertical
| width = 260
| image1 = DF.CLR-8-29 The Launch of the Minas Geraes.tif
| image2 = Brazilian battleship Minas Geraes being launched 1.jpg
| image3 = Brazilian battleship Minas Geraes being launched 2.jpg
| footer = The [[wikt:christen|christening]] and [[ship naming and launching|launch]], respectively, of ''Minas Geraes'' on 10 September 1908. As the ship has not been completed (or in naval terms, [[fitting-out]]), it weighed only around 9,000 [[long ton|long tons]] at this time.<ref>"Brazil," ''Naval Engineers'', 836.</ref><ref group = "upper-roman">Photographs courtesy of [[Tyne & Wear Archives & Museums]].</ref>}}
The money authorized for naval expansion in 1905 was redirected to building three dreadnoughts (with the third to be laid down after the first was launched), three scout cruisers (later reduced to two, which became the {{sclass-|Bahia|cruiser|4}}), fifteen destroyers (later reduced to ten, the {{sclass-|Pará|destroyer (1908)|4}}), three submarines (the {{ill|pt|F 1-class submarine|lt=''F 1'' class|Classe Foca}}), and two [[submarine tender]]s (later reduced to one, {{ship|Brazilian submarine tender|Ceará||2}}).<ref>Scheina, ''Naval History'', 81; "Brazil," ''Naval Engineers'', 883; "The Brazilian Navy," ''Times'' (London), 28 December 1908, 48f.</ref> This move was made with the large-scale support of Brazilian politicians, including Pinheiro Machado and a nearly unanimous vote in the Senate; the navy, now with a large-ship advocate, Rear Admiral {{ill|pt|Alexandrino Faria de Alencar}}, in the influential post of minister of the navy; and the Brazilian press.<ref>Love, ''Revolt'', 16–17; Scheina, ''Naval History'', 81.</ref> Still, these changes were made with the stipulation that the total price of the new naval program not exceed the original limit, so the increase in battleship tonnage was bought with the previous elimination of armored cruisers and decreasing the number of destroyer-type warships.<ref>Grant, ''Rulers, Drugs, and Money'', 152.</ref> The three battleships on which construction had begun were scrapped beginning on 7 January 1907, and the design for the new dreadnoughts was approved on 20 February.<ref>Topliss, "Brazilian Dreadnoughts," 246.</ref> Newspapers began covering the Brazilian warship order in March,<ref>"[http://query.nytimes.com/gst/abstract.html?res=9906E1DE1E30E233A25756C0A9659C946697D6CF A Dreadnought For Brazil,]" ''New York Times'', 5 March 1907, 5; "[http://paperspast.natlib.govt.nz/cgi-bin/paperspast?a=d&d=PBH19070306.2.23 British & Foreign]," ''Poverty Bay Herald'', 6 March 1907, 6; "[http://trove.nla.gov.au/ndp/del/article/10620654 Brazilian Navy]," ''Argus'', 7 March 1907, 7.</ref> and Armstrong laid down the first dreadnought on 17 April.<ref>Scheina, "Brazil," 404.</ref> The full order—including all three dreadnoughts and the two cruisers—was reported by the ''[[New York Herald]]'', ''[[Daily Chronicle]]'', and the [[The Times|''Times'']] later that year.<ref>"[http://www.fultonhistory.com/Newspaper%2014/New%20York%20NY%20Herald/New%20York%20NY%20Herald%201908/New%20York%20NY%20Herald%201908%20-%205726.pdf Giant Ships for England or Japan]," ''New York Herald'', 1 July 1908, 9; "The Large Order for Foreign Battleships," ''Times'' (London), 28 August 1907, 8f; "[http://www.britishnewspaperarchive.co.uk/viewer/bl/0000164/19070828/060/0004 £7,000,000 for New Warships]," ''Dundee Courier'', 28 August 1907, 4; "[http://trove.nla.gov.au/ndp/del/article/14905579 Brazil Arming]," ''Sydney Morning Herald'', 29 August 1907, 7.</ref>

The Brazilian order for what contemporary commentators called "the most powerful battleship[s] in the world" came at a time when few countries in the world had contracted for such armament.<ref>"The Mystery of the Great Brazilian Dreadnoughts," ''World's Work'', 10867; Earle, "Professional Notes," 305.</ref> Brazil was the third country to have a dreadnought under construction, behind the United Kingdom, with {{HMS|Dreadnought|1906|2}} and the {{sclass-|Bellerophon|battleship|4}}, and the United States, with the {{sclass-|South Carolina|battleship|4}}. This meant that Brazil was in line to have a dreadnought before many of the world's perceived powers, like [[French Third Republic|France]], the [[German Empire]], the [[Russian Empire]], and the [[Empire of Japan]].<ref>Breyer, ''Battleships'', 320; Scheina, "Brazil," 404; Sondhaus, ''Naval Warfare'', 216.</ref>{{efn-ua|In reality, the first German dreadnought was commissioned on 1 October 1909, about three months before Brazil's ''Minas Geraes'' was completed, despite being laid down two months after the Brazilian ship.<ref>Campbell, "Germany," 145; Scheina, "Brazil," 403.</ref>}} As dreadnoughts were quickly equated with international status, somewhat similar to [[nuclear weapon]]s today—that is, regardless of a state's need for such equipment, simply ordering and possessing a dreadnought increased the owner's prestige—the order caused a major stir in international relations.<ref>Love, ''Revolt'', 15; Sondhaus, ''Naval Warfare'', 227–28.</ref>

Newspapers and journals around the world speculated that Brazil was acting as a proxy for a stronger country which would take possession of the two dreadnoughts soon after completion, as they did not believe that a previously insignificant geopolitical power would contract for such armament.<ref>Martins, ''A marinha brasileira'', 144–50; Martins, "Colossos do mares," 77; Mead, "Reaction," 238; "The Mystery of the Great Brazilian Dreadnoughts," ''World's Work'', 10867; "British-Brazilian Warships," ''Navy'', 11; "The Warships for Brazil," ''Times'' (London), 14 July 1908, 8c; "[http://books.google.com/books?id=kBFDAQAAIAAJ&pg=PA288 The Brazilian Battleships]," ''Japan Weekly Mail'', 5 September 1908, 288.</ref> Many American, British, and German sources variously accused the Americans, British, German, or Japanese governments of secretly plotting to purchase the vessels.<ref>Scheina, "Brazil," 404; Haag, "O Almirante Negro," 89.</ref>{{efn-ua|1=Many contemporary sources reported the varying versions, including: "British-Brazilian Warships," ''Navy'', 11–12; "The Brazilian 'Dreadnoughts'," ''Navy'', 13–14; "Mystery of the Brazilian 'Dreadnoughts'," ''Literary Digest'', 102–03; "The Mystery of the Great Brazilian Dreadnoughts," ''World's Work'', 10867–68; "[http://news.google.com/newspapers?id=16E-AAAAIBAJ&sjid=YVoMAAAAIBAJ&pg=996,2554484 Left Behind in Rio]," ''Boston Evening Transcript'', 25 January 1908, 2; "[http://www.fultonhistory.com/Newspaper%2014/New%20York%20NY%20Herald/New%20York%20NY%20Herald%201908/New%20York%20NY%20Herald%201908%20-%205726.pdf Giant Ships for England or Japan]," ''New York Herald'', 1 July 1908, 9; "[http://chroniclingamerica.loc.gov/lccn/sn83030272/1908-07-01/ed-1/seq-6/ Brazil, Japan, and Great Britain]," ''Sun'' (New York), 1 July 1908, 6; "[http://www.britishnewspaperarchive.co.uk/viewer/bl/0000563/19080717/055/0003 Mysterious Battleships]," ''Evening Telegraph'' (Angus, Scotland), 17 July 1908, 3; "[http://books.google.com/books?id=kBFDAQAAIAAJ&pg=PA288 The Brazilian Battleships]," ''[[Japan Weekly Mail]]'', 5 September 1908, 288; "[http://query.nytimes.com/gst/abstract.html?res=9E0CE4D9123EE233A2575AC0A96E9C946997D6CF Germany May Buy English Warships]," ''New York Times'', 9 August 1908, C8; "[http://news.google.com/newspapers?nid=1915&dat=19090319&id=r_ogAAAAIBAJ&sjid=cHUFAAAAIBAJ&pg=5736,1907003 May Take Brazil's Ships], ''Day'' (New London), 19 March 1909, 7; "[http://paperspast.natlib.govt.nz/cgi-bin/paperspast?a=d&d=NEM19090406.2.10 The Race for Naval Supremacy]," ''Nelson Evening Mail'', 6 April 1909, 2. However, on the eve of the First World War, the Russian government—a country rarely mentioned in these news articles—actually did make offers to the Brazilian and Argentine governments for their dreadnoughts, possibly to preempt the Ottomans. Both refused.<ref>Budzbon, "Russia," 291; Sondhaus, ''Naval Warfare'', 217.</ref>}} The [[The World's Work|''World's Work'']] remarked:

{{quote|The question that is puzzling diplomats the world over is why Brazil should want ferocious leviathans of such size and armament and speed as to place them ten to fifteen years in advance of any other nation besides Great Britain. [...] Although Brazil has denied that these are meant for England or Japan, naval men of all nations suspect that they are meant for some government other than Brazil's.{{efn-ua|A series of rumors supporting the Japanese theory, where Brazil was alleged to have placed large armament orders in the United Kingdom on behalf of Japan for use against the United States, was strongly denied by the Brazilian government. Rio Branco, through a [[telegram]] sent to the Brazilian ambassador to the United States [[Joaquim Nabuco]], based his counter-argument in the close relationship between Brazilian and American governments, saying "The old and cordial friendship between our countries is known, as well as the excellent relations existing between their governments. [...] Every sensible person will understand that an honest and respectable government would not lend itself to play the part attributed to Brazil by the inventor of the news."<ref>"The Reported Purchase of Battleships," ''Navy'', 39.</ref>}} In the event of war, the government which would first be able to secure these vessels… would immediately place the odds of naval supremacy in its favor. England, no matter how many Dreadnoughts she has, would be compelled to buy them to keep them from some lesser power. They bring a new question into international politics. They may be leaders of a great fleet which minor government are said to be preparing to build; or, to put it more accurately, to stand sponsors for. Some Machiavellian hand may be at work in this new game of international politics and the British Admiralty is suspected. But every statesmen and naval student may make his own guess.<ref>"The Mystery of the Great Brazilian Battleships," ''World's Work'', 10867–68.</ref>}}

On the other side of the Atlantic, in the midst of the [[Anglo–German naval arms race]], members of the British [[House of Commons of the United Kingdom|House of Commons]] fretted over the battleships' possible destinations, though the Admiralty consistently stated that they did not believe any sale would occur. In mid-July and September 1908, the Commons discussed purchasing the ships to bolster the Royal Navy and ensure they would not be sold to a foreign rival, which would disrupt the British naval plan set in place by the "[[Naval Defence Act 1889|two-power standard]]," though in March and late July 1908, the Brazilian government officially denied any sale was planned.<ref>Трубицын, ''Линкоры'', 6; Topliss, "Brazilian Dreadnoughts," 246; "Naval Policy," ''Times'' (London), 24 March 1908, 6e; "Battleships for Brazil," ''Times'' (London), 12 May 1908, 4d; "The Warships for Brazil," ''Times'' (London), 14 July 1908, 8c; "Naval and Military Intelligence," ''Times'' (London), 18 July 1908, 12c; "[http://paperspast.natlib.govt.nz/cgi-bin/paperspast?a=d&d=EP19080912.2.100 British and Foreign News]," ''Evening Post'' (Wellington), 12 September 1908, 13; "Naval and Military Intelligence," ''Times'' (London), 22 March 1909, 9e.</ref> In March 1909, the British press and House of Commons began pushing for more dreadnoughts after the [[First Lord of the Admiralty]], [[Reginald McKenna]], asserted that Germany had stepped up its building schedule and would complete thirteen dreadnoughts in 1911—four more than previously estimated. Naturally, the subject of purchasing the Brazilian dreadnoughts already being built was brought up, and McKenna had to officially deny that the government was planning to tender an offer for the warships.<ref>"[http://news.google.com/newspapers?nid=1915&dat=19090319&id=r_ogAAAAIBAJ&sjid=cHUFAAAAIBAJ&pg=5736,1907003 May Take Brazil's Ships], ''Day'' (New London), 19 March 1909, 7; "The Brazilian Battleships," ''Times'' (London), 23 March 1909, 6d; "House of Commons," ''Times'' (London), 23 March 1909, 12a; "The Brazilian Battleships," ''Times'' (London), 25 March 1909, 7b; "[http://news.google.com/newspapers?id=fjlVAAAAIBAJ&sjid=cJUDAAAAIBAJ&pg=7318,4022938 The Naval Scare]," ''Sydney Mail'', 24 March 1909, 24; "[http://www.fultonhistory.com/Newspaper%2014/New%20York%20NY%20Herald/New%20York%20NY%20Herald%201909/New%20York%20NY%20Herald%201909%20-%202776.pdf England's Power on the Sea Safe]," ''New York Herald'', 25 March 1909, 9.</ref> He also stated that a sale to a foreign nation would be inconsequential, as "our present superiority in strength in 1909–10 is so great that no alarm would be created in the mind of the Board of Admiralty."<ref>"The Brazilian Battleships," ''Times'' (London), 25 March 1909, 7b.</ref>

Despite the plethora of rumors, the Brazilian government was not planning to sell their ships. Dreadnoughts formed an important role in Rio Branco's goal of raising Brazil's international status:

{{quote|Brazil begins to feel the importance of her great position, the part she may play in the world, and is taking measures in a beginner's degree commensurate with that realization. Her battle-ship-building is one with her attitude at The Hague, and these together are but part and parcel, not of a vainglorious striving after position, but of a just conception of her future. Dr. Ruy Barboza did not oppose the details of representation on the international arbitral tribunal out of antipathy to the United States, but because he believed that the sovereignty of Brazil was at least equal to that of any other sovereign nation, and because he was convinced that unequal representation on that tribunal would result in the establishment of 'categories of sovereignty'—a thing utterly opposed to the philosophy of equal sovereign rights.{{efn-ua|''cf''. "[[Hague Conventions of 1899 and 1907#Hague Convention of 1907|Hague Convention of 1907]]" in [[Hague Conventions of 1899 and 1907]].}} And as in international law and discourse, so in her navy, Brazil seeks to demonstrate her sovereign rank.<ref>"Mystery of the Brazilian 'Dreadnoughts'," ''Literary Digest'', 103.</ref>}}

== Counter: Argentina and Chile respond ==
{{main|Rivadavia-class battleship|Almirante Latorre-class battleship|l1=''Rivadavia''-class battleship|l2=''Almirante Latorre''-class battleship}}
{{multiple image
| align = right
| direction = vertical
| width = 220
| image1 = Rivadavia under construction.jpg
| image2 = Argentine Rivadavia Class Battleship 1912.jpg
| footer = The Argentine {{ship|ARA|Rivadavia||2}} ''(pictured)'' and {{ship|ARA|Moreno||2}} were constructed in the United States, and were the only American dreadnoughts built for a foreign country.<ref group=upper-roman>Photographs courtesy of the Library of Congress.</ref>}}
Argentina was highly alarmed by the Brazilian move, and they quickly moved to nullify the remaining months of the naval-limiting restrictions in the 1902 pact with Chile.<ref>Трубицын, ''Линкоры'', 3; Livermore, "Battleship Diplomacy," 32.</ref> In November 1906, Argentina's [[Ministry of Foreign Affairs, International Trade and Worship|Minister of Foreign Affairs]], {{ill|es|Manuel Augusto Montes de Oca}}, remarked that any one of the new Brazilian vessels could destroy the entire Argentine and Chilean fleets.<ref name="Filho76">Martins, "Colossos do mares," 76.</ref> Despite the seeming hyperbole, his statement—made before the Brazilian government reordered the ships as dreadnoughts—ended up being close to the truth: in 1910, at least, the new Brazilian warships were seemingly stronger than any other vessel in the world, let alone any one ship in the Argentine or Chilean fleets.<ref>Hough, ''Dreadnought'', 72; Scheina, "Argentina," 400.</ref> With this in mind, the ''Journal of the American Society of Naval Engineers'' opined that maintaining the older ''Libertad'' class or ''Capitán Prat'' (respectively) was now a waste of money.<ref>"The Status of South American Navies," ''Naval Engineers'', 256.</ref>

The Argentine government's alarm continued under de Oca's successor, [[Estanislao Zeballos]]. In June 1908, Zeballos presented a plan to the Argentine Congress where they would offer the Brazilian government a chance to give one of their two unfinished dreadnoughts to Argentina. This would allow the two countries a chance to enjoy relative naval parity. Should the Brazilians refuse, Zeballos planned to issue an ultimatum: if they did not comply in eight days, the mobilized Argentine Army would invade what the army and navy ministers claimed was a defenseless Rio de Janeiro. Unfortunately for Zeballos, his plan was leaked to the media, and the resulting public outcry—Argentine citizens happened to not be in favor of their government borrowing large sums of money to mobilize the army and go to war—ensured his resignation.<ref>Heinsfeld, "Falsificando telegramas," 3–4.</ref>{{efn-ua|The end of Zeballos' tenure as Foreign Minister was extremely contentious, as another controversy closely linked to him began shortly after his resignation. The Argentine government, fearing a Brazilian–Chilean alliance, paid particular attention to the two countries' communications, leading to the now-famous Telegram no. 9. This communication, sent from the Brazilian government to their representatives in Chile, was intercepted by the Argentine government and supposedly decoded in Zeballos' last days as minister. It was read in a congressional session one day after Zeballos' departure, and the new Minister of Foreign Affairs claimed it was proof of intended Brazilian aggression against Argentina. The full but fraudulent contents of the telegram were released by Zeballos to the press, which kindled international disenchantment with Brazil. However, in a public relations coup, Rio Branco released the [[cipher]] and actual full contents of the telegram, which proved it contained no reference to belligerent Brazilian intents on Argentina. The actual telegram was then printed in several prominent Argentine newspapers. Zeballos was later accused of deliberately distorting or forging the telegram, though there was no definitive proof; it may have been his secretary. Whatever Zeballos' culpability, his actions in that June may have been motivated by a personal vendetta against Rio Branco, who had bested Zeballos on several occasions since 1875, most notably during a border dispute arbitrated by American President Grover Cleveland (the [[Question of Palms]], or ''Questão de Palmas'').<ref>Viana Filho, ''A vida do Barão do Rio Branco'', 441–44; Heinsfeld, "Falsificando telegramas," 1–2, 5–10.</ref>}}

The Argentine government was also deeply concerned with the possible effect on the country's large export trade, as a Brazilian blockade of the entrance to the [[Río de la Plata|River Plate]] would cripple the Argentine economy. The acquisition of dreadnoughts to maintain an equal footing with Brazil would, in the words of the Argentine admiral overseeing his countries' dreadnoughts while they were being constructed, avoid a "preponderance of power on the other side, where a sudden gust of popular feeling or injured pride might make [a blockade] a dangerous weapon against us."<ref>"[http://news.google.com/newspapers?nid=2249&dat=19100604&id=upU-AAAAIBAJ&sjid=kVkMAAAAIBAJ&pg=805,4380508 A Message From Garcia]," ''Boston Evening Transcript'', 4 June 1910, 3.</ref>

Both countries faced difficulty in financing their own dreadnoughts. Although in Argentina the ruling [[National Autonomist Party]] supported the purchases, they initially faced public resistance for such expensive acquisitions.<ref name=Livermore33/> An influx of inflammatory newspaper editorials supporting new dreadnoughts, especially from ''La Prensa'', and renewed border disputes, particularly Brazilian assertions that the Argentines were attempting to restore the [[Viceroyalty of the Río de la Plata]], swayed the public to support the purchases.<ref>Livermore, "Battleship Diplomacy," 33; Heinsfeld, "Falsificando telegramas," 1; Di Biassi, "Ley de Armamento Naval Nº 6283"; "[http://www.fultonhistory.com/Newspaper%2014/New%20York%20NY%20Herald/New%20York%20NY%20Herald%201908/New%20York%20NY%20Herald%201908%20-%207846.pdf Brasil's New War Vessels]," ''New York Herald'', 10 September 1908, 8.</ref> The Argentine President, [[José Figueroa Alcorta]], attempted to ease the tensions with a message warning the Brazilians of a naval arms race should they continue on their present course. The Brazilian government replied with reasoning similar to Pena's speech in 1906, in that they believed the ships were necessary to replace the antiquated equipment left by the long-term neglect of the Brazilian Navy, and they repeatedly insisted that the ships were not meant for use against Argentina.<ref>Topliss, "Brazilian Dreadnoughts," 247; "[http://www.fultonhistory.com/Newspaper%2014/New%20York%20NY%20Herald/New%20York%20NY%20Herald%201908/New%20York%20NY%20Herald%201908%20-%207847.pdf Brazil's Armament, No Menace, but Expresses Sovereignty]," ''New York Herald'', 10 September 1908, 9.</ref>

In August, a bill authorizing the Argentine Navy to acquire three dreadnoughts was passed by the [[Argentine Chamber of Deputies|Chamber of Deputies]] seventy-two to thirteen.<ref>Grant, ''Rulers, Guns, and Money'', 156; Livermore, "Battleship Diplomacy," 33; "[http://trove.nla.gov.au/ndp/del/article/10184453 Argentina's Defense]," ''Argus'', 29 August 1908, 20; "[http://news.google.com/newspapers?nid=1144&dat=19080830&id=SgsbAAAAIBAJ&sjid=zUgEAAAAIBAJ&pg=4472,5421015 Brazil and Argentina May Fight]," ''Pittsburg Press'', 30 August 1908, 1.</ref> Three months later, it was defeated in the [[Argentine Senate|Senate]] after they approved an arbitration treaty and the government made a last-ditch offer to purchase one of the two Brazilian dreadnoughts currently being constructed.<ref>Livermore, "Battleship Diplomacy," 33; "[http://trove.nla.gov.au/ndp/del/article/14999642 Argentina and Brazil]," ''Sydney Morning Herald'', 1 October 1908, 7; "[http://trove.nla.gov.au/ndp/del/article/15007447 Battleships for Argentina]," ''Sydney Morning Herald'', 20 November 1908, 7.</ref> The Brazilian government declined, so the bill was reintroduced and passed by the Senate on 17 December 1908 with forty-nine in support to thirteen opposed, over socialist objections that the country needed to be populated and the large sum of money (£14,000,000) could be better spent in other areas of the government.<ref>Hough, ''Big Battleship'', 19; Livermore, "Battleship Diplomacy," 33; Di Biassi, "Ley de Armamento Naval Nº 6283"; "The Status of South American Navies," ''Naval Engineers'', 254; "[http://trove.nla.gov.au/ndp/del/article/15005042 Dreadnoughts for Argentina]," ''Sydney Morning Herald'', 21 December 1908, 7.</ref>

After the Argentine government sent a naval delegation to Europe to solicit and evaluate armament companies' offers,<ref name=Livermore33/> they received tenders from fifteen shipyards in five countries (the United States, Great Britain, Germany, France, and Italy), and conducted a [[Rivadavia-class battleship#Bidding|drawn-out bidding process]]. The Argentine delegation rejected all of the bids twice, each time recycling the best technical aspects of the tendered designs when crafting new bidding requirements.<ref>Трубицын, ''Линкоры'', 3; Scheina, ''Naval History'', 83; Livermore, "Battleship Diplomacy," 33.</ref> The reason given for the first rejection was the appearance of the first [[super-dreadnought]], {{HMS|Orion|1910|6}}.<ref>"[http://select.nytimes.com/gst/abstract.html?res=F30B1FF63A5A15738DDDAC0894DA415B898CF1D3 Argentina's Plans Changed]," ''New York Times'', 5 December 1909, C2.</ref> Still, the shipbuilders were furious, as the process of designing a major warship took large amounts of time and money, and they believed the Argentine tactic revealed their individual [[trade secret]]s.<ref>Scheina, ''Naval History'', 83; Hough, ''Big Battleship'', 21.</ref> A British naval architect published a scathing condemnation of the Argentine tactics, albeit only after the contracts were not awarded to a British company:

{{quote|We may assume that the British battleships embody good ideas and good practice—in all probability the very best. These cannot fail, in a greater or less degree, to become part of the design which the British shipbuilder first submits to the Argentine Government. In the second inquiry it may be presumed that everything that was good in the first proposals had been seized upon by the Argentine authorities and asked for in the new design. This second request went not only to British builders but to all the builders of the world, and in this way it is exceedingly probable that a serious leakage of ideas and practice of our ships was disseminated through the world by the Argentine government. ... The third inquiry that was issued showed to all the builders of the world what has been eliminated or modified in the second inquiry; and so the process of leakage went merrily on, and with it that of the education of foreign builders and the Argentine government.<ref>Scheina, ''Naval History'', 84.</ref>}}

The United States' [[Fore River Shipyard|Fore River Ship and Engine Company]] tendered the lowest bid—in part owing to the availability of cheap steel, though they were accused of quoting an unprofitable price so the ships could act as [[loss leader]]s—and was awarded the contract.<ref>Hough, ''Big Battleship'', 22; Livermore, "Battleship Diplomacy," 39.</ref> This aroused further suspicion in the European bidders, who had previously believed that the United States was a non-contender, though Argentina did order twelve destroyers from British, French, and German shipyards to soften the blow.{{efn-ua|Four were ordered from each country, but only the German-built destroyers of the {{sclass-|Catamarca|destroyer|5}} and {{sclass-|La Plata|destroyer|4}}es would go on to serve in the Argentine Navy. Of the other eight, the British-built destroyers were purchased by Greece shortly before the [[First Balkan War]] (the ''Aetos'' or [[Wild Beast-class destroyer (1912)|Wild Beast class]]), and the French-built ships were taken over by that country at the outbreak of the First World War (the [[Aventurier-class destroyer|''Aventurier'' class]]).<ref>Scheina, "Argentina," 400.</ref>}} These bidders, along with newspapers like the ''Times'' (London), turned their anger on the American government under President [[William Howard Taft]], whose so-called "[[Dollar Diplomacy]]" policy had led his State Department to go to great lengths to obtain the contracts.<ref>Livermore, "Battleship Diplomacy," 36–39.</ref>{{efn-ua|The United States offered Argentina certain economic and military concessions: the removal of import tariffs on [[hides]] from Argentina, an offer to release the Americans' most technologically advanced [[fire-control system]] and [[torpedo tube]]s for use on the Argentine ships, and promises for additional concessions if American shipbuilders were selected. American bankers were also persuaded to offer a US$10 million loan to the Argentine government.<ref>Scheina, ''Naval History'', 83; Livermore, "Battleship Diplomacy," 36.</ref> Furthermore, the United States' {{USS|Delaware|BB-28|2}} was sent on ten-week South American voyage in 1911 to support these efforts.<ref>Livermore, "Battleship Diplomacy," 42.</ref> The efforts to win the Argentine and Chilean battleship orders came as part of a widespread and mostly unsuccessful effort to obtain naval contracts from countries from China to Europe to Latin America.<ref>Livermore, "American Navy," 875–76.</ref>}} Their reactions may have been justified: Taft boasted in the high-profile 1910 [[State of the Union address]] that the Argentine dreadnought order was awarded to American manufacturers "largely through the good offices of the Department of State."<ref>William Howard Taft, "[[:wikisource:William Howard Taft's Second State of the Union Address|Second State of the Union Address]]," 6 December 1910.</ref>

[[File:Moreno Battleship LOC 17604.jpg|thumb|left|upright=1.2|''Moreno'' being painted in [[dry dock]] at the [[Brooklyn Navy Yard]], October 1914.<ref group=upper-roman>Photograph [[:File:Moreno Battleship LOC 17604.jpg#Summary|courtesy]] of the George Grantham Bain collection at the Library of Congress.</ref>]]
The Argentine contract included an [[Option (finance)|option]] for a third dreadnought in case the Brazilian government adhered to its contractual obligations to order a third dreadnought. Two newspapers, [[La Prensa (Buenos Aires)|''La Prensa'']] and [[La Nación|''La Argentina'']], heavily advocated for a third ship; the latter even started a petition to raise money for a new battleship.<ref name=Livermore44>Livermore, "Battleship Diplomacy," 44.</ref> The American minister to Argentina, [[Charles H. Sherrill (ambassador)|Charles H. Sherrill]], cabled back to the United States that "this newspaper rivalry promises the early conclusion of a movement which means a third battleship whether by public subscription or by Government funds."<ref>Sherrill to [[Philander C. Knox]], No. 415, 11 June 1910, S.D.F., Argentina, in Livermore, "Battleship Diplomacy," 44.</ref> On 31 December 1910, the Argentine government decided against constructing the ship, after [[Roque Sáenz Peña]], who had been making entreaties to Brazil to end the expensive naval race, was elected to the Presidency.<ref>Livermore, "Battleship Diplomacy," 44–45.</ref> In addition, the intended target of the third Argentine dreadnought, the third Brazilian dreadnought, had already been canceled multiple times.<ref>Topliss, "Brazilian Dreadnoughts," 249, 254.</ref>{{efn-ua|The third dreadnought, which was provided for in the original contract and would have been named ''Rio de Janeiro'', was laid down on 16 March 1910. As the ship had already been eclipsed by new naval technology (chiefly the advent of [[super-dreadnought]]s, beginning with the British {{HMS|Orion|1910|2}}), the Brazilian government canceled it on 7 May and asked Armstrong to prepare a new design. The new contract was signed in October, but by November a new naval minister was appointed who had a different design in mind. ''cf.'' [[#Reciprocation: Brazil orders again|Reciprocation: Brazil orders again]].<ref>Topliss, "Brazilian Dreadnoughts," 249–63, 281–82.</ref>}}

The Chilean government delayed their naval plans after a financial [[depression (economics)|depression]] brought on by the [[1906 Valparaíso earthquake]] and a drastic fall in the [[nitrate]] market in 1907, but these economic problems were not enough to stop them from countering the dreadnoughts purchased by their traditional rival (Argentina).<ref>Livermore, "Battleship Diplomacy," 40–41.</ref>{{efn-ua|Livermore and Grant, who cites Livermore's work, both attribute part of this delay to a 1908 earthquake,<ref>Grant, ''Rulers, Guns, and Money'', 168; Livermore, "Battleship Diplomacy," 40.</ref> but no major earthquake hit Chile in that year, ''cf.'' [[List of earthquakes in Chile]]. However, the [[1906 Valparaíso earthquake|Valparaíso earthquake]] of 1906 caused nearly 4,000 deaths, a tsunami, and a wide swath of destruction over the Chilean capital and surrounding areas. Given this, and at least one primary source's confirmation that the plans were delayed by the Valparaíso earthquake,<ref>"The Status of South American Navies," ''Naval Engineers'', 257.</ref> it seems likely that Livermore's 1908 earthquake was a simple typographical error inadvertently repeated in Grant's account.}} While Argentina's principal concern was with Brazil, Chile also wished to respond to Peruvian military acquisitions, including a recent cruiser order (the {{sclass-|Almirante Grau|cruiser|4}}).<ref>Grant, ''Rulers, Guns, and Money'', 146–47.</ref>

Money for a naval building program was allocated in 1910.<ref>"Acorazado Almirante Latorre," ''Unidades Navales''.</ref> Although the Chilean government solicited bids from several armament companies, nearly all believed that a British company would win the contract; the American [[Military attaché|naval attaché]] opined that without anything short of a revolution the contracts were destined for the United Kingdom. The Chilean Navy had cultivated extensive ties with the United Kingdom's Royal Navy since the 1830s, when Chilean naval officers were given places on British ships to receive training and experience they could bring back to their country. This relationship had recently been cemented when a British [[naval mission]] was requested by Chile and sent in 1911.<ref>Scheina, ''Naval History'', 138.</ref> Still, the American and German governments attempted to swing sentiment to their side by dispatching modern naval vessels ({{USS|Delaware|BB-28|2}} and {{SMS|Von der Tann||2}}, respectively) to Chilean ports. Their efforts were futile, and the design tendered by Armstrong Whitworth was chosen on 25 July 1911.<ref>Livermore, "Battleship Diplomacy," 41–42.</ref>

=== Other navies ===
Other South American navies, having limited resources and little expertise in operating large warships, were in no state to respond. The [[Peruvian Navy]], fourth largest on the continent, had been decimated during the [[Naval Campaign of the War of the Pacific|naval campaign]] of the [[War of the Pacific]] against Chile (1879–83). It took the Peruvian government more than twenty years to order new warships—{{ill|es|BAP Almirante Grau (1906)|lt=''Almirante Grau''}} and {{ill|es|BAP Coronel Bolognesi (1906)|lt=''Coronel Bolognesi''}}, scout cruisers delivered in 1906 and 1907. They were augmented by two submarines and a destroyer ordered from France. ''Proceedings'' reported in 1905 that the Peruvian government was looking to embark on a nine-year, $7 million plan that would see their navy expanded with three [[Swiftsure-class battleship|''Swiftsure'']]-like pre-dreadnoughts, three armored cruisers, six destroyers, and numerous smaller warships. Nothing came of this plan, and while the Peruvian Navy had an agreement to acquire an obsolete French armored cruiser, {{ship|French cruiser|Dupuy de Lôme||2}}, they never finished paying for it.<ref>Schenia, "Peru," 409–10; "Fleets in Preparation," ''Proceedings'', 740.</ref>

Other South American navies also added smaller vessels to their naval forces in the same time period. The [[National Navy of Uruguay|Uruguayan Navy]] acquired a {{convert|1400|LT|t|0|adj=on}} gunboat in 1910, while the [[Bolivarian Armada of Venezuela|Venezuelan Navy]] bought an ex-Spanish {{convert|1125|LT|t|adj=on}} [[protected cruiser]], [[USS Isla de Cuba (1886)|''Mariscal Sucre'']], from the United States in 1912. The [[Ecuadorian Navy]] added a Chilean torpedo boat to its fleet in 1907, complementing its fleet of two [[aviso]]s, both around {{convert|800|LT|t}}, two small steamers, and one minor coast guard ship.<ref>Schenia, "Ecuador," 414; Schenia, "Uruguay," 424–25; Schenia, "Venezuela," 425; "The Status of South American Navies," ''Naval Engineers'', 254–57.</ref>

== Results: construction and trials of the new warships ==
[[File:Minas Geraes-class battleship drawings.jpg|thumb|right|upright=1.7|Plans of the ''Minas Geraes'' class, showing the armor values (''fig. 1'') and the theoretically possible radii of the [[main battery|main]] and secondary batteries (''fig. 2 and 3'').<ref group=upper-roman>Reprinted from "The Brazilian Battleship," ''Journal of the United States Artillery'', 181.</ref>]]
Brazil's {{ship|Brazilian battleship|Minas Geraes||2}}, the [[lead ship]], was [[keel laying|laid down]] by Armstrong on 17 April 1907, while its [[sister ship|sister]] {{ship|Brazilian battleship|São Paulo||2}} followed thirteen days later at Vickers. Completion of the partial hull needed to [[ship naming and launching|launch]] ''Minas Geraes'' was delayed by a five-month [[strike action|strike]] to 10 September 1908. ''São Paulo'' followed on 19 April 1909.<ref>Scheina, ''Naval History'', 321; Scheina, "Brazil," 404; Topliss, "Brazilian Dreadnoughts," 249; "The Brazilian Battleship," ''United States Artillery'', 188; "Minas Geraes I," ''Serviço de Documentação da Marinha — Histórico de Navios''; "São Paulo I," ''Serviço de Documentação da Marinha — Histórico de Navios''.</ref> Both were [[ship christening|christened]] in front of large crowds by the wife of [[Francisco Régis de Oliveira]], the [[List of Ambassadors of Brazil to the United Kingdom|Brazilian ambassador to the United Kingdom]].<ref name="Greatest Warships">"[http://select.nytimes.com/gst/abstract.html?res=F20C17FA385A17738DDDA80994D1405B888CF1D3 Launch Greatest Warships]," ''New York Times'', 11 September 1908, 5; "[http://select.nytimes.com/gst/abstract.html?res=F00A16FB3E5D12738DDDA90A94DC405B898CF1D3 Launch Brazil's Battleship]," ''New York Times'', 20 April 1909, 5.</ref> After [[fitting-out]], the period after a warship's launch where it is completed, ''Minas Geraes'' was put through multiple [[Sea trial|trials]] of the speed, endurance, efficiency, and weaponry of the ship in September, including what was at that time the heaviest [[broadside]] ever fired off a warship, ''Minas Geraes'' was completed and handed over to Brazil on 5 January 1910.<ref>"The Brazilian Battleship," ''United States Artillery'', 185–88; "The Brazilian Battleship," ''Scientific American'', 240–41; "The Minas Geraes," ''Times'' (London), 6 January 1910, 4d.</ref> The trials proved that the [[Blast injury|blast]] from the class' [[superfire|superfiring]] upper turrets would not injure crewmen in the lower turrets. The ship itself managed to reach {{convert|21.432|kn|mph km/h}} on an [[horsepower#Indicated horsepower|indicated horsepower]] (ihp) of 27,212.<ref>"The Brazilian Battleship," ''United States Artillery'', 187–188; "The New Brazilian Battleships," ''Times'' (London), 22 January 1910, 16f.</ref> ''São Paulo'' followed its classmate in July, after its own trials at the end of May, where the ship reached {{convert|21.623|kn|mph km/h}} at 28,645 ihp.<ref>Alger, "Professional Notes," 858–59; "Brazil," ''Naval Engineers'', 999; "Trials of the Sao Paulo," ''Times'' (London), 3 June 1910, 7c; "Gun Trials of the Sao Paulo," ''Times'' (London), 4 June 1910, 9b.</ref>

Argentina's {{ship|ARA|Rivadavia||2}} was built by the Fore River Ship and Engine Company at its shipyard in Massachusetts. As called for in the final contract, {{ship|ARA|Moreno||2}} was [[subcontractor|subcontracted]] out to the [[New York Shipbuilding|New York Shipbuilding Corporation]] of New Jersey.<ref name=Scheina83>Scheina, ''Naval History'', 83.</ref> The steel for the ships was largely supplied by the [[Bethlehem Steel Company]] of Pennsylvania.<ref name="Evening Post">"[http://paperspast.natlib.govt.nz/cgi-bin/paperspast?a=d&d=EP19100323.2.42 Argentine Navy; Dreadnought Orders]," ''Evening Post'' (Wellington), 23 March 1910, 4.</ref> ''Rivadavia'' was laid down on 25 May 1910—one hundred years after the establishment of the first independent Argentine government, the ''[[Primera Junta]]''—and launched on 26 August 1911.<ref>Scheina, "Argentina," 401; "[http://query.nytimes.com/gst/abstract.html?res=9D04E5DE163CE633A25754C2A96E9C946096D6CF Launch Rivadavia, Biggest Battleship]," ''New York Times'', 27 August 1911, 7.</ref> ''Moreno'' was laid down on 10 July 1910 and launched on 23 September 1911.<ref>Scheina, "Argentina," 401; "[http://query.nytimes.com/gst/abstract.html?res=9402E4DB163CE633A25757C2A96F9C946096D6CF Moreno Launched For Argentine Navy]," ''New York Times'', 24 September 1911, 12.</ref> Construction on both ships took longer than usual, and there were further delays during their sea trials when one of ''Rivadavia''{{'}}s turbines was damaged and one of ''Moreno''{{'}}s turbines failed.<ref>"[http://chroniclingamerica.loc.gov/lccn/sn83030214/1913-08-08/ed-1/seq-4/ Rivadavia Towed Here]," ''[[New-York Tribune]]'', 8 August 1913, 4; "[http://query.nytimes.com/gst/abstract.html?res=9506E2D9143EE033A25754C2A96E9C946596D6CF The Rivadavia Delayed]," ''New York Times'', 24 August 1914, 7; "[http://query.nytimes.com/gst/abstract.html?res=9B05E4DF1738E633A25750C0A9679D946596D6CF New Battleship Disabled]," ''New York Times'', 3 November 1914, 18.</ref> The two were only officially completed in December 1914 and February 1915.<ref>Scheina, "Argentina," 401; "[http://query.nytimes.com/gst/abstract.html?res=9903E5DE123FE233A25752C2A9649C946496D6CF Dreadnought Row Ended]," ''New York Times'', 21 February 1915, 1.</ref> Even the departure of ''Moreno'' was marked by mishaps, as the ship sank a [[barge]] and ran aground twice.<ref>"[http://query.nytimes.com/gst/abstract.html?res=9E0DE1DE153BE233A2575BC2A9659C946496D6CF Battleship Sinks Barge]," ''New York Times'', 28 March 1915, 5; "[http://query.nytimes.com/gst/abstract.html?res=9E07E4DF1338E633A25755C1A9629C946496D6CF The Moreno Again Ashore]," ''New York Times'', 16 April 1915, 8; "[http://query.nytimes.com/gst/abstract.html?res=9E05E5D91E3EE033A25754C1A9629C946496D6CF Argentine Ship Afloat]," ''New York Times'', 17 April 1915, 6.</ref>

Chile's {{ship|Chilean battleship|Almirante Latorre||2}} was launched on 27 November 1913.<ref>Burt, ''British Battleships'', 240; Gill, "Professional Notes," 193.</ref>{{efn-ua|Scheina gives 17 November as the launching date, though this appears to be a typographical error.<ref>Scheina, ''Naval History'', 321.</ref>}} After the [[World War I|First World War]] broke out in Europe, work on ''Almirante Latorre'' was halted in August 1914, and it was formally purchased on 9 September after the British [[Cabinet of the United Kingdom|Cabinet]] recommended it four days earlier.<ref>Scheina, ''Naval History'', 321; Parkes, ''British Battleships'', 605; Burt, ''British Battleships'', 231, 240; Preston, "Great Britain," 37; "[http://query.nytimes.com/gst/abstract.html?res=9B00EFDC1238EE32A25754C0A9649D946996D6CF British Navy Gains]," ''New York Times'', 7 December 1918, 14.</ref> ''Almirante Latorre'' was not forcibly seized like the Ottoman [[Ottoman battleship Reşadiye|''Reşadiye'']] and [[Ottoman battleship Sultân Osmân-ı Evvel|''Sultân Osmân-ı Evvel'']] (ex-[[Brazilian battleship Rio de Janeiro (1913)|''Rio de Janeiro'']]), two other ships being built for a foreign navy, as a result of Chile's "friendly neutral" status with the United Kingdom. The British needed to maintain this relationship owing to their dependence on Chilean nitrate imports, which were vital to the British armament industry.<ref>Preston, "Great Britain," 37.</ref> The former Chilean ship—the largest vessel built by Armstrong up to that time—was completed on 30 September 1915, commissioned into the Royal Navy on 15 October, and served in that navy in the First World War.<ref>Scheina, ''Naval History'', 321; Burt, ''British Battleships'', 240; "The Chilean Dreadnought Almirante Latorre," ''Naval Engineers'', 317.</ref> Work on the other battleship, ''Almirante Cochrane'', was halted after the outbreak of war. The British purchased the incomplete hulk on 28 February 1918 for conversion to an [[aircraft carrier]], as ''Almirante Cohrane'' was the only large and fast hull which was immediately available and capable of being modified into a carrier without major reconstruction. Low priority and [[industrial action|quarrels with shipyard workers]] slowed completion of the ship; it was commissioned into the Royal Navy as {{HMS|Eagle|1918|2}} in 1924.<ref name=Preston70>Preston, "Great Britain," 70.</ref>

== Reciprocation: Brazil orders again ==

=== ''Rio de Janeiro'' ===
{{main|HMS Agincourt (1913)|l1=HMS ''Agincourt'' (1913)}}
After the first Brazilian dreadnought, ''Minas Geraes'', was launched, the Brazilian government began an extended campaign to remove the third dreadnought from the contract because of political—backlash from the [[#Revolt of the Lash|Revolt of the Lash]] coupled with warming relations with Argentina—and economic reasons. After much negotiating and attempts from Armstrong to hold the Brazilian government to the contract, the Brazilians relented, due in part to lower bond rates that made it possible for the government to borrow the necessary money. ''Rio de Janeiro'' was laid down for the first time in March 1910.<ref>Topliss, "Brazilian Dreadnoughts," 247–49.</ref>

[[File:Agincourt postcard.jpg|thumb|right|upright=1.2|''Agincourt'' depicted prior to its British modifications, which included the removal of the flying bridge between the funnels seen here.<ref group=upper-roman>Postcard [[:File:Agincourt postcard.jpg|courtesy]] of ''Navios De Guerra Brasileiros''.</ref>]]
By May, the Brazilian government asked Armstrong to stop work on the new warship and to submit new designs which took in the most recent advance in naval technology, [[super-dreadnought]]s. [[Sir Eustace Tennyson d'Eyncourt, 1st Baronet|Eustace Tennyson-d'Eyncourt]] served as Armstrong's liaison to Brazil. The [[Encyclopædia Britannica Eleventh Edition|1911 ''Encyclopædia Britannica'']] specifies this design as a {{convert|655|ft|m|adj=on}} long [[length overall|overall]], {{convert|32000|LT|t|adj=on}} ship mounting twelve 14-inch guns and costing near £3,000,000. The many requests made by the Brazilian Navy for minor changes delayed the contract signing until 10 October 1910, and the battleship's keel laying was delayed further by a [[Labor unrest|labor dispute]] with the [[Worshipful Company of Shipwrights]], which led to a [[Lockout (industry)|lockout]]. During these delays, a new Minister of the Navy, Admiral [[Marques Leão]], was appointed to replace de Alencar—an important development, as the contract stipulated that the design could only proceed with the approval of the new Minister. Again, however, the Brazilian Navy found itself torn between two schools of thought: Leão and others in the navy favored a reversion to the 12-inch gun, but others, led by the outgoing Minister of the Navy (de Alencar) and the head of the Brazilian naval commission in the United Kingdom (Rear Admiral {{ill|pt|Duarte Huet de Bacelar Pinto Guedes}}), were strongly in favor of obtaining the ship with the largest armament—in this case, a design drawn up by Bacellar, carrying eight 16-inch guns, six 9.4-inch guns, and fourteen 6-inch guns.<ref>Topliss, "Brazilian Dreadnoughts," 254–57, 260, 263–64, 268; ''Encyclopædia Britannica'', 11th ed., ''s.v.'' "Ship."</ref>

D'Eyncourt, who had departed Brazil in October immediately after the contract was signed, returned in March 1911 to display the various design options available to the Brazilian Navy. Armstrong evidently thought the second faction would prevail, so he also took with him everything needed to close a deal on Bacellar's design. By mid-March, Armstrong's contacts in Brazil reported that Leão had convinced the recently elected President [[Hermes da Fonseca|Hermes Rodrigues da Fonseca]] to cancel the design with twelve 14-inch guns in favor of a smaller ship.<ref>Topliss, "Brazilian Dreadnoughts," 269.</ref> The credit may not have laid with Leão alone, though; da Fonseca was already dealing with multiple issues. Most importantly, he had to deal with [[#Brazilian naval revolt|the fallout]] from a large naval revolt in November 1910 (the [[Revolt of the Lash]]), which had seen three of the new vessels just purchased by the navy, along with one older coast-defense ship, mutiny against the use of corporal punishment in the navy.<ref>Scheina, ''Naval History'', 81–82.</ref>

To make matters worse, the dreadnoughts' expense combined with loan payments and a worsening economy led to growing [[government debt]] compounded by [[Government budget deficit|budget deficits]]. By one measure of Brazil's [[Gross domestic product|GDP per capita]], income in the country rose from $718 in 1905 to a high of $836 in 1911 before declining over the next three years to a low of $780 in 1914 (both measured in 1990 [[Geary–Khamis dollar|international dollars]]). It did not fully recover until after the First World War.<ref name="Maddison"/> At the same time, Brazil's external and internal debt reached $500 and $335 million (respectively, in contemporaneous dollar amounts) by 1913, partly through rising deficits, which were $22 million in 1908 and $47 million by 1912.<ref>Martin, ''Latin America'', 37.</ref> In May, the president commented negatively on the new ship:

{{quote|When I assumed office, I found that my predecessor had signed a contract for the building of the battleship ''Rio de Janeiro'', a vessel of 32,000 tons, with an armament of 14-inch guns. Considerations of every kind pointed to the inconvenience of acquiring such a vessel and to the revision of the contract in the sense of reducing the tonnage. This was done, and we shall possess a powerful unit which will not be built on exaggerated lines such as have not as yet stood the time of experience.<ref>Scheina, ''Naval History'', 354.</ref>}}

D'Eyncourt probably avoided proposing any design with 16-inch guns when he saw the political situation. In meetings with Leão, designs of only ten 12-inch guns mounted on the centerline were quickly rejected, even though their broadside was as strong as that of the ''Minas Geraes'' class, but a design with no less than ''fourteen'' 12-inch guns emerged as the frontrunner. Author David Topliss attributes this to political necessity, as he believed the Minister of the Navy could not validate purchasing a seemingly less-powerful dreadnought than the ''Minas Geraes'' class: with larger guns ruled out, the only remaining choice was a larger number of guns.<ref>Topliss, "Brazilian Dreadnoughts," 280.</ref>

[[File:Sultan Osman I fitting out.jpg|thumb|left|upright=1.2|''Sultân Osmân-ı Evvel'', previously ''Rio de Janeiro'' and soon to be ''Agincourt'', fitting-out.<ref group=upper-roman>Unknown source, possibly through the ''Engineer'', 1914.</ref>]]
After numerous requests for design alterations from the Brazilian Navy were accommodated or rejected, a contract was signed for a ship with fourteen 12-inch guns on 3 June 1911 for £2,675,000, and ''Rio de Janeiro''{{'}}s keel was laid for the fourth time on 14 September. It did not take long for the Brazilian government to reconsider their decision again;<ref>Topliss, "The Brazilian Dreadnought," 284.</ref> by mid-1912, battleships with 14-inch guns were under construction, and suddenly it seemed that ''Rio de Janeiro'' would be outclassed upon completion.<ref>Brook, ''Warships for Export'', 133; Vanterpool, "The 'Riachuelo'," 140; Gill, "Professional Notes," 492.</ref> Making matters worse, a European depression after the end of the [[Second Balkan War]] in August 1913 reduced Brazil's ability to obtain foreign loans. This coincided with a collapse in Brazil's coffee and rubber exports, the latter due to the loss of the [[Rubber boom#The end of the Amazon's rubber monopoly|Brazilian rubber monopoly]] to British plantations in the Far East. The price of coffee declined by 20 percent and Brazilian exports of it dropped 12.5 percent between 1912 and 1913; rubber saw a similar decline of 25 and 36.6 percent, respectively.<ref>Martin, ''Latin America and the War'', 36–37.</ref> The Brazilian Navy later claimed that selling ''Rio de Janeiro'' was a tactical decision, so they could have two divisions of battleships: two with 12-inch guns (the ''Minas Geraes'' class), and two with 15-inch guns.<ref>Gill, "Professional Notes," 492.</ref>

Armstrong studied whether replacing the 12-inch guns with seven 15-inch guns would be feasible, but Brazil was probably already attempting to sell the ship. In the tension building up to the First World War, many countries, including Russia, Italy, Greece, and the Ottoman Empire, were interested in purchasing the ship. While Russia quickly dropped out, Italy and the rival Greeks and Ottomans were all highly interested. The Italians seemed close to purchasing the ship until the French government decided to back the Greeks—rather than allow the Italians, who were the principal naval rivals of the French, to obtain the ship. The Grecian government made an offer for the original purchase price plus an additional £50,000, but as the Greeks worked to obtain an initial installment, the Ottoman government was also making offers.<ref>Topliss, "Brazilian Dreadnoughts," 284.</ref>

The Brazilian government rejected an Ottoman proposal to swap ships, with Brazil's ''Rio de Janeiro'' going to the Ottomans and [[Ottoman battleship Reşadiye|''Reşadiye'']] going to Brazil, presumably with some amount of money. The Brazilian government would only accept a monetary offer. Lacking this, the Ottomans were forced to find a loan. Fortunately for them, they were able to obtain one from French banker acting independent of his government, and the Ottoman Navy secured the ''Rio de Janeiro'' on 29 December 1913 for £1,200,000 as-is.<ref>Topliss, "Brazilian Dreadnoughts," 284; Gill, "Professional Notes," 555.</ref>{{efn-ua|The surprise acquisition of ''Rio de Janeiro'' by the Ottomans alarmed the Greek government, due to what contemporary commentators called the "[assured Ottoman] naval superiority over Greece."<ref name="Turkish Navy"/> The Greeks scrambled to put offers together for ''Almirante Latorre'' or one of the Argentine dreadnoughts to counter the Ottoman purchase, which would have given them two dreadnoughts by the end of 1914 (the other being ''Reşadiye'', later taken over by the British and renamed {{HMS|Erin||2}}). Greece would only have {{ship|Greek battleship|Salamis||2}}, which was being built in Germany and scheduled for completion in March 1915, and two entirely obsolete pre-dreadnoughts, {{ship|Greek battleship|Kilkis||2}} and {{ship|Greek battleship|Lemnos||2}}, purchased from the United States in May 1914 to avert what seemed to be an imminent war.<ref>Kaldis, "Background for Conflict," D1135, D1139; Mach, "Greece," 384; Gill, "Professional Notes," 1217–18.</ref>}} As part of the purchase contract, the remainder of the ship was constructed with £2,340,000 in Ottoman money.<ref name="Turkish Navy">"[http://trove.nla.gov.au/ndp/del/article/15488993 Turkish Navy]," ''Sydney Morning Herald'', 31 December 1913, 13.</ref> Renamed ''Sultân Osmân-ı Evvel'', it was eventually taken over by the British shortly after the beginning of the First World War, serving with the Royal Navy as {{HMS|Agincourt|1913|6}}.<ref>Topliss, "Brazilian Dreadnoughts," 284, 286.</ref>{{efn-ua|This action is commonly cited as a major reason in the Ottoman decision to join the [[Central Powers]] and enter the First World War, but historians have disputed this claim, using as evidence the signing of a secret alliance between the German and Ottoman Empires on 2 August 1914 and the lack of any response to the United Kingdom's offer of compensation for the ship.<ref>Parkes, ''British Battleships'', 597.</ref>}}

The Argentine government authorized a third dreadnought in October 1912 in case ''Rio de Janeiro'' was completed and delivered, but the ship was never named or built.<ref>Scheina, ''Latin America'', 321; Трубицын, ''Линкоры'', 4.</ref>

=== ''Riachuelo'' ===
After selling ''Rio de Janeiro'', the Brazilian government asked Armstrong and Vickers to prepare designs for a new battleship, something strongly supported by the [[Navy League of Brazil]] (''Liga Maritima'').<ref>Oakenfull, ''Brazil'', 91.</ref> Armstrong agreed to construct the ship without any further payments from Brazil. They replied with at least fourteen designs, six from Vickers (December 1913 through March 1914) and eight from Armstrong (February 1914). Vickers' designs varied between eight and ten 15-inch and eight 16-inch guns, with speeds between 22 and 25 knots (the lower-end ships having mixed firing, the higher using oil), and displacements between {{convert|26000|t|LT}} and {{convert|30500|t|LT}}. Armstrong took two basic designs, one with eight and the other with ten 15-inch guns, and varied their speed and firing.<ref name="Topliss285-86">Topliss, "Brazilian Dreadnoughts," 285–86.</ref>{{efn-ua|Topliss (1985), in writing a design history of the four Brazilian dreadnoughts, makes no mention of Vanterpool's (1969) article, which detailed four substantially different designs prepared in October 1913 by Armstrong. Sturton (1970), whose article was written in direct reply to Vanterpool, found that designs were submitted after that date and that one, bearing little resemblance to anything uncovered by Vanterpool, was ordered. Topliss, on whose research this paragraph is largely based, appears to have expanded upon Sturton's work, but does not include the designs detailed by Vanterpool, even though his article is listed in Topliss' sources.}}

While most secondary sources do not mention that Brazil ordered a battleship,<ref>Sturton, "Re: The Riachuelo," 205.</ref> with the ship's entry in the warship encyclopedia ''Conway's All the World's Fighting Ships'' even remarking that "Brazil had not selected from the four design variations,"<ref>Scheina, "Brazil," 405.</ref> the Brazilian government chose what was labeled as Design 781, the first of the eight 15-inch designs tendered by Armstrong, which also shared characteristics with the [[Queen Elizabeth-class battleship|''Queen Elizabeth'']] and [[Revenge-class battleship|''Revenge'' classes]] then being built for the United Kingdom.<ref>Topliss, "Brazilian Dreadnoughts," 285–86; Sturton, "Re: The Riachuelo," 205; Gill, "Professional Notes," 192.</ref> They placed an order for one ship of this design, to be named ''Riachuelo'', at the Armstrong Whitworth shipyard in [[Elswick, Tyne and Wear|Elswick]] on 12 May 1914.<ref>Topliss, "Brazilian Dreadnoughts," 285–86; "E Rio de Janeiro," ''Navios De Guerra Brasileiros''.</ref> Some preliminary gathering of materials was completed for a planned [[keel laying]] date of 10 September, but the beginning of the First World War in August 1914 delayed plans. ''Riachuelo'' was officially suspended on 14 January 1915 and canceled on 13 May 1915.<ref>Brook, ''Warships for Export'', 153; Topliss, "Brazilian Dreadnoughts," 285–86.</ref>

== Decline: instability and public unrest ==

=== Brazilian naval revolt ===
{{main|Revolt of the Lash}}
[[File:Sailors of Minas Geraes 2.jpg|thumb|right|upright=1.4|''[[Pardo]]'' and [[Afro-Brazilian|''preto'']] Brazilian marines pose for a photographer on board ''Minas Geraes'', probably during the ship's visit to the United States in early 1913.<ref group=upper-roman>Photograph [[:File:Sailors of Minas Geraes 2.jpg#Summary|courtesy]] of the George Grantham Bain collection at the Library of Congress.</ref>]]
In late November 1910, a large naval revolt, later named the Revolt of the Lash, or ''Revolta da Chibata'', broke out in Rio de Janeiro.{{efn-ua|Other English translations include the "Revolt of the Whip" or the "Revolt against the Lash."}} The tension was kindled by the racial makeup of the navy's regular crewmembers, who were heavily black or [[mulatto]], whereas their officers were mostly white.<ref>Morgan, "Revolt of the Lash," 36–37.</ref> The Baron of Rio Branco commented: "For the recruitment of marines and enlisted men, we bring aboard the dregs of our urban centers, the most worthless ''lumpen'', without preparation of any sort. Ex-slaves and the sons of slaves make up our ships' crews, most of them dark-skinned or dark-skinned mulattos."<ref>[[José Paranhos, Baron of Rio Branco]], in Edmar Morel, ''A Revolta da Chibata'' 4th ed. (Rio de Janeiro: Edições Graal, 1986), 13, in Morgan, "Revolt of the Lash," 37.</ref>

This kind of [[impressment]], combined with the heavy use of [[corporal punishment]] for even minor offenses, meant that relations between the black crews and white officers was tepid at best. Crewmen aboard ''Minas Geraes'' began planning for a revolt in 1910. They chose [[João Cândido Felisberto]], an experienced sailor, as their leader. The mutiny was delayed several times by disagreements among the participants. In a major meeting on 13 November, some of the revolutionaries expressed a desire to revolt when the president would be inaugurated (15 November), but another leader, Francisco Dias Martins, talked them out of the idea, insisting that their demands would be overshadowed by a perceived rebellion against the political system as a whole. The immediate catalyst for their revolt came on 21 November 1910, when an Afro-Brazilian sailor, [[Marcelino Rodrigues Menezes]], was brutally flogged 250 times for insubordination.<ref>Love, ''Revolt'', 66–72; Morgan, "Revolt of the Lash," 33, 36–37.</ref>{{efn-ua|There is some scholarly confusion over the exact date of Menezes' lashing. Morgan (2003) says that it occurred at dawn on 16 November and the span between whipping and revolt was due to the need for additional planning and organization.<ref>Morgan, "Revolt of the Lash," 33, 37.</ref> Love (2012), the account followed here, states that Menezes was whipped on the night of 21 November, with the revolt starting around 10 p.m. on the 22nd.<ref>Love, ''Revolt'', 28–29; 34.</ref> Both, however, agree that the incident was the immediate cause of the uprising.}} A Brazilian government observer, former navy captain [[José Carlos de Carvalho]], stated that the sailor's back looked like "a mullet sliced open for salting."<ref>Presentation to Federal Congress by Federal Deputy for Rio Grande do Sul, [[José Carlos de Carvalho]], 23 November 1910, in Morel, ''Revolta'', 80–84, in Morgan, "Revolt of the Lash," 41.</ref>

The revolt began aboard ''Minas Geraes'' at around 10 pm on 22 November; the ship's commander and several loyal crewmen were murdered in the process. Soon after, ''São Paulo'', the new cruiser ''Bahia'', the coast-defense ship {{ship|Brazilian battleship|Deodoro||2}}, the minelayer {{ship|Brazilian minelayer|República||2}}, the [[training ship]] {{ship|Brazilian cruiser|Benjamin Constant||2}}, and the torpedo boats {{ship|Brazilian torpedo boat|Tamoio||2}} and {{ship|Brazilian torpedo boat|Timbira||2}} all revolted with relatively little violence. The first four ships represented the newest and strongest ships in the navy; ''Minas Geraes'', ''São Paulo'', and ''Bahia'' had been completed and commissioned only months before. ''Deodoro'' was twelve years old and had recently undergone a [[wikt:refit|refit]]. The crews of the smaller warships made up only two percent of the mutineers, and some moved to the largest ships after the revolt began.<ref>Love, ''Revolt'', 20, 28–31, 35–36; Morgan, "Revolt of the Lash," 37–38.</ref>

[[File:Joao Candido.jpg|left|thumb|upright=1.3|The leader of the Revolt of the Lash, [[João Cândido Felisberto]] (front row, directly to the left of the man in the dark suit), with reporters, officers and sailors on board ''Minas Geraes'' on 26 November 1910.<ref group=upper-roman>Reprinted from Morgan, "The Revolt of the Lash," 34.</ref>]]
Key warships that remained in government hands included the old cruiser {{ship|Brazilian cruiser|Almirante Barroso|1896|2}}, ''Bahia''{{'}}s sister {{ship|Brazilian cruiser|Rio Grande do Sul||2}}, the eight new destroyers of the [[Pará class destroyer (1908)|''Pará'' class]]. Their crews were in a state of flux at the time: with nearly half of the navy's enlisted men in Rio at that time in open revolt, naval officers were suspicious of even those who remained loyal to the government. These suspicions were perhaps well-placed, given that radio operators on loyal ships passed on operational plans to the mutineers. Enlisted men on ships that remained in government hands were reduced wherever possible, and officers took over all of the positions that would be involved in direct combat. Further complicating matters were weapon supplies, such as the destroyer's [[torpedo]]es. These could not be fired without [[Percussion cap|firing cap]]s, yet the caps were not where they were supposed to be. When they were located and delivered, they did not fit the newer torpedoes on board the destroyers. The correct caps were fitted only 48 hours after the rebellion began.<ref>Love, ''Revolt'', 30–31, 35–36.</ref>

Felisberto and his fellow sailors demanded an end to the 'slavery' being practiced by the navy, most notably the continued use of whipping despite its ban in every other Western nation. Though navy officers and the president were staunchly opposed to any sort of amnesty and made plans to attack the rebel-held ships, many legislators were supportive. Over the next three days, both houses of the Brazilian National Congress, led by the influential senator [[Rui Barbosa|Ruy Barbosa]], passed a general bill granting amnesty to all involved and ending the use of corporal punishment.<ref>Love, ''Revolt'', 33–47; Morgan, "Revolt of the Lash," 38–46.</ref>

In the aftermath of the revolt, the two Brazilian dreadnoughts were disarmed by the removal of their guns' [[breechblock]]s. The revolt and consequent state of the navy, which was essentially unable to operate for fear of another rebellion, caused many leading Brazilians, including the president, prominent politicians like Barbosa and the Baron of Rio Branco, and the editor of the most respected newspaper in Brazil, ''[[Jornal do Commercio]]'', to question the use of the new ships and support their sale to a foreign country.<ref>Grant, ''Rulers, Guns, and Money'', 158–59.</ref>{{efn-ua|On the status of ''Jornal do Commercio'' within Brazil, see Love, ''Revolt'', 3.}} The British ambassador to Brazil, W.H.D. Haggard, was ecstatic at Rio Branco's about-face, saying "This is indeed a wonderful surrender on the part of the man who was answerable for the purchase and who looked upon them as the most cherished offspring of his policy."<ref>Foreign Office, British National Archives, 371/1051, Haggard to [[Edward Grey, 1st Viscount Grey of Fallodon|Sir Edward Grey]], 3 February 1911, in Grant, ''Rulers, Guns, and Money'', 159.</ref> Shortly before the vote on the amnesty bill, Ruy Barbosa emphatically outlined his opposition to the ships:

[[File:Deck scene aboard Minas Geraes.jpg|thumb|right|upright=1.4|''Minas Geraes'', seen from the stern of the ship.<ref group=upper-roman>Photograph [[:File:Deck scene aboard Minas Geraes.jpg#Summary|courtesy]] of the George Grantham Bain collection at the Library of Congress.</ref>]]
{{quote|Let me, in conclusion, point out two profound lessons of the bitter situation in which we find ourselves. The first is that a military government is not one whit more able to save the country from the vicissitudes of war nor any braver or resourceful in meeting them than a civil government. The second is that the policy of great armaments has no place on the American continent. At least on our part and the part of the nations which surround us, the policy which we ought to follow with joy and hope is that of drawing closer international ties through the development of commercial relations, the peace and friendship of all the peoples who inhabit the countries of America. The experience of Brazil in this respect is decisive. All of the forces employed for twenty years in the perfecting of the means of our national defense have served, after all, to turn upon our own breasts these successive attempts at revolt. International war has not yet come to the doors of our republic. Civil war has come many times, armed by these very weapons which we have so vainly prepared for our defense against a foreign enemy. Let us do away with these ridiculous and perilous great armaments, securing international peace by means rather of just and equitable relations with our neighbors. On the American continent, at least, it is not necessary to maintain a 'peace armada'; that hideous cancer which is devouring continuously the vitals of the nations of Europe.<ref name="Lambuth1433">Lambuth, "Naval Comedy," 1433.</ref>}}

In the end, the president and cabinet decided against selling the ships because they feared it would hurt them politically. This came despite a consensus agreeing that the ships should be disposed of, possibly to fund smaller warships capable of traversing Brazil's many rivers.<ref name="Grant159">Grant, ''Rulers, Guns, and Money'', 159.</ref> The executive's apprehension was heightened by Barbosa's speech given before the revolt's end, as he also used the occasion to attack the government, or what he called the "brutal militaristic regime."<ref name="Lambuth1433"/> Still, the Brazilians ordered Armstrong to cease working towards laying down their third dreadnought, which induced the Argentine government to not pick up their contractual option for a third dreadnought, and the United States' ambassador to Brazil cabled home to state that the Brazilian desire for naval preeminence in Latin America was quelled, though this proved to be short-lived.<ref name="Livermore45" />

Although the ''Minas Geraes'' class remained in Brazilian hands, the mutiny had a clear detrimental effect on the navy's readiness: by 1912, an Armstrong agent stated that the ships were in terrible condition, with rust already forming on turrets and boilers. The agent believed it would cost the Brazilian Navy around £700,000 to address these issues.<ref name="Grant159"/> Haggard tersely commented, "These ships are absolutely useless to Brazil," a sentiment echoed by ''Proceedings''.<ref>Foreign Office, British National Archives, 371/1518, Haggard to Grey, 19 June 1913, Brazil, ''Annual Report'', 1912, in Grant, ''Rulers, Guns, and Money'', 160; Gill, "Professional Notes," 1257.</ref> Despite the government's refusal to sell the two ''Minas Geraes''-class ships and subsequent support for acquiring ''Rio de Janeiro'', some historians credit the rebellion, combined with the Baron of Rio Branco's death in 1912, as major factors in the Brazilian government's decision (which was possibly made by January 1913, but certainly by September) to sell the ship to the Ottomans.<ref>Grant, ''Rulers, Guns, and Money'', 160; Topliss, "Brazilian Dreadnoughts," 283.</ref>

=== Attempted sales ===
After ''Rio de Janeiro'' was purchased by the Ottoman Empire, the Argentine government bowed to popular demand and began to seek a buyer for their two dreadnoughts. The money received in return would have been devoted to internal improvements. Three bills directing that the battleships be sold were introduced into the [[Argentine National Congress]] in mid-1914, but all were defeated. Still, the British and Germans expressed worries that the ships could be sold to a belligerent nation, while the Russian, Austrian, Ottoman, Italian, and Greek governments were all reportedly interested in buying both ships, the latter as a counter to the Ottoman purchase of ''Rio de Janeiro''.<ref>Livermore, "Battleship Diplomacy," 46–47; Hislam, "Century of Dreadnoughts," 146; "[http://paperspast.natlib.govt.nz/cgi-bin/paperspast?a=d&d=PBH19140103.2.48 Turkey and Greece; Purpose of Dreadnoughts]," ''Poverty Bay Herald'', 2 January 1914, 3; "[http://chroniclingamerica.loc.gov/lccn/sn83030214/1915-04-27/ed-1/seq-3/ Argentine Pride Outweighs $6,000,000 Profit Greece Offers for Moreno]," ''New-York Tribune'', 27 April 1913, 3.</ref>

[[File:Chilean battleship Almirante Latorre.jpg|thumb|left|Chile's ''Almirante Latorre'' in December 1921.<ref group=upper-roman>Photograph [[:File:Chilean battleship Almirante Latorre.jpg#Summary|courtesy]] of the Library of Congress.</ref>]]
The ''[[New-York Tribune]]'' reported in late April that the Argentine government rejected a $17.5 million offer for ''Moreno'' alone, which would have netted them a large profit over the original construction cost of the ships ($12 million).<ref>"[http://chroniclingamerica.loc.gov/lccn/sn83030214/1915-04-27/ed-1/seq-3/ Argentine Pride Outweighs $6,000,000 Profit Greece Offers for Moreno]," ''New-York Tribune'', 27 April 1913, 3.</ref> The United States, worried that its neutrality would not be respected and its technology would be released for study to a foreign country, put diplomatic pressure on the Argentine government to keep the ships, which it eventually did.<ref>Livermore, "Battleship Diplomacy," 47.</ref> Similarly, news outlets reported in late 1913 and early 1914 that Greece had reached an accord to purchase Chile's first battleship as a counterbalance to the Ottoman acquisition of ''Rio de Janeiro'',<ref>Gill, "Professional Notes," 934; "[http://chroniclingamerica.loc.gov/lccn/sn83030214/1913-11-02/ed-1/seq-12/ Turkey Threatened with Another War]," ''New-York Tribune'', 2 November 1913, 12.</ref> but despite a developing sentiment within Chile to sell one or both of the dreadnoughts, no deal was made.<ref>Kaldis, "Background for Conflict," D1135; Livermore, "Battleship Diplomacy," 45.</ref>

In each of the countries involved in the South American dreadnought arms race, movements arose that advocated the sale of the dreadnoughts to redirect the substantial amounts of money involved toward what they viewed as more worthy pursuits.<ref name=Livermore45>Livermore, "Battleship Diplomacy," 45.</ref> These costs were rightfully viewed as enormous. After the ''Minas Geraes'' class was ordered, a Brazilian newspaper equated the initial purchase cost for the original three ships as equaling 3,125 miles of [[Track (rail transport)|railroad tracks]] or 30,300 [[Homestead (buildings)|homesteads]]. Naval historian Robert Scheina put the price at [[Pound sterling|£]]6,110,100 without accounting for ammunition, which was £605,520, or necessary upgrades to docks, which was £832,000. Costs for maintenance and related issues, which in the first five years of ''Minas Geraes''{{'}}s and ''São Paulo''{{'}}s commissioned lives was about 60 percent of the initial cost, only added to the already staggering sum of money.<ref>Scheina, ''Naval History'', 86.</ref> The two ''Rivadavia''s were purchased for nearly a fifth of the Argentine government's yearly income, a figure which did not include the later in-service costs.<ref>Hough, ''Big Battleship'', 19.</ref> Historian [[Robert K. Massie]] rounded the figure to a full quarter of each government's annual income.<ref>Massie, ''Castles'', 22.</ref>

In addition, the nationalistic sentiments that exacerbated the naval arms race gave way to slowing economies and negative public opinions which came to support investing inside the country instead.<ref name="Livermore45"/> Commenting on this, the United States' [[United States Ambassador to Chile|Minister to Chile]], [[Henry Prather Fletcher]], wrote to [[United States Secretary of State|Secretary of State]] [[William Jennings Bryan]]: "Since the naval rivalry began in 1910, financial conditions, which were none too good then, have grown worse; and as time approaches for the final payment, feeling has been growing in these countries that perhaps they are much more in need of money than of battleships."<ref>Fletcher to Bryan, No. 454, 16 February 1914, S.D.F., Chile, in Livermore, "Battleship Diplomacy," 45.</ref>

== Aftermath: post-war expansions ==
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| image1 = E Minas Geraes 1910 altered.jpg
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| caption1 = ''Minas Geraes'' before it was modernized in New York in 1920–21 and in Brazil in 1931–38. The ship was built with two [[chimney|funnels]] to release the exhaust from the dual-burning (both coal and oil) [[boiler]]s away from the ship.<ref group="upper-roman" name="SciAm">Reprinted from "The Brazilian Battleship," ''Scientific American'', 240.</ref>


| image2 = Minas Geraes MdB V.jpg
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| caption2 = Either ''Minas Geraes'' or ''São Paulo'' after the post-First World War modernization. The [[Bridge (nautical)|bridge]] is now enclosed, and a rebuilt [[conning tower]] with a [[range clock]] (used in [[Fire-control system|fire control]]) have been added to the [[tripod mast]]. Awnings shading the deck are obscuring the [[main battery]] in this photo.<ref group="upper-roman">Photograph [[:File:Minas Geraes MdB V.jpg#Summary|courtesy]] of the Brazilian Navy.</ref>


| image3 = Minas Geraes MdB II.jpg
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| caption3 = ''Minas Geraes'' in the 1940s, after its second modernization. The ship was converted to full oil firing during the 1930s, and the consequent loss in boilers, from eighteen to six, allowed the exhaust to be trunked into a single funnel. [[Brazilian battleship Minas Geraes#Inter-war period|Other modifications made during this period]], including improved [[Fire-control system|fire controls]], were less visually evident.<ref>"Minas Geraes I," ''Serviço de Documentação da Marinha — Histórico de Navios''.</ref><ref group="upper-roman">Photograph [[:File:Minas Geraes MdB II.jpg#Summary|courtesy]] of the Brazilian Navy.</ref>
}}
The First World War effectively ended the dreadnought race, as all three countries suddenly found themselves unable to acquire additional warships.<ref>Brook, ''Warships for Export'', 133.</ref> After the conflict, the race never resumed, but many plans for post-war naval expansions and improvements were postulated by the Argentine, Brazilian, and Chilean governments.

The Brazilians modernized ''Minas Geraes'', ''São Paulo'', and the two cruisers acquired under the 1904 plan, {{ship|Brazilian cruiser|Bahia||2}} and {{ship|Brazilian cruiser|Rio Grande do Sul||2}}, between 1918 and 1926.<ref name="English, Armed Forces, 110">English, ''Armed Forces'', 110.</ref> This was sorely needed, as all four ships were not ready to fight a modern war. Although the Brazilian government intended to send ''São Paulo'' overseas for service in the [[Grand Fleet]], both it and ''Minas Geraes'' had not been modernized since entering service, meaning they were without essential equipment like modern [[fire control]].<ref>Scheina, "Brazil," 404; Robinson, "Brazilian Navy."</ref> Maintenance on the two ships had also been neglected, which was most clearly illustrated when ''São Paulo'' was sent to New York for modernization: fourteen of its eighteen boilers broke down, and the ship required the assistance of the American battleship {{USS|Nebraska|BB-14|2}} and cruiser {{USS|Raleigh|C-8|2}} to continue the voyage.<ref>Whitley, ''Battleships'', 26, 28.</ref> The two cruisers were in "deplorable" condition, as they were able to steam at a top speed of only {{convert|18|kn|mph km/h}} thanks to a desperate need for new [[Condenser (heat transfer)|condenser]]s and boiler tubes. With repairs, though, both participated in the war as part of [[Brazilian cruiser Bahia#First World War|Brazil's main naval contribution to the conflict]].<ref>Robinson, "Brazilian Navy"; "Bahia (3º)," ''Serviço de Documentação da Marinha — Histórico de Navios''; "Rio Grande do Sul I," ''Serviço de Documentação da Marinha — Histórico de Navios.''.</ref>

The Brazilian Navy also made plans to acquire additional ships in the 1920s and 30s, but both were sharply reduced from the original proposals. In 1924, they contemplated constructing a relatively modest number of warships, including a heavy cruiser, five destroyers, and five submarines. In the same year, the newly arrived American naval mission, led by Rear Admiral [[Carl Theodore Vogelgesang]], tendered a naval expansion plan of 151,000 tons, divided between battleships (70,000), cruisers (60,000), destroyers (15,000), and submarines (6,000). The United States' State Department, led by Secretary of State [[Charles Evans Hughes]] and fresh from negotiating the [[Washington Naval Treaty]], was not keen on seeing another dreadnought race, so Hughes quickly moved to thwart the efforts of the mission. Only one Italian-built submarine, {{ship|Brazilian submarine|Humaytá||2}}, was acquired during this time.<ref>English, ''Armed Forces'', 110; Scheina, ''Naval History'', 135–36; Livermore, "Battleship Diplomacy," 48.</ref>

By the 1930s, the international community believed that the bulk of the Brazilian Navy was "obsolete" and were old enough to no longer be "considered effective."<ref>"Brazil Navy Composed of 28 Obsolete Ships," ''New York Times'', 7 October 1930, 3.</ref> Still, ''Minas Geraes'' was modernized a second time at the [[Arsenal de Marinha do Rio de Janeiro|Rio de Janeiro Naval Yard]] from June 1931 to April 1938.<ref>Whitley, ''Battleships'', 27; Topliss, "Brazilian Dreadnoughts," 289.</ref>{{efn-ua|Other sources give different dates for the modernization, such as 1931 to 1935,<ref>Scheina, "Brazil," 416.</ref> and 1934 to 1937.<ref>Breyer, ''Battleships'', 320–21; Scheina, ''Naval History'', 153.</ref>}} Plans to give similar treatment to ''São Paulo'' were dropped due to the ship's poor material condition.<ref>Whitley, ''Battleships'', 29; Breyer, ''Battleships'', 321; Scheina, "Brazil," 416.</ref> During the same period, the Brazilian government looked into purchasing cruisers from the United States Navy but ran into the restrictions of the Washington and [[London Naval Treaty|London Naval Treaties]], which placed restrictions on the sale of used warships to foreign countries. The Brazilians eventually contracted for six destroyers from the United Kingdom.{{efn-ua|These were taken over after the beginning of the [[World War II|Second World War]] and became the [[G and H-class destroyer#Havant class 2|''Havant'' class]].<ref>Scheina, ''Naval History'', 136–37.</ref>}} In the interim, a plan to lease six destroyers from the United States was abandoned after it was met with strong opposition from both international and American institutions.<ref>Scheina, ''Naval History'', 136–37; Scheina, "Brazil," 416.</ref> Three {{sclass-|Marcilio Dias|destroyer}}s, based on the American {{sclass-|Mahan|destroyer|4}}, were laid down in Brazil with six minelayers, all of which were launched between 1939 and 1941. Though both programs required foreign assistance and were consequently delayed by the war, all nine ships were completed by 1944.<ref>Scheina, ''Naval History'', 327.</ref>

In the 1920s, nearly all of the major warships of the Argentine Navy were obsolete; aside from ''Rivadavia'' and ''Moreno'', the newest major warship had been constructed at the end of the nineteenth century. The Argentine government recognized this, and as part of holding on to their naval superiority in the region, they sent ''Rivadavia'' and ''Moreno'' to the United States in 1924 and 1926 to be modernized. In addition, in 1926 the Argentine Congress allotted 75 million [[Argentine peso#Gold and silver pesos, 1881–1969|gold peso]]s for a naval building program. This resulted in the acquisition of three cruisers (the Italian-built {{sclass-|Veinticinco de Mayo|cruiser|4}} and the British-built {{ship|ARA|La Argentina||2}}, twelve destroyers (the Spanish-built {{sclass-|Churruca|destroyer|4}} and the British-built {{sclass-|Mendoza|destroyer|5}}/{{sclass-|Buenos Aires|destroyer|5}} classes), and three submarines (the Italian-built {{sclass-|Santa Fe|submarine|4}}).<ref>English, ''Armed Forces'', 38–39; Scheina, "Argentina," 419.</ref>

Chile began to seek additional ships to bolster its fleet in 1919, and the United Kingdom eagerly offered many of its surplus warships. This action worried nearby nations, who feared that a Chilean attempt to become the region's most powerful navy would destabilize the area and start another naval arms race.<ref>Livermore, "Battleship Diplomacy," 48; Graser Schornstheimer, "[http://query.nytimes.com/gst/abstract.html?res=9B04E6DF173AE532A25751C2A96E9C946195D6CF Chile as a Naval Power]," ''New York Times'', 22 August 1920, X10.</ref> Chile asked for ''Canada'' and ''Eagle'', the two battleships they ordered before the war, but the cost of converting the latter back to a battleship was too high.<ref>Preston, "Great Britain," 70; Brown, "HMS ''Eagle''," 251.</ref> Planned replacements included the two remaining {{sclass-|Invincible|battlecruiser}}s, but a leak to the press of the secret negotiations to acquire them caused an uproar within Chile itself over the value of such ships.<ref>Somervell, "Naval Affairs," 393–94.</ref> In the end, Chile only bought ''Canada'' and four destroyers in April 1920. All five had been ordered from British yards by the Chilean government before 1914, but were purchased by the Royal Navy after the British entered the First World War.<ref>Livermore, "Battleship Diplomacy," 48.</ref> All were obtained for comparatively low prices; ''Canada'' was sold for just £1,000,000, less than half of what had been required to construct the ship.<ref>Scheina, ''Naval History'', 139.</ref>

Over the next several years, the Chileans continued to acquire more ships from the British, like six destroyers (the {{sclass-|Serrano|destroyer|4}}) and three submarines (the {{sclass-|Capitan O'Brien|submarine (1928)|4}}).<ref>English, ''Armed Forces'', 148.</ref> ''Almirante Latorre'' was modernized in the United Kingdom from 1929 to 1931 at the [[HMNB Devonport|Devonport Dockyard]].<ref name="WhitleyBattleships">Whitley, ''Battleships'', 33.</ref> A recession and a [[Chilean naval mutiny of 1931|major naval revolt]] then led to the battleship's ''de facto'' inactivation in the early 1930s.<ref>Scheina, ''Naval History'', 112–14; Sater, "The Abortive Kronstadt," 240–53.</ref> In the late 1930s, the Chilean government inquired into the possibility of constructing an {{convert|8600|LT|t|adj=on}} cruiser in the United Kingdom, Italy, Germany, or Sweden, but this did not lead to an order. A second plan to acquire two small cruisers was dropped with the beginning of the Second World War.<ref name="English149">English, ''Armed Forces'', 149.</ref> Soon after the [[attack on Pearl Harbor]], the United States attempted to purchase ''Almirante Latorre'', two destroyers, and a [[submarine tender]], probably because the Chilean Navy had a reputation for keeping its ships in top-quality condition, but the offer was rejected.<ref>English, ''Armed Forces'', 149; Scheina, ''Naval History'', 164; Scheina, "Brazil," 416.</ref>

During the Second World War, the three major South American navies found themselves unable to acquire major warships; they were only able to do so again after the conflict, when the United States and United Kingdom had many unnecessary or surplus warships. The war had proved the obsolete status of battleships, so the South American navies were seeking cruisers, destroyers, and submarines, yet they ran into political difficulties in acquiring anything larger than {{sclass2-|Flower|corvette}}s and {{sclass2-|River|frigate}}s. They were only able to acquire them when the [[Red Scare]] began to strongly affect American and international politics. One of the deals reached under the [[Mutual Defense Assistance Act]] (1949) sold six American light cruisers to Argentina, Brazil, and Chile in January 1951.{{efn-ua|Most of the cruisers transferred were from the {{sclass-|Brooklyn|cruiser|4}}, but one of Brazil's cruisers ([[USS St. Louis (CL-49)|''Almirante Tamandaré'']]) was from the slightly improved {{sclass-|St. Louis|cruiser (1938)|4}}.}} While this bolstered the navies of important South American allies of the United States, which would be [[Inter-American Treaty of Reciprocal Assistance|treaty-bound]] to assist the United States in any war, naval historian Robert Scheina argues that the American government also used the opportunity to significantly affect the traditional naval rivalry among the three countries. The warships sold unilaterally changed the naval outlook of all three nations, leading them to accept parity (as opposed to the Argentine pre-war stipulation that its fleet be equal to Brazil's and Chile's combined).<ref>Scheina, ''Naval History'', 172–74.</ref>

The venerable dreadnoughts of South America soldiered on for a short time after the war. The US Navy's ''[[All Hands]]'' magazine reported in a series of 1948 articles that all save ''São Paulo'' and ''Almirante Latorre'' were still in active service; the former had been decommissioned and the latter undergoing repairs.<ref>Austin, "Brazil: Small, Modern Ships," 16; Austin, "Largest South American Navy," 14; Austin, "The Fleets of Chile and Peru," 25.</ref> With the influx of the modern cruisers, frigates, and corvettes, the battleships were quickly sold for [[ship breaking|scrap]]. The Brazilian Navy was the first to dispose of its dreadnoughts, the oldest in the world by that time. ''São Paulo'' was sold for scrap in 1951 but sank in a storm north of the [[Azores]] while under tow.<ref>"São Paulo I," ''Serviço de Documentação da Marinha — Histórico de Navios''; "E São Paulo," ''Navios De Guerra Brasileiros''.</ref> ''Minas Geraes'' followed two years later and was broken up in [[Genoa]] beginning in 1954.<ref>"E Minas Geraes," ''Navios De Guerra Brasileiros''.</ref> Of the Argentine dreadnoughts, ''Moreno'' was towed to Japan for scrapping in 1957, and ''Rivadavia'' was broken up in Italy beginning in 1959.<ref>Whitley, ''Battleships'', 21–22.</ref> ''Almirante Latorre'', inactive and unrepaired after a 1951 explosion in its engine room, was decommissioned in October 1958 and followed ''Moreno'' to Japan in 1959.<ref>Brook, ''Warships for Export'', 148; Whitley, ''Battleships'', 33; "Acorazado Almirante Latorre," ''Unidades Navales''.</ref>

== Ships involved ==
{| class="wikitable plainrowheaders" style="text-align: center;"
|-
! scope="col" | Ship
! scope="col" | Country
! scope="col" | Displacement
! scope="col" | Main armament
! scope="col" | Builder
! scope="col" | Laid down
! scope="col" | Launched
! scope="col" | Completed
! scope="col" | Fate
|-
! scope="row" | {{ship|Brazilian battleship|Minas Geraes||2}}
| {{flagicon|BRA}}
| 18,976 long tons (lt) 19,281 [[tonne]]s (t)
|rowspan=2 | Twelve [[EOC 12 inch/45 naval gun|12-inch/45]] [[Caliber (artillery)|cal]]
| [[Armstrong Whitworth]]
| 17 April 1907
| 10 September 1908
| January 1910
| [[Ship breaking|Scrapped]] beginning 1954
|-
! scope="row" | {{ship|Brazilian battleship|São Paulo||2}}
| {{flagicon|BRA}}
| 18,803 lt/19,105 t
| [[Vickers]]
| 30 April 1907
| 19 April 1909
| July 1910
| Sank ''en route'' to scrapyard, November 1951
|-
! scope="row" | [[Brazilian battleship Rio de Janeiro (1913)|''Rio de Janeiro'']]
|
{{flagicon|BRA}}{{flagicon|Ottoman Empire}} 
{{flagicon|United Kingdom}}
| 27,410 lt/27,850 t
| Fourteen 12-inch/45
|rowspan=2 | Armstrong
| 14 September 1911
| 22 January 1913
| August 1914
| Acquired by [[Ottoman Empire]], 1913; taken over by the United Kingdom, 1914; scrapped beginning 1924
|-
! scope="row" | [[#Riachuelo|''Riachuelo'']]
| {{flagicon|BRA}}
| 30,000 lt/30500 t
| Eight [[BL 15 inch Mk I naval gun|15-inch/45]]
| –
| –
| –
| Canceled after the outbreak of the First World War
|-
! scope="row" | {{ship|ARA|Rivadavia||2}}
| {{flagicon|ARG}}
|rowspan=2 | 27,500 lt/27,900 t
|rowspan=2 | Twelve [[12"/50 caliber gun (Argentina)|12-inch/50]]
|rowspan=2 | [[Fore River Shipyard|Fore River]]
| 25 May 1910
| 26 August 1911
| December 1914
| Scrapped beginning 1959
|-
! scope="row" | {{ship|ARA|Moreno||2}}
| {{flagicon|ARG}}
| 9 July 1910
| 23 September 1911
| February 1915
| Scrapped beginning 1957
|-
! scope="row" | {{ship|Chilean battleship|Almirante Latorre||2}}
| {{flagicon|CHI}}{{flagicon|United Kingdom}}
| 28,100 lt/28,600 t
| Ten [[EOC 14 inch /45 naval gun|14-inch/45]]
|rowspan=2 | Armstrong
| 27 November 1911
| 27 November 1913
| October 1915
| Acquired by the United Kingdom, 1914; reacquired by Chile, 1920; scrapped beginning 1959
|-
! scope="row" | [[Chilean battleship Almirante Cochrane|''Almirante Cochrane'']]
| {{flagicon|CHI}}{{flagicon|United Kingdom}}
| –
| –
| 20 February 1913
| 8 June 1918
| February 1924
| Acquired by the United Kingdom, 1914; converted to an [[aircraft carrier]]; sunk 11 August 1942
|-
!scope="row" colspan="9"| <div style="text-align:center; font-size:90%;">Key: {{flagicon|BRA}} Brazil {{flagicon|ARG}} Argentina {{flagicon|CHI}} Chile {{flagicon|Ottoman Empire}} Ottoman Empire {{flagicon|United Kingdom}} United Kingdom</div>
|-
! scope="row" colspan="9"|<div style="text-align:center; font-size:90%;">Statistics compiled from: Preston, "Great Britain," 38; Scheina, ''Naval History'', 321–22; ———, "Argentina," 401; ———, "Brazil," 404; Topliss, "Brazilian Dreadnoughts," 249–51, 281–83, 286.</div>
|}
{{clear}}<center>
{{Gallery
| title =
| width = 300
| height = 200
| lines = 8
| File:Minas Geraes-class battleships.jpg|The {{sclass-|Minas Geraes|battleship|4}} was designed, constructed, and completed before the other South American dreadnoughts, but they were also smaller and not as well-armed. Two later dreadnoughts, [[Brazilian battleship Rio de Janeiro (1913)|''Rio de Janeiro'']] and [[#Riachuelo|''Riachuelo'']], were planned, but the former was sold to the Ottoman Empire amid falling government revenues, and the other was canceled.<ref>Scheina, ''Naval History'', 82; Vanterpool, "The 'Riachuelo'," 140.</ref><ref group="upper-roman">Reprinted from Sydney Walker Barnaby, "[https://www.archive.org/stream/brasseysnavala1915brasuoft#page/n235/mode/1up Brazil]," in ''[[Brassey's Naval Annual]]'', eds. Thomas Brassey and John Leyland (London: William Clowes and Sons, 1915), plate 22.</ref>
| File:Rivadavia-class battleships.jpg|The {{sclass-|Rivadavia|battleship|4}} was the second dreadnought class purchased by a South American country and the only ones to not be built by a British company. Ordered in response to the ''Minas Geraes'' class, they were much larger, carried two additional 12-inch guns, and were significantly better-armored than their Brazilian counterparts.<ref>Scheina, ''Naval History'', 82; Scheina, "Argentina," 401; Scheina, "Brazil," 404.</ref><ref group="upper-roman">Reprinted from Sydney Walker Barnaby, "[https://www.archive.org/stream/brasseysnavala1915brasuoft#page/n231/mode/1up Argentine]," plate 18.</ref>
| File:Brassey's HMS Canada Plan (1915).jpg|{{ship|Chilean battleship|Almirante Latorre||2}} was the last South American dreadnought built, and was larger and better armed than its counterparts. The more efficient arrangement of the five 14-inch turrets, being mounted on the centerline rather than ''[[en echelon]]'', allowed the ship to fire a [[broadside]] without damaging the ship.<ref>Whitley, ''Battleships'', 20; Preston, "Great Britain," 38.</ref><ref group="upper-roman">Reprinted from Barnaby, "[https://www.archive.org/stream/brasseysnavala1915brasuoft#page/n215/mode/1up Great Britain]," plate 2.</ref>
}}</center>

== Images ==
[[File:Minas Geraes from bow.jpg|thumb|right|upright|''Minas Geraes'' seen from the bow; the [[wing turret]]s are on either side of the superstructure.<ref group=upper-roman>Reprinted from "The Brazilian Battleship," ''Scientific American'', 241.</ref>]]
{{notelist|group=upper-roman}}

== Footnotes ==
{{notelist-ua}}

== Endnotes ==
{{reflist|30em}}

== References ==
{{Portal|boxsize=175|Latin America|Brazil|Argentina|Chile|Battleships}}
;Books{{anchor|Books}}
{{Refbegin|indent=yes}}
: Breyer, Siegfried. ''Battleships and Battle Cruisers, 1905–1970''. Translated by Alfred Kurti. Garden City, NY: Doubleday, 1973. {{OCLC|702840}}. {{closed access}}
: Brook, Peter. ''Warships for Export: Armstrong Warships, 1867–1927''. Gravesend, UK: World Ship Society, 1999. ISBN 0-905617-89-4. OCLC {{OCLC search link|43148897}}. {{closed access}}
: Brown, David. "HMS ''Eagle''." In ''Profile Warship'', edited by Antony Preston, 249–72. Windsor, UK: Profile Publishing, 1973. OCLC {{OCLC search link|249286023}}. {{closed access}}
: Budzbon, Przemysław. "Russia." In Gardiner and Gray, ''Conway's 1906–21'', 291–325. {{closed access}}
: Burt, R. A. ''British Battleships of World War One''. Annapolis, MD: Naval Institute Press, 1986. ISBN 0-87021-863-8. OCLC {{OCLC search link|14224148}} {{closed access}}
: Campbell, N.J.M. "Germany." In Gardiner and Gray, ''Conway's 1906–21'', 134–89. {{closed access}}
: ''[http://books.google.com/books?id=tNV_IFNNO8MC&pg=PA860 Encyclopædia Britannica]''. 11th ed. 29 vols. Cambridge: Cambridge University Press, 1910–11. {{open access}}
: English, Adrian J. ''Armed Forces of Latin America''. London: Jane's Publishing Inc., 1984. ISBN 0-7106-0321-5. OCLC {{OCLC search link|11537114}}. {{closed access}}
: Gardiner, Robert and Roger Chesneau, eds. ''Conway's All the World's Fighting Ships: 1922–1946''. London: Conway Maritime Press, 1980. ISBN 0-85177-146-7. OCLC {{OCLC search link|7734153}}. {{closed access}}
: Gardiner, Robert and Randal Gray, eds. ''Conway's All the World's Fighting Ships: 1906–1921''. Annapolis, MD: Naval Institute Press, 1984. ISBN 0-87021-907-3. OCLC {{OCLC search link|12119866}}. {{closed access}}
: Grant, Jonathan A. ''Rulers, Guns, and Money: The Global Arms Trade in the Age of Imperialism''. Cambridge, MA: Harvard University Press, 2007. ISBN 0-674-02442-7. OCLC {{OCLC search link|166262725}}. {{closed access}}
: Hough, Richard. ''Dreadnought: A History of the Modern Battleship''. New York: Macmillan Publishing, 1975. First published in 1964 by Michael Joseph and Macmillan Publishing. OCLC {{OCLC search link|1673577}}. {{closed access}}
: ———. ''The Big Battleship''. London: Michael Joseph, 1966. OCLC {{OCLC search link|8898108}}. {{closed access}}
: Love, Joseph L. ''The Revolt of the Whip''. Stanford, CA: Stanford University Press, 2012. ISBN 0-8047-8109-5. OCLC {{OCLC search link|757838402}}. {{closed access}}
: Mach, Andrzej V. "Greece." In Gardiner and Gray, ''Conway's 1906–21'', 382–87. {{closed access}}
: Martin, Percy Allen. ''Latin America and the War''. Gloucester, MA: Peter Smith, 1967. First published in 1925 by Johns Hopkins Press. OCLC {{OCLC search link|468553769}}. {{closed access}}
: Martins Filho, João Roberto. ''A marinha brasileira na era dos encouraçados, 1895–1910'' [''The Brazilian Navy in the Era of Dreadnoughts, 1895–1910'']. Rio de Janeiro: Fundãçao Getúlio Vargas, 2010. ISBN 8-5225-0803-8. OCLC {{OCLC search link|679733899}}. {{closed access}}
: [[Robert K. Massie|Massie, Robert K.]] ''[[Castles of Steel: Britain, Germany, and the Winning of the Great War at Sea]]''. New York: Random House, 2003. ISBN 0-679-45671-6. OCLC {{OCLC search link|51553670}}. {{closed access}}
: Morgan, Zachary R. "The Revolt of the Lash, 1910." In ''Naval Mutinies of the Twentieth Century: An International Perspective'', edited by Christopher M. Bell and Bruce A. Elleman, 32–53. Portland, Oregon: Frank Cass Publishers, 2003. ISBN 0-7146-8468-6. OCLC {{OCLC search link|464313205}}. {{closed access}}
: Oakenfull, J.C. [http://books.google.com/books?id=_thOAAAAMAAJ&pg=PA91 ''Brazil in 1912'']. London: Robert Atkinson Limited, 1913. OCLC {{OCLC search link|1547272}}. {{open access}}
: Parkes, Oscar. ''British Battleships''. Annapolis, MD: Naval Institute Press, 1990. First published in 1957 by Seeley Service. ISBN 1-55750-075-4. OCLC {{OCLC search link|22240716}}. {{closed access}}
: Preston, Antony. "Great Britain." In Gardiner and Gray, ''Conway's 1906–21'', 1–104. {{closed access}}
: Scheina, Robert L. "Argentina." In Gardiner and Gray, ''Conway's 1906–21'', 400–03. {{closed access}}
: ———. "Argentina." In Gardiner and Chesneau, ''Conway's 1922–46'', 419–21. {{closed access}}
: ———. "Brazil." In Gardiner and Gray, ''Conway's 1906–21'', 403–07. {{closed access}}
: ———. "Brazil." In Gardiner and Chesneau, ''Conway's 1922–46'', 416–18. {{closed access}}
: ———. "Ecuador." In Gardiner and Gray, ''Conway's 1906–21'', 409–10. {{closed access}}
: ———. ''Latin America: A Naval History, 1810–1987''. Annapolis, MD: Naval Institute Press, 1987. ISBN 0-87021-295-8. OCLC {{OCLC search link|15696006}}. {{closed access}}
: ———. "Peru." In Gardiner and Gray, ''Conway's 1906–21'', 414. {{closed access}}
: ———. "Uruguay." In Gardiner and Gray, ''Conway's 1906–21'', 424–25. {{closed access}}
: ———. "Venezuela." In Gardiner and Gray, ''Conway's 1906–21'', 425. {{closed access}}
: Sondhaus, Lawrence. ''Naval Warfare, 1815–1914''. London: Routledge, 2001. ISBN 0-415-21477-7. OCLC {{OCLC search link|231872232}}. {{closed access}}
: Трубицын, С.Б. [http://www.navycollection.narod.ru/library/Battleships_2_naval_states/Index.htm ''Линкоры второстепенных морских держав''] [''Battleships of Minor Naval Powers'']. St. Petersberg: Р.Р. Муниров, 1998. ISBN 5-00-001688-2. {{open access}}
: Viana Filho, Luís. ''A vida do Barão do Rio Branco''. São Paulo: Livraria Martins, 1967. First published in 1959 by Livraria Martins. OCLC {{OCLC search link|530644}}. {{closed access}}
: Whitley, M.J. ''Battleships of World War Two: An International Encyclopedia''. Annapolis, MD: Naval Institute Press, 1998. ISBN 1-55750-184-X. OCLC {{OCLC search link|40834665}}. {{closed access}}
{{refend}}

;Journal articles{{anchor|Journal articles}}
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: ———. "[http://books.google.com/books?id=KSNKAAAAYAAJ&pg=PA859 Professional Notes]." ''Proceedings'' 36, no. 3 (1910): 857–919. OCLC {{OCLC search link|2496995}}. {{open access}}
: Austin, H.O. "[http://www.navy.mil/ah_online/archpdf/ah194805.pdf Brazil: Small, Modern Ships]." ''All Hands'' no. 375 (May 1948): 16–17. OCLC {{OCLC search link|44432267}}. {{open access}}.
: ———. "[http://www.navy.mil/ah_online/archpdf/ah194808.pdf Largest South American Navy]." ''All Hands'' no. 378 (August 1948): 14–16. {{open access}}.
: ———. "[http://www.navy.mil/ah_online/archpdf/ah194809.pdf The Fleets of Chile and Peru]." ''All Hands'' no. 379 (September 1948): 24–26. {{open access}}.
: "[http://books.google.com/books?id=PUVLAAAAMAAJ&pg=PA833 Brazil]." ''Journal of the American Society of Naval Engineers'' 20, no. 3 (1908): 833–36. OCLC {{OCLC search link|3227025}}. {{open access}}
: "[http://books.google.com/books?id=W3ceLn4dfSYC&pg=PA999 Brazil]." ''Journal of the American Society of Naval Engineers'' 22, no. 3 (1910): 999–1002. OCLC {{OCLC search link|3227025}}. {{open access}}
: "[http://archive.org/stream/scientific-american-1908-12-12/scientific-american-v99-n24-1908-12-12#page/n3/mode/1up Brazilian Battleship 'Minas Geraes'—Most Powerful Fighting Ship Afloat]." ''Scientific American'' 99, no. 24 (1908): 428–29. OCLC {{OCLC search link|1775222}}. {{open access}}
: "[http://books.google.com/books?id=CHgDAAAAYAAJ&pg=PA11 British-Brazilian Warships]." ''Navy'' (Washington) 2, no. 1 (1908): 11–12. OCLC {{OCLC search link|7550453}}. {{open access}}
: Earle, Ralph. "[http://books.google.com/books?id=5iRKAAAAYAAJ&pg=PA305 Professional Notes]." ''Proceedings'' 38, no. 1 (1912): 303–80. OCLC {{OCLC search link|2496995}}. {{open access}}
: "[http://books.google.com/books?id=byYfAQAAMAAJ&pg=PA740 Fleets in Preparation]." ''Proceedings'' 31, no. 3 (1905): 740. OCLC {{OCLC search link|2496995}}. {{open access}}
: Garrett, James L. "[http://www.jstor.org/stable/165601 The Beagle Channel Dispute: Confrontation and Negotiation in the Southern Cone]." ''Journal of Interamerican Studies and World Affairs'' 27, no. 3 (1985): 81–109. OCLC {{OCLC search link|2239844}}. {{closed access}}
: Gill, C.C. "[http://books.google.com/books?id=EMcjAQAAIAAJ&pg=PA193 Professional Notes]." ''Proceedings'' 40, no. 1 (1914): 186–272. OCLC {{OCLC search link|2496995}}. {{open access}}
: ———. "[http://books.google.com/books?id=EMcjAQAAIAAJ&pg=PA492 Professional Notes]." ''Proceedings'' 40, no. 2 (1914): 495–618. OCLC {{OCLC search link|2496995}}. {{open access}}
: ———. "[http://books.google.com/books?id=EMcjAQAAIAAJ&pg=PA934 Professional Notes]." ''Proceedings'' 40, no. 3 (1914): 835–947. OCLC {{OCLC search link|2496995}}. {{open access}}
: ———. "[http://books.google.com/books?id=EMcjAQAAIAAJ&pg=PA1257 Professional Notes]." ''Proceedings'' 40, no. 4 (1914): 1175–1266. OCLC {{OCLC search link|2496995}}. {{open access}}
: Heinsfeld, Adelar. "[http://www.eeh2008.anpuh-rs.org.br/resources/content/anais/1211228384_ARQUIVO_FalsificandoTelegramas.pdf Falsificando telegramas: Estanislau Severo Zeballos e as relações Brasil-Argentina no início século XX]." ''Vestígios do passado: a história e suas fontes''. Proceedings from the IX Encontro Estadual de História of the Associação Nacional de História, Seção Rio Grande do Sul. {{open access}}
: Hislam, Percival A. "[https://books.google.com/books?id=-GE1AQAAMAAJ&pg=PA146 A Century of Dreadnoughts]." ''Scientific American'' 111, no. 9 (1914): 146–47. OCLC {{OCLC search link|1775222}}. {{open access}}
: Hutchinson, Lincoln. "[http://www.jstor.org/stable/1884777 Coffee 'Valorization' in Brazil]." ''Quarterly Journal of Economics'' 23, no. 3 (1909): 528–35. OCLC {{OCLC search link|1763227}} {{open access}}
: Kaldis, William Peter. "[http://www.jstor.org/stable/1881125 Background for Conflict: Greece, Turkey, and the Aegean Islands, 1912–1914]." ''Journal of Modern History'' 51, no. 2 (1979): D1119–D1146. OCLC {{OCLC search link|62219150}}. {{open access}}
: Lambuth, David. "[http://books.google.com/books?id=N8lZAAAAYAAJ&pg=PA1430 The Naval Comedy and Peace Policies in Brazil]." ''Independent'' 69 (1910): 1430–33. OCLC {{OCLC search link|4927591}}. {{open access}}
: Livermore, Seward W. "[http://www.jstor.org/stable/1870986 Battleship Diplomacy in South America: 1905–1925]." ''Journal of Modern History'' 16, no. 1 (1944): 31–48. OCLC {{OCLC search link|62219150}}. {{closed access}}
: ———. "[http://www.jstor.org/stable/1848944 The American Navy as a Factor in World Politics, 1903–1913]." ''American Historical Review'' 63, no. 4 (1958): 863–879. OCLC {{OCLC search link|35776522}}. {{closed access}}
: Martins Filho, João Roberto. "[http://web.archive.org/web/20101102034637/http://www.revistadehistoria.com.br/v2/home/?go=detalhe&id=1307 Colossos do mares] [Colossuses of the Seas]." ''Revista de História da Biblioteca Nacional'' 3, no. 27 (2007): 74–77. OCLC {{OCLC search link|61697383}}. {{open access}}
: Mead, Edwin D. "[http://www.jstor.org/stable/20665593 Reaction in South America]." ''Advocate of Peace'' 70, no. 10 (1908): 238–41. OCLC {{OCLC search link|436909525}}. {{open access}}
: Montenegro, Guillermo J. "[http://www.ucema.edu.ar/conferencias/download/naval_buildup.pdf An Argentinian Naval Buildup in the Disarmament Era: The Naval Procurement Act of 1926]." Universidad del Centro de Estudios Macroeconómicos de Argentina. Also published in Antony Preston, ed. ''Warship 2002–2003''. London: Conways Maritime Press, 2003. ISBN 0-85177-926-3. OCLC {{OCLC search link|50614660}}. {{open access}}
: "[http://www.unz.org/Pub/LiteraryDigest-1908jul25-00102 Mystery of the Brazilian 'Dreadnoughts']." ''Literary Digest'' 37, no. 30 (1908): 102–03. OCLC {{OCLC search link|5746986}}. {{open access}}
: Robinson, Walton L. "[http://www.usni.org/magazines/proceedings/1936-12/brazilian-navy-world-war The Brazilian Navy in the World War]." ''Proceedings'' 62, no. 12 (1936): 1712–20. OCLC {{OCLC search link|2496995}}. {{open access}}
: Sater, William F. "[http://www.jstor.org/stable/2513217 The Abortive Kronstadt: The Chilean Naval Mutiny of 1931]." ''Hispanic American Historical Review'' 60, no. 2 (1980): 239–68. OCLC {{OCLC search link|421498310}}. {{closed access}}
: Somervell, Philip. "[http://www.jstor.org/stable/157427 Naval Affairs in Chilean Politics, 1910–1932]." ''Journal of Latin American Studies'' 16, no. 2 (1984): 381–402. OCLC {{OCLC search link|47076058}}. {{closed access}}
: Sturton, Ian. "Re: The Riachuelo." ''Warship International'' 7, no. 3 (1970): 205. OCLC {{OCLC search link|1647131}}. {{closed access}}
: "[http://books.google.com/books?id=-mwmAQAAIAAJ&pg=PA179 The Brazilian Battleship 'Minas Geraes']." ''Journal of the United States Artillery'' 33, no. 2 (1910): 179–88. OCLC {{OCLC search link|1962282}}. {{open access}}
: "The Brazilian Battleship 'Minas Geraes'." ''Scientific American'' 102, no. 12 (1910): 240–41. OCLC {{OCLC search link|1775222}}. {{closed access}}
: "[http://books.google.com/books?id=OG7mAAAAMAAJ&pg=PA362 The Brazilian Dreadnoughts]." ''International Marine Engineering'' 13, no. 8 (1908): 362–63. OCLC {{OCLC search link|2227478}}. {{open access}}
: "[http://books.google.com/books?id=CHgDAAAAYAAJ&pg=RA5-PA13 The Brazilian 'Dreadnoughts']." ''Navy'' (Washington) 2, no. 6 (1908): 13–14. OCLC {{OCLC search link|7550453}}. {{open access}}
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: "[http://books.google.com/books?id=RExYAAAAYAAJ&pg=PA10867 The Mystery of the Great Brazilian Dreadnoughts]." ''World's Work'' 17, no. 1 (1909): 10867–68. OCLC {{OCLC search link|42300671}}. {{open access}}
: Topliss, David. "The Brazilian Dreadnoughts, 1904–1914." ''Warship International'' 25, no. 3 (1988): 240–89. OCLC {{OCLC search link|1647131}}. {{closed access}}
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: Vanterpool, Alan. "The 'Riachuelo'." ''Warship International'' 6, no. 2 (1969): 140–41. OCLC {{OCLC search link|1647131}}. {{closed access}}
{{refend}}

;Newspapers{{anchor|Newspapers}}
{{Refbegin|indent=yes}}
: [[The Argus (Australia)|''Argus'']] (Melbourne) – {{small|[http://trove.nla.gov.au/ Trove]}} {{open access}}
: ''[[Boston Evening Transcript]]'' – {{small|[http://news.google.com/newspapers Google News Archive (GNA)]}} {{open access}}
: [[The Day (New London)|''Day'']] (New London) – {{small|GNA}} {{open access}}
: [[The Courier|''Dundee Courier'']] (Scotland) – {{small|[https://www.britishnewspaperarchive.co.uk/ British Newspaper Archive (BNA)]}} {{closed access}}
: [[Evening Telegraph (Dundee)|''Evening Telegraph'']] (Dundee, Scotland) – {{small|BNA}} {{closed access}}
: [[The Evening Post (New Zealand)|''Evening Post'']] (Wellington) – {{small|[http://paperspast.natlib.govt.nz/cgi-bin/paperspast Papers Past] (PP)}} {{open access}}
: ''[[Japan Weekly Mail]]'' (Yokohama) – {{small|1=[http://books.google.com/books?id=kBFDAQAAIAAJ Google Books]}} {{open access}}
: ''[[New York Herald]]'' – {{small|[http://fultonhistory.com/Fulton.html Fulton History]}} {{open access}}
: [[The New York Times|''New York Times'']] – {{small|[http://www.nytimes.com/ref/membercenter/nytarchive.html ''New York Times'' Article Archive]}} {{open access}}
: ''[[New-York Tribune]]'' – {{small|[http://chroniclingamerica.loc.gov/ Chronicling America]}} {{open access}}
: [[Pittsburgh Press|''Pittsburg Press'']] – {{small|GNA}} {{open access}}
: ''[[Gisborne Herald|Poverty Bay Herald]]'' (Gisborne, New Zealand) – {{small|PP}} {{open access}}
: [[The Sydney Mail|''Sydney Mail'']] – {{small|GNA}} {{open access}}
: [[The Sydney Morning Herald|''Sydney Morning Herald'']] – {{small|Trove}} {{open access}}
: [[The Times|''Times'']] (London) {{closed access}}
{{refend}}

;Websites{{anchor|Websites}}
{{refbegin|indent=yes}}
: Bolt, Jutta and Jan Luiten van Zanden. "[http://www.ggdc.net/maddison/maddison-project/home.htm The First Update of the Maddison Project; Re-Estimating Growth Before 1820]." ''Maddison Project Working Paper 4''. Accessed 15 April 2013. {{open access}}
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: "[http://www.naviosbrasileiros.com.br/ngb/S/S031/S031.htm E São Paulo]." ''Navios De Guerra Brasileiros''. Accessed 1 March 2012. {{open access}}
{{refend}}

;Official sources{{anchor|Official sources}}
{{Refbegin|indent=yes}}
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: "[http://www.sistemas.dphdm.mar.mil.br/navios/Index.asp?codNavio=155 Bahia (3º)]." ''Serviço de Documentação da Marinha — Histórico de Navios''. Diretoria do Patrimônio Histórico e Documentação da Marinha, Departamento de História Marítima. Accessed 26 January 2015. {{open access}}
: Di Biassi, Francesco Venturini. "[http://www.ara.mil.ar/archivos/Docs/ley_armamento_venturini.pdf Ley de Armamento Naval Nº 6283] [Naval Armament Law No. 6283]." Departamento de Estudios Históricos Navales. Accessed 26 January 2015. {{open access}}
: "[http://www.sistemas.dphdm.mar.mil.br/navios/Index.asp?codNavio=368 Minas Geraes I]." ''Serviço de Documentação da Marinha — Histórico de Navios''. Diretoria do Patrimônio Histórico e Documentação da Marinha, Departamento de História Marítima. Accessed 26 January 2015. {{open access}}
: "[http://www.sistemas.dphdm.mar.mil.br/navios/Index.asp?codNavio=396 Rio Grande do Sul I]." ''Serviço de Documentação da Marinha — Histórico de Navios''. Diretoria do Patrimônio Histórico e Documentação da Marinha, Departamento de História Marítima. Accessed 26 January 2015. {{open access}}
: "[http://www.sistemas.dphdm.mar.mil.br/navios/Index.asp?codNavio=403 São Paulo I]." ''Serviço de Documentação da Marinha — Histórico de Navios''. Diretoria do Patrimônio Histórico e Documentação da Marinha, Departamento de História Marítima. Accessed 26 January 2015. {{open access}}
{{refend}}

== Further reading ==
{{refbegin|indent=yes}}
: Morgan, Zachary R. ''Legacy of the Lash: Race and Corporal Punishment in the Brazilian Navy and the Atlantic World''. Bloomington: Indiana University Press, 2014.
{{refend}}

== External links ==
{{Commons category multi|width=25em|Minas Geraes class battleship|Rivadavia class battleship|Almirante Latorre class battleship}}
*[http://www.archivesdirect.amdigital.co.uk/CP_LatinAmerica/Introduction British diplomatic documents] relating to the dreadnought race (FO 508/8; [http://www.amdigital.co.uk/ Adam Matthew] subscription required)
*[https://www.youtube.com/watch?v=48DTBocNsgE Encouraçados Minas Gerais e São Paulo] (YouTube)
*[https://www.youtube.com/watch?v=KQlHAAtGjOo ''Minas Geraes'' slideshow] (YouTube)
*[https://secure.flickr.com/photos/library_of_congress/tags/minasgeraes/ ''Minas Geraes''] on Flickr (LOC)
* [http://www.histarmar.com.ar/Armada%20Argentina/HistoriaAcorazadosArgentinos.htm "Historia y Arqueología Marítima" (HistArMar) Battleships ARA ''Moreno'' & ''Rivadavia'' – History and pictures]
* [http://www.histarmar.com.ar/Armada%20Argentina/Buques1900a1970/AcARARivadavia-Historia.htm "Historia y Arqueología Marítima" (HistArMar) Battleship ARA Rivadavia (1914) – Pictures]
* [https://www.youtube.com/watch?v=z2CmqPprTBw Acorazado Rivadavia] (YouTube)
* [http://www.imdb.com/title/tt1067193/ The Launching of the Battleship Rivadavia] (IMDB)
*[https://secure.flickr.com/photos/library_of_congress/tags/ararivadavia/ ARA ''Rivadavia''] on Flickr (LOC)
* [http://www.histarmar.com.ar/InfHistorica/AntiguaFlotadeMar/EspTec10AcMoreno.htm "Historia y Arqueología Marítima" (HistArMar) – Battleship ARA ''Moreno'' (1915) – Pictures & Specifications]
*[https://secure.flickr.com/photos/library_of_congress/tags/aramoreno/ ARA ''Moreno''] on Flickr (LOC)
*[https://secure.flickr.com/photos/28047774@N04/sets/72157631081407768 El ''Almirante Latorre''] on Flickr



{{South American dreadnoughts}}

{{featured article}}

[[Category:Battleships]]
[[Category:Geopolitical rivalry]]
[[Category:History of Argentina (1880–1916)]]
[[Category:History of Brazil (1889–present)]]
[[Category:History of Chile]]
[[Category:Military history of Argentina]]
[[Category:Military history of Brazil]]
[[Category:Military history of Chile]]
[[Category:Military history of Latin America]]
[[Category:Technological races]]

Progressive Era

2015-09-03T22:36:26Z

190.41.129.105: Undid revision 679314570 by 216.4.56.169 (talk) reverting vandalism

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| footer=Presidents [[Theodore Roosevelt]], 1901-09 (left), [[William Howard Taft]], 1909-13 (center), and [[Woodrow Wilson]], 1913-21 (right) are often referred to as the "Progressive Presidents"; their administrations saw intense social and political change in American society.
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{{Progressivism}}

The '''Progressive Era''' was a period of widespread social activism and political reform across the United States, from the 1890s to 1920s .<ref>John D. Buenker, John C. Burnham, and Robert M. Crunden, ''Progressivism'' (1986) pp 3–21</ref> The main objective of the [[Progressivism in the United States|Progressive movement]] was eliminating corruption in government. The movement primarily targeted [[political machine]]s and their bosses. By taking down these corrupt representatives in office a further means of [[direct democracy]] would be established. They also sought regulation of monopolies (Trust Busting) and corporations through [[United States antitrust law|antitrust laws]]. These antitrust laws were seen as a way to promote equal competition for the advantage of consumers.

Many progressives supported [[Prohibition in the United States]] in order to destroy the political power of local bosses based in [[bar (establishment)|saloons]].<ref>James H. Timberlake, ''Prohibition and the progressive movement, 1900–1920'' (1970) pp 1–7</ref> At the same time, [[Women's suffrage in the United States|women's suffrage]] was promoted to bring a "purer" female vote into the arena.<ref>On purification, see David W. Southern, ''The Malignant Heritage: Yankee Progressives and the Negro Question, 1900–1915,'' (1968); Southern, ''The Progressive Era And Race: Reaction And Reform 1900–1917'' (2005); Norman H. Clark, ''Deliver Us from Evil: An Interpretation of American Prohibition'' (1976) p 170; and [[Aileen Kraditor]], ''The Ideas of the Woman Suffrage Movement: 1890–1920'' (1967). 134–36</ref> A second theme was building an Efficiency Movement in every sector that could identify old ways that needed modernizing, and bring to bear scientific, medical and engineering solutions; a key part of the efficiency movement was [[scientific management]], or "[[Frederick Winslow Taylor|Taylorism]]".

Many activists joined efforts to reform local government, public education, medicine, finance, insurance, industry, railroads, churches, and many other areas. Progressives transformed, professionalized and made "scientific" the social sciences, especially history,<ref name="Richard Hofstadter 1968" /> economics,<ref name="ReferenceB" /> and political science.<ref name="Barry Karl 1975" /> In academic fields the day of the amateur author gave way to the research professor who published in the new scholarly journals and presses. The national political leaders included [[Theodore Roosevelt]], [[Robert M. La Follette, Sr.]], and [[Charles Evans Hughes]] on the [[History of the Republican Party (United States)|Republican side]], and [[William Jennings Bryan]], [[Woodrow Wilson]] and [[Al Smith]] on the [[History of the Democratic Party (United States)|Democratic side]].

Initially the movement operated chiefly at local levels; later, it expanded to state and national levels. Progressives drew support from the middle class, and supporters included many lawyers, teachers, physicians, ministers and business people.<ref>George Mowry, ''The California Progressives'' (1963) p 91.</ref> The Progressives strongly supported [[scientific method]]s as applied to economics, government, industry, finance, medicine, schooling, theology, education, and even the family. They closely followed advances underway at the time in Western Europe<ref>Daniel T. Rodgers, ''Atlantic Crossings: Social Politics in a Progressive Age'' (1998)</ref> and adopted numerous policies, such as a major transformation of the banking system by creating the [[Federal Reserve System]] in 1913.<ref>{{cite book|author=Michael Kazin|title=The Concise Princeton Encyclopedia of American Political Turn up History|url=http://books.google.com/books?id=fsWLGcZ7pyAC&pg=PA181|year=2011|publisher=Princeton University Press|page=181|isbn=9781400839469|display-authors=etal}}</ref> Reformers felt that old-fashioned ways meant waste and inefficiency, and eagerly sought out the "one best system".<ref>Lewis L. Gould, ''America in the Progressive Era, 1890–1914'' (2000)</ref><ref>[[David B. Tyack]], ''The One Best System: A History of American Urban Education'' (Harvard UP, 1974), p. 39</ref>

==Political reform==

[[File:Mayer-Awakening-1915.jpg|thumb|left|350px|"The Awakening" Suffragists were successful in the West; their torch awakens the women struggling in the East and South in this cartoon by Hy Mayer in ''Puck'' Feb. 20, 1915]]

Disturbed by the waste, inefficiency, stubbornness, corruption and injustices of the [[Gilded Age]], the Progressives were committed to changing and reforming every aspect of the state, society and economy. Significant changes enacted at the national levels included the imposition of an [[income tax]] with the [[Sixteenth Amendment to the United States Constitution|Sixteenth Amendment]], direct election of [[United States Senate|Senators]] with the [[Seventeenth Amendment to the United States Constitution|Seventeenth Amendment]], [[Prohibition]] with the [[Eighteenth Amendment to the United States Constitution|Eighteenth Amendment]], and [[women's suffrage]] through the [[Nineteenth Amendment to the United States Constitution|Nineteenth Amendment]] to the U.S. Constitution.<ref>David E. Kyvig, ''Explicit and authentic acts: amending the U.S. Constitution, 1776–1995'' (Kansas UP, 1996) pp 208–14</ref>

==Exposing corruption==

[[Muckraker]]s were journalists who exposed waste, corruption, and scandal in the highly influential new medium of national magazines, such as ''[[McClure's]]'' and ''[[Time (magazine)|Time]]''. [[Ray Stannard Baker]], [[George Creel]], and [[Brand Whitlock]] were active at the state and local level, while [[Lincoln Steffens]] exposed political corruption in many large cities; [[Ida Tarbell]] went after [[John D. Rockefeller]]'s [[Standard Oil Company]]. [[Samuel Hopkins Adams]] in 1905 showed the fraud involved in many patent medicines, [[Upton Sinclair]]'s 1906 novel ''[[The Jungle]]'' gave a horrid portrayal of how meat was packed, and, also in 1906, [[David Graham Phillips]] unleashed a blistering indictment of the U.S. Senate. Roosevelt gave these journalists their nickname when he complained they were not being helpful by raking up all the muck.<ref>Robert Miraldi, ed. ''The Muckrakers: Evangelical Crusaders'' (Praeger, 2000)</ref><ref>Harry H. Stein, "American Muckrakers and Muckraking: The 50-Year Scholarship," ''Journalism Quarterly,'' (1979) 56#1 pp 9–17</ref>

==Modernization==

The Progressives were avid modernizers. They believed in science, technology, expertise—and especially education—as the grand solution to society's weaknesses. Characteristics of Progressivism included a favorable attitude toward urban-industrial society, belief in mankind's ability to improve the environment and conditions of life, belief in an obligation to intervene in economic and social affairs, and a belief in the ability of experts and in the efficiency of government intervention.<ref>John D. Buenker, and Robert M. Crunden. ''Progressivism'' (1986); Maureen Flanagan, ''America Reformed: Progressives and Progressivisms, 1890n s–1920s'' (2007)</ref><ref>Samuel Haber, ''Efficiency and Uplift Scientific Management in the Progressive Era 1890–1920'' (1964)656</ref>

==Women==
{{main|History of women in the United States#Progressive era: 1900–1930}}
Across the nation, middle-class women organized on behalf of social reforms during the Progressive Era. They were especially concerned with Prohibition, suffrage, school issues, and public health.

Middle class women formed local clubs, which after 1890 were in turn coordinated by the [[General Federation of Women's Clubs]] (GFWC). Historian Paige Meltzer puts the GFWC in the context of the [[Progressivism in the United States|Progressive Movement]], arguing that its policies:
:built on Progressive-era strategies of municipal housekeeping. During the Progressive era, female activists used traditional constructions of womanhood, which imagined all women as mothers and homemakers, to justify their entrance into community affairs: as "municipal housekeepers," they would clean up politics, cities, and see after the health and wellbeing of their neighbors. Donning the mantle of motherhood, female activists methodically investigated their community's needs and used their "maternal" expertise to lobby, create, and secure a place for themselves in an emerging state welfare bureaucracy, best illustrated perhaps by clubwoman [[Julia Lathrop]]'s leadership in the [[United States Children's Bureau|Children's Bureau]]. As part of this tradition of maternal activism, the Progressive-era General Federation supported a range of causes from the pure food and drug administration to public health care for mothers and children to a ban on child labor, each of which looked to the state to help implement their vision of social justice.<ref>Paige Meltzer, "The Pulse and Conscience of America" The General Federation and Women's Citizenship, 1945-1960," ''Frontiers: A Journal of Women Studies'' (2009), Vol. 30 Issue 3, p52-76. [http://muse.jhu.edu/login?auth=0&type=summary&url=/journals/frontiers/v030/30.3.meltzer.html online]</ref>

===Woman suffrage===
{{main|National American Woman Suffrage Association}}
The [[National American Woman Suffrage Association]] (NAWSA) was an American women's rights organization formed in May 1890 as a unification of the [[National Woman Suffrage Association]] (NWSA) and the [[American Woman Suffrage Association]] (AWSA). The NAWSA set up hundreds of smaller local and state groups, with the goal of passing [[Women's suffrage|woman suffrage]] legislation at the state and local level. The NAWSA was the largest and most important suffrage organization in the United States, and was the primary promoter of women's right to vote. [[Carrie Chapman Catt]] was the key leader in the early 20th century. Like AWSA and NWSA before it, the NAWSA pushed for a constitutional amendment guaranteeing women's voting rights, and was instrumental in winning the ratification of the [[Nineteenth Amendment to the United States Constitution]] in 1920.<ref>Eleanor Flexner, ''Century of Struggle'' (1959), pp. 208-217.</ref><ref>Corrine M. McConnaughy, ''The Woman Suffrage Movement in America: A Reassessment'' (2013).</ref> A breakaway group, the [[National Woman's Party]] tightly controlled by [[Alice Paul]], copied the militant suffragettes in Britain who used violence to gain publicity and force passage of suffrage. Paul's members chained themselves to the White House fence in order to get arrested, then went on hunger strikes to gain publicity. While the British suffragettes stopped their protests in 1914 and supported the British war effort, Paul began her campaign in 1917 and was widely criticized for ignoring the war and attracting radical anti-war elements.<ref>Nancy F. Cott, ''The Grounding of Modern Feminism'' (1989) pp 51-82</ref>

==Philanthropy==
The number of rich families climbed exponentially, from 100 or so millionaires in the 1870s, to 4000 in 1892 and 16,000 in 1916. Many paid heed to [[Andrew Carnegie]]'s ''[[Gospel of Wealth]]'' that said they owed a duty to society that called for philanthropic giving to colleges, hospitals, medical research, libraries, museums, religion and social betterment.<ref>[[Olivier Zunz]], ''Philanthropy in America: A History'' (2012) ch 1 [http://www.amazon.com/Philanthropy-America-History-Politics-Twentieth/dp/0691128367/ excerpt and text search]</ref>

In the early 20th century, American philanthropy matured, with the development of very large, highly visible private foundations created by [[Rockefeller Foundation|Rockefeller]], and [[Andrew Carnegie|Carnegie]]. The largest foundations fostered modern, efficient, business-oriented operations (as opposed to "charity") designed to better society rather than merely enhance the status of the giver. Close ties were built with the local business community, as in the "community chest" movement.<ref>Nikki Mandell, "Allies or Antagonists? Philanthropic Reformers and Business Reformers in the Progressive Era," ''Journal of the Gilded Age and Progressive Era'' (2012), 11#1 71–117.</ref> The [[American Red Cross]] was reorganized and professionalized.<ref>Branden Little. "Review of Jones, Marian Moser, ''The American Red Cross from Clara Barton to the New Deal''" [http://www.h-net.org/reviews/showrev.php?id=39722 H-SHGAPE, H-Net Reviews. August, 2013, online]</ref> Several major foundations aided the blacks in the South, and were typically advised by [[Booker T. Washington]]. By contrast, Europe and Asia had few foundations. This allowed both Carnegie and Rockefeller to operate internationally with powerful effect.<ref>Zunz, p 42</ref>

==Democracy==

Progressives sought to enable the citizenry to rule more directly and circumvent political bosses. Thanks to the efforts of Oregon [[Populist Party (United States)|Populist Party]] State Representative [[William Simon U'Ren|William S. U'Ren]] and his [[Direct Legislation League]], voters in Oregon overwhelmingly approved a ballot measure in 1902 that created the [[initiative]] and [[referendum]] processes for citizens to directly introduce or approve proposed laws or amendments to the state constitution, making Oregon the first state to adopt such a system. U'Ren also helped in the passage of an amendment in 1908 that gave voters power to [[Recall election|recall]] elected officials, and would go on to establish, at the state level, popular election of [[United States Senate|U.S. Senators]] and the first [[presidential primary]] in the United States. In 1911, California governor [[Hiram Johnson]] established the Oregon System of "Initiative, Referendum, and Recall" in his state, viewing them as good influences for citizen participation against the historic influence of large corporations on state lawmakers.<ref>John M. Allswang, ''The initiative and referendum in California, 1898–1998,'' (2000) ch 1</ref> These Progressive reforms were soon replicated in other states, including [[Idaho]], [[Washington (U.S. state)|Washington]], and [[Wisconsin]], and today roughly half of U.S. states have initiative, referendum and recall provisions in their state constitutions.<ref>{{cite web | url = http://www.iandrinstitute.org/statewide_i&r.htm | publisher = State Initiative & Referendum Institute at USC | title = State Initiative and Referendum Summary | accessdate =27 November 2006}}</ref>

About 16 states began using [[primary election]]s to reduce the power of bosses and machines.<ref>Alan Ware, ''The American direct primary: party institutionalization and transformation'' (2002)</ref> The Seventeenth Amendment was ratified in 1913, requiring that all senators be elected by the people (they were formerly appointed by state legislatures). The main motivation was to reduce the power of political bosses, who controlled the Senate seats by virtue of their control of state legislatures. The result, according to political scientist [[Henry Jones Ford]], was that the United States Senate had become a "Diet of party lords, wielding their power without scruple or restraint, in behalf of those particular interests" that put them in office.<ref>Christopher Hoebeke, ''The road to mass democracy: original intent and the Seventeenth Amendment'' (1995) p 18</ref>

==Municipal reform==
{{Further|American urban history#Progressive era: 1890s–1920s}}
A coalition of middle-class reform-oriented voters, academic experts and reformers hostile to the political machines started forming in the 1890s and introduced a series of reforms in urban America, designed to reduce waste and inefficiency and corruption, by introducing scientific methods, compulsory education and administrative innovations.

The pace was set in Detroit Michigan, where Republican mayor [[Hazen S. Pingree]] first put together the reform coalition.<ref>Melvin G. Holli, ''Reform in Detroit: Hazen S. Pingree and Urban Politics'' (1969).</ref> Many cities set up municipal reference bureaus to study the budgets and administrative structures of local governments.

Progressive mayors took the lead in many key cities,<ref>Kenneth Finegold, "Traditional Reform, Municipal Populism, and Progressivism," ''Urban Affairs Review'', (1995) 31#1 pp 20-42</ref> such as [[Cleveland, Ohio]] (especially Mayor [[Tom L. Johnson|Tom Johnson]]); [[Toledo, Ohio]];<ref>Arthur E. DeMatteo, "The Progressive As Elitist: 'Golden Rule' Jones And The Toledo Charter Reform Campaign of 1901," ''Northwest Ohio Quarterly'', (1997) 69#1 pp 8–30</ref> Jersey City, New Jersey;<ref>Eugene M. Tobin, "The Progressive as Single Taxer: Mark Fagan and the Jersey City Experience, 1900–1917," ''American Journal of Economics & Sociology'', (1974) 33#3 pp 287–298</ref> [[Los Angeles]];<ref>Martin J. Schiesl, "Progressive Reform in Los Angeles under Mayor Alexander, 1909–1913," ''California Historical Quarterly'', (1975) 534#1, pp:37–56</ref> [[Memphis, Tennessee]];<ref>G. Wayne Dowdy, "'A Business Government by a Business Man': E. H. Crump as a Progressive Mayor, 1910–1915," ''Tennessee Historical Quarterly'', (2001) 60#3 3, pp 162–175</ref> [[Louisville, Kentucky]];<ref>William E. Ellis, "Robert Worth Bingham and Louisville Progressivism, 1905–1910," ''Filson Club History Quarterly'', (1980) 54#2 pp 169–195</ref> and many other cities, especially in the western states. In [[History of Illinois|Illinois]], Governor [[Frank Lowden]] undertook a major reorganization of state government.<ref>William Thomas Hutchinson, ''Lowden of Illinois: the life of Frank O. Lowden'' (1957) vol 2</ref> In Wisconsin, the stronghold of [[Robert M. La Follette, Sr.|Robert LaFollette]], the [[Wisconsin Idea]] used the state university as a major source of ideas and expertise.<ref>{{cite web|title=Progressivism and the Wisconsin Idea|url=http://www.wisconsinhistory.org/turningpoints/tp-036/?action=more_essay|publisher=[[Wisconsin Historical Society]]|year=2008}}</ref>

==Family and food==

[[File:Lindsey ben.jpg|thumb|Colorado judge [[Ben Lindsey (jurist)|Ben Lindsey]] a pioneer in the establishment of juvenile court systems.]]
Progressives believed that the family was the foundation stone of American society, and the government, especially municipal government, must work to enhance the family.<ref>Gwendoline Alphonso, "Hearth and Soul: Economics and Culture in Partisan Conceptions of the Family in the Progressive Era, 1900–1920," ''Studies in American Political Development,'' Oct 2010, Vol. 24 Issue 2, pp 206–232</ref> Local public assistance programs were reformed to try and keep families together. Inspired by crusading Judge [[Ben Lindsey (jurist)|Ben Lindsey]] of Denver, cities established juvenile courts to deal with disruptive teenagers without sending them to adult prisons.<ref>D'Ann Campbell, "Judge Ben Lindsey and the Juvenile Court Movement, 1901–1904," ''Arizona and the West,'' 1976, Vol. 18 Issue 1, pp 5–20</ref><ref>James Marten, ed. ''Children and Youth during the Gilded Page and Progressive Era'' (2014)</ref>

The purity of food, milk and drinking water became a high priority in the cities. At the state and national levels new food and drug laws strengthened urban efforts to guarantee the safety of the food system. The 1906 federal [[Pure Food and Drug Act]], which was pushed by drug companies and providers of medical services, removed from the market patent medicines that had never been scientifically tested.<ref>Marc T. Law, "The Origins of State Pure Food Regulation," ''Journal of Economic History,'' Dec 2003, Vol. 63 Issue 4, pp 1103–1131</ref>

With the decrease in standard working hours, urban families had more leisure time. Many spent this leisure time at movie theaters. Progressives advocated for censorship of motion pictures as it was believed that patrons (especially children) viewing movies in dark, unclean, potentially unsafe theaters, might be negatively influenced in witnessing actors portraying crimes, violence, and sexually suggestive situations. Progressives across the country influenced municipal governments of large urban cities, to build numerous parks where it was believed that leisure time for children and families could be spent in a healthy, wholesome environment, thereby fostering good morals and citizenship.<ref>Black, Gregory D. ''Hollywood Censored: Morality Codes, Catholics, and the Movies''. Cambridge University Press 1994</ref>

==Eugenics==
{{main|Eugenics in the United States}}
Some Progressives, especially among economists, sponsored [[eugenics]] as a collectivist solution to excessively large or underperforming families, hoping that birth control would enable parents to focus their resources on fewer, better children.<ref name=" Thomas C. Leonard ">Leonard, Thomas C. (2005) [http://www.princeton.edu/~tleonard/papers/retrospectives.pdf Retrospectives: Eugenics and Economics in the Progressive Era] Journal of Economic Perspectives, 19(4): 207–224</ref> However, there were no major national, state or local programs that practiced or endorsed eugenics. Progressive leaders like [[Herbert Croly]] and [[Walter Lippmann]] indicated their classically liberal concern over the danger posed to the individual by collectivism and statism.<ref>Nancy Cohen, ''The reconstruction of American liberalism, 1865–1914'' (2002) p 243</ref> The Catholics, although favoring collectivism, strongly opposed birth control proposals such as eugenics .<ref>Celeste Michelle Condit, ''The meanings of the gene: public debates about human heredity'' (1999) p. 51</ref>

==Constitutional change==
The Progressives tried to permanently fix their reforms into law through constitutional amendments 16–19. The [[Sixteenth Amendment to the United States Constitution|16th amendment]] made an income tax legal (this required an amendment due to Article One, Section 9 of the Constitution, which required that direct taxes be laid on the States in proportion to their population as determined by the decennial census). The Progressives also made strides in attempts to reduce political corruption through the [[Seventeenth Amendment to the United States Constitution|17th amendment]] and the direct election of U.S. Senators. The most radical and controversial amendment came during the anti-German craze of [[World War I]] that helped the Progressives push through their plan for [[prohibition]] through the [[Eighteenth Amendment to the United States Constitution|18th amendment]] (once the Progressives fell out of power the [[Twenty-first Amendment to the United States Constitution|21st amendment]] repealed the 18th in 1933). The final progressive amendment came with the passage of the [[Nineteenth Amendment to the United States Constitution|19th amendment]] and [[women's suffrage]].<ref>David E. Kyvig, ''Explicit and authentic acts: amending the U.S. Constitution, 1776–1995'' (1996)</ref>

==Prohibition==

Prohibition was the outlawing of the manufacture, sale and transport of alcohol. Drinking itself was never prohibited. Throughout the Progressive Era, it remained one of the prominent causes associated with Progressivism at the local, state and national level, though support across the full breadth of Progressives was mixed. It pitted the minority urban Catholic population against the larger rural Protestant element, and Progressivism's rise in the rural communities was aided in part by the general increase in public consciousness of social issues of the [[temperance movement]], which achieved national success with the passage of the 18th Amendment by Congress in late 1917, and the ratification by three-fourths of the states in 1919. Prohibition was essentially a religious movement backed by the Methodists, Baptists, Congregationalists, Scandinavian Lutherans and other evangelical churches. Activists were mobilized by the highly effective [[Anti-Saloon League]].<ref>K. Austin Kerr, ''Organized for Prohibition: A New History of the Anti-Saloon League'' (1985).</ref> Timberlake (1963) argues the dries sought to break the liquor trust, weaken the saloon base of big-city machines, enhance industrial efficiency, and reduce the level of wife beating, child abuse, and poverty caused by alcoholism.<ref>James Timberlake, ''Prohibition and the Progressive Movement, 1900–1920'' (Harvard UP, 1963)</ref>

Agitation for prohibition began during the [[Second Great Awakening]] in the 1840s when Crusades against drinking originated from evangelical Protestants.<ref>Jack S. Blocker, ''American Temperance Movements: Cycles of Reform'' (1989)</ref> Evangelicals precipitated the second wave of prohibition legislation during the 1880s, which had as its aim local and state prohibition. During the 1880s, referendums were held at the state level to enact prohibition amendments. Two important groups were formed during this period. The [[Woman's Christian Temperance Union]] (WCTU) was formed in 1874.<ref>Jed Dannenbaum, ''Drink and Disorder: Temperance Reform in Cincinnati from the Washingtonian Revival to the WCTU'' (1984)</ref> The Anti-Saloon League was formed in 1893, uniting activists from different religious groups.<ref>Kerr, ''Organized for Prohibition: A New History of the Anti-Saloon League'' (1985)</ref>

The third wave of prohibition legislation, of which national prohibition was the grand climax, began in 1907, when Georgia passed a statewide prohibition law. By 1917, two thirds of the states had some form of prohibition laws and roughly three quarters of the population lived in dry areas. In 1913, the Anti-Saloon League first publicly appealed for a prohibition amendment. They preferred a constitutional amendment over a federal statute because although harder to achieve, they felt it would be harder to change. In 1913, Congress passed the Webb-Kenyon Act, which forbade the transport of liquor into dry states. As the United States entered World War I, the Conscription Act banned the sale of liquor near military bases.<ref>S.J. Mennell, "Prohibition: A Sociological View," ''Journal of American Studies'' 3, no. 2 (1969): 159–175.</ref> In August 1917, the Lever [[Food and Fuel Control Act]] banned production of distilled spirits for the duration of the war. The War Prohibition Act, November, 1918, forbade the manufacture and sale of intoxicating beverages (more than 2.75% alcohol content) until the end of demobilization.

The drys worked energetically to secure two-third majority of both houses of Congress and the support of three quarters of the states needed for an amendment to the federal constitution. Thirty-six states were needed, and organizations were set up at all 48 states to seek ratification. In late 1917, Congress passed the Eighteenth Amendment; it was ratified in 1919 and took effect in January 1920. It prohibited the manufacturing, sale or transport of intoxicating beverages within the United States, as well as import and export. The [[Volstead Act]], 1919, defined intoxicating as having alcohol content greater than 0.5% and established the procedures for federal enforcement of the Act. The states were at liberty to enforce prohibition or not, and most did not try.<ref name="David">David E. Kyvig,''Repealing National Prohibition'' (2000)</ref>

Consumer demand, however, led to a variety of illegal sources for alcohol, especially illegal distilleries and smuggling from Canada and other countries. It is difficult to determine the level of compliance, and although the media at the time portrayed the law as highly ineffective, even if it did not eradicate the use of alcohol, it certainly decreased alcohol consumption during the period. The Eighteenth Amendment was repealed in 1933, with the passage of the Twenty-First Amendment, thanks to a well-organized repeal campaign led by Catholics (who stressed personal liberty) and businessmen (who stressed the lost tax revenue).<ref name="David" />

==Education==

The Progressives worked hard to reform and modernize the schools at the local level. The era was notable for a dramatic expansion in the number of schools and students served, especially in the fast-growing metropolitan cities. After 1910 the smaller cities began building high schools. By 1940, 50% of young adults had earned a high school diploma. The result was the rapid growth of the educated middle class, who typically were the grass roots supporters of Progressive measures.<ref>[[David B. Tyack]], ''The One Best System: A History of American Urban Education'' (Harvard University Press, 1974)</ref> During the Progressive Era, many states began passing compulsory schooling laws.<ref>{{cite web|url=http://www.infoplease.com/ipa/A0112617.html |title=State Compulsory School Attendance Laws — |publisher=Infoplease.com |date=1999-10-01 |accessdate=2012-07-01}}</ref> An emphasis on [[school hygiene|hygiene]] and health was made in education, with [[physical education|physical]] and [[school health education|health education]] becoming more important and widespread.<ref name = "ProgHealthA">{{cite book|title=The progressive era's health reform movement: a historical dictionary|first1=Ruth C.|last1=Engs|url=http://books.google.com/books?id=mNeGQRBgd_MC&printsec=frontcover#v=onepage&q&f=false|pages=20–22|publisher=Praeger Publishers|year=2003|location=Westport, CT|isbn=0-275-97932-6}}</ref>

==Medicine and law==

The "Flexner Report" of 1910, sponsored by the Carnegie Foundation, professionalized American medicine by discarding the scores of local small medical schools and focusing national funds, resources, and prestige on larger, professionalized medical schools associated with universities.<ref>Abraham Flexner, ''Flexner Report on Medical Education in the United States and Canada 1910'' (new edition 1960)</ref><ref>Lawrence Friedman and Mark McGarvie, ''Charity, philanthropy, and civility in American history'' (2003) p. 231</ref> Prominent leaders included the [[William James Mayo|Mayo Brothers]] whose [[Mayo Clinic]] in Rochester, Minnesota, became world famous for innovative surgery.<ref>W. Bruce Fye, "The Origins and Evolution of the Mayo Clinic from 1864 to 1939: A Minnesota Family Practice Becomes an International 'Medical Mecca'", ''Bulletin of the History of Medicine'' Volume 84, Number 3, Fall 2010 pp. 323–357 in [[Project MUSE]]</ref>

In the legal profession, the American Bar Association set up in 1900 the Association of American Law Schools (AALS). It established national standards for law schools, which led to the replacement of the old system of young men studying law privately with established lawyers by the new system of accredited law schools associated with universities.<ref>Steven J. Diner, ''A Very Different Age: Americans of the Progressive Era'' (1998) p. 186</ref>

==Social sciences==

Progressive scholars, based at the emerging research universities such as [[Harvard]], [[Columbia University|Columbia]], [[Johns Hopkins University|Johns Hopkins]], [[University of Chicago|Chicago]], [[University of Michigan|Michigan]], [[University of Wisconsin|Wisconsin]] and [[University of California|California]], worked to modernize their disciplines. The heyday of the amateur expert gave way to the research professor who published in the new scholarly journals and presses. Their explicit goal was to professionalize and make "scientific" the social sciences, especially [[history]],<ref name="Richard Hofstadter 1968">Richard Hofstadter, ''The Progressive Historians: Turner, Beard, Parrington'' (1968)</ref> [[economics]],<ref name="ReferenceB">Joseph Dorfman, ''The economic mind in American civilization, 1918–1933'' vol 3, 1969</ref> and [[political science]].<ref name="Barry Karl 1975">Barry Karl, ''Charles E. Merriam and the Study of Politics'' (1975)</ref> Professionalization meant creating new career tracks in the universities, with hiring and promotion dependent on meeting international models of scholarship.

==Economic policy==
[[File:Pump1913.jpg|thumb|[[Woodrow Wilson|President Wilson]] uses tariff, currency, and anti-trust laws to prime the pump and get the economy working.]]
The Progressive Era was one of general prosperity after the [[Panic of 1893]]—a severe depression—ended in 1897. The [[Panic of 1907]] was short and mostly affected financiers. However, Campbell (2005) stresses the weak points of the economy in 1907–1914, linking them to public demands for more Progressive interventions. The Panic of 1907 was followed by a small decline in real wages and increased unemployment, with both trends continuing until World War I. Campbell emphasizes the resulting stress on public finance and the impact on the Wilson administration's policies. The weakened economy and persistent federal deficits led to changes in fiscal policy, including the imposition of federal income taxes on businesses and individuals and the creation of the Federal Reserve System.<ref>Ballard Campbell, "Economic Causes of Progressivism," ''Journal of the Gilded Age and Progressive Era,'' Jan 2005, Vol. 4 Issue 1, pp 7–22</ref> Government agencies were also transformed in an effort to improve administrative efficiency.<ref name="Harold U. Faulkner 1951">Harold U. Faulkner, ''The Decline of Laissez Faire, 1897–1917'' (1951)</ref>

In the [[Gilded Age]] (late 19th century) the parties were reluctant to involve the federal government too heavily in the private sector, except in the area of railroads and tariffs. In general, they accepted the concept of [[laissez-faire]], a doctrine opposing government interference in the economy except to maintain law and order. This attitude started to change during the [[Panic of 1893|depression of the 1890s]] when small business, farm, and labor movements began asking the government to intercede on their behalf.<ref name="Harold U. Faulkner 1951"/>

By the start of the 20th century, a middle class had developed that was leery of both the business elite and the radical political movements of farmers and laborers in the Midwest and West. The Progressives argued the need for government regulation of business practices to ensure competition and free enterprise. Congress enacted a law regulating railroads in 1887 (the [[Interstate Commerce Act]]), and one preventing large firms from controlling a single industry in 1890 (the [[Sherman Antitrust Act]]). These laws were not rigorously enforced, however, until the years between 1900 and 1920, when Republican President [[Theodore Roosevelt]] (1901–1909), Democratic President [[Woodrow Wilson]] (1913–1921), and others sympathetic to the views of the Progressives came to power. Many of today's U.S. regulatory agencies were created during these years, including the [[Interstate Commerce Commission]] and the [[Federal Trade Commission]]. [[Muckrakers]] were journalists who encouraged readers to demand more regulation of business. [[Upton Sinclair]]'s ''[[The Jungle]]'' (1906) was influential and persuaded America about the supposed horrors of the Chicago [[Union Stock Yards]] a giant complex of meat processing that developed in the 1870s. The federal government responded to Sinclair's book and [[The Neill-Reynolds Report]] with the new regulatory [[Food and Drug Administration]]. [[Ida M. Tarbell]] wrote a series of articles against [[Standard Oil]], which was perceived to be a monopoly. This affected both the government and the public reformers. Attacks by Tarbell and others helped pave the way for public acceptance of the breakup of the company by the Supreme Court in 1911.<ref name="Harold U. Faulkner 1951"/>

When Democrat [[Woodrow Wilson]] was elected President with a Democratic Congress in 1912 he implemented a series of Progressive policies in economics. In 1913, the [[Sixteenth Amendment to the United States Constitution|Sixteenth Amendment]] was ratified, and a small [[income tax]] was imposed on high incomes. The Democrats lowered tariffs with the [[Revenue Act of 1913|Underwood Tariff]] in 1913, though its effects were overwhelmed by the changes in trade caused by the World War that broke out in 1914. Wilson proved especially effective in mobilizing public opinion behind tariff changes by denouncing corporate lobbyists, addressing Congress in person in highly dramatic fashion, and staging an elaborate ceremony when he signed the bill into law.<ref>Vincent W. Howard, "Woodrow Wilson, The Press, and Presidential Leadership: Another Look at the Passage of the Underwood Tariff, 1913," ''CR: The Centennial Review,'' 1980, Vol. 24 Issue 2, pp 167–184</ref> Wilson helped end the long battles over the trusts with the [[Clayton Antitrust Act]] of 1914. He managed to convince lawmakers on the issues of money and banking by the creation in 1913 of the [[Federal Reserve System]], a complex business-government partnership that to this day dominates the financial world.<ref>Arthur S. Link, ''Woodrow Wilson and the progressive Era, 1910-1917'' (1954) pp 25–80</ref>

In 1913, [[Henry Ford]] dramatically increased the efficiency of his factories by large-scale use of the moving assembly line, with each worker doing one simple task in the production of automobiles. Emphasizing efficiency, Ford more than doubled wages (and cut hours from 9 a day to 8), attracting the best workers and sharply reducing labor turnover and absenteeism. His employees could and did buy his cars, and by cutting prices over and over he made the Model T cheap enough for millions of people to buy in the U.S. and in every major country. Ford's profits soared and his company dominated the world's automobile industry. Henry Ford became the world-famous prophet of high wages and high profits.<ref>{{cite book|author=Faith Jaycox|title=The Progressive Era: Eyewitness History|url=http://books.google.com/books?id=6yLQ2NsC9wIC&pg=PA403|year=2005|publisher=Infobase |page=403|isbn=9780816051595}}</ref>

===Labor unions===
Labor unions, especially the [[American Federation of Labor]] (AFL) grew rapidly in the early 20th century, and had a Progressive agenda as well. After experimenting in the early 20th century with cooperation with business in the [[National Civic Federation]], it turned after 1906 to a working political alliance with the Democratic party. The alliance was especially important in the larger industrial cities. The unions wanted restrictions on judges who intervened in labor disputes, usually on the side of the employer. They finally achieved that goal with the [[Norris–La Guardia Act]] of 1932.<ref>Julie Greene, ''Pure and Simple Politics: The American Federation of Labor and Political Activism, 1881–1917'' (1998)</ref>

===Immigration===
The level of immigration grew steadily after 1896, with most new arrivals unskilled workers from eastern and southern Europe, who found jobs working in the steel mills, slaughterhouses, and construction crews in the mill towns and industrial cities. The start of World War I in 1914 suddenly stopped most international movement, which only resumed after 1919. Starting in the 1880s, the labor unions aggressively promoted restrictions on immigration, especially restrictions on Chinese and other Asians.<ref>Robert D. Parmet, ''Labor and immigration in industrial America'' (1987) p. 146</ref> The basic fear was that large numbers of unskilled, low-paid workers would defeat the union's efforts to raise wages through collective bargaining.<ref>Gwendolyn Mink, ''Old Labor and New Immigrants in American Political Development: Union, Party and State, 1875–1920'' (1990)</ref> Other groups, such as the prohibitionists, opposed immigration because it was the base of strength of the saloon power, and the West generally. Rural Protestants distrusted the urban Catholics and Jews who comprised most of the immigrants after 1890.<ref>Daniel J. Tichenor, ''Dividing lines: the politics of immigration control in America'' (2002) p. 71</ref> On the other hand, the rapid growth of the industry called for large numbers of new workers, so large corporations generally opposed immigration restriction. By the early 1920s a consensus had been reached that the total influx of immigration had to be restricted, and a series of laws in the 1920s accomplished that purpose.<ref>Claudia Golden, "The Political Economy of Immigration Restriction in the United States, 1890 to 1921," in Goldin, ''The regulated economy'' (1994) ch 7</ref> A handful of eugenics advocates were also involved in immigration restriction.<ref>Thomas C. Leonard, [http://www.princeton.edu/~tleonard/papers/retrospectives.pdf "Retrospectives: Eugenics and Economics in the Progressive Era"] ''Journal of Economic Perspectives,'' (2005) 19(4): 207–224</ref> Immigration restriction continued to be a national policy until after World War II.

During World War I, the Progressives strongly promoted [[Americanization (immigration)|Americanization]] programs, designed to modernize the recent immigrants and turn them into model American citizens, while diminishing loyalties to the old country.<ref>James R. Barrett, "Americanization from the Bottom, Up: Immigration and the Remaking of the American Working Class, 1880–1930," ''Journal of American History'' 79 (December 1992): 996–1020. [http://www.jstor.org/pss/2080796 in JSTOR]</ref> These programs often operated through the public school system, which expanded dramatically.<ref>Christina A. Ziegler-McPherson, ''Americanization in the States: Immigrant Social Welfare Policy, Citizenship, and National Identity in the United States, 1908–1929'' (2009)</ref>

==Decline==
In the 1940s typically historians saw the Progressive Era as a prelude to the [[New Deal]] and dated it from 1901 (when Roosevelt became president) to the start of World War I in 1914 or 1917.<ref>Eric Goldman, ''Rendezvous with Destiny: A History of Modern American Reform'' (1952)</ref> Historians have moved back in time emphasizing the Progressive reformers at the municipal<ref>Melvin G. Holli, ''Reform in Detroit: Hazen S. Pingree and Urban Politics'' (1969)</ref> and state<ref>David P. Thelen, ''The New Citizenship: Origins of Progressivism in Wisconsin, 1885–1900'' (1972)</ref> levels in the 1890s.

===End of the Era?===
Much less settled is the question of when the era ended. Some historians who emphasize civil liberties decry their suppression during World War I and do not consider the war as rooted in Progressive policy.<ref>Paul L. Murphy, ''World War I and the Origin of Civil Liberties in the United States'' (1979)</ref> A strong anti-war movement headed by noted Progressives including [[Jane Addams]] (a future winner of the Nobel Peace Prize and perhaps the Era's most prominent reformer) was suppressed after Wilson's 1916 re-election, a victory largely enabled by his campaign slogan, "He kept us out of the war." <ref>Jane Addams, ''Bread and Peace in Time of War'' (1922)</ref> The slogan was no longer accurate by April 6 of the following year, when Wilson surprised much of the Progressive base that twice elected him and asked a joint session of Congress to declare war on Germany. The Senate voted 82–6 in favor; the House agreed, 373–50. Some historians see the so-called "war to end all wars" as a globalized expression of the American Progressive movement, with Wilson's support for a League of Nations as its climax.<ref>John Milton Cooper, ''Breaking the Heart of the World: Woodrow Wilson and the Fight for the League of Nations'' (2010)</ref>

The politics of the 1920s was unfriendly toward the labor unions and liberal crusaders against business, so many if not most historians who emphasize those themes write off the decade. Urban cosmopolitan scholars recoiled at the moralism of prohibition and the intolerance of the nativists of the KKK, and denounced the era. [[Richard Hofstadter]], for example, in 1955 wrote that prohibition, "was a pseudo-reform, a pinched, parochial substitute for reform" that "was carried about America by the rural-evangelical virus".<ref>Richard Hofstadter, ''The Age of Reform'' (1955) p. 287</ref> However, as [[Arthur S. Link]] emphasized, the Progressives did not simply roll over and play dead.<ref>Arthur S. Link, "What Happened to the Progressive Movement in the 1920s?," ''American Historical Review'' Vol. 64, No. 4 (Jul., 1959), pp. 833–851 [http://www.jstor.org/stable/1905118 in JSTOR]</ref> Link's argument for continuity through the twenties stimulated a historiography that found Progressivism to be a potent force. Palmer, pointing to leaders like [[George Norris]], says, "It is worth noting that progressivism, whilst temporarily losing the political initiative, remained popular in many western states and made its presence felt in Washington during both the Harding and Coolidge presidencies."<ref>Niall A. Palmer, ''The Twenties in America: Politics and History'' (2006) p 176</ref> Gerster and Cords argue that, "Since progressivism was a 'spirit' or an 'enthusiasm' rather than an easily definable force with common goals, it seems more accurate to argue that it produced a climate for reform which lasted well into the 1920s, if not beyond."<ref>Patrick Gerster and Nicholas Cords, ''Myth in American History'' (1977) p 203</ref> Even the Klan has been seen in a new light, as social historians now see Klansmen as "ordinary white Protestants" primarily interested in purification of the system, which had long been a core Progressive goal.<ref>Stanley Coben, "Ordinary white Protestants: The KKK of the 1920s," ''Journal of Social History,'' (1994) 28#1 pp 155–65</ref>

While some Progressive leaders became reactionaries, that usually happened in the 1930s, not in the 1920s, as exemplified by [[William Randolph Hearst]],<ref>Rodney P. Carlisle, ''Hearst and the New Deal: The Progressive as Reactionary'' (1979)</ref> [[Herbert Hoover]], [[Al Smith]] and [[Henry Ford]].<ref>{{cite book|author=T. H. Watkins|title=The Hungry Years: A Narrative History of the Great Depression in America|url=http://books.google.com/books?id=4d8m3602eRcC&pg=PA313|year=2000|page=313}}</ref><ref>{{cite book|author=Steven Watts|title=The People's Tycoon: Henry Ford and the American Century|url=http://books.google.com/books?id=LIDyU91YMHAC&pg=PA430|year=2009|publisher=Knopf Doubleday|page=430}}</ref>

===Business Progressivism in 1920s===
What historians have identified as "business progressivism", with its emphasis on efficiency and typified by Henry Ford and [[Herbert Hoover]]<ref>Joan Hoff Wilson, ''Herbert Hoover: Forgotten Progressive'' (1975)</ref> reached an apogee in the 1920s. Wik, for example, argues that Ford's "views on technology and the mechanization of rural America were generally enlightened, progressive, and often far ahead of his times."<ref>Reynold M. Wik, "Henry Ford's Science and Technology for Rural America," ''Technology & Culture,'' July 1962, Vol. 3 Issue 3, pp 247–257</ref>

Tindall stresses the continuing importance of the Progressive movement in the South in the 1920s involving increased democracy, efficient government, corporate regulation, social justice, and governmental public service.<ref>George B. Tindall, "Business Progressivism: Southern Politics in the Twenties," ''South Atlantic Quarterly'' 62 (Winter 1963): 92–106.</ref><ref>George B. Tindall, ''The Emergence of the New South, 1913–1945'' (1970)</ref> William Link finds political Progressivism dominant in most of the South in the 1920s.<ref>William A. Link, ''The Paradox of Southern Progressivism, 1880–1930'' (1997) p 294</ref> Likewise it was influential in Midwest.<ref>Judith Sealander, ''Grand Plans: Business Progressivism and Social Change in Ohio's Miami Valley, 1890–1929'' (1991)</ref>

Historians of women and of youth emphasize the strength of the Progressive impulse in the 1920s.<ref>Maureen A. Flanagan, ''America Reformed: Progressives and Progressivisms, 1890s–1920s'' (2006)</ref> Women consolidated their gains after the success of the suffrage movement, and moved into causes such as world peace,<ref>Susan Zeiger, "Finding a cure for war: Women's politics and the peace movement in the 1920s," ''Journal of Social History,'' Fall 1990, Vol. 24 Issue 1, pp 69–86 [http://www.jstor.org/pss/3787631 in JSTOR]</ref> good government, maternal care (the [[Sheppard–Towner Act]] of 1921),<ref name="in JSTOR">J. Stanley Lemons, "The Sheppard-Towner Act: Progressivism in the 1920s," ''Journal of American History'' Vol. 55, No. 4 (Mar., 1969), pp. 776–786 [http://www.jstor.org/stable/1900152 in JSTOR]</ref> and local support for education and public health.<ref>Jayne Morris-Crowther, "Municipal Housekeeping: The Political Activities of the Detroit Federation of Women's Clubs in the 1920s," ''Michigan Historical Review,'' March 2004, Vol. 30 Issue 1, pp 31–57</ref> The work was not nearly as dramatic as the suffrage crusade, but women voted<ref>Kristi Andersen, ''After suffrage: women in partisan and electoral politics before the New Deal'' (1996)</ref> and operated quietly and effectively. Paul Fass, speaking of youth, says "Progressivism as an angle of vision, as an optimistic approach to social problems, was very much alive."<ref>Paula S. Fass, ''The damned and the beautiful: American youth in the 1920s'' (1977) p 30</ref> International influences that sparked many reform ideas likewise continued into the 1920s, as American ideas of modernity began to influence Europe.<ref>Daniel T. Rodgers, ''Atlantic Crossings: Social Politics in a Progressive Age'' (2000) ch 9</ref>

There is general agreement that that the Era was over by 1932, especially since a majority of the remaining Progressives opposed the New Deal.<ref>Otis L. Graham, ''An Encore for Reform: The Old Progressives and the New Deal'' (1968)</ref>

==Notable progressive leaders==
* [[Jane Addams]]
* [[Susan B. Anthony]], suffragist
* [[Robert P. Bass]], New Hampshire politician
* [[Charles A. Beard]], historian and political scientist
* [[Louis Brandeis]], Supreme Court justice
* [[William Jennings Bryan]], Democratic presidential nominee in 1896, 1900, 1908; Secretary of State
* [[Lucy Burns]], suffragist
* [[Andrew Carnegie]], steel magnate, philanthropist
* [[Carrie Chapman Catt]], [[suffragist]]
* [[Winston Churchill (novelist)]], author (not the British politician)
* [[Herbert Croly]], journalist
* [[John Dewey]], philosopher
* [[W. E. B. Du Bois]], Black scholar
* [[Thomas Edison]], inventor
* [[Irving Fisher]], economist
* [[Abraham Flexner]], education
* [[Henry Ford]], automaker
* [[Henry George]], writer on political economy
* [[Charlotte Perkins Gilman]], feminist
* [[Susan Glaspell]], playwright, novelist
* [[Emma Goldman]], anarchist, philosopher, writer
* [[Lewis Hine]], photographer
* [[Charles Evans Hughes]], statesman
* [[William James]], philosopher
* [[Hiram Johnson]], Governor of California
* [[Mary Harris Jones|Mary Harris "Mother" Jones]], union activist
* [[Samuel M. Jones]], politician, reformer
* [[Florence Kelley]], child advocate
* [[Robert M. La Follette, Sr.]], Governor of Wisconsin
* [[Fiorello LaGuardia]], U.S. Congressman from New York; New York City mayor
* [[Walter Lippmann]], journalist
* [[William James Mayo|Mayo Brothers]], medicine
* [[Fayette Avery McKenzie]], sociology
* [[John R. Mott]], YMCA leader
* [[George Mundelein]], Catholic leader
* [[Alice Paul]], [[suffragist]]
* [[Ulrich B. Phillips]], historian
* [[Gifford Pinchot]], conservationist
* [[Walter Rauschenbusch]], theologian of [[Social Gospel]]
* [[Jacob Riis]], reformer
* [[John D. Rockefeller, Jr.]], philanthropist
* [[Theodore Roosevelt]], President
* [[Elihu Root]], statesman
* [[Margaret Sanger]], birth control
* [[Anna Howard Shaw]], suffragist
* [[Upton Sinclair]], novelist
* [[Albion Small]], sociologist
* [[Ellen Gates Starr]], sociologist
* [[Lincoln Steffens]], reporter
* [[Henry Stimson]], statesman
* [[William Howard Taft]], President and Chief Justice
* [[Ida Tarbell]], muckraker
* [[Frederick Winslow Taylor]], efficiency expert
* [[Frederick Jackson Turner]], historian
* [[Thorstein Veblen]], economist
* [[Lester Frank Ward]], sociologist
* [[Booker T. Washington]], Black leader, educator
* [[Woodrow Wilson]], President
* [[Ida B. Wells]], Black leader
* [[Burton Kendall Wheeler]], Montana politician

==See also==
* [[Trust-busting]]
* [[Upton Sinclair]], ''[[The Jungle]]'' (1906)
* [[Wisconsin Idea]]
* [[Georgism]]

==References==
{{reflist|colwidth=30em}}

==Further reading==

===Overviews===
* Buenker, John D., John C. Burnham, and Robert M. Crunden. ''Progressivism'' (1986)
* Buenker, John D. and Joseph Buenker, Eds. ''Encyclopedia of the Gilded Age and Progressive Era.'' Sharpe Reference, 2005. xxxii + 1256 pp. in three volumes. ISBN 0-7656-8051-3. 900 articles by 200 scholars
* Buenker, John D., ed. ''Dictionary of the Progressive Era'' (1980)
* Cocks, Catherine, Peter C. Holloran and Alan Lessoff. ''Historical Dictionary of the Progressive Era'' (2009)
* Diner, Steven J. ''A Very Different Age: Americans of the Progressive Era'' (1998)
* Glad, Paul W. "Progressives and the Business Culture of the 1920s," ''Journal of American History,'' Vol. 53, No. 1. (June 1966), pp. 75–89. [http://www.jstor.org/pss/1893931 in JSTOR]
* Gould, Lewis L. ''America in the Progressive Era, 1890–1914" (2000)
* Gould Lewis L. ed., ''The Progressive Era'' (1974)
* Hays, Samuel D. ''The Response to Industrialization, 1885–1914'' (1957),
* [[Richard Hofstadter|Hofstadter, Richard]], ''[[The Age of Reform]]'' (1954), Pulitzer Prize
* Jensen, Richard. "Democracy, Republicanism and Efficiency: The Values of American Politics, 1885–1930," in Byron Shafer and Anthony Badger, eds, ''Contesting Democracy: Substance and Structure in American Political History, 1775–2000'' (U of Kansas Press, 2001) pp 149–180; [http://www.uic.edu/~rjensen/rj0025.htm online version]
* [[David M. Kennedy (historian)|Kennedy, David M]]. ed., ''Progressivism: The Critical Issues'' (1971), readings
* Lasch, Christopher. ''The True and Only Heaven: Progress and its Critics'' (1991)
* [[William Leuchtenburg|Leuchtenburg, William E.]] "Progressivism and Imperialism: The Progressive Movement and American Foreign Policy, 1898–1916," ''[[The Mississippi Valley Historical Review]],'' Vol. 39, No. 3. (Dec., 1952), pp. 483–504. [http://www.jstor.org/pss/1895006 JSTOR]
* Mann, Arthur. ed., ''The Progressive Era'' (1975)
* McGerr, Michael. ''A Fierce Discontent: The Rise and Fall of the Progressive Movement in America, 1870–1920'' (2003)
* Mowry, George. ''The Era of Theodore Roosevelt and the Birth of Modern America, 1900–1912.'' (1954) general survey of era
* Burl Noggle, "The Twenties: A New Historiographical Frontier," ''The Journal of American History,'' Vol. 53, No. 2. (Sep., 1966), pp. 299–314. [http://www.jstor.org/pss/1894201 in JSTOR]
* Pease, Otis, ed. ''The Progressive Years: The Spirit and Achievement of American Reform'' (1962), primary documents
* Rodgers, Daniel T. ''Atlantic Crossings: Social Politics in a Progressive Age'' (2000). stresses links with Europe [http://quod.lib.umich.edu/cgi/t/text/text-idx?c=acls;cc=acls;view=toc;idno=heb00064.0001.001 online edition]
* Thelen, David P. "Social Tensions and the Origins of Progressivism," ''Journal of American History'' 56 (1969), 323–341 online at JSTOR
* [[Robert Wiebe|Wiebe, Robert]]. ''The Search For Order, 1877–1920'' (1967).

===Presidents and politics===
* [[Howard K. Beale|Beale Howard K.]] ''Theodore Roosevelt and the Rise of America to World Power.'' (1956).
* [[John Morton Blum|Blum, John Morton.]] ''The Republican Roosevelt.'' (1954). Series of essays that examine how TR did politics
* Brands, H.W. ''Theodore Roosevelt'' (2001).
* Clements, Kendrick A. ''The Presidency of Woodrow Wilson'' (1992).
* Coletta, Paolo. ''The Presidency of William Howard Taft'' (1990).
* [[Cooper, John Milton]] ''The Warrior and the Priest: Woodrow Wilson and Theodore Roosevelt.'' (1983).
* Cooper, John Milton ''Woodrow Wilson: A Biography'' (2009)
* Gould, Lewis L. ''The Presidency of Theodore Roosevelt'' (1991).
* Harbaugh, William Henry. ''The Life and Times of Theodore Roosevelt.'' (1963).
* Harrison, Robert. ''Congress, Progressive Reform, and the New American State'' (2004).
* [[Richard Hofstadter|Hofstadter, Richard]]. ''The American Political Tradition'' (1948), ch. 8–9–10.
* {{Cite book |last=Kolko |first=Gabriel |authorlink=Gabriel Kolko |title=The Triumph of Conservatism |year=1963 |ref= CITEREFKolko1963 }}
* [[Arthur S. Link|Link, Arthur Stanley]]. ''Woodrow Wilson and the Progressive Era, 1910–1917'' (1954).
* [[Edmund Morris (writer)|Morris, Edmund]] ''Theodore Rex''. (2001), biography of T. Roosevelt covers 1901–1909
* Mowry, George E. ''Theodore Roosevelt and the Progressive Movement''. (1946).
* Pestritto, R.J. "Woodrow Wilson and the Roots of Modern Liberalism." (2005).
* Sanders, Elizabeth. ''Roots of Reform: Farmers, Workers and the American State, 1877–1917'' (1999).
* Wilson, Joan Hoff. ''Herbert Hoover, Forgotten Progressive'' (1965).

===State, local, gender, ethnic, business, labor, religion===
* Abell, Aaron I. ''American Catholicism and Social Action: A Search for Social Justice, 1865–1950'' (1960).
* Bruce, Kyle and Chris Nyland. "Scientific Management, Institutionalism, and Business Stabilization: 1903–1923" ''Journal of Economic Issues'', Vol. 35, 2001. [http://www.jstor.org/pss/4227725 in JSTOR]
* Buenker, John D. ''Urban Liberalism and Progressive Reform'' (1973).
* Buenker, John D. ''The History of Wisconsin, Vol. 4: The Progressive Era, 1893–1914'' (1998).
* Feffer, Andrew. ''The Chicago Pragmatists and American Progressivism'' (1993).
* Frankel, Noralee and Nancy S. Dye, eds. ''Gender, Class, Race, and Reform in the Progressive Era'' (1991).
* Hahn, Steven. ''A Nation under Our Feet: Black Political Struggles in the Rural South from Slavery to the Great Migration'' (2003).
* Huthmacher, J. Joseph. "Urban Liberalism and the Age of Reform" ''Mississippi Valley Historical Review'' 49 (1962): 231–241, [http://www.jstor.org/pss/1888628 in JSTOR]; emphasized urban, ethnic, working class support for reform
* Link, William A. ''The Paradox of Southern Progressivism, 1880–1930'' (1992).
* Montgomery, David. ''The Fall of the House of Labor: The workplace, the state, and American labor activism, 1865–1925'' (1987).
* Muncy, Robyn. ''Creating A Feminine Dominion in American Reform, 1890–1935'' (1991).
* Lubove, Roy. ''The Progressives and the Slums: Tenement House Reform in New York City, 1890–1917'' Greenwood Press: 1974.
* Recchiuti, John Louis. ''Civic Engagement: Social Science and Progressive-Era Reform in New York City'' (2007).
* Stromquist, Shelton. ''Reinventing 'The People': The Progressive Movement, the Class Problem, and the Origins of Modern Liberalism,'' (U. of Illinois Press, 2006). ISBN 0-252-07269-3.
* Thelen, David. ''The New Citizenship, Origins of Progressivism in Wisconsin, 1885–1900'' (1972).
* Wesser, Robert F. ''Charles Evans Hughes: politics and reform in New York, 1905–1910'' (1967).
* Wiebe, Robert. "Business Disunity and the Progressive Movement, 1901–1914," ''The Mississippi Valley Historical Review,'' Vol. 44, No. 4. (Mar., 1958), pp. 664–685. [http://www.jstor.org/pss/1886602 in JSTOR]

{{Use dmy dates|date=November 2011}}
{{US history}}
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[[Category:American political philosophy]]
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[[Category:Progressivism in the United States|*]]
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Xinhua News Agency

2015-08-14T16:36:53Z

190.41.129.105: Xinhua is regarded as the most influential...ya

{{Redirect|Xinhua}}
{{Use mdy dates|date=February 2012}}
{{Infobox broadcasting network
|name = Xinhua News Agency
|logo = [[File:Xinhua Logo.png|200px]]
|type = [[Terrestrial television|Broadcast]] radio, television and [[Website|online]]
|branding =
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|country = [[China]]
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|founder = [[Communist Party of China]]
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|broadcast_area = [[Mainland China]], [[Satellite]], Internet
|area = worldwide, mainly [[Mainland China]]
|erp =
|owner = [[State Council of the People's Republic of China]]
|key_people =
|foundation = 1931
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|website = [http://www.news.cn/english Xinhua News Agency] {{en icon}}
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{{Chinese
|t=Xinhua News Agency
|s=新华通讯社
|t=新華通訊社
|p=Xīnhuá tōngxùnshè
|order=st
|mi=ɕínxwǎ
|l=New China News Agency
|altname=Abbreviated name
|s2=新华社
|t2=新華社
|p2=Xīnhuá Shè
}}
[[File:Xinhua News Agency.JPG|thumb|Xinhua head office]]
The '''Xinhua News Agency''' (English pronunciation: {{IPAc-en|ˌ|ʃ|ɪ|n|ˈ|hw|ɑː}}<ref name="LPD3">J. C. Wells: Longman Pronunciation Dictionary, 3rd ed., for both British and American English</ref>) is the official press agency of the [[China|People's Republic of China]]. Xinhua is a ministry-level department subordinate to the Chinese central government. Its president is a member of the Central Committee of the [[Communist Party of China]].

Xinhua operates more than 170 foreign [[news bureau|bureaus]] worldwide, and maintains 31 bureaus in China—one for each [[Chinese province|province]], plus a [[military bureau]]. Xinhua is the sole channel for the distribution of important news related to the Communist Party and Chinese central government.

Xinhua is regarded as the most influential media outlet in China as almost every newspaper in China relies on Xinhua [[Data feed|feeds]] for content. ''[[People's Daily]]'', for example, uses Xinhua material for approximately 25 percent of its stories. Xinhua is a publisher as well as a news agency—it owns more than 20 newspapers and a dozen magazines, and it prints in eight languages: Chinese, English, Spanish, French, Russian, Portuguese, Arabic and Japanese.

==History==
The Xinhua press agency was started in November 1931 as the [[Communist-controlled China (1927–49)|Red China]] News Agency and changed to its current name in 1937.<ref name=pares>Pares, Susan. (2005). A political and economic dictionary of East Asia. Routledge. ISBN 978-1-85743-258-9</ref> During the [[Pacific War]] the agency developed overseas broadcasting capabilities and established its first overseas branches.<ref name=pares/> It began broadcasting to foreign countries in English from 1944. When the communists took power in China, the agency represented the [[Chinese Communist Party]] in countries and territories with which it had no diplomatic representation, such as Hong Kong.<ref name=pares/>

The agency was described as the "eyes and tongue" of the Party, observing what is important for the masses and passing on the information.<ref>Malek, Abbas & Kavoori, Ananadam. (1999). The global dynamics of news: studies in international news coverage and news agenda. p. 346. Greenwood Publishing Group. ISBN 978-1-56750-462-0</ref> A former Xinhua director, Zheng Tao, noted that the agency was a bridge between the Party, the government and the people, communicating both the demands of the people and the policies of the Party.<ref>Markham, James. (1967) Voices of the Red Giants. Ames, IA: Iowa State University Press.</ref>

Like many other media organizations, Xinhua struggled to find the "right line" to use in covering the [[Tiananmen Square protests of 1989]]. Although more cautious than People's Daily in its treatment of sensitive topics during that period – such as how to commemorate reformist Communist Party leader [[Hu Yaobang]]'s April 1989 death, the then ongoing demonstrations in Beijing and elsewhere, and basic questions of [[press freedom]] and individual rights – Xinhua gave some favorable coverage to demonstrators and intellectuals who were questioning top party leaders. Even so, many Xinhua reporters were angry with top editors for not going far enough and for suppressing stories about the Tiananmen Square crackdown. For several days after the violence on June 4, almost no-one at Xinhua did any work, and journalists demonstrated inside the Agency's Beijing compound. Government control of the media increased after the protests – top editors at the agency's bureaux in Hong Kong and [[Macau]] were replaced with appointees who were "loyal to [[Mainland China|China]]" rather than those with ties to either Hong Kong or Macau.<ref>Li, Jinquan & Lee, Chin-Chuan. (2000). Power, Money, and Media: Communication Patterns and Bureaucratic Control in Cultural China. p. 298. Northwestern University Press. ISBN 978-0-8101-1787-7</ref>

==Reach==
Today, Xinhua News Agency delivers its news across the world in six languages: [[Mandarin Chinese]], English, French, Russian, Spanish, and [[Arabic language|Arabic]], as well as news pictures and other kinds of news. It has made contracts to exchange news and news pictures with more than eighty foreign news agencies or political news departments. Xinhua is also responsible for handling, and in some cases, censoring reports from foreign media destined to release in China.<ref>Glasser, Chris & Winkler, Matthew. (2009). International Libel and Privacy Handbook: A Global Reference for Journalists, Publishers, Webmasters, and Lawyers. Bloomberg Press. ISBN 978-1-57660-324-6</ref>

The agency recently began to converge its news and electronic media coverage and has increased its English coverage through its wire service. Xinhua recently acquired commercial real estate on New York's Times Square and is developing a staff of top-tier English-language reporters. Xinhua has also started an English-language satellite news network.<ref>{{cite news| url=http://online.wsj.com/article/SB10001424052748704334604575339281420753918.html | work=The Wall Street Journal | first=Anton | last=Troianovski | title=China Agency Nears Times Square | date=June 30, 2010}}</ref>

==Internal media==
The [[Internal media of the People's Republic of China|Chinese media's internal publication system]], in which certain journals are published exclusively for government and party officials, provides information and analysis which are not generally available to the public. The State values these internal reports because they contain much of China's most sensitive, controversial, and high-quality [[investigative journalism]].

Xinhua produces reports for the "internal" journals. Informed observers note that journalists generally like to write for the internal publications because they can write less polemical and more comprehensive stories without having to omit unwelcome details commonly done in the print media directed to the general public. The internal reports, written from a large number of countries, typically consist of in depth analyses of international situations and domestic attitudes towards regional issues and a certain country's perception of China.<ref name=lamp>Lampton, David (2001). The Making of Chinese Foreign and Security Policy in the Era of Reform, 1978–2000: 1978–2000. Stanford University Press. ISBN 978-0-8047-4056-2</ref>

The Chinese government's internal media publication system follows a strict hierarchical pattern designed to facilitate party control. A publication called ''[[Reference News]]''—which includes translated articles from abroad as well as news and commentary by Xinhua reporters—is delivered by Xinhua personnel, rather than by the national mail system, to officials at the working level and above. A three-to-ten-page report called Internal Reference (''Neibu Cankao'') is distributed to officials at the ministerial level and higher. One example was the first reports on the [[SARS]] outbreak by Xinhua which only government officials were allowed to see.<ref>''[[The Economist]]'', "[http://www.economist.com/node/16379897 Chinese whispers: Not believing what they read in the papers, China’s leaders commission their own ]", June 19, 2010, p. 43.</ref> The most classified Xinhua internal reports are issued occasionally to the top dozen or so party and government officials.{{citation needed|date=July 2014}}

==Headquarters and regional sectors==
The Xinhua headquarters is located in Beijing. The Xinhua News Agency established its first overseas affiliate in 1947 in London, with Samuel Chinque as publisher. Now it distributes its news in Asia, Middle East, Latin America, Africa where run the superior offices; in Hong Kong, Macau and many foreign countries and districts. In 2011 there were more than 150 Xinhua affiliates. <ref> Hong, Junhao 2011: [http://dx.doi.org/10.1080/10584609.2011.572487 From the World's Largest Propaganda Machine to a Multipurposed Global News Agency: Factors in and Implications of Xinhua's Transformation Since 1978] 04 Aug 2011 </ref>

===Xinhua in Hong Kong===
Xinhua's branch in Hong Kong was not just a press office. It was named a news agency under the special historic conditions before the territory's sovereignty was transferred from Britain to China, because the People's Republic did not recognise British sovereignty over the colony, and could not set up an embassy or consulate on what it considered to be its soil. Until 1997, it served as the [[de facto embassy]] of the PRC in the territory. It was authorized by the [[Special Administrative Region of the People's Republic of China|special administrative region]] government to continue to represent the central government after 1997, and it was renamed ''The [[Liaison Office of the Central People's Government in the Hong Kong Special Administrative Region|Liaison Office]] of the [[Central People's Government]] in the Hong Kong SAR'' on January 18, 2000. The [[State Council of the People's Republic of China|State Council]] appointed [[Gao Siren]] (高祀仁) as the director in August 2002. After the Liaison Office was established, Xinhua Agency was reconstituted as a ''bona fide'' press office.

===Xinhua in Cairo===
Xinhua opened its Middle East Regional Bureau in [[Cairo, Egypt]] in 1985. In November 2005, Xinhua News Agency opened a new office building alongside the [[Nile River]] in Cairo's [[Maadi]] district.<ref>[http://eg.china-embassy.org/eng/zaigx/t223569.htm New office building of Xinhua Middle East regional bureau opens in Cairo] 2005/11/26</ref>

===Xinhua in Vientiane===
Xinhua opened a Bureau in [[Vientiane]], the capital of [[Laos]], in 2010. It is the only foreign news bureau permitted to permanently operate in the country.

===Xinhuanet===
The Xinhua News Agency runs the prominent news website Xinhuanet, which provides news in six different languages. The website attracted 430,000 unique visitors between February 2008 and February 2009 according to a [[Compete.com]] survey.{{fact|date=May 2015}}

==Credibility==
''[[Bloomberg Businessweek]]'' commented on the opening of [[Xinhua Finance]], saying that it would have to overcome the "Xinhua stigma" of being associated with "official propaganda", and suspicions by outsiders of its credibility.<ref>[http://www.businessweek.com/magazine/content/03_07/b3820149_mz035.htm Bloomberg, Reuters—and Xinhua?], [[BusinessWeek]], February 17, 2003</ref> In an interview with [[Media of India|Indian media]] in 2007, the head of Xinhua, Tian Congmin, affirmed the problem of "historical setbacks and popular perceptions".<ref>[http://articles.timesofindia.indiatimes.com/2007-09-28/edit-page/27989156_1_india-and-china-xinhua-countries Q&A: 'Our credibility is doubted to a certain degree'], [[Times of India]], September 28, 2007.</ref> ''[[Newsweek]]'' criticized Xinhua as "being best known for its blind spots" regarding controversial news in China, and mentioned that its "coverage of the United States is hardly fair and balanced". Even so, "Xinhua's spin diminishes when the news doesn't involve China".<ref>{{Cite news|url=http://www.newsweek.com/2010/09/03/is-china-s-xinhua-the-future-of-journalism.html|title=Is China's Xinhua the Future of Journalism?|author=Fish, Isaac Stone|author2=Dokoupil, Tony |date=September 3, 2010|accessdate=September 5, 2010|work=Newsweek}}</ref>

During the 2003 [[SARS]] outbreak, Xinhua was slow to release reports of the incident to the public. However, its reporting in the aftermath of the [[2008 Sichuan earthquake]] was seen as more transparent and credible as Xinhua journalists operated more freely.<ref>[http://www.radioaustralia.net.au/news/stories/200805/s2247472.htm?tab=latest Quake coverage 'testing China's media credibility'], [[Radio Australia]], May 16, 2008</ref><ref>[http://www.newser.com/story/27382/quake-moves-xinhua-past-propaganda.html Quake Moves Xinhua Past Propaganda], Newser, May 13, 2008</ref> After the [[Beijing Television Cultural Center fire]], cognizant of Xinhua's "tardy" reporting in contrast to bloggers, China announced the investment of 20 billion yuan to Xinhua. The vice president of the [[China International Publishing Group]] commented on this, saying that quantity of media exposure would not necessarily help perceptions of China. Rather, he said, media should focus on emphasizing [[Chinese culture]] and the Chinese way of life "to convey the message that China is a friend, not an enemy".<ref>[http://www.radio86.co.uk/china-insight/from-chinese-media/headlines-in-china/10034/china-to-spend-billions-to-boost-media-credibility China to spend billions to boost media credibility], Radio86, March 10, 2009</ref>

Xinhua for its own part has criticized the perception of [[Western media]] [[Objectivity (journalism)|objectivity]], citing an incident during the [[2008 Tibetan unrest]] when Western media outlets used a picture of [[Law enforcement in Nepal|Nepalese police]] beating Tibetan protesters, misleadingly labeling the pictures as of ''Chinese'' police,<ref>[http://english.cri.cn/2946/2008/03/26/1042@338172.htm Commentary: Biased Media Reports Reveal Credibility Crisis], Xinhua, March 26, 2008</ref> with commentary from [[CNN]] calling Chinese leaders "goons and thugs". CNN later apologized for the comments,<ref name=cnn>{{cite news|last=Barboza|first=David|title=China: CNN Apologizes Over Tibet Comments|url=http://www.nytimes.com/2008/05/16/world/asia/16briefs-CNNAPOLOGIZE_BRF.html?_r=2&ref=world&oref=slogin&|newspaper=New York Times|date=May 16, 2008}}</ref> but Richard Spencer of ''[[The Sunday Telegraph]]'' defended what he conceded was "biased" Western media coverage of the riots, blaming China for not allowing foreign media access to Tibet during the conflict.<ref>{{Cite news|url=http://blogs.telegraph.co.uk/news/richardspencer/3614641/Bias_over_Tibet_cuts_both_ways/|title=Bias over Tibet cuts both ways|first=Richard|last=Spencer|authorlink=Richard Spencer (journalist)|date=March 28, 2008|accessdate=September 5, 2010|publisher=[[The Sunday Telegraph]]|location=London}}</ref>

==See also==
*[[Central News Agency (Republic of China)]]
*[[China News Service]]
*[[China Securities Journal]]
*[[China Xinhua News Network Corporation]]
*[[Media of the People's Republic of China]]

==References==
{{Reflist|2}}

==External links==
*[http://english.news.cn/ Xinhua News in English]
*[http://www.news.cn/ Xinhua News] {{zh icon}}
*[http://www.edigear.com/search/index.php?ag=3 Archive Repository for Selective Xinhua Arabic News Feeds]

{{News agencies}}
{{State Council of the People's Republic of China}}
{{Portal bar|Journalism|China}}

{{Coord|39|53|55.55|N|116|21|54.83|E|display=title|region:CN_type:landmark}}

{{Authority control}}
{{DEFAULTSORT:Xinhua News Agency}}
[[Category:1931 establishments in China]]
[[Category:History of Hong Kong]]
[[Category:Media of China]]
[[Category:Multilingual news services]]
[[Category:News agencies]]
[[Category:Government agencies established in 1931]]
[[Category:Politics of Hong Kong]]
[[Category:Xicheng District]]

Financial regulation

2015-06-12T22:49:18Z

190.41.129.105: /* Supervision of stock exchanges */ {{Main|Securities commission}}

{{Finance sidebar |reg/stands}}

'''Financial regulation''' is a form of [[regulation]] or supervision, which subjects [[financial institution]]s to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system. This may be handled by either a [[government]] or non-government organization. Financial regulation has also influenced the structure of banking sectors, by decreasing borrowing costs and increasing the variety of financial products available.

==Aims of regulation==
The objectives of financial regulators are usually:<ref>{{citation |url= http://www.fsa.gov.uk/about/aims/statutory|title=UK FSA statutory objectives }}</ref>
* market confidence – to maintain confidence in the financial system
* financial stability – contributing to the protection and enhancement of stability of the financial system
* consumer protection – securing the appropriate degree of protection for consumers.
* reduction of financial crime – reducing the extent to which it is possible for a regulated business to be used for a purpose connected with financial crime.

==Structure of supervision==
Acts empower organizations, government or non-government, to monitor activities and enforce actions.<ref>{{citation |url= http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1994472 |title=What is Financial Regulation Trying to Achieve?, Riccardo De Caria}}</ref> There are various setups and combinations in place for the financial regulatory structure around the global.<ref>{{citation |url= http://www.cssf.lu/nc/en/about-the-cssf/structure-organisation/|title=Luxembourg CSSF structure and organisation}}</ref><ref>{{citation |url= http://www.bafin.de/EN/Supervision/supervision_node.html|title=German BAFin supervision organisation}}</ref> Leaf parts are in any case:

===Supervision of stock exchanges===
{{Main|Securities commission}}
Exchange acts ensure that trading on the exchanges is conducted in a proper manner. Most prominent the pricing process, execution and settlement of trades, direct and efficient trade monitoring.<ref>{{citation |url= http://www.finma.ch/e/finma/taetigkeiten/gb-maerkte/Pages/boersenaufsicht.aspx|title=Suisse finma stock exchange supervision}}</ref><ref>{{citation |url= http://www.bafin.de/EN/Supervision/StockExchangesMarkets/stockexchangesmarkets_node.html|title=German BAFin stock exchange supervision}}</ref>

===Supervision of listed companies===
Financial regulators ensures that listed companies and market participants comply with various regulations under the trading acts. The trading acts demands that listed companies publish regular financial reports, ad hoc notifications or directors' dealings. Whereas market participants are required to Publish major shareholder notifications. The objective of monitoring compliance by listed companies with their disclosure requirements is to ensure that investors have access to essential and adequate information for making an informed assessment of listed companies and their securities.<ref>{{citation |url= http://www.finanssivalvonta.fi/en/Supervision/Market_supervision/Disclosure/Pages/Default.aspx|title=Finland FSA supervion of listed companies}}</ref><ref>{{citation |url= http://www.cma.org.sa/En/AboutCMA/CMA_Department/Pages/Market_Supervision.aspx|title=Saudi Arabia market supervision}}</ref><ref>{{citation |url= http://www.borsaitaliana.it/azioni/documenti/informativa-societaria/informativasocietaria.en.htm|title=Borsa Italiana listed stock supervision}}</ref>

===Supervision of investment management===
Asset management supervision or investment acts ensures the frictionless operation of those vehicles.<ref>{{citation |url= http://www.sec.gov/divisions/investment.shtml|title=US SEC Division of Investment Management}}</ref>

===Supervision of banks and financial services providers===
{{Main|Bank regulation}}
Banking acts lays down rules for banks which they have to observe when they are being established and when they are carrying on their business. These rules are designed to prevent unwelcome developments that might disrupt the smooth functioning of the banking system. Thus ensuring a strong and efficient banking system.<ref>{{citation |url= http://www.rbi.org.in/scripts/AboutUsDisplay.aspx?pg=DeptOfBS.htm|title=Reserve Bank of India, Department of Banking Supervision}}</ref><ref>{{citation |url= http://www.cssf.lu/en/about-the-cssf/structure-organisation/supervision-of-banks/|title=Luxembourg CSSF Supervision of Banks}}</ref>

==Authority by country==
{{Main|List of financial regulatory authorities by country}}

[[File:BankingCrises.svg|thumb|
Number of countries having a banking crisis in each year since 1800. This is based on
[http://www.reinhartandrogoff.com www.reinhartandrogoff.com (web site for ''This Time is Different: Eight Centuries of Financial Folly'')], which covers only 70 countries. The general upward trend might be attributed to many factors. One of these is a gradual increase in the percent of people who receive money for their labor. The dramatic feature of this graph is the virtual absence of banking crises during the period of the [[Bretton Woods agreement]], 1945 to 1971. This analysis is similar to Figure 10.1 in Reinhart and Rogoff (2009). For more details see the help file for "bankingCrises" in the Ecdat package available from the [[R (programming language)|Comprehensive R Archive Network (CRAN).]] ]]

The following is a short listing of regulatory authorities in various jurisdictions, for a more complete listing, please see [[list of financial regulatory authorities by country]].
* [[United States]]
** [[U.S. Securities and Exchange Commission]] (SEC)
** [[Financial Industry Regulatory Authority]] (FINRA)
** [[Commodity Futures Trading Commission]] (CFTC)
** [[Federal Reserve System]] ("Fed")
** [[Federal Deposit Insurance Corporation]] (FDIC)
** [[Office of the Comptroller of the Currency]] (OCC)
** [[National Credit Union Administration]] (NCUA)
** [[Office of Thrift Supervision]] (OTS)
** [[Consumer Financial Protection Bureau]] (CFPB)
* [[United Kingdom]]
** [[Bank of England]] (BoE)
** [[Prudential Regulation Authority (United Kingdom)|Prudential Regulation Authority]] (PRA)
** [[Financial Conduct Authority]] (FCA)
* [[Financial Services Agency]] (FSA), [[Japan]]
* [[Federal Financial Supervisory Authority]] (BaFin), [[Germany]]
* [[Autorité des marchés financiers (France)]] (AMF), [[France]]
* [[Monetary Authority of Singapore]] (MAS), [[Singapore]]
* [[Swiss Financial Market Supervisory Authority]] (FINMA), [[Switzerland]]
* [[People's Republic of China]]
** [[China Banking Regulatory Commission]] (CBRC)
** [[China Insurance Regulatory Commission]] (CIRC)
** [[China Securities Regulatory Commission]] (CSRC)

=== Unique jurisdictions ===
In most cases, financial regulatory authorities regulate all financial activities. But in some cases, there are specific authorities to regulate each sector of the finance industry, mainly [[banking]], [[securities]], [[insurance]] and [[pensions]] markets, but in some cases also commodities, futures, forwards, etc. For example, in [[Australia]], the [[Australian Prudential Regulation Authority]] (APRA) supervises banks and insurers, while the [[Australian Securities and Investments Commission]] (ASIC) is responsible for enforcing financial services and corporations laws.

Sometimes more than one institution regulates and supervises the banking market, normally because, apart from regulatory authorities, central banks also regulate the banking industry. For example, in the USA banking is regulated by a lot of regulators, such as the [[Federal Reserve System]], the [[Federal Deposit Insurance Corporation]], the [[Office of the Comptroller of the Currency]], the [[National Credit Union Administration]], the [[Office of Thrift Supervision]], as well as regulators at the state level.<ref>{{cite web|url=http://www.consumeraction.gov/banking.shtml|work=State Banking Authorities |publisher=Consumer Action Website |title=list of state banking authorities |accessdate=August 5, 2011}}</ref>

In the [[European Union]], the [[European System of Financial Supervision]] consists of the [[European Banking Authority]] (EBA), the [[European Securities and Markets Authority]] (ESMA) and the [[European Insurance and Occupational Pensions Authority]] (EIOPA). The [[Eurozone]] countries are forming a [[Single Supervisory Mechanism]] under the [[European Central Bank]] as a prelude to [[Banking union]].

In addition, there are also associations of financial regulatory authorities. At the international level, there is the [[International Organization of Securities Commissions]] (IOSCO), the [[International Association of Insurance Supervisors]], the [[Basel Committee on Banking Supervision]], the [[Joint Forum]], and the [[Financial Stability Board]].

The structure of financial regulation has changed significantly in the past two decades, as the legal and geographic boundaries between markets in banking, securities, and insurance have become increasingly "blurred" and [[globalization|globalized]].

==Regulatory reliance on credit rating agencies==
Think-tanks such as the [[:fr: Forum Mondial des Fonds de Pension|World Pensions Council (WPC)]] have argued that most European governments pushed dogmatically for the adoption of the [[Basel II]] recommendations, adopted in 2005, transposed in [[European Union law]] through the [[Capital Requirements Directive]] (CRD), effective since 2008. In essence, they forced European banks, and, more importantly, the [[European Central Bank]] itself e.g. when gauging the [[solvency]] of EU-based financial institutions, to rely more than ever on the standardized assessments of [[credit risk]] marketed by two private US agencies- Moody’s and S&P, thus using [[public policy]] and ultimately taxpayers’ money to strengthen an anti-competitive duopolistic industry.

==See also==
* [[LabEx ReFi - European Laboratory on Financial Regulation]]
* [[Bank regulation]]
* [[Insurance law]]
* [[Global financial system]]
* [[Commodity market#Regulation of commodity markets|Regulation of commodity markets]]
* [[Group of Thirty]]
* [[Regulatory capture]]
* [[Securities Commission]]
* [[International Organization of Securities Commissions]]
* [[International Centre for Financial Regulation]]
* [[Finance]]
* [[Financial repression]]

== References ==
{{reflist|2}}

== Further reading ==
* {{Citation |last1=Ely |first1=Bert |editor= [[David R. Henderson]] (ed.) |encyclopedia=[[Concise Encyclopedia of Economics]] |title=Financial Regulation |url=http://www.econlib.org/library/Enc/FinancialRegulation.html |year=2008 |edition= 2nd |publisher=[[Library of Economics and Liberty]] |location=Indianapolis |isbn=978-0865976658 |oclc=237794267}}
* {{Citation |last1= Reinhart |first1= Carmen |authorlink1= Carmen Reinhart |last2= Rogoff |first2= Rogoff |authorlink2= Kenneth Rogoff |title= This Time is Different: Eight Centuries of Financial Folly |year= 2009 |publisher= Princeton U. Pr. |isbn= 978-0-691-15264-6}}
* Simpson, D., [[Geoff Meeks|Meeks, G.]], Klumpes, P., & Andrews, P. (2000). ''Some cost-benefit issues in financial regulation.'' London: Financial Services Authority.

==External links==
* [http://www.law.uc.edu/CCL/ Securities Lawyer's Deskbook] from the [[University of Cincinnati]] College of Law
* [http://www.finralawyer.us] FINRA Information
* [http://www.compliance-exchange.com The Compliance Exchange] Jonathan Halsey's financial regulation research resource
* [http://www.icffr.org/Home.aspx ICFR (The International Centre for Financial Regulation)]
* [http://www.imf.org/external/pubs/ft/survey/so/2008/RES02408A.htm Ana Carvajal, Jennifer Elliott: IMF Study Points to Gaps in Securities Market Regulation]
* [http://www.iosco.org/library/pubdocs/pdf/IOSCOPD82.pdf IOSCO: Objectives and Principles of Securities Regulation (PDF-Datei 67 Seiten)]
* [http://www.heyman-center.org The Samuel & Ronnie Heyman Center on Corporate Governance] The Samuel & Ronnie Heyman Center on Corporate Governance
* [http://www.albany.edu/ifmr/ The Institute for Financial Market Regulation] The Institute for Financial Market Regulation
{{stock market}}
{{Authority control}}
{{DEFAULTSORT:Financial Regulation}}
[[Category:Financial regulation| ]]
[[Category:Systemic risk]]

Template:Finance sidebar

2015-06-12T22:45:13Z

190.41.129.105: r

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Template:Finance sidebar

2015-06-12T22:44:38Z

190.41.129.105: adding bank regulation

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Financial regulation

2015-06-12T22:39:34Z

190.41.129.105: /* Supervision of banks and financial services providers */ {{Main|Bank regulation}}

{{Finance sidebar |reg/stands}}

'''Financial regulation''' is a form of [[regulation]] or supervision, which subjects [[financial institution]]s to certain requirements, restrictions and guidelines, aiming to maintain the integrity of the financial system. This may be handled by either a [[government]] or non-government organization. Financial regulation has also influenced the structure of banking sectors, by decreasing borrowing costs and increasing the variety of financial products available.

==Aims of regulation==
The objectives of financial regulators are usually:<ref>{{citation |url= http://www.fsa.gov.uk/about/aims/statutory|title=UK FSA statutory objectives }}</ref>
* market confidence – to maintain confidence in the financial system
* financial stability – contributing to the protection and enhancement of stability of the financial system
* consumer protection – securing the appropriate degree of protection for consumers.
* reduction of financial crime – reducing the extent to which it is possible for a regulated business to be used for a purpose connected with financial crime.

==Structure of supervision==
Acts empower organizations, government or non-government, to monitor activities and enforce actions.<ref>{{citation |url= http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1994472 |title=What is Financial Regulation Trying to Achieve?, Riccardo De Caria}}</ref> There are various setups and combinations in place for the financial regulatory structure around the global.<ref>{{citation |url= http://www.cssf.lu/nc/en/about-the-cssf/structure-organisation/|title=Luxembourg CSSF structure and organisation}}</ref><ref>{{citation |url= http://www.bafin.de/EN/Supervision/supervision_node.html|title=German BAFin supervision organisation}}</ref> Leaf parts are in any case:

===Supervision of stock exchanges===
Exchange acts ensure that trading on the exchanges is conducted in a proper manner. Most prominent the pricing process, execution and settlement of trades, direct and efficient trade monitoring.<ref>{{citation |url= http://www.finma.ch/e/finma/taetigkeiten/gb-maerkte/Pages/boersenaufsicht.aspx|title=Suisse finma stock exchange supervision}}</ref><ref>{{citation |url= http://www.bafin.de/EN/Supervision/StockExchangesMarkets/stockexchangesmarkets_node.html|title=German BAFin stock exchange supervision}}</ref>

===Supervision of listed companies===
Financial regulators ensures that listed companies and market participants comply with various regulations under the trading acts. The trading acts demands that listed companies publish regular financial reports, ad hoc notifications or directors' dealings. Whereas market participants are required to Publish major shareholder notifications. The objective of monitoring compliance by listed companies with their disclosure requirements is to ensure that investors have access to essential and adequate information for making an informed assessment of listed companies and their securities.<ref>{{citation |url= http://www.finanssivalvonta.fi/en/Supervision/Market_supervision/Disclosure/Pages/Default.aspx|title=Finland FSA supervion of listed companies}}</ref><ref>{{citation |url= http://www.cma.org.sa/En/AboutCMA/CMA_Department/Pages/Market_Supervision.aspx|title=Saudi Arabia market supervision}}</ref><ref>{{citation |url= http://www.borsaitaliana.it/azioni/documenti/informativa-societaria/informativasocietaria.en.htm|title=Borsa Italiana listed stock supervision}}</ref>

===Supervision of investment management===
Asset management supervision or investment acts ensures the frictionless operation of those vehicles.<ref>{{citation |url= http://www.sec.gov/divisions/investment.shtml|title=US SEC Division of Investment Management}}</ref>

===Supervision of banks and financial services providers===
{{Main|Bank regulation}}
Banking acts lays down rules for banks which they have to observe when they are being established and when they are carrying on their business. These rules are designed to prevent unwelcome developments that might disrupt the smooth functioning of the banking system. Thus ensuring a strong and efficient banking system.<ref>{{citation |url= http://www.rbi.org.in/scripts/AboutUsDisplay.aspx?pg=DeptOfBS.htm|title=Reserve Bank of India, Department of Banking Supervision}}</ref><ref>{{citation |url= http://www.cssf.lu/en/about-the-cssf/structure-organisation/supervision-of-banks/|title=Luxembourg CSSF Supervision of Banks}}</ref>

==Authority by country==
{{Main|List of financial regulatory authorities by country}}

[[File:BankingCrises.svg|thumb|
Number of countries having a banking crisis in each year since 1800. This is based on
[http://www.reinhartandrogoff.com www.reinhartandrogoff.com (web site for ''This Time is Different: Eight Centuries of Financial Folly'')], which covers only 70 countries. The general upward trend might be attributed to many factors. One of these is a gradual increase in the percent of people who receive money for their labor. The dramatic feature of this graph is the virtual absence of banking crises during the period of the [[Bretton Woods agreement]], 1945 to 1971. This analysis is similar to Figure 10.1 in Reinhart and Rogoff (2009). For more details see the help file for "bankingCrises" in the Ecdat package available from the [[R (programming language)|Comprehensive R Archive Network (CRAN).]] ]]

The following is a short listing of regulatory authorities in various jurisdictions, for a more complete listing, please see [[list of financial regulatory authorities by country]].
* [[United States]]
** [[U.S. Securities and Exchange Commission]] (SEC)
** [[Financial Industry Regulatory Authority]] (FINRA)
** [[Commodity Futures Trading Commission]] (CFTC)
** [[Federal Reserve System]] ("Fed")
** [[Federal Deposit Insurance Corporation]] (FDIC)
** [[Office of the Comptroller of the Currency]] (OCC)
** [[National Credit Union Administration]] (NCUA)
** [[Office of Thrift Supervision]] (OTS)
** [[Consumer Financial Protection Bureau]] (CFPB)
* [[United Kingdom]]
** [[Bank of England]] (BoE)
** [[Prudential Regulation Authority (United Kingdom)|Prudential Regulation Authority]] (PRA)
** [[Financial Conduct Authority]] (FCA)
* [[Financial Services Agency]] (FSA), [[Japan]]
* [[Federal Financial Supervisory Authority]] (BaFin), [[Germany]]
* [[Autorité des marchés financiers (France)]] (AMF), [[France]]
* [[Monetary Authority of Singapore]] (MAS), [[Singapore]]
* [[Swiss Financial Market Supervisory Authority]] (FINMA), [[Switzerland]]
* [[People's Republic of China]]
** [[China Banking Regulatory Commission]] (CBRC)
** [[China Insurance Regulatory Commission]] (CIRC)
** [[China Securities Regulatory Commission]] (CSRC)

=== Unique jurisdictions ===
In most cases, financial regulatory authorities regulate all financial activities. But in some cases, there are specific authorities to regulate each sector of the finance industry, mainly [[banking]], [[securities]], [[insurance]] and [[pensions]] markets, but in some cases also commodities, futures, forwards, etc. For example, in [[Australia]], the [[Australian Prudential Regulation Authority]] (APRA) supervises banks and insurers, while the [[Australian Securities and Investments Commission]] (ASIC) is responsible for enforcing financial services and corporations laws.

Sometimes more than one institution regulates and supervises the banking market, normally because, apart from regulatory authorities, central banks also regulate the banking industry. For example, in the USA banking is regulated by a lot of regulators, such as the [[Federal Reserve System]], the [[Federal Deposit Insurance Corporation]], the [[Office of the Comptroller of the Currency]], the [[National Credit Union Administration]], the [[Office of Thrift Supervision]], as well as regulators at the state level.<ref>{{cite web|url=http://www.consumeraction.gov/banking.shtml|work=State Banking Authorities |publisher=Consumer Action Website |title=list of state banking authorities |accessdate=August 5, 2011}}</ref>

In the [[European Union]], the [[European System of Financial Supervision]] consists of the [[European Banking Authority]] (EBA), the [[European Securities and Markets Authority]] (ESMA) and the [[European Insurance and Occupational Pensions Authority]] (EIOPA). The [[Eurozone]] countries are forming a [[Single Supervisory Mechanism]] under the [[European Central Bank]] as a prelude to [[Banking union]].

In addition, there are also associations of financial regulatory authorities. At the international level, there is the [[International Organization of Securities Commissions]] (IOSCO), the [[International Association of Insurance Supervisors]], the [[Basel Committee on Banking Supervision]], the [[Joint Forum]], and the [[Financial Stability Board]].

The structure of financial regulation has changed significantly in the past two decades, as the legal and geographic boundaries between markets in banking, securities, and insurance have become increasingly "blurred" and [[globalization|globalized]].

==Regulatory reliance on credit rating agencies==
Think-tanks such as the [[:fr: Forum Mondial des Fonds de Pension|World Pensions Council (WPC)]] have argued that most European governments pushed dogmatically for the adoption of the [[Basel II]] recommendations, adopted in 2005, transposed in [[European Union law]] through the [[Capital Requirements Directive]] (CRD), effective since 2008. In essence, they forced European banks, and, more importantly, the [[European Central Bank]] itself e.g. when gauging the [[solvency]] of EU-based financial institutions, to rely more than ever on the standardized assessments of [[credit risk]] marketed by two private US agencies- Moody’s and S&P, thus using [[public policy]] and ultimately taxpayers’ money to strengthen an anti-competitive duopolistic industry.

==See also==
* [[LabEx ReFi - European Laboratory on Financial Regulation]]
* [[Bank regulation]]
* [[Insurance law]]
* [[Global financial system]]
* [[Commodity market#Regulation of commodity markets|Regulation of commodity markets]]
* [[Group of Thirty]]
* [[Regulatory capture]]
* [[Securities Commission]]
* [[International Organization of Securities Commissions]]
* [[International Centre for Financial Regulation]]
* [[Finance]]
* [[Financial repression]]

== References ==
{{reflist|2}}

== Further reading ==
* {{Citation |last1=Ely |first1=Bert |editor= [[David R. Henderson]] (ed.) |encyclopedia=[[Concise Encyclopedia of Economics]] |title=Financial Regulation |url=http://www.econlib.org/library/Enc/FinancialRegulation.html |year=2008 |edition= 2nd |publisher=[[Library of Economics and Liberty]] |location=Indianapolis |isbn=978-0865976658 |oclc=237794267}}
* {{Citation |last1= Reinhart |first1= Carmen |authorlink1= Carmen Reinhart |last2= Rogoff |first2= Rogoff |authorlink2= Kenneth Rogoff |title= This Time is Different: Eight Centuries of Financial Folly |year= 2009 |publisher= Princeton U. Pr. |isbn= 978-0-691-15264-6}}
* Simpson, D., [[Geoff Meeks|Meeks, G.]], Klumpes, P., & Andrews, P. (2000). ''Some cost-benefit issues in financial regulation.'' London: Financial Services Authority.

==External links==
* [http://www.law.uc.edu/CCL/ Securities Lawyer's Deskbook] from the [[University of Cincinnati]] College of Law
* [http://www.finralawyer.us] FINRA Information
* [http://www.compliance-exchange.com The Compliance Exchange] Jonathan Halsey's financial regulation research resource
* [http://www.icffr.org/Home.aspx ICFR (The International Centre for Financial Regulation)]
* [http://www.imf.org/external/pubs/ft/survey/so/2008/RES02408A.htm Ana Carvajal, Jennifer Elliott: IMF Study Points to Gaps in Securities Market Regulation]
* [http://www.iosco.org/library/pubdocs/pdf/IOSCOPD82.pdf IOSCO: Objectives and Principles of Securities Regulation (PDF-Datei 67 Seiten)]
* [http://www.heyman-center.org The Samuel & Ronnie Heyman Center on Corporate Governance] The Samuel & Ronnie Heyman Center on Corporate Governance
* [http://www.albany.edu/ifmr/ The Institute for Financial Market Regulation] The Institute for Financial Market Regulation
{{stock market}}
{{Authority control}}
{{DEFAULTSORT:Financial Regulation}}
[[Category:Financial regulation| ]]
[[Category:Systemic risk]]

Portal talk:Business and economics

2015-05-20T23:12:14Z

190.41.129.105: /* About the banking regulation template */ new section

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== Please review [[Motivation crowding theory]] ==

A respondent to my request for peer review of [[Motivation crowding theory]] suggested that I ask for comments and article improvement ideas here. I am most interested in ideas for expansion. Please respond at [[Talk:Motivation crowding theory]]. Thank you! — Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[User:Selery|Selery]] ([[User talk:Selery|talk]] • [[Special:Contributions/Selery|contribs]]) 16:38, 22 January 2012 (UTC)

== Selected article, picture, economy, quote and Did you know? is missing ==

Looks like they don't exist for several months anymore. Thank you for fixing.
--[[User:Berny68|Berny68]] ([[User talk:Berny68|talk]]) 19:26, 25 February 2012 (UTC)
:Well, it looks like its time to fix the portal myself, adding with {{tl|Random portal component}} on it. '''[[User:Jj98|JJ98]] ([[User talk:Jj98|Talk]] / [[Special:Contributions/Jj98|Contributions]])''' 05:50, 3 August 2012 (UTC)

{{Resolved}}

== Taiichi Ohno ==

Can someone add a picture of Ohno to its article? [[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 18:27, 12 July 2013 (UTC)

The main article is too long.. and the image is too small. thanks @[[User:Marla Olmstead|Marla Olmstead]] ([[User talk:Marla Olmstead|talk]]) 20:00, 18 July 2013 (UTC)

@[[User:Marla Olmstead|Marla Olmstead]] What image? [[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 19:32, 19 July 2013 (UTC)

== edit request: schools of thought ==

This whole part needs a serious editing from someone who knows at least the basics of economics:

"Economics is largely taught as five specific "schools" of thought:

Classical economics, which provided the framework for later developments in microeconomics and both Neoclassical and Marxian theory, focusing on relative competitive advantage, the utility of competitive markets, land development, the labor theory of value and the division of labor
Institutional economics, which focuses on the role of institutional design and how institutions shape consumer choice and affect economic performance
Marxian economics, which studies the cause of economic crises, the source of value in economics, class relations in society, distribution of the surplus product and surplus value, and the labor theory of value
Neoclassical economics, which focuses on price theory, constrained maximization as faced by both producers and consumers, marginal utility and rational choice theory as well as a macroeconomic focus on technical analysis of aggregate measures such as Gross Domestic Product and narrow technical models whose objective is "balanced growth" between human capital and "economic capital" and which deals with complex economic questions largely by abstracting them into debt to GDP ratio and other fragile technical measures
Environmental economics which narrowed from many independent analyses in the 20th century towards a clear and internationally-agreed set of standards from 1990 on, including the Kyoto Protocol and culminating in UN study of The Economics of Ecosystems and Biodiversity, the Convention on Biological Diversity and changes to the United Nations System of National Accounts to begin to reflect risks to, and value added by, nature's services."

1. First of all economics is NOT taught as a five specific "schools" of thought.

Economic is a science not a religion, and thus it is not taught by "schools" but the content of lectures and textbooks is constructed from various schools of economic thought which were able to establish theories which are consistent with the scientific method, and which have a high explanatory value and are sound basis for at least relatively (to competing theories) good predictions about economy.

Economics is taught as microeconomics, macroeconomics, international economics, policy economics, environmental economics, institutional economics etc., and not as these different schools of thought. However, usually undergraduate textbooks mentions only the largest two or three subfields microeconomics, macroeconomics, and international economics.<ref>{{cite book|last=Mankiw|first=N. Gregory|title=Principles of economics|date=2012|publisher=South-Western Cengage Learning|location=Mason, Ohio|isbn=978-0538453059|edition=6. ed.}}</ref> I believe that listing these three plus maybe leaving the environmental economics (with corrected description)and institutional economics would suffice.

These different schools of thought represent historical development of economics not a way of how economics is taught. Moreover, environmental economics is not even an school (see point 2.), environmental economics is a subfield of economics.<ref>{{cite book|last=Sankar|first=S.|title=nvironmental Economics|date=2001|publisher=Oxford University Press}}</ref>

2. This is totally wrong:

"Environmental economics which narrowed from many independent analyses in the 20th century towards a clear and internationally-agreed set of standards from 1990 on, including the Kyoto Protocol and culminating in UN study of The Economics of Ecosystems and Biodiversity, the Convention on Biological Diversity and changes to the United Nations System of National Accounts to begin to reflect risks to, and value added by, nature's services."

- This is totally wrong, Environmental economics is defined as: “part of economics which deals with interrelationship between environment and economic development and studies the ways and means by which the former is not impaired nor the latter impeded It is thus a branch of economics which discusses about the impacts of interaction between men and nature and finds human solutions to maintain harmony between men and nature.<ref>{{cite book|last=Sankar|first=S.|title=nvironmental Economics|date=2001|publisher=Oxford University Press}}</ref>

3. This is also wrong:

"Marxian economics, which studies the cause of economic crises, the source of value in economics, class relations in society, distribution of the surplus product and surplus value, and the labour theory of value."

First of all every school of economic tough from classical to new neoclassical-synthesis studied/is studying the cause of economic crises and the source of value in economics. Marxian school had only a different approach to these question in the same way as different historical school of biology studied the origin of species differently and with different approach.

Moreover the theory of value which Marxist economics uses is actually the classical theory of value or labor theory of value, so how can anyone even say something like that this school studies the sources of value. Furthermore, the most notable contributions into the understanding of the business cycle or "economic crisis" were done by Keynesian, Monetarist, Neokeynesian and Neoclasical school.

Here is some workable definition of Marxist economics: In Marxist economics, the objective is to explain the existence of profits despite the fact that "labor produces all value," and to use the explanation as a tool to understand, and anticipate, the dynamics of capitalist society. The Marxist labor theory of value holds: In a capitalist economy,the "natural price" or value of any commodity is its cost of production"<ref>{{cite web|last=Drexel|first=McCain|title=1 Marxist Economics: Introduction|url=http://www.rrojasdatabank.info/mccainmarx.pdf|accessdate=8 February 2014}}</ref>

Furthermore, why heterodox school like Marxian economics, which standing in present day economics is similar to the standing of creationism in biology was included and schools like Keynesian, or Neokeynesian which were/are part of mainstream economics are absolutely omitted? Omitting these schools, when dealing with schools of economics tough is like omitting Newton´s physics in article about physics.

I mean, I understand that Marxian school is attractive to non-economics majors, but I always though that wikipedia contributors should at least try to stay unbiased. I think that this was done by someone with either ideological bias, or poor knowledge since even Nobel laureates in economics like Solow and Stigler who hold strong left wing world-views said about the Marxian economics that:

"Economists working in the Marxian-Sraffian tradition represent a small minority of modern economists, and that their writings have virtually no impact upon the professional work of most economists in major English-language universities." - George Stigler.

"Marx was an important and influential thinker, and Marxism has been a doctrine with intellectual and practical influence. The fact is, however, that most serious English-speaking economists regard Marxist economics as an irrelevant dead end." Robert Solow

Moreover, Marxian economic school or references to it are almost non-existent in standard economic textbooks (with exception of economic history). I learned undergraduate economics from Samuelson and Nordhaus´s Famous Economics, and Mankiw´s principles of economics, which are perhaps the most widely used undergrad textbooks in the whole world, and I never noticed anything about Marxian economics. <ref>{{cite book|last=Mankiw|first=N. Gregory|title=Principles of economics|date=2012|publisher=South-Western Cengage Learning|location=Mason, Ohio|isbn=978-0538453059|edition=6. ed.}}</ref><ref>{{cite book|last=Nordhaus|first=Paul A. Samuelson, William D.|title=Economics|date=2005|publisher=McGraw-Hill/Irwin|location=Boston [etc.]|isbn=978-0072872057|edition=18th ed.}}</ref>

This makes sense since Marxian school represent more a part of economic history like historical school, or classical school for example. I know that it is still popular among people and that is ok, but this page should represent the profile of economics, not profile of popular public opinion.

Thus why was a school which is really, with all due respect to its historical importance and contributions to the development of modern economic science, now mostly dead due to progress in the field included amongst modern mainstream schools, and mixed together with subfields of economics, and even very poorly described as a branch which focuses on crisis and value. This description even goes against the description of Marxian economics on its wikipedia page. There, really had to be some ideological bias, or maybe only poor knowledge which is actually probable considering other mistakes.

But I am not saying that there should be no reference to Marxian economics, since it is surely important part of economic history and a heterodox school, but it should be properly labeled among all other heterodox schools of economics tough, since all heterodox schools are equal, and not mixed with the mainstream.

Either way these schools are the labels of different historical approaches to economics, and they should be in section dealing with history of the development of economic thought not in the article about contemporary economics. They should be either all listed somewhere on this page or left completely.

4. There are more mistakes, on this page but they are relatively small.
--------------------------------------------------------------------------
Please, could someone fix this part and replace schools with subfields, and include the Microeconomics, Macroeconomics, International Economics, while correcting description of environmental economics, and leaving institutional economics since that one is correct. I do not know how to properly do all connections etc. in wikipedia, and I am not a native English speaker so could please someone go over my proposed adjustments, and correct spelling or other possible mistakes, and edit this page?

Here is my proposal for adjusting the text:

Economics is largely taught as five specific subfields:

Microeconomics: is a branch of economics that studies the behavior of individual households and firms in making decisions on the allocation of limited resources. Microeconomics, applies to markets where goods or services are bought and sold. Microeconomics examines how decisions and behaviors affect the supply and demand for goods and services, which determines prices, and how prices, in turn, determine the quantity supplied and quantity demanded of goods and services. <ref>{{cite book|last=Mankiw|first=N. Gregory|title=Principles of economics|date=2012|publisher=South-Western Cengage Learning|location=Mason, Ohio|isbn=978-0538453059|edition=6. ed.}}</ref>

Macroeconomics:branch of economics dealing with the performance, structure, behavior, and decision-making of an economy as a whole, rather than individual markets. This includes national, regional, and global economies. With microeconomics, macroeconomics is one of the two most general fields in economics.<ref>{{cite book|last=Mankiw|first=N. Gregory|title=Principles of economics|date=2012|publisher=South-Western Cengage Learning|location=Mason, Ohio|isbn=978-0538453059|edition=6. ed.}}</ref>

International Economics: is subfield concerned with the effects upon economic activity of international differences in productive resources and consumer preferences and the international institutions that affect them. It seeks to explain the patterns and consequences of transactions and interactions between the inhabitants of different countries, including trade, investment and migration.<ref>{{cite book|last=Melitz|first=Paul R. Krugman, Maurice Obstfeld, Marc J.|title=International economics : theory & policy|date=2012|publisher=Pearson Addison-Wesley|location=Boston|isbn=978-0132146654|edition=9th ed.}}</ref>

Environmental Economics: “part of economics which deals with interrelationship between environment and economic development and studies the ways and means by which the former is not impaired nor the latter impeded It is thus a branch of economics which discusses about the impacts of interaction between men and nature and finds human solutions to maintain harmony between men and nature.<ref>{{cite book|last=Sankar|first=S.|title=nvironmental Economics|date=2001|publisher=Oxford University Press}}</ref>

Institutional Economics: which focuses on the role of institutional design and how institutions shape consumer choice and affect economic performance

However, there are also others subfield of economics (see:http://www.aeaweb.org/students/Fields.php)

Alternatively it would be enough to only include Micro and Macro economics, since those are the major branches and others are less relevant, and I am not sure if it would be fair to include institutional economics or ecological economics and not to include also agrarian economics, or financial economics etc.

[[User:1muflon1|1muflon1]] ([[User talk:1muflon1|talk]]) 22:57, 8 February 2014 (UTC)

PS: If you have more time please look also on the rest of the page, there are other small mistakes here and there.

{{reflist|close=1}}

:The "Introduction" box in most portals is about ten lines deep. This portal's essay should be drastically trimmed. Normally I'd copy the lead paragraph or two from the topic's main article, but the lead at [[Economics]] is also too long for a portal. -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 08:04, 9 February 2014 (UTC)

Good observations, what do we need to do to get editors consensus to rewrite the introduction? Also I would like to remind other editors that this is supposed to be a BUSINESS and ECONOMICS portal, meaning that we have to say something about management, industries classification and goverment policy/regulation as well. Also there seems to be some broken links on this page.[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 16:35, 15 March 2014 (UTC)

:I see that you've trimmed the introductory text by about half; looks good to me. The remaining sentences in italics could be the next to go? Missing topics could be added to the list of "Selected articles" rather than in the "introduction" box. -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 07:17, 8 April 2014 (UTC)

{{Resolved}} [[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 13:25, 15 September 2014 (UTC)

== Page layout ==

I vote for moving the "Things you can do" box between "Topics" and "Selected economy", otherwise is kinda of hard to convince people to help if they have to scroll down to the bottom of the page. This is standard in portals like [[Portal:Chemistry]] and [[Portal:Biology]]. [[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 20:22, 3 August 2014 (UTC)

Well I changed the page layout, see if u people like it.[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 22:54, 4 August 2014 (UTC)

== Bot malfunction ==

[http://en.wikipedia.org/wiki/Wikipedia:Help_desk/Archives/2014_August_1#Business_and_economics_portal Link to discussion] [[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 20:44, 13 September 2014 (UTC)
:The [[User:Wikinews Importer Bot|Wikinews Importer Bot]] hasn't edited since February, and the bot operator, {{User|Misza13}}, hasn't edited at the English Wikipedia for almost a year. I think this portal's news sub-page will have to be maintained manually, or could be removed entirely. The Wikinews pages were removed from [[Portal:Current events]] in July 2013 ([[Portal talk:Current events/Archive 7#Removal of Wikinews links|discussion]]). -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 21:10, 13 September 2014 (UTC)

First of all, how does [https://en.wikinews.org/wiki/Portal:Economy_and_business this page] actually loads the news and market data?[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 14:15, 14 September 2014 (UTC)
:{{replyto|Lbertolotti}} Wikinews loads some extra software, described at [[:mw:Extension:DynamicPageList (Wikimedia)]], which adds a {{tag|DynamicPageList}} tag to the markup tags usually available. That "magically" picks up and displays the the most recent additions to a category. At Wikinews they use some categories to identify stories that are about economy and business ''and'' are ready for publication.
:Then, over at ''this'' project, the Wikinews Importer Bot used to look for instances of [[User:Wikinews Importer Bot/config]], such as the one hidden at [[Portal:Business and economics/Business news/Wikinews]] - a template, even though it is part of user space - and act on the encoded instructions to copy the page from Wikinews to Wikipedia. -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 14:58, 14 September 2014 (UTC)

Can't we replicate this procedure at this portal? That way we won't have to rely on bots[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 19:18, 14 September 2014 (UTC)
:There's nothing to stop you, or any other editor, updating [[Portal:Business and economics/Business news]] manually from the Wikinews page, but wouldn't it get rather tedious? -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 19:47, 14 September 2014 (UTC)

My points is: if tagged articles are displayed at Wikinews, why don't make they be displayed here as well?[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 20:12, 14 September 2014 (UTC)
:Because this wasn't built into the design of the DynamicPageList software; it doesn't have any options to pull content from one WikiMedia project (Wikinews) to another (Wikipedia). -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 21:00, 14 September 2014 (UTC)

Well I made a [[Wikipedia:Bot_requests/Archive_61#Portal_Business_and_economics_2|bot request]] some time ago, but it seems nobody noticed.[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 21:14, 14 September 2014 (UTC)

I've got some good news regarding the market data panel, I can write a bot to load the text from [https://en.wikinews.org/wiki/Template:Stock_Market_data this page] on the [[Portal:Business and economics/Market Indices]], but for this to work we would need to have a template here on wikipedia with the same syntax.[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 03:33, 23 October 2014 (UTC)
:{{replyto|Lbertolotti}} If you're planning to run a bot then you need [[Wikipedia:Bots/Requests for approval|to get approved first]], but I'm sure you knew that. Another thought is that if you're able to run bot code, then the source code for the Wikinews Importer Bot is [[User:Wikinews Importer Bot/source|here]], or you could email {{User|Misza13}} for the latest code. That would benefit not only this portal but many others.

:Yes, I'll have a go at transferring the Wikinews stock market template over here so that your bot code doesn't have to worry about the formatting. The licensing/attribution requirements for Wikinews are less strict than those for Wikipedia. I'd prefer it to be named something like [[Portal:Business and economics/Market Indices/Layout]], making it specific to this portal; your code would have to strip out the text <code><nowiki>{{Stock Markets</nowiki></code> and replace it with <code><nowiki>{{Portal:Business and economics/Market Indices/Layout</nowiki></code>. -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 07:40, 25 October 2014 (UTC)

@John of Reading Ok, shouldn't be too difficult to get this done.[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 15:44, 25 October 2014 (UTC)
:{{ping|Lbertolotti}} I've brought the templates across. See my recent edits to [[Portal:Business and economics/Market Indices]]. -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 10:36, 27 October 2014 (UTC)

@[[User:John of Reading|John of Reading]] Well my [[User:Portal_box_bot|bot]] works with Tool Labs, but first it needs to get approved.[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 02:28, 29 October 2014 (UTC)

@[[User:John of Reading|John of Reading]] Do you have any idea why Portal box bot [https://en.wikipedia.org/w/index.php?title=Portal:Business_and_economics/Market_Indices&action=history stopped updating] market data? — Preceding [[Wikipedia:Signatures|unsigned]] comment added by [[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]] • [[Special:Contributions/Lbertolotti|contribs]]) 14:05, 30 December 2014 (UTC)
:My usual answer to questions like that would be "ask the bot operator". Since that's you, in this case, I'm stuck! I don't know how bot tasks are set running. -- [[User:John of Reading|John of Reading]] ([[User talk:John of Reading|talk]]) 16:49, 30 December 2014 (UTC)

@[[User:John of Reading|John of Reading]] Well the portal seems to be working fine now. What do you think?[[User:Lbertolotti|Lbertolotti]] ([[User talk:Lbertolotti|talk]]) 19:50, 7 January 2015 (UTC)

== About the banking regulation template ==

{{Basel II}}
Had to add the Banking regulation and standards Template ({'{Basel II}})on a bunch of articles were missing, I believe it's necessary to put them on a context.

Central bank

2015-05-20T23:09:06Z

190.41.129.105: /* Banking supervision and other activities */ Replacing template with Regulation and standards, more related to this section

{{multiple issues|
{{Refimprove|date=February 2009}}
{{original research|date=November 2014}}
}}
{{Public finance}}

A '''central bank''', '''reserve bank''', or '''monetary authority''' is an institution that manages a [[State (polity)|state's]] [[currency]], [[money supply]], and [[interest rate]]s. Central banks also usually oversee the [[commercial bank|commercial banking system]] of their respective countries. In contrast to a commercial bank, a central bank possesses a [[monopoly]] on increasing the [[monetary base]] in the state, and usually also prints the national currency,<ref>{{Cite web |url= http://www.bankofcanada.ca/2013/11/5-and-10-bank-note-issue-2/}}</ref> which usually serves as the state's [[legal tender]].<ref>{{cite book | last = Sullivan | first = arthur | authorlink = Arthur O' Sullivan |author2=Steven M. Sheffrin | title = Economics: Principles in action | publisher = Pearson Prentice Hall
| year = 2003 | location = Upper Saddle River, New Jersey 07458 | pages = 254 | url = http://www.pearsonschool.com/index.cfm?locator=PSZ3R9&PMDbSiteId=2781&PMDbSolutionId=6724&PMDbCategoryId=&PMDbProgramId=12881&level=4 | doi = | id = | isbn = 0-13-063085-3}}</ref><ref>{{Cite web |url= http://www.britannica.com/EBchecked/topic/102342/central-bank |title=central bank – Britannica Online Encyclopedia |work=britannica.com |accessdate=2 November 2010 }}</ref> Examples include  the [[European Central Bank]] (ECB), the [[Bank of England]], the [[Federal Reserve]] of the United States<ref>{{cite web |url=http://federalreserveeducation.org/about-the-fed/structure-and-functions/ |title=The Structure of the Federal Reserve System |author= |publisher=federalreserveeducation.org |accessdate=1 October 2010}}</ref> and the [[People's Bank of China]].

The primary function of a central bank is to manage the nation's money supply ([[monetary policy]]), through active duties such as managing [[interest rate]]s, setting the [[reserve requirement]], and acting as a [[lender of last resort]] to the [[bank|banking sector]] during times of bank insolvency or [[financial crisis]]. Central banks usually also have supervisory powers, intended to prevent [[bank run]]s and to reduce the risk that commercial banks and other financial institutions engage in reckless or fraudulent behavior. Central banks in most developed nations are institutionally designed to be independent from political interference.<ref>{{cite journal|authorlink=Yoshiharu Oritani|title=Public governance of central banks: an approach from new institutional economics|journal=The Bulletin of the Faculty of Commerce|volume=89|issue=4|publisher=Meiji University|url=http://www.bis.org/publ/work299.htm|date=March 2007}}</ref><ref>{{cite book|last=Apel|first=Emmanuel|title=Central Banking Systems Compared: The ECB, The Pre-Euro Bundesbank and the Federal Reserve System|date=November 2007|publisher=Routledge|isbn=978-0415459228|page=14|chapter=1}}</ref> Still, limited control by the executive and legislative bodies usually exists.<ref>{{cite web |url=http://www.federalreserve.gov/faqs/about_14986.htm |title=Ownership and independence of FED |last1= |first1= |last2= |first2= |website= |publisher= |accessdate=29 September 2013}}</ref><ref>{{cite web |url=https://en.wikipedia.org/wiki/Deutsche_Bundesbank#Governance |title=Governance of Deutsche Bundesbank |last1= |first1= |last2= |first2= |website= |publisher= |accessdate=29 September 2013}}</ref>

The chief executive of a central bank is normally known as the Governor, President or Chairman.

==History==
[[Image:Saenredam - Het oude stadhuis te Amsterdam.jpeg|thumb|right|The old town hall in Amsterdam where the [[Bank of Amsterdam]] was founded in 1609, painting by [[Pieter Saenredam]].]]
Prior to the 17th century most money was [[commodity money]], typically [[gold]] or silver. However, promises to pay were widely circulated and accepted as value at least five hundred years earlier in both Europe and Asia. The [[Song Dynasty]] was the first to issue generally circulating paper currency, while the [[Yuan Dynasty]] was the first to use notes as the predominant circulating medium. In 1455, in an effort to control [[inflation]], the succeeding [[Ming Dynasty]] ended the use of paper money and closed much of Chinese trade. The medieval European [[Knights Templar]] ran an early prototype of a central banking system, as their promises to pay were widely respected, and many regard their activities as having laid the basis for the modern banking system.

As the first public bank to "offer accounts not directly convertible to coin", the [[Bank of Amsterdam]] established in 1609 is considered to be the precursor to modern central banks.<ref>Quinn, Stephen; Roberds, William (2006), [http://papers.ssrn.com/sol3/papers.cfm?abstract_id=934871 "An Economic Explanation of the Early Bank of Amsterdam, Debasement, Bills of Exchange, and the Emergence of the First Central Bank"], [[Federal Reserve Bank of Atlanta]], Working Paper 2006–13</ref> The central bank of Sweden ("[[Sveriges Riksbank]]" or simply "Riksbanken") was founded in Stockholm from the remains of the failed bank Stockholms Banco in 1664 and answered to the parliament ("[[Riksdag of the Estates]]").<ref>[http://www.riksbank.com/templates/Page.aspx?id=9159 History of Sveriges Riksbank]</ref> One role of the Swedish central bank was lending money to the government.<ref>Bordo, M. (2007), [http://www.clevelandfed.org/research/commentary/2007/12.cfm "A Brief History of Central Banks"], Federal Reserve Bank of Cleveland.</ref>

===Bank of England===
[[File:Bank of England Charter sealing 1694.jpg|thumb|right|The sealing of the Bank of England Charter (1694).]]
In England in the 1690s, public funds were in short supply and were needed to finance the ongoing conflict with France. The credit of [[William III of England|William III]]'s government was so low in London that it was impossible for it to borrow the £1,200,000 (at 8 percent) that the government wanted. In order to induce subscription to the loan, the subscribers were to be [[Incorporation (business)|incorporated]] by the name of the Governor and Company of the Bank of England. The bank was given exclusive possession of the government's balances, and was the only limited-liability corporation allowed to issue [[banknote]]s.<ref>{{cite book|last=Bagehot|first=Walter|title=Lombard Street: a description of the money market|year=1873|publisher=Henry S. King and Co.|location=London|url=http://www.gutenberg.org/ebooks/4359}}</ref> The lenders would give the government cash (bullion) and also issue notes against the government bonds, which can be lent again. The £1.2M was raised in 12 days; half of this was used to rebuild the Navy.

The establishment of the Bank of England, the model on which most modern central banks have been based, was devised by [[Charles Montagu, 1st Earl of Halifax]], in 1694, to the plan which had been proposed by [[William Paterson (banker)|William Paterson]] three years before, but had not been acted upon.<ref>{{cite book|url=http://books.google.ca/books?hl=en&id=EkUTaZofJYEC&dq=British+Parliamentary+reports+on+international+finance&printsec=frontcover&source=web&ots=kHxssmPNow&sig=UyopnsiJSHwk152davCIyQAMVdw&sa=X&oi=book_result&resnum=1&ct=result#PPA25,M1 |title=Committee of Finance and Industry 1931 (Macmillan Report) description of the founding of Bank of England |publisher=Books.google.ca |accessdate=10 May 2010 |quote= "Its foundation in 1694 arose out the difficulties of the Government of the day in securing subscriptions to State loans. Its primary purpose was to raise and lend money to the State and in consideration of this service it received under its Charter and various Act of Parliament, certain privileges of issuing bank notes. The corporation commenced, with an assured life of twelve years after which the Government had the right to annul its Charter on giving one year's notice. '''Subsequent extensions of this period coincided generally with the grant of additional loans to the State'''"}}</ref> He proposed a loan of £1.2M to the government; in return the subscribers would be incorporated as ''The Governor and Company of the Bank of England'' with long-term banking privileges including the issue of notes. The [[Royal Charter]] was granted on 27 July through the passage of the [[Tonnage Act 1694]].<ref>H. Roseveare, /The Financial Revolution 1660–1760/ (1991, Longman), p. 34</ref>

[[Image:London.bankofengland.arp.jpg|thumb|left|The [[Bank of England]], established in 1694.]]
Although some would point to the 1694 establishment Bank of England as the origin of central banking, it did not have the functions as a modern central bank, namely, to regulate the value of the national currency, to finance the government, to be the sole authorised distributor of banknotes, and to function as a 'lender of last resort' to banks suffering a [[liquidity crisis]]. The modern central bank evolved slowly through the 18th and 19th centuries to reach its current form.<ref name="lse">{{Cite web|url=http://eprints.lse.ac.uk/39606/ |title=The development of central banking|accessdate=2012-12-17}}</ref>

Although the Bank was originally a private institution, by the end of the 18th century it was increasingly being regarded as a public authority with civic responsibility toward the upkeep of a healthy financial system. The [[Panic of 1796–97|currency crisis of 1797]], caused by panicked depositors withdrawing from the Bank led to the government suspending convertibility of notes into specie payment. The bank was soon accused by the [[bullionist]]s of causing the [[exchange rate]] to fall from over issuing banknotes, a charge which the Bank denied. Nevertheless, it was clear that the Bank was being treated as an organ of the state.

[[Henry Thornton (reformer)|Henry Thornton]], a [[merchant bank]]er and monetary theorist has been described as the father of the modern central bank. An opponent of the [[real bills doctrine]], he was a defender of the bullionist position and a significant figure in monetary theory. Thornton's process of monetary expansion anticipated the theories of [[Knut Wicksell]] regarding the "cumulative process which restates the Quantity Theory in a theoretically coherent form". As a response 1797 currency crisis, Thornton wrote in 1802 ''An Enquiry into the Nature and Effects of the Paper Credit of Great Britain'', in which he argued that the increase in paper credit did not cause the crisis. The book also gives a detailed account of the British monetary system as well as a detailed examination of the ways in which the Bank of England should act to counteract fluctuations in the value of the pound.<ref>Philippe Beaugrand, ''Henry Thornton, un précurseur de J.M. Keynes'', Paris: Presses Universitaires de France, 1981.</ref>

[[File:Walter Bagehot NPG cropped.jpg|thumb|right|[[Walter Bagehot]], an influential theorist on the economic role of the central bank.]]
Until the mid-nineteenth century, commercial banks were able to issue their own banknotes, and notes issued by provincial banking companies were commonly in circulation.<ref>{{cite web|title=£2 note issued by Evans, Jones, Davies & Co.|url=http://www.britishmuseum.org/explore/highlights/highlight_objects/cm/others/%c2%a32_note_issued_by_evans,_jones.aspx|publisher=British Museum|accessdate=31 October 2011}}</ref> Many consider the origins of the central bank to lie with the passage of the [[Bank Charter Act 1844|Bank Charter Act of 1844]].<ref name="lse" /> Under this law, authorisation to issue new banknotes was restricted to the Bank of England. At the same time, the Bank of England was restricted to issue new banknotes only if they were 100% backed by gold or up to £14 million in government debt. The Act served to restrict the supply of new notes reaching circulation, and gave the Bank of England an effective monopoly on the printing of new notes.<ref>{{cite web|url=http://blog.mises.org/13920/yesterday-was-a-historic-day/ |title=Yesterday was a Historic Day — Mises Economics Blog |publisher=Blog.mises.org |accessdate=2010-09-17| archiveurl= http://web.archive.org/web/20100918034732/http://blog.mises.org/13920/yesterday-was-a-historic-day/| archivedate= 18 September 2010 | deadurl= no}}</ref>

The Bank accepted the role of 'lender of last resort' in the 1870s after criticism of its lacklustre response to the [[Overend, Gurney and Company|Overend-Gurney crisis]]. The journalist [[Walter Bagehot]] wrote an influential work on the subject ''[[Lombard Street: A Description of the Money Market]]'', in which he advocated for the Bank to officially become a [[lender of last resort]] during a [[credit crunch]] (sometimes referred to as "Bagehot's dictum"). [[Paul Tucker (banker)|Paul Tucker]] phrased the dictum as follows:<ref>[http://www.bankofengland.co.uk/publications/speeches/2009/speech390.pdf Paul Tucker, Deputy Governor, Financial Stability, Bank of England, ''The Repertoire of Official Sector Interventions in the Financial System: Last Resort Lending, Market-Making, and Capital'', Bank of Japan 2009 International Conference, 27–28 May 2009, p. 5]</ref>

:"to avert panic, central banks should lend early and freely (ie without limit), to solvent firms, against good collateral, and at 'high rates'".

===Spread around the world===
Central banks were established in many European countries during the 19th century. The [[War of the Second Coalition]] led to the creation of the [[Banque de France]] in 1800, in an effort to improve the public financing of the war.

Although central banks today are generally associated with [[fiat money]], the 19th and early 20th centuries central banks in most of Europe and [[Bank of Japan|Japan]] developed under the international [[gold standard]], elsewhere [[free banking]] or [[currency board]]s were more usual at this time. Problems with collapses of banks during downturns, however, lead to wider support for central banks in those nations which did not as yet possess them, most notably in [[Australia]].

The [[US Federal Reserve]] was created by the [[U.S. Congress]] through the passing of [[The Federal Reserve Act]] in the Senate and its signing by President [[Woodrow Wilson]] on the same day, December 23, 1913. Australia established its first central bank in 1920, [[Bank of the Republic (Colombia)|Colombia]] in 1923, [[Bank of Mexico|Mexico]] and [[Central Bank of Chile|Chile]] in 1925 and [[Bank of Canada|Canada]] and [[Reserve Bank of New Zealand|New Zealand]] in the aftermath of the [[Great Depression]] in 1934. By 1935, the only significant independent nation that did not possess a central bank was [[Brazil]], which subsequently developed a precursor thereto in 1945 and the present central bank twenty years later. Having gained independence, African and Asian countries also established central banks or monetary unions.

[[File:People's Bank of China.jpg|thumb|The headquarters of the [[People's Bank of China]] in [[Beijing]].]]
The [[People's Bank of China]] evolved its role as a central bank starting in about 1979 with the introduction of market reforms, which accelerated in 1989 when the country adopted a generally capitalist approach to its export economy. Evolving further partly in response to the [[European Central Bank]], the People's Bank of China has by 2000 become a modern central bank. The most recent bank model, was introduced together with the [[euro]], involves coordination of the European national banks, which continue to manage their respective economies separately in all respects other than currency exchange and base interest rates.

===Naming of central banks===
There is no standard terminology for the name of a central bank, but many countries use the "Bank of Country" form—for example: [[Bank of England]] (which is in fact the central bank of the [[United Kingdom]] as a whole), [[Bank of Canada]], [[Bank of Mexico]]. Some are styled "national" banks, such as the [[National Bank of Ukraine]], although the term [[national bank]] is also used for private commercial banks in some countries. In other cases, central banks may incorporate the word "Central" (for example, [[European Central Bank]], [[Central Bank of Ireland]], [[Central Bank of Brazil]]). The word "Reserve" is also often included, such as the [[Reserve Bank of India]], [[Reserve Bank of Australia]], [[Reserve Bank of New Zealand]], the [[South African Reserve Bank]], and U.S. [[Federal Reserve System]]. Other central banks are known as monetary authorities such as the [[Monetary Authority of Singapore]], [[Maldives Monetary Authority]] and [[Cayman Islands Monetary Authority]]. Many countries have state-owned banks or other quasi-government entities that have entirely separate functions, such as financing imports and exports.

In some countries, particularly in some Communist countries, the term national bank may be used to indicate both the monetary authority and the leading banking entity, such as the [[Soviet Union]]'s [[Gosbank]] (state bank). In other countries, the term national bank may be used to indicate that the central bank's goals are broader than monetary stability, such as full employment, industrial development, or other goals. Some state-owned commercial banks have names suggestive of central banks, even if they are not: examples are the [[Bank of India]] and the [[Central Bank of India]].

==Activities and responsibilities==
[[File:Marriner S. Eccles Federal Reserve Board Building.jpg|thumb|The [[eccles Building|Eccles Federal Reserve Board Building]] in [[Washington, D.C.]] houses the main offices of the [[Board of Governors of the Federal Reserve#Board of Governors|Board of Governors]] of the United States' [[Federal Reserve System]]]]

Functions of a central bank may include:

* implementing monetary policies.
* determining Interest rates
* controlling the nation's entire money supply
* the Government's banker and the bankers' bank ("[[lender of last resort]]")
* managing the country's [[Foreign exchange market|foreign exchange]] and [[gold reserves]] and the Government's stock register
* regulating and supervising the banking industry
* setting the official interest rate – used to manage both [[inflation]] and the country's [[exchange rate]] – and ensuring that this rate takes effect via a variety of policy mechanisms

===Monetary policy===
Central banks implement a country's chosen [[monetary policy]]. At the most basic level, this involves establishing what form of currency the country may have, whether a [[fiat currency]], [[gold standard|gold-backed currency]] (disallowed for countries with membership of the [[International Monetary Fund]]), [[currency board]] or a [[currency union]]. When a country has its own national currency, this involves the issue of some form of standardized currency, which is essentially a form of [[promissory note]]: a promise to exchange the note for "money" under certain circumstances. Historically, this was often a promise to exchange the money for precious metals in some fixed amount. Now, when many currencies are [[fiat money]], the "promise to pay" consists of the promise to accept that currency to pay for taxes.

A central bank may use another country's currency either directly (in a currency union), or indirectly (a currency board). In the latter case, exemplified by [[Bulgaria]], [[Hong Kong]] and [[Latvia]], the local currency is backed at a fixed rate by the central bank's holdings of a foreign currency.

The expression "monetary policy" may also refer more narrowly to the interest-rate targets and other active measures undertaken by the monetary authority.

==Goals of monetary policy==

'''High employment:'''

[[Frictional unemployment]] is the time period between jobs when a worker is searching for, or transitioning from one job to another. Unemployment beyond frictional unemployment is classified as unintended unemployment.

For example, [[structural unemployment]] is a form of unemployment resulting from a mismatch between demand in the labour market and the skills and locations of the workers seeking employment. Macroeconomic policy generally aims to reduce unintended unemployment.

Keynes labeled any jobs that would be created by a rise in wage-goods (i.e., a decrease in [[Real wage|real-wages]]) as [[Unemployment#Involuntary unemployment|involuntary unemployment]]:

::Men are involuntarily unemployed if, in the event of a small rise in the price of wage-goods relatively to the money-wage, both the aggregate supply of labour willing to work for the current money-wage and the aggregate demand for it at that wage would be greater than the existing volume of employment.

::—[[John Maynard Keynes]], ''[[The General Theory of Employment, Interest and Money]]'' p11

'''Price stability:'''

[[Inflation]] is defined either as the devaluation of a currency or equivalently the rise of prices relative to a currency.

Since inflation lowers [[real wage]]s, [[Keynesian economics|Keynesians]] view inflation as the solution to involuntary unemployment. However, "unanticipated" inflation leads to lender losses as the real interest rate will be lower than expected. Thus, Keynesian monetary policy aims for a steady rate of inflation.

'''Economic growth:'''

Economic growth can be enhanced by investment in [[Capital (economics)|capital]], such as more or better machinery. A low interest rate implies that firms can loan money to invest in their capital stock and pay less interest for it. Lowering the interest is therefore considered to encourage economic growth and is often used to alleviate times of low economic growth. On the other hand, raising the interest rate is often used in times of high economic growth as a contra-cyclical device to keep the economy from overheating and avoid market bubbles.

[[Image:Eurotower in Frankfurt.jpg|thumb|The [[European Central Bank]] building in [[Frankfurt]]]]

'''Interest rate stability'''

'''Financial market stability'''

'''Foreign exchange market stability'''

'''Conflicts among goals:'''

Goals frequently cannot be separated from each other and often conflict. Costs must therefore be carefully weighed before policy implementation.

===Currency issuance===
Similar to commercial banks, central banks hold assets (government bonds, foreign exchange, gold, and other financial assets) and incur liabilities (currency outstanding). Central banks create money by issuing interest-free currency notes and selling them to the public (government) in exchange for interest-bearing assets such as government bonds. When a central bank wishes to purchase more bonds than their respective national governments make available, they may purchase private bonds or assets denominated in foreign currencies.

The [[European Central Bank]] remits its interest income to the central banks of the member countries of the European Union. The US [[Federal Reserve]] remits all its profits to the U.S. Treasury. This income, derived from the power to issue currency, is referred to as [[seigniorage]], and usually belongs to the national government. The state-sanctioned power to create currency is called the [[Right of Issuance]]. Throughout history there have been disagreements over this power, since whoever controls the creation of currency controls the seigniorage income.

===Interest rate interventions===
Typically a central bank controls certain types of [[STIRT|short-term]] [[interest rate]]s. These influence the [[stock market|stock-]] and [[bond market]]s as well as [[mortgage loan|mortgage]] and other interest rates. The European Central Bank for example announces its interest rate at the meeting of its Governing Council; in the case of the U.S. Federal Reserve, the [[Federal Reserve Board of Governors]].

Both the Federal Reserve and the ECB are composed of one or more central bodies that are responsible for the main decisions about interest rates and the size and type of open market operations, and several branches to execute its policies. In the case of the Federal Reserve, they are the local Federal Reserve Banks; for the ECB they are the national central banks.

===Limits on policy effects===
Although the perception by the public may be that the "central bank" controls some or all interest rates and currency rates, economic theory (and substantial empirical evidence) shows that it is impossible to do both at once in an open economy. [[Robert Mundell]]'s "[[impossible trinity]]" is the most famous formulation of these limited powers, and postulates that it is impossible to target monetary policy (broadly, interest rates), the exchange rate (through a fixed rate) and maintain free capital movement. Since most Western economies are now considered "open" with free capital movement, this essentially means that central banks may target interest rates or exchange rates with credibility, but not both at once.

In the most famous case of policy failure, [[Black Wednesday]], [[George Soros]] arbitraged the [[pound sterling]]'s relationship to the [[European Currency Unit|ECU]] and (after making $2 billion himself and forcing the UK to spend over $8bn defending the pound) forced it to abandon its policy. Since then he has been a harsh critic of clumsy bank policies and argued that no one should be able to do what he did.{{citation needed|date=December 2011}}

The most complex relationships are those between the [[Renminbi|yuan]] and the [[United States dollar|US dollar]], and between the [[euro]] and its neighbours. The situation in [[Cuba]] is so exceptional as to require the [[Cuban peso]] to be dealt with simply as an exception, since the United States forbids direct trade with Cuba. US dollars were ubiquitous in Cuba's economy after its legalization in 1991, but were officially removed from circulation in 2004 and replaced by the [[Cuban convertible peso|convertible peso]].

==Policy instruments==
[[File:Basel - Bank für internationalen Zahlungsausgleich3.jpg|thumb|The headquarters of the [[Bank for International Settlements]], in [[Basel]] ([[Switzerland]]).]]
[[File:BoJ.jpg|thumb|The [[Bank of Japan]].]]
[[File:BSPHeadOffice.png|thumb|The [[Bangko Sentral ng Pilipinas|BSP Complex]], in the [[Philippines]].]]
The main [[macroeconomic policy instruments|monetary policy instruments]] available to central banks are [[open market operation]], bank [[reserve requirement]], [[Monetary policy#Interest rates|interest rate policy]], re-lending and re-discount (including using the [[term repurchase]] market), and [[credit policy]] (often coordinated with [[trade policy]]). While [[capital adequacy]] is important, it is defined and regulated by the [[Bank for International Settlements]], and central banks in practice generally do not apply stricter rules.

To enable open market operations, a central bank must hold [[foreign exchange reserves]] (usually in the form of [[government bond]]s) and [[official gold reserves]]. It will often have some influence over any official or mandated [[exchange rate]]s: Some exchange rates are managed, some are market based (free float) and many are somewhere in between ("managed float" or "dirty float").

===Interest rates===
By far the most visible and obvious power of many modern central banks is to influence market interest rates; contrary to popular belief, they rarely "set" rates to a fixed number. Although the mechanism differs from country to country, most use a similar mechanism based on a central bank's ability to create as much [[fiat money]] as required.

The mechanism to move the market towards a 'target rate' (whichever specific rate is used) is generally to lend money or borrow money in theoretically unlimited quantities, until the targeted market rate is sufficiently close to the target. Central banks may do so by lending money to and borrowing money from (taking deposits from) a limited number of qualified banks, or by purchasing and selling bonds. As an example of how this functions, the [[Bank of Canada]] sets a target [[overnight rate]], and a band of plus or minus 0.25%. Qualified banks borrow from each other within this band, but never above or below, because the central bank will always lend to them at the top of the band, and take deposits at the bottom of the band; in principle, the capacity to borrow and lend at the extremes of the band are unlimited.<ref>[http://www.bankofcanada.ca/en/backgrounders/bg-p9.html Bank of Canada backgrounder: Target for the Overnight Rate]</ref> Other central banks use similar mechanisms.

It is also notable that the target rates are generally short-term rates. The actual rate that borrowers and lenders receive on the market will depend on (perceived) credit risk, maturity and other factors. For example, a central bank might set a target rate for overnight lending of 4.5%, but rates for (equivalent risk) five-year bonds might be 5%, 4.75%, or, in cases of [[inverted yield curve]]s, even below the short-term rate. Many central banks have one primary "headline" rate that is quoted as the "central bank rate". In practice, they will have other tools and rates that are used, but only one that is rigorously targeted and enforced.

"The rate at which the central bank lends money can indeed be chosen at will by the central bank; this is the rate that makes the financial headlines." – Henry C.K. Liu.<ref>[http://www.atimes.com/atimes/Global_Economy/GI29Dj01.html Asia Times article explaining modern central bank function in detail]</ref> Liu explains further that "the U.S. central-bank lending rate is known as the [[Federal funds rate|Fed funds rate]]. The Fed sets a target for the Fed funds rate, which its [[Federal Open Market Committee|Open Market Committee]] tries to match by lending or borrowing in the [[money market]] ... a fiat money system set by command of the central bank. The Fed is the head of the central-bank because the U.S. dollar is the key reserve currency for international trade. The global money market is a USA dollar market. All other currencies markets revolve around the U.S. dollar market." Accordingly the U.S. situation is not typical of central banks in general.

A typical central bank has several interest rates or monetary policy tools it can set to influence markets.

* [[discount window|Marginal lending rate]] (currently 0.30% in the Eurozone<ref name=":0">[http://www.ecb.int/stats/monetary/rates/html/index.en.html Key ECB Interest Rates]</ref>) – a fixed rate for institutions to borrow money from the central bank. (In the USA this is called the [[Discount window|discount rate]]).
* [[Main refinancing rate]] (0.05% in the Eurozone<ref name=":0" />) – the publicly visible interest rate the central bank announces. It is also known as ''[[minimum bid rate]]'' and serves as a bidding floor for refinancing loans. (In the USA this is called the [[federal funds rate]]).
* Deposit rate, generally consisting of [[interest on reserves]] and sometimes also [[interest on excess reserves]] (-0.20% in the Eurozone<ref name=":0" />) – the rates parties receive for deposits at the central bank.

These rates directly affect the rates in the money market, the market for short term loans.

===Open market operations===
Through [[open market operation]]s, a central bank influences the money supply in an economy. Each time it buys [[security (finance)|securities]] (such as a [[government bond]] or treasury bill), it in effect [[money creation|creates money]]. The central bank exchanges money for the security, increasing the [[money supply]] while lowering the supply of the specific security. Conversely, selling of securities by the central bank reduces the money supply.

Open market operations usually take the form of:

* Buying or selling securities ("[[direct operations]]") to achieve an interest rate target in the interbank market .
* Temporary lending of money for [[collateral (finance)|collateral]] securities ("Reverse Operations" or "[[repurchase agreement|repurchase operations]]", otherwise known as the "repo" market). These operations are carried out on a regular basis, where fixed [[maturity (finance)|maturity]] loans (of one week and one month for the ECB) are auctioned off.
* [[Foreign exchange market|Foreign exchange]] operations such as [[foreign exchange swap]]s.

All of these interventions can also influence the [[foreign exchange market]] and thus the exchange rate. For example the [[People's Bank of China]] and the [[Bank of Japan]] have on occasion bought several hundred billions of [[United States Treasury security|U.S. Treasuries]], presumably in order to stop the decline of the [[United States dollar|U.S. dollar]] versus the [[renminbi]] and the [[Japanese yen|yen]].

===Capital requirements===
All banks are required to hold a certain percentage of their assets as capital, a rate which may be established by the central bank or the banking supervisor. For international banks, including the 55 member central banks of the [[Bank for International Settlements]], the threshold is 8% (see the [[Basel Capital Accords]]) of risk-adjusted assets, whereby certain assets (such as government bonds) are considered to have lower risk and are either partially or fully excluded from total assets for the purposes of calculating [[capital adequacy]]. Partly due to concerns about [[asset inflation]] and [[repurchase agreement]]s, capital requirements may be considered more effective than reserve requirements in preventing indefinite lending: when at the threshold, a bank cannot extend another loan without acquiring further capital on its balance sheet.

===Reserve requirements===
Historically, [[bank reserves]] have formed only a small fraction of [[banks deposits|deposits]], a system called [[fractional reserve banking]]. Banks would hold only a small percentage of their assets in the form of cash [[Bank reserves|reserves]] as insurance against bank runs. Over time this process has been regulated and insured by central banks. Such legal [[reserve requirement]]s were introduced in the 19th century as an attempt to reduce the risk of banks overextending themselves and suffering from [[bank run]]s, as this could lead to knock-on effects on other overextended banks. ''See also [[money multiplier]].''

As the early 20th century [[gold standard]] was undermined by inflation and the late 20th century fiat [[dollar hegemony]] evolved, and as banks proliferated and engaged in more complex transactions and were able to profit from dealings globally on a moment's notice, these practices became mandatory, if only to ensure that there was some limit on the ballooning of money supply. Such limits have become harder to enforce. The [[People's Bank of China]] retains (and uses) more powers over reserves because the [[Renminbi|yuan]] that it manages is a non-[[convertible currency]].

Loan activity by banks plays a fundamental role in determining the money supply. The central-bank money after aggregate settlement – "final money" – can take only one of two forms:
* physical cash, which is rarely used in wholesale financial markets,
* central-bank money which is rarely used by the people
The currency component of the money supply is far smaller than the deposit component. Currency, bank reserves and institutional loan agreements together make up the monetary base, called [[Money supply|M1, M2 and M3]]. The Federal Reserve Bank stopped publishing M3 and counting it as part of the money supply in 2006.<ref name="Fed ends M3 publishing">{{cite web|last=Reserve|first=Federal|title=Fed stops publishing M3|url=http://www.federalreserve.gov/releases/h6/discm3.htm|work=press release|publisher=Federal Reserve Board|accessdate=9 March 2006}}</ref>

===Exchange requirements===
To influence the money supply, some central banks may require that some or all foreign exchange receipts (generally from exports) be exchanged for the local currency. The rate that is used to purchase local currency may be market-based or arbitrarily set by the bank. This tool is generally used in countries with non-convertible currencies or partially convertible currencies. The recipient of the local currency may be allowed to freely dispose of the funds, required to hold the funds with the central bank for some period of time, or allowed to use the funds subject to certain restrictions. In other cases, the ability to hold or use the foreign exchange may be otherwise limited.

In this method, money supply is increased by the central bank when it purchases the foreign currency by issuing (selling) the local currency. The central bank may subsequently reduce the money supply by various means, including selling bonds or foreign exchange interventions.

===Margin requirements and other tools===
In some countries, central banks may have other tools that work indirectly to limit lending practices and otherwise restrict or regulate capital markets. For example, a central bank may regulate [[margin lending]], whereby individuals or companies may borrow against pledged securities. The margin requirement establishes a minimum ratio of the value of the securities to the amount borrowed.

Central banks often have requirements for the quality of assets that may be held by financial institutions; these requirements may act as a limit on the amount of risk and leverage created by the financial system. These requirements may be direct, such as requiring certain assets to bear certain minimum [[credit rating]]s, or indirect, by the central bank lending to counterparties only when security of a certain quality is pledged as [[collateral (finance)|collateral]].

== Banking supervision and other activities ==
{{Basel II}}

In some countries a central bank, through its subsidiaries, controls and monitors the banking sector. In other countries banking supervision is carried out by a government department such as the UK Treasury, or by an independent government agency (for example, UK's [[Financial Conduct Authority]]). It examines the banks' [[balance sheet]]s and behaviour and policies toward consumers.{{clarify|date=January 2015}} Apart from refinancing, it also provides banks with services such as transfer of funds, bank notes and coins or foreign currency. Thus it is often described as the "bank of banks".

Many countries such as the United States will monitor and control the banking sector through different agencies and for different purposes, although there is usually significant cooperation between the agencies. For example, [[money center bank]]s, [[deposit-taking institution]]s, and other types of financial institutions may be subject to different (and occasionally overlapping) regulation. Some types of banking regulation may be delegated to other levels of government, such as state or provincial governments.

Any cartel of banks is particularly closely watched and controlled. Most countries control bank mergers and are wary of concentration in this industry due to the danger of groupthink and runaway lending bubbles based on a [[single point of failure]], the [[credit culture]] of the few large banks.

==Independence==
In the 2000s there has been a trend towards increasing the independence of central banks as a way of improving long-term economic performance. However, while a large volume of economic research has been done to define the relationship between central bank independence and economic performance, the results are ambiguous.{{citation needed|date=January 2015}}

Advocates of central bank independence argue that a central bank which is too susceptible to political direction or pressure may encourage economic cycles ("[[boom and bust]]"), as politicians may be tempted to boost economic activity in advance of an election, to the detriment of the long-term health of the economy and the country. In this context, independence is usually defined as the central bank's operational and management independence from the government.{{citation needed|date=January 2015}}

The literature on central bank independence has defined a number of types of independence.

* Legal independence
:The independence of the central bank is enshrined in law. This type of independence is limited in a democratic state; in almost all cases the central bank is accountable at some level to government officials, either through a government minister or directly to a legislature. Even defining degrees of legal independence has proven to be a challenge since legislation typically provides only a framework within which the government and the central bank work out their relationship.

* Goal independence
:The central bank has the right to set its own policy goals, whether inflation targeting, control of the money supply, or maintaining a [[fixed exchange rate]]. While this type of independence is more common, many central banks prefer to announce their policy goals in partnership with the appropriate government departments. This increases the transparency of the policy setting process and thereby increases the credibility of the goals chosen by providing assurance that they will not be changed without notice. In addition, the setting of common goals by the central bank and the government helps to avoid situations where monetary and fiscal policy are in conflict; a policy combination that is clearly sub-optimal.

* Operational independence
:The central bank has the independence to determine the best way of achieving its policy goals, including the types of instruments used and the timing of their use. This is the most common form of central bank independence. The granting of independence to the Bank of England in 1997 was, in fact, the granting of operational independence; the inflation target continued to be announced in the Chancellor's annual budget speech to Parliament.

* Management independence
:The central bank has the authority to run its own operations (appointing staff, setting budgets, and so on.) without excessive involvement of the government. The other forms of independence are not possible unless the central bank has a significant degree of management independence. One of the most common statistical indicators used in the literature as a proxy for central bank independence is the "turn-over-rate" of central bank governors. If a government is in the habit of appointing and replacing the governor frequently, it clearly has the capacity to micro-manage the central bank through its choice of governors.

It is argued that an independent central bank can run a more credible monetary policy, making market expectations more responsive to signals from the central bank.{{by whom|date=January 2015}} Recently, both the Bank of England (1997) and the European Central Bank have been made independent and follow a set of published [[inflation targeting|inflation targets]] so that markets know what to expect. Even the [[People's Bank of China]] has been accorded great latitude due to the difficulty of problems it faces, though in the [[People's Republic of China]] the official role of the bank remains that of a [[national bank]] rather than a central bank, underlined by the official refusal to "unpeg" the yuan or to revalue it "under pressure". The People's Bank of China's independence can thus be read more as independence from the USA which rules the financial markets, than from the [[Communist Party of China]] which rules the country. The fact that the Communist Party is not elected also relieves the pressure to please people, increasing its independence.

Governments generally have some degree of influence over even "independent" central banks; the aim of independence is primarily to prevent short-term interference. For example, the Board of Governors of the U.S. Federal Reserve are nominated by the [[President of the U.S.]] and confirmed by the [[United States Senate|Senate]].<ref>[http://www.federalreserve.gov/faqs/about_12591.htm Who are the members of the Federal Reserve Board, and how are they selected?]</ref> The Chairman and other Federal Reserve officials often testify before the Congress.<ref>[http://www.federalreserve.gov/faqs/about_12798.htm Is the Federal Reserve accountable to anyone?]</ref>

International organizations such as the [[World Bank]], the [[Bank for International Settlements]] (BIS) and the [[International Monetary Fund]] (IMF) are strong supporters of central bank independence. This results, in part, from a belief in the intrinsic merits of increased independence. The support for independence from the [[international organization]]s also derives partly from the connection between increased independence for the central bank and increased transparency in the policy-making process. The IMF's [[Financial Services Action Plan]] (FSAP) review self-assessment, for example, includes a number of questions about central bank independence in the transparency section. An independent central bank will score higher in the review than one that is not independent.

==See also==
{{col-begin}}{{col-break}}
* [[Fractional-reserve banking]]
* [[Free banking]]
* [[Full-reserve banking]]
* [[Interbank lending market]]
* [[List of central banks]]
* [[Money creation]]
{{col-break|gap=4em}}
* [[National bank]]
* [[Seigniorage]]
* [[State bank]]
* [[Payment system]]
* [[Real-time gross settlement]]
{{col-end}}

==Notes and references==
{{Reflist|30em}}

==Further reading==
* [[Nicola Acocella|Acocella, N.]] and Di Bartolomeo, G. and Hughes Hallett, A. [2012], ‘''Central banks and economic policy after the crisis: what have we learned?''’, ch. 5 in: Baker, H.K. and Riddick, L.A. (eds.), ‘''Survey of International Finance''’, Oxford University Press.

==External links==
* [http://www.bis.org/cbanks.htm List of central bank websites at the Bank for International Settlements]
* [http://www.cbrates.com/ Central Bank Rates: worldwide rates, monetary meetings, central banks]
* [http://centralbank.monnaie.me/ Interactive map of all the central banks]
* [http://www.ijcb.org/ International Journal of Central Banking]
* [http://www.federalreserve.gov/pf/pf.htm The Federal Reserve System: Purposes and Functions] – A publication of the U.S. [[Federal Reserve]], describing its role in the macroeconomy
* [http://www.ecb.int/ecb/educational/facts/orga/html/or_002.en.html The Eurosystem] – Website of the [[European Central Bank]] describing the structure of the central banking system in the [[Eurozone]]
* {{PDF|[http://www.bis.org/publ/bppdf/bispap09a.pdf ''A hundred ways to skin a cat: comparing monetary policy operating procedures in the United States, Japan and the euro area'']|176 KB}} – C E V Borio, Bank for International Settlements, Basel
* [http://www.ustream.tv/recorded/21242022 "Chairman Ben Bernanke Lecture Series Part 1"] Recorded live on March 20, 2012 10:35am MST at a class at [[George Washington University]]

{{Central banks}}
{{economics}}

{{DEFAULTSORT:Central Bank}}
[[Category:Central banks| ]]
[[Category:Dutch inventions]]
[[Category:Dutch Golden Age]]

Basel III

2015-05-20T23:07:45Z

190.41.129.105: Adding Template on Bank regulation and standards {{Basel II}}

{{Use dmy dates|date=May 2014}}
{{Basel II}}
'''Basel III''' (or the '''Third Basel Accord''') is a global, voluntary regulatory framework on bank [[capital adequacy]], [[Bank stress tests|stress testing]] and [[market liquidity]] [[liquidity risk|risk]]. It was agreed upon by the members of the [[Basel Committee on Banking Supervision]] in 2010–11, and was scheduled to be introduced from 2013 until 2015; however, changes from 1 April 2013 extended implementation until 31 March 2018 and again extended to 31 March 2019.<ref>{{cite web |url=http://www.bis.org/press/p100912.pdf |title=Group of Governors and Heads of Supervision announces higher global minimum capital standards |publisher=Basel Committee on Banking Supervision |date=12 September 2010 |format=pdf}}</ref><ref>[http://ftalphaville.ft.com/2012/10/24/1225821/and-now-for-some-basel-3-inspired-deleveraging/ Financial Times report Oct 2012]</ref> The third installment of the [[Basel Accords]] (''see [[Basel I]], [[Basel II]]'') was developed in response to the deficiencies in [[financial regulation]] revealed by the [[financial crisis of 2007–08]]. Basel III was supposed to strengthen bank [[capital requirement]]s by increasing bank liquidity and decreasing bank [[Leverage (finance)|leverage]].

==Overview==
Unlike Basel I and Basel II, which focus primarily on the level of bank loss reserves that banks are required to hold, Basel III focuses primarily on the risk of a [[run on the bank]] by requiring differing levels of reserves for different forms of bank deposits and other borrowings. Therefore Basel III does not, for the most part, supersede the guidelines known as Basel I and Basel II; rather, it will work alongside them.

==Key principles==

===Capital requirements===
The original Basel III rule from 2010 required banks to hold 4.5% of [[common equity]] (up from 2% in Basel II) of [[risk-weighted asset]]s (RWAs). Since 2015, a minimum Common Equity Tier 1 (CET1) ratio of 4.5% must be maintained at all times by the bank.<ref>http://www.bis.org/bcbs/basel3/basel3_phase_in_arrangements.pdf</ref> This ratio is calculated as follows:

:::<math> \frac{\mbox{CET1}}{\mbox{RWAs}} \geq 4.5% </math>

The minimum [[Tier 1 capital]] increases from 4% in Basel II to 6%,<ref>http://www.bis.org/bcbs/basel3/basel3_phase_in_arrangements.pdf</ref> applicable in 2015, over RWAs.<ref>http://www.riskbank.com.br/anexo/boletim0910.pdf</ref> This 6% is composed of 4.5% of CET1, plus an extra 1.5% of Additional Tier 1 (AT1).

Furthermore, Basel III introduced two additional capital buffers:
* A mandatory "capital conservation buffer", equivalent to 2.5% of risk-weighted assets. Considering the 4.5% CET1 capital ratio required, banks have to hold a total of 7% CET1 capital, from 2019 onwards.

* A "discretionary [[counter-cyclical]] buffer", allowing national regulators to require up to an additional 2.5% of capital during periods of high credit growth. The level of this buffer ranges between 0% and 2.5% of RWA and must be met by CET1 capital.

===Leverage ratio===
Basel III introduced a minimum "leverage ratio". This is a non-risk-based leverage ratio and is calculated by dividing Tier 1 capital by the bank's average total consolidated assets (sum of the exposures of all assets and non-balance sheet items).<ref>http://www.bis.org/publ/bcbs270.pdf</ref><ref>http://www.allbankingsolutions.com/banking-tutor/basel-iii-accord-basel-3-norms.shtml</ref> The banks are expected to maintain a leverage ratio in excess of 3% under Basel III.

:::<math> \frac{\mbox{Tier 1 Capital}}{\mbox{Total exposure}} \geq 3% </math>

In July 2013, the [[U.S. Federal Reserve]] announced that the minimum Basel III leverage ratio would be 6% for 8 [[Systemically important financial institution]] (SIFI) banks and 5% for their insured bank holding companies.<ref>{{cite web |url=http://www.centralbanking.com/central-banking/news/2280726/fed-and-fdic-agree-6-leverage-ratio-for-us-sifis |title=US Federal Reserve Bank announces the minimum Basel III leverage ratio |deadurl=yes}}{{dead link|date=July 2013}}</ref>

===Liquidity requirements===
Basel III introduced two required liquidity ratios.<ref>http://www.bis.org/publ/bcbs189.pdf</ref>

* The "Liquidity Coverage Ratio" was supposed to require a bank to hold sufficient high-quality liquid assets to cover its total net cash outflows over 30 days. Mathematically it is expressed as follows:

:::<math> LCR=\frac{\mbox{High quality liquid assets}}{\mbox{Total net liquidity outflows over 30 days}} \geq 100% </math>

* The [[Net Stable Funding Ratio]] was to require the available amount of stable funding to exceed the required amount of stable funding over a one-year period of extended stress.<ref>{{cite web |author=Hal S. Scott |title=Testimony of Hal S. Scott before the Committee on Financial Services |format= pdf |url=http://financialservices.house.gov/UploadedFiles/061611scott.pdf |pages=12–13 |date=16 June 2011 |publisher=Committee on Financial Services, [[United States House of Representatives]] |accessdate=17 November 2012}}</ref>

====U.S. version of the Basel Liquidity Coverage Ratio requirements====
On 24 October 2013, the [[Federal Reserve Board of Governors]] approved an interagency proposal for the U.S. version of the [[Basel Committee on Banking Supervision]] (BCBS)'s Liquidity Coverage Ratio (LCR). The ratio would apply to certain U.S. banking organizations and other systemically important financial institutions.<ref name="federalreserve.gov">http://www.federalreserve.gov/FR_notice_lcr_20131024.pdf</ref> The comment period for the proposal is scheduled to close by 31st January 2014

The United States' LCR proposal came out significantly tougher than BCBS’s version, especially for larger bank holding companies.<ref>{{cite news| url=http://www.bloomberg.com/news/2013-10-24/fed-weighs-liquidity-demands-aimed-to-keep-biggest-banks-safe.html | work=Bloomberg | title=Fed Liquidity Proposal Seen Trading Safety for Costlier Credit}}</ref> The proposal requires financial institutions and FSOC designated nonbank financial companies<ref name="pwc.com">{{cite web |url= http://www.pwc.com/us/en/financial-services/regulatory-services/publications/nonbank-sifi.jhtml|title= Nonbank SIFIs: FSOC proposes initial designations more names to follow |website= http://www.pwc.com/en_US/us/financial-services/regulatory-services/publications/assets/fs-reg-brief-nonbank-sifi.pdf, June 2013}}</ref> to have an adequate stock of high-quality liquid assets (HQLA) that can be quickly liquidated to meet liquidity needs over a short period of time.

The LCR consists of two parts: the numerator is the value of HQLA, and the denominator consists of the total net cash outflows over a specified stress period (total expected cash outflows minus total expected cash inflows).<ref name="http">{{cite web |url= http://www.pwc.com/us/en/financial-services/regulatory-services/publications/dodd-frank-act-basel-iii-fed-liquidity-coverage-ratio.jhtml|title= Liquidity coverage ratio: another brick in the wall |website= http://www.pwc.com/en_US/us/financial-services/regulatory-services/publications/assets/fs-reg-brief-dodd-frank-act-basel-iii-fed-liquidity-coverage-ratio.pdf, October 2013}}</ref>

The Liquidity Coverage Ratio applies to U.S. banking operations with assets of more than $10 billion. The proposal would require:
* Large Bank Holding Companies (BHC) – those with over $250 billion in consolidated assets, or more in on-balance sheet foreign exposure, and to systemically important, non-bank financial institutions;<ref name="pwc.com"/> to hold enough HQLA to cover 30 days of net cash outflow. That amount would be determined based on the peak cumulative amount within the 30-day period.<ref name="federalreserve.gov"/>
* Regional firms (those with between $50 and $250 billion in assets) would be subject to a “modified” LCR at the (BHC) level only. The modified LCR requires the regional firms to hold enough HQLA to cover 21 days of net cash outflow. The net cash outflow parameters are 70% of those applicable to the larger institutions and do not include the requirement to calculate the peak cumulative outflows<ref name="http"/>
* Smaller BHCs, those under $50 billion, would remain subject to the prevailing qualitative supervisory framework.<ref>http://www.federalreserve.gov/newsevents/press/bcreg/20131024a.htm</ref>

The U.S. proposal divides qualifying HQLAs into three specific categories (Level 1, Level 2A, and Level 2B). Across the categories the combination of Level 2A and 2B assets cannot exceed 40% HQLA with 2B assets limited to a maximum of 15% of HQLA.<ref name="http"/>
* Level 1 represents assets that are highly liquid (generally those risk-weighted at 0% under the Basel III standardized approach for capital) and receive no haircut. Notably, the Fed chose not to include GSE-issued securities in Level 1, despite industry [[lobbying]], on the basis that they are not guaranteed by the "[[full faith and credit]]" of the U.S. government.
* Level 2A assets generally include assets that would be subject to a 20% risk-weighting under Basel III and includes assets such as GSE-issued and -guaranteed securities. These assets would be subject to a 15% [[Haircut (finance)|haircut]] which is similar to the treatment of such securities under the BCBS version.
* Level 2B assets include [[corporate debt]] and equity securities and are subject to a 50% haircut. The BCBS and U.S. version treats equities in a similar manner, but corporate debt under the BCBS version is split between 2A and 2B based on public credit ratings, unlike the U.S. proposal. This treatment of corporate debt securities is the direct impact of the [[Dodd–Frank Wall Street Reform and Consumer Protection Act|Dodd–Frank Act]]'s Section 939, which removed references to [[credit ratings]], and further evidences the conservative bias of U.S. regulators’ approach to the LCR.

The proposal requires that the LCR be at least equal to or greater than 1.0 and includes a multiyear transition period that would require: 80% compliance starting 1 January 2015, 90% compliance starting 1 January 2016, and 100% compliance starting 1 January 2017.<ref>http://www.ft.com/cms/s/0/9f61345c-3cb1-11e3-a8c4-00144feab7de.html#axzz2jWZZfSmH</ref>

Lastly, the proposal requires both sets of firms (large bank holding companies and regional firms) subject to the LCR requirements to submit remediation plans to U.S. regulators to address what actions would be taken if the LCR falls below 100% for three or more consecutive days.

==Implementation==

===Summary of originally (2010) proposed changes in Basel Committee language===
* First, the quality, consistency, and transparency of the capital base will be raised.
** [[Tier 1 capital]]: the predominant form of Tier 1 capital must be common shares and retained earnings
** [[Tier 2 capital]]: supplementary capital, however, the instruments will be harmonised
** Tier 3 capital will be eliminated.<ref>{{cite web |title= Strengthening the resilience of the banking sector |format= pdf |quote= Tier 3 will be abolished to ensure that market risks are met with the same quality of capital as credit and [[operational risk]]s. |url= http://www.bis.org/publ/bcbs164.pdf |page= 15 |date=December 2009 |publisher= BCBS }}</ref>
* Second, the risk coverage of the capital framework will be strengthened.
** Promote more integrated management of market and counterparty credit risk
** Add the [[credit valuation adjustment]]–risk due to deterioration in counterparty's credit rating
** Strengthen the capital requirements for counterparty [[Derivative (finance)#Counter party risk|credit exposures arising from banks' derivatives]], repo and [[Security (finance)#Collateral|securities financing]] transactions
** Raise the capital buffers backing these exposures
** Reduce [[Procyclicality#Meaning in policy making|procyclicality]] and
** Provide additional incentives to move [[Derivative (finance)#OTC and exchange-traded|OTC derivative contracts]] to qualifying central counterparties (probably [[Clearing house (finance)|clearing houses]]). Currently, the BCBS has stated derivatives cleared with a QCCP will be risk-weighted at 2% (The rule is still yet to be finalized in the U.S.)
** Provide incentives to strengthen the [[Risk management#Areas of risk management|risk management]] of counterparty credit exposures
** Raise counterparty credit risk management standards by including [[wrong-way risk]]
* Third, a leverage ratio will be introduced as a supplementary measure to the Basel II risk-based framework.
** intended to achieve the following objectives:
*** Put a floor under the buildup of [[Leverage (finance)|leverage]] in the banking sector
*** Introduce additional safeguards against [[model risk]] and [[Sampling error|measurement error]] by supplementing the risk based measure with a simpler measure that is based on gross exposures.
* Fourth, a series of measures is introduced to promote the buildup of capital buffers in good times that can be drawn upon in periods of stress ("Reducing procyclicality and promoting countercyclical buffers").
** Measures to address procyclicality:
*** Dampen excess cyclicality of the minimum capital requirement;
*** Promote more forward looking provisions;
*** Conserve capital to build buffers at individual banks and the banking sector that can be used in stress; and
** Achieve the broader [[macroprudential]] goal of protecting the banking sector from periods of excess credit growth.
*** Requirement to use long-term data horizons to estimate probabilities of default,
*** [[Loss given default#Downturn LGD|downturn loss-given-default]] estimates, recommended in Basel II, to become mandatory
*** [[Government policies and the subprime mortgage crisis#Inconsistent capital requirements and risk classification|Improved]] calibration of the risk functions, which convert loss estimates into regulatory capital requirements.
*** Banks must conduct [[Stress testing#Financial sector|stress tests]] that include widening [[Credit spread (bond)|credit spreads]] in recessionary scenarios.
** Promoting stronger provisioning practices (forward-looking provisioning):
*** Advocating a change in the accounting standards towards an expected loss (EL) approach (usually, ''EL amount'' := [[Loss given default|LGD]]*[[Probability of default|PD]]*[[Exposure at default|EAD]]).<ref>{{cite web| url= http://www.bis.org/publ/bcbs128b.pdf |page= 86 |title= Basel II Comprehensive version part 2: The First Pillar – Minimum Capital Requirements |date=November 2005 |format=pdf}}</ref>
* Fifth,a global minimum liquidity standard for internationally active banks is introduced that includes a 30-day liquidity coverage ratio requirement underpinned by a longer-term structural liquidity ratio called the [[Net Stable Funding Ratio]]. (In January 2012, the oversight panel of the Basel Committee on Banking Supervision issued a statement saying that regulators will allow banks to dip below their required liquidity levels, the liquidity coverage ratio, during periods of stress.<ref>{{cite news|url=http://www.nytimes.com/2012/01/09/business/bank-regulators-to-allow-leeway-on-capital-rule.html? |title=Bank Regulators to Allow Leeway on Liquidity Rule |date=8 January 2012 |author=Susanne Craig |publisher=New York Times |accessdate=10 January 2012 }}</ref>)
* The Committee also is reviewing the need for additional capital, liquidity or other supervisory measures to reduce the [[externalities]] created by [[Systemic risk|systemically important]] institutions.
As of September 2010, proposed Basel III norms asked for ratios as: 7–9.5% (4.5% + 2.5% (conservation buffer) + 0–2.5% (seasonal buffer)) for [[common equity]] and 8.5–11% for [[Tier 1 capital]] and 10.5–13% for total capital.<ref>''Proposed Basel III Guidelines: A Credit Positive for Indian Banks''</ref>

On 15 April, the Basel Committee on Banking Supervision (BCBS) released the final version of its “Supervisory Framework for Measuring and Controlling Large Exposures” (SFLE) that builds on longstanding BCBS guidance on credit exposure concentrations.<ref>{{cite web |url= http://www.pwc.com/us/en/financial-services/regulatory-services/publications/first-take-basel-large-exposures-framework.jhtml|title= Stress testing: First take: Basel large exposures framework |website= http://www.pwc.com/us/en/financial-services/regulatory-services/publications/index.jhtml|publisher= PwC Financial Services Regulatory Practice, April 2014}}</ref>

On September 3, 2014, the U.S. banking agencies (Federal Reserve, Office of the Comptroller of the Currency, and Federal Deposit Insurance Corporation) issued their final rule implementing the Liquidity Coverage Ratio (LCR).<ref>{{cite web |url= http://www.pwc.com/us/en/financial-services/regulatory-services/publications/first-take-liquidity-coverage-ratio.jhtml |title= First take: Liquidity coverage ratio |website= http://www.pwc.com/us/en/financial-services/regulatory-services/publications/first-take-liquidity-coverage-ratio.jhtml |publisher= PwC Financial Services Regulatory Practice, September, 2014}}</ref> The LCR is a short-term liquidity measure intended to ensure that banking organizations maintain a sufficient pool of liquid assets to cover net cash outflows over a 30-day stress period.

=== U.S. implementation ===

The U.S. [[Federal Reserve]] announced in December 2011 that it would implement substantially all of the Basel III rules.<ref name="Edward Wyatt">{{cite news |title=Fed Proposes New Capital Rules for Banks |url=http://www.nytimes.com/2011/12/21/business/fed-proposes-new-capital-rules-for-banks.html |publisher=New York Times |accessdate=6 July 2012 |author=Edward Wyatt |date=20 December 2011}}</ref> It summarized them as follows, and made clear they would apply not only to banks but also to all institutions with more than US$50 billion in assets:
*"Risk-based capital and leverage requirements" including first [[annual capital plan]]s, conduct [[financial stress test|stress test]]s, and [[capital adequacy]] "including a tier one [[common risk-based capital ratio]] greater than 5 percent, under both expected and stressed conditions" – ''see [[scenario analysis]] on this.'' A [[risk-based capital surcharge]]
*[[Market liquidity]], first based on the United States' own "[[interagency liquidity risk-management guidance]] issued in March 2010" that require [[liquidity stress test]]s and set internal quantitative limits, later moving to a full Basel III regime ''- see below''.
*The [[Federal Reserve Board]] itself would conduct tests annually "using three economic and financial market scenarios". Institutions would be encouraged to use at least five scenarios reflecting improbable events, and especially those considered impossible by management, but no standards apply yet to extreme scenarios. Only a summary of the three official Fed scenarios "including company-specific information, would be made public" but one or more internal company-run stress tests must be run each year with summaries published.
*[[Single-counterparty credit limit]]s to cut "[[credit exposure]] of a covered financial firm to a single counterparty as a percentage of the firm's regulatory capital. Credit exposure between the largest financial companies would be subject to a tighter limit".
*"Early remediation requirements" to ensure that "financial weaknesses are addressed at an early stage". One or more "triggers for remediation—such as capital levels, stress test results, and risk-management weaknesses—in some cases calibrated to be forward-looking" would be proposed by the Board in 2012. "Required actions would vary based on the severity of the situation, but could include restrictions on growth, capital distributions, and executive compensation, as well as capital raising or asset sales".<ref>{{cite web|title=Press Release|url=http://www.federalreserve.gov/newsevents/press/bcreg/20111220a.htm|publisher=Federal Reserve Bank|accessdate=6 July 2012|date=20 December 2011}}</ref>

As of January 2014, the United States has been on track to implement many of the Basel III rules, despite differences in ratio requirements and calculations.<ref>{{cite web |url= http://www.pwc.com/en_US/us/financial-services/regulatory-services/publications/assets/fs-reg-brief-dodd-frank-basel-leverage-ratio.pdf|title= Basel leverage ratio: No cover for US banks |website= http://www.pwc.com/us/en/financial-services/regulatory-services/publications/dodd-frank-basel-leverage-ratio.jhtml|publisher= PwC Financial Services Regulatory Practice, January 2014}}</ref>

===Europe implementation===
{{Main|Capital Requirements Directive}}

The implementing act of the Basel III agreements in the [[European Union]] has been the new legislative package comprising Directive 2013/36/EU (CRD IV) and Regulation (EU) No. 575/2013 on prudential requirements for credit institutions and investment firms (CRR).<ref>http://ec.europa.eu/finance/bank/regcapital/legislation-in-force/index_en.htm</ref>

The new package, approved in 2013, replaced the Capital Requirements Directives (2006/48 and 2006/49).<ref>http://www.eba.europa.eu/regulation-and-policy/implementing-basel-iii-europe</ref>

===Key milestones===

====Capital requirements====
{| class="wikitable"
|-
! Date !! Milestone: Capital requirement
|-
| 2014 || '''Minimum capital requirements:''' Start of the gradual phasing-in of the higher minimum capital requirements.
|-
| 2015 || '''Minimum capital requirements:''' Higher minimum capital requirements are fully implemented.
|-
| 2016 || '''Conservation buffer:''' Start of the gradual phasing-in of the conservation buffer.
|-
| 2019 || '''Conservation buffer:''' The conservation buffer is fully implemented.
|-2030==]] Uphold Mpumelelo ratio
|}

====Leverage ratio====
{| class="wikitable"
|-
! Date !! Milestone: Leverage ratio
|-
| 2011 || '''Supervisory monitoring:''' Developing templates to track the leverage ratio and the underlying components.
|-
| 2013 || '''Parallel run I:''' The leverage ratio and its components will be tracked by supervisors but not disclosed and not mandatory.
|-
| 2015 || '''Parallel run II:''' The leverage ratio and its components will be tracked and disclosed but not mandatory.
|-
| 2017 || '''Final adjustments:''' Based on the results of the [[Parallel adoption|parallel run]] period, any final adjustments to the leverage ratio.
|-
| 2018 || '''Mandatory requirement:''' The leverage ratio will become a mandatory part of Basel III requirements.
|-
|}

====Liquidity requirements====
{| class="wikitable"
|-
! Date !! Milestone: Liquidity requirements
|-
| 2011 || '''Observation period:''' Developing templates and supervisory monitoring of the liquidity ratios.
|-
| 2015 || '''Introduction of the LCR:''' Initial introduction of the Liquidity Coverage Ratio (LCR), with a 60% requirement. This will increase by ten percentage points each year until 2019.
|-
| 2018 || '''Introduction of the NSFR:''' Introduction of the Net Stable Funding Ratio (NSFR).
|-
| 2019 || '''LCR comes into full effect:''' 100% LCR is expected.
|}

==Analysis of Basel III impact==

===Macroeconomic impact===

An [[OECD]] study released on 17 February 2011, estimated that the medium-term impact of Basel III implementation on GDP growth would be in the range of −0.05% to −0.15% per year.<ref name="Macroeconomic Impact of Basel III"/> Economic output would be mainly affected by an increase in bank lending spreads, as banks pass a rise in bank funding costs, due to higher capital requirements, to their customers. To meet the capital requirements originally effective in 2015 banks were estimated to increase their lending spreads on average by about 15 [[basis points]]. Capital requirements effective as of 2019 (7% for the common equity ratio, 8.5% for the Tier 1 capital ratio) could increase bank lending spreads by about 50 [[basis points]].<ref>?</ref> The estimated effects on GDP growth assume no active response from monetary policy. To the extent that monetary policy would no longer be constrained by the zero lower bound, the Basel III impact on economic output could be offset by a reduction (or delayed increase) in monetary policy rates by about 30 to 80 [[basis points]].<ref name="Macroeconomic Impact of Basel III">{{cite journal |title=Macroeconomic Impact of Basel III |author1=Patrick Slovik |author2=Boris Cournède |year=2011 |series=OECD Economics Department Working Papers |publisher=OECD Publishing |doi=10.1787/5kghwnhkkjs8-en}}</ref>

===Criticism===
[[Think tank]]<nowiki/>s such as the [[World Pensions & Investments Forum|World Pensions Council]] have argued that Basel III merely builds on and further expands the existing Basel II regulatory base without fundamentally questioning its core tenets, notably the ever-growing reliance on standardized assessments of "credit risk" marketed by two private sector agencies- [[Moody's Investors Service|Moody's]] and [[S&P]], thus using public policy to strengthen [[anti-competitive]] duopolistic practices.<ref>M. Nicolas J. Firzli, "A Critique of the Basel Committee on Banking Supervision" ''Revue Analyse Financière'', 10 November 2011 & Q2 2012</ref><ref>{{cite news| url=http://www.cemla.org/actividades/2013/2013-operacionalizacion-estabilidad-financiera/2013-operacionalizacion-estabilidad-financiera-m-01.pdf |title= What We Thought We Knew: The Financial System and Its Vulnerabilities |agency= Bank of England |date=23 November 2013 |format=pdf |first=David G. |last=Barr}}</ref> The conflicted and unreliable credit ratings of these agencies is generally seen as a major contributor to the US housing bubble.

Opaque treatment of all derivatives contracts is also criticized. While institutions have many legitimate ("hedging", "insurance") risk reduction reasons to deal in derivatives, the Basel III accords:
*treat insurance buyers and sellers equally even though sellers take on more concentrated risks (literally purchasing them) which they are then expected to offset correctly without regulation
*do not require organizations to investigate correlations of all internal risks they own
*do not tax or charge institutions for the systematic or aggressive externalization or conflicted marketing of risk - other than requiring an orderly unravelling of derivatives in a crisis and stricter record keeping
Since derivatives present major unknowns in a crisis these are seen as major failings by some critics <ref>http://scholar.harvard.edu/files/vstavrak/files/derivregntr_article.pdf</ref> causing several to claim that the "too big to fail" status remains with respect to major derivatives dealers who aggressively took on risk of an event they did not believe would happen - but did. As Basel III does not absolutely require extreme scenarios that management flatly rejects to be included in stress testing this remains a vulnerability. ''Standardized external auditing and modelling is an issue proposed to be addressed in [[Basel 4]] however.''

A few critics argue that capitalization regulation is inherently fruitless due to these and similar problems and - despite an opposite ideological view of regulation - agree that "too big to fail" persists.<ref>
http://www.heritage.org/research/reports/2014/04/basel-iii-capital-standards-do-not-reduce-the-too-big-to-fail-problem</ref>

Basel III has been criticized similarly for its paper burden and risk inhibition by banks, organized in the [[Institute of International Finance]], an international association of global banks based in [[Washington, D.C.]], who argue that it would "hurt" both their business and overall economic growth. The [[OECD]] estimated that implementation of Basel III would decrease annual GDP growth by 0.05–0.15%,<ref name="Macroeconomic Impact of Basel III" /><ref>{{cite news| url=http://www.reuters.com/article/2011/02/16/oecd-basel-idUSLDE71E23Q20110216 |title= Basel rules to have little impact on economy |agency= Reuters |date=September 2010 |format=pdf |first=Huw |last=Jones}}</ref> blaming the slow recovery from the [[financial crisis of 2007–2008|financial crisis of 2007–08]] on the regulation.<ref>{{cite web |url=http://economicsone.com/2012/09/22/regulatory-expansion-versus-economic-expansion-in-two-recoveries/ |title=Regulatory Expansion Versus Economic Expansion in Two Recoveries |date=September 2012 |author=John Taylor}}</ref><ref>{{cite web| url=http://www.iif.com/download.php?id=dzL6w4GP8AQ= |title=The Macroeconomic Implications of Basel III |publisher=Institute of International Finance |date=3 March 2011 |author=Philip Suttle |accessdate=17 November 2012}}</ref> Basel III was also criticized as negatively affecting the stability of the financial system by increasing incentives of banks to game the regulatory framework.<ref>{{cite journal |title=Systemically Important Banks and Capital Regulations Challenges |author=Patrick Slovik |series=OECD Economics Department Working Papers |publisher=OECD Publishing |year=2012 |doi=10.1787/5kg0ps8cq8q6-en}}</ref>
The [[American Bankers Association]],<ref>Comment Letter on Proposals to Comprehensively Revise the Regulatory Capital Framework for U.S.Banking Organizations(22 October 2012, http://www.sifma.org/workarea/downloadasset.aspx?id=8589940758</ref> community banks organized in the [[Independent Community Bankers of America]], and some of the most liberal Democrats in the U.S. Congress, including the entire Maryland congressional delegation with Democratic Senators [[Ben Cardin]] and [[Barbara Mikulski]] and Representatives [[Chris Van Hollen]] and [[Elijah Cummings]], voiced opposition to Basel III in their comments to the [[Federal Deposit Insurance Corporation]],<ref>95 entities listed at http://www.fdic.gov/regulations/laws/federal/2012-ad-95-96-97/2012-ad95.html Retrieved 13 March 2013</ref> saying that the Basel III proposals, if implemented, would hurt small banks by increasing "their capital holdings dramatically on mortgage and small business loans".<ref>http://www.icba.org/files/ICBASites/PDFs/test112912.pdf</ref>

Others{{Who|date=October 2014}} have argued that Basel III did not go far enough to regulate banks as inadequate regulation was a cause of the financial crisis.<ref>{{cite web|last=[[Robert Reich|Reich]]|first=[[Robert Reich|Robert]]|title=Wall Street is Still Out of Control, and Why Obama Should Call for Glass-Steagall and a Breakup of Big Banks|url=http://robertreich.org/post/11930107240|work=Robert Reich.org|accessdate=2 March 2013}}</ref> On 6 January 2013 the global banking sector won a significant easing of Basel III Rules, when the [[Basel Committee on Banking Supervision]] extended not only the implementation schedule to 2019, but broadened the definition of liquid assets.<ref>NY Times 1 July 2013 http://dealbook.nytimes.com/2013/01/07/easing-of-rules-for-banks-acknowledges-reality/</ref>

===Further studies===
In addition to articles used for references (see References), this section lists links to publicly available high-quality studies on Basel III. This section may be updated frequently as Basel III remains under development.

{| class="wikitable"
|-
! Date !! Source !! Article Title / Link !! Comments
|-
| Feb 2012 || BNP Paribas Fortis || [https://vimeo.com/59895335 ''Basel III for dummies'' Video] || ''"All you need to know about Basel III in 10 minutes." Updated for 6 January 2013 decisions.''
|-
| Dec 2011 || OECD: Economics Department || [http://dx.doi.org/10.1787/5kg0ps8cq8q6-en Systemically Important Banks] || OECD analysis on the failure of bank regulation and markets to discipline systemically important banks.
|-
| Jun 2011 || BNP Paribas: Economic Research Department || [http://economic-research.bnpparibas.com/applis/www/RechEco.nsf/ConjonctureByDateEN/81391A165B85FB54C12578C00042E75A/$File/C1105_06_A1.pdf?OpenElement Basel III: no Achilles' spear] || BNP Paribas' Economic Research Department study on Basel III.
|-
| Feb 2011 || Georg, co-Pierre || [http://www.gfinm.de/images/stories/workingpaper17.pdf Basel III and Systemic Risk Regulation – What Way Forward?] || An overview article of Basel III with a focus on how to regulate systemic risk.
|-
| Feb 2011 || OECD: Economics Department || [http://dx.doi.org/10.1787/5kghwnhkkjs8-en Macroeconomic Impact of Basel III] || OECD analysis on the macroeconomic impact of Basel III.
|-
| May 2010 || OECD Journal: Financial Market Trends || [http://www.webcitation.org/5q4GU5WGw Thinking Beyond Basel III] || OECD study on Basel I, Basel II and III.

|-
| May 2010 || ''[[BloombergBusinessweek|Bloomberg Businessweek]]'' || [http://www.webcitation.org/5pylqZc12 FDIC's Bair Says Europe Should Make Banks Hold More Capital] || Bair said regulators around the world need to work together on the next round of capital standards for banks ... the next round of international standards, known as Basel III, which Bair said must meet "very aggressive" goals.
|-
| May 2010 || Reuters || [http://www.webcitation.org/5q2JSEJlP FACTBOX-G20 progress on financial regulation] || Finance ministers from the G20 group of industrial and emerging countries meet in Busan, Korea, on 4–5 June to review pledges made in 2009 to strengthen regulation and learn lessons from the financial crisis.
|-
| May 2010 || ''The Economist'' || [http://www.webcitation.org/5q2g8umPx ''The banks battle back'' A behind-the-scenes brawl over new capital and liquidity rules] || ''"The most important bit of reform is the international set of rules known as "Basel 3", which will govern the capital and liquidity buffers banks carry. It is here that the most vicious and least public skirmish between banks and their regulators is taking place."''
|-
|}

==See also==
*[[Basel I]]
*[[Basel II]]
*[[Basel 4]]
*[[Systemically important financial institution]]
*[[Operational risk]]
*[[Operational risk management]]

==References==
{{reflist|colwidth=30em}}

==External links==
*[http://www.bis.org/publ/bcbs189.pdf Basel III capital rules]
*[http://www.bis.org/publ/bcbs188.pdf Basel III liquidity rules]
*[http://www.springer.com/business+%26+management/finance/book/978-3-642-40373-6 Bank Management and Control], Springer – Management for Professionals, 2014
*[https://opencrs.com/document/R42744/ U.S. Implementation of the Basel Capital Regulatory Framework] [[Congressional Research Service]]
* [http://rbidocs.rbi.org.in/rdocs/content/pdfs/114BI010714LA.pdf] - Basel III in India
* [http://www.daftblogger.com/smes-dance-to-the-basel-iii-shuffle/ How Basel III Affects SME Borrowing Capacity]
{{G-20 leaders' summits}}

{{DEFAULTSORT:Basel Iii}}
[[Category:Bank regulation]]
[[Category:Systemic risk]]
[[Category:2010 in economics]]
[[Category:2011 in economics]]

Basel Accords

2015-05-20T23:07:29Z

190.41.129.105: adding template on bank regulation and standards

{{Basel II}}
The '''Basel Accords''' (see alternative [[#Spelling|spelling]]s below) refer to the banking supervision Accords (recommendations on banking regulations)—[[Basel I]], [[Basel II]] and [[Basel III]]—issued by the [[Basel Committee on Banking Supervision]] (BCBS).
They are called the Basel Accords as the BCBS maintains its [[wikt:secretariat|secretariat]] at the [[Bank for International Settlements]] in [[Basel]], [[Switzerland]] and the committee normally meets there. The Basel Accords is a set of recommendations for regulations in the banking industry.

==The Basel Committee==
{{main|Basel Committee on Banking Supervision}}
Formerly, the Basel Committee consisted of representatives from central banks and regulatory authorities of the [[Group of Ten (economic)|Group of Ten]] countries plus [[Luxembourg]] and [[Spain]]. Since 2009, all of the other [[G-20 major economies]] are represented, as well as some other major banking locales such as [[Hong Kong]] and [[Singapore]]. (See the [[Basel Committee on Banking Supervision|Committee]] article for a full list of members.)

The committee does not have the authority to enforce recommendations, although most member countries as well as some other countries tend to implement the Committee's policies. This means that recommendations are enforced through national (or [[European Union|EU]]-wide) laws and regulations, rather than as a result of the committee's recommendations - thus some time may pass between recommendations and implementation as law at the national level.

== Spelling ==
The Basel Committee is named after the city of Basel, Switzerland. In early publications, the Committee sometimes used the British spelling "Basle" or the French spelling "Bâle," names that are sometimes still used in the media. More recently, the Committee has deferred to the predominantly German-speaking population of the region and used the spelling "Basel", which is also a common spelling in English (if not the most common).

==See also==
* [[Basel I]]
* [[Basel II]]
* [[Basel III]]

==References==
*http://www.bis.org: Bank for International Settlements.

[[Category:Financial regulation]]
[[Category:Systemic risk]]
[[Category:Basel II]]

Bank

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190.41.129.105: /* Banks in the economy */ moving a picture upwards

{{redirect|Banker|other uses|Bank (disambiguation)|and|Banker (disambiguation)}}
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{{Banking |image=London.bankofengland.arp.jpg |caption=The [[Bank of England]], established in 1694.}}
{{Finance sidebar |banking}}

A '''bank''' is a [[financial intermediary]] and money creator that creates money by lending money to a borrower, thereby creating a corresponding [[Deposit account|deposit]] on the bank's balance sheet. Lending activities can be performed directly by loaning or indirectly through [[capital market]]s. Due to their importance in the [[financial system]] and influence on national [[Economy|economies]], banks are [[Bank regulation|highly regulated]] in most countries. Most nations have institutionalized a system known as [[fractional reserve banking]], central banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to [[minimum capital requirement]]s based on an international set of capital standards, known as the [[Basel Accords]].

Banking in its modern sense evolved in the 14th century in the rich cities of [[Renaissance Italy]] but in many ways was a continuation of ideas and concepts of [[Credit (finance)|credit]] and [[lending]] that had its roots in the [[ancient world]]. In the [[history of banking]], a number of [[List of banking families|banking dynasties]] — notably, the [[House of Medici|Medicis]], the [[Fugger]]s, the [[Welser]]s, the [[Berenberg family|Berenberg]]s and the [[Rothschild family|Rothschilds]] — have played a central role over many centuries. The [[List of oldest banks in continuous operation|oldest existing]] [[retail bank]] is [[Monte dei Paschi di Siena]], while the oldest existing [[merchant bank]] is [[Berenberg Bank]].

==History==
{{Personal finance}}
{{Main|History of banking}}
The origins of modern banking can be traced to medieval and early [[Renaissance]] [[Italy]], to the rich cities in the north like [[Florence]], [[Lucca]], [[Siena]], [[Venice]] and [[Genoa]]. The [[Bardi family|Bardi]] and [[Peruzzi]] families dominated banking in 14th century Florence, establishing branches in many other parts of [[Europe]].<ref>[[Noble Foster Hoggson|Hoggson, N. F.]] (1926) ''Banking Through the Ages'', New York, Dodd, Mead & Company.</ref> One of the most famous Italian banks was the [[Medici Bank]], set up by [[Giovanni di Bicci de' Medici]] in 1397.<ref>Goldthwaite, R. A. (1995) ''Banks, Places and Entrepreneurs in Renaissance Florence'', Aldershot, Hampshire, Great Britain, Variorum</ref> The earliest known state deposit bank, [[Bank of Saint George (Genoa)|Banco di San Giorgio]] (Bank of St. George), was founded in 1407 at [[Genoa]], [[Italy]].<ref>{{cite book | title= Issues in Money and Banking | url= http://books.google.com/books?id=k1OYMZ8OzMUC | last= Macesich | first= George | date= 30 June 2000 | page= 42 | chapter= Central Banking: The Early Years: Other Early Banks | chapterurl= http://books.google.com/books?id=k1OYMZ8OzMUC&pg=PA42 | publisher= Praeger Publishers ([[Greenwood Publishing Group]]) | location= [[Westport, Connecticut]] | quote= The first state deposit bank was the Bank of St. George in Genoa, which was established in 1407. | isbn= 978-0-275-96777-2 | doi= 10.1336/0275967778 | accessdate= 2009-03-12}}</ref>

Modern banking practices, including [[fractional reserve banking]] and the issue of [[banknote]]s, emerged in the 17th and 18th centuries. Merchants started to store their gold with the [[goldsmith]]s of [[London]], who possessed private vaults, and charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued [[receipt]]s certifying the quantity and purity of the metal they held as a [[bailee]]; these receipts could not be assigned, only the original depositor could collect the stored goods.

[[File:Bank of England Charter sealing 1694.jpg|thumb|left|The sealing of the [[Bank of England]] Charter (1694).]]
Gradually the goldsmiths began to lend the money out on behalf of the [[deposit (finance)|deposit]]or, which led to the development of modern banking practices; [[promissory note]]s (which evolved into banknotes) were issued for money deposited as a loan to the goldsmith.<ref>Thus by the 19th century we find “[i]n ordinary cases of deposits of money with banking corporations, or bankers, the transaction amounts to a mere loan or mutuum, and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded.” Joseph Story, Commentaries on the Law of Bailments (1832, p. 66) and “Money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it.” Lord Chancellor Cottenham, Foley v Hill (1848) 2 HLC 28.
</ref> The goldsmith paid interest on these deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time period, this was an early form of [[fractional reserve banking]]. The promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith's promise to pay,<ref>Richards. The usual denomination was 50 or 100 pounds, so these notes were not an everyday currency for the common people</ref> allowing goldsmiths to advance loans with little risk of [[default (finance)|default]].<ref>Richards, p. 40</ref> Thus, the goldsmiths of London became the forerunners of banking by creating new money based on credit.

The [[Bank of England]] was the first to begin the permanent issue of [[banknote]]s, in 1695.<ref>{{cite web|url=http://www.britishnotes.co.uk/news_and_info/features/|title=A History of British Banknotes|work=britishnotes.co.uk}}</ref> The [[Royal Bank of Scotland]] established the first [[overdraft]] facility in 1728.<ref>{{Cite web|url=http://www.eccount.com/financial-news/a-short-history-of-overdrafts/#.UneWvFMqvp0|title=A short history of overdrafts|publisher=eccount money}}</ref> By the beginning of the 19th century a [[bankers' clearing house]] was established in London to allow multiple banks to clear transactions. The [[Rothschild family|Rothschilds]] pioneered [[international finance]] on a large scale, financing the purchase of the [[Suez canal]] for the British government.

The [[List of oldest banks|oldest bank still in existence]] is [[Monte dei Paschi di Siena]], headquartered in [[Siena]], [[Italy]], which has been operating continuously since 1472.<ref name="boland1">{{cite news|url=http://www.ft.com/cms/s/0/a034542e-5771-11de-8c47-00144feabdc0.html?nclick_check=1|title=Modern dilemma for world’s oldest bank|last=Boland|first=Vincent|date=2009-06-12|work=[[Financial Times]]|accessdate=23 February 2010}}</ref> It is followed by [[Berenberg Bank]] of Hamburg (1590)<ref>[http://thegatewayonline.com/articles/banking-finance/berenberg-graduates-worlds-oldest-bank The world's second oldest bank—and its plans for the future], ''thegatewayonline.com''</ref> and [[Sveriges Riksbank]] of Sweden (1668).

===Origin of the word===
The word '' bank'' was borrowed in [[Middle English]] from [[Middle French]] ''banque'', from Old [[Italian language|Italian]] ''banca'', from [[Old High German]] ''banc, bank'' "bench, counter". Benches were used as desks or exchange counters during the [[Renaissance]] by [[Florence|Florentine]] bankers, who used to make their transactions atop desks covered by green tablecloths.<ref>{{cite book | last = de Albuquerque | first = Martim | authorlink= Martim de Albuquerque | title = Notes and Queries | publisher = George Bell | year = 1855 | location = London | pages = 431 | url = http://books.google.com/?id=uIrWLegNZxUC&pg=PA431&lpg=PA431&dq=bank+italian+bench | isbn = }}</ref>

[[File:Trapezus.png|right|thumb|A silver Greek [[drachma]] coin of Trapezus from the 4th century BC]]
One of the oldest items found showing money-changing activity is a silver Greek [[drachma]] coin from ancient Hellenic colony Trapezus on the [[Black Sea]], modern [[Trabzon]], c. 350–325 BC, presented in the [[British Museum]] in London. The coin shows a banker's table (''trapeza'') laden with coins, a pun on the name of the city. In fact, even today in [[Modern Greek]] the word Trapeza (''Τράπεζα'') means both a table (in formal language) and a bank (in everyday speech). [The everyday word used for "table" is trapezi ("τραπέζι"), a modern form of the archaic trapeza (''τράπεζα'')].

==Definition==
The definition of a bank varies from country to country. See the relevant country page (below) for more information.

Under [[English common law]], a banker is defined as a person who carries on the business of banking, which is specified as:<ref>United Dominions Trust Ltd v Kirkwood, 1966, English Court of Appeal, 2 QB 431</ref>
* conducting [[Current account (banking)|current accounts]] for his customers,
* paying [[cheques]] drawn on him/her, and
* collecting [[cheques]] for his/her customers.
[[File:Banco de Venezuela, Coro.JPG|thumb|[[Banco de Venezuela]] in [[Coro, Venezuela|Coro]].]]
[[File:Bank.Pokhara.JPG|thumb|Branch of [[Nepal Bank Limited|Nepal Bank]] in Pokhara, Eastern Nepal.]]

In most common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to [[negotiable instruments]], including [[cheques]], and this Act contains a statutory definition of the term ''banker'': ''banker'' includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated.

The business of banking is in many [[English common law]] countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the ''business of banking'' or ''banking business''. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions:
*"banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act; (Banking Act (Singapore), Section 2, Interpretation).
*"banking business" means the business of either or both of the following:

# receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period;
# paying or collecting checks drawn by or paid in by customers.<ref>(Banking Ordinance, Section 2, Interpretation, Hong Kong) Note that in this case the definition is extended to include accepting any deposits repayable in less than 3 months, companies that accept deposits of greater than HK$100 000 for periods of greater than 3 months are regulated as [[List of banks in Hong Kong|deposit taking companies]] rather than as banks in Hong Kong.</ref>

Since the advent of [[EFTPOS]] (Electronic Funds Transfer at Point Of Sale), direct credit, [[direct debit]] and [[online banking|internet banking]], the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect checks.<ref>e.g. Tyree's Banking Law in New Zealand, A L Tyree, LexisNexis 2003, page 70.</ref>

==Banking==

===Standard activities===
[[File:WinonaSavingsBankVault.JPG|thumb|Large door to an old [[bank vault]].]]
Banks act as payment agents by conducting [[Transactional account|checking or current accounts]] for customers, paying [[cheque]]s drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as [[Automated Clearing House]] (ACH), [[Wire transfer]]s or [[telegraphic transfer]], [[EFTPOS]], and [[automated teller machine]] (ATM).

Banks borrow money by accepting funds deposited on current accounts, by accepting [[term deposit]]s, and by issuing debt securities such as [[banknotes]] and [[Bond (finance)|bonds]]. Banks lend money by making advances to customers on current accounts, by making [[installment loan]]s, and by investing in marketable debt securities and other forms of money lending.

Banks provide different payment services, and a bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account.

Banks can create new money when they make a loan. New loans throughout the banking system generate new deposits elsewhere in the system. The money supply is usually increased by the act of lending, and reduced when loans are repaid faster than new ones are generated. In the United Kingdom between 1997 and 2007, there was an increase in the money supply, largely caused by much more bank lending, which served to push up property prices and increase private debt. The amount of money in the economy as measured by M4 in the UK went from £750 billion to £1700 billion between 1997 and 2007, much of the increase caused by bank lending.<ref>Bank of England statistics and the book "Where does money come from?", page 47, by the New Economics Foundation.</ref> If all the banks increase their lending together, then they can expect new deposits to return to them and the amount of money in the economy will increase. Excessive or risky lending can cause borrowers to default, the banks then become more cautious, so there is less lending and therefore less money so that the economy can go from boom to bust as happened in the UK and many other Western economies after 2007.

===Range of activities===
Activities undertaken by large banks include [[investment banking]], [[commercial bank|corporate banking]], [[private banking]], [[insurance]], [[loan|consumer finance]], [[foreign exchange market|foreign exchange trading]], [[commodity market|commodity trading]], [[stock market|trading in equities]], [[futures exchange|futures and options trading]] and [[money market|money market trading]].

===Channels===
Banks offer many different channels to access their banking and other services:
* [[Automated Teller Machine]]s
* A [[Branch (banking)|branch]] is a retail location
* [[Call center]]
* Mail: most banks accept cheque deposits via mail and use mail to communicate to their customers, e.g. by sending out statements
* [[Mobile banking]] is a method of using one's mobile phone to conduct banking transactions
* [[Online banking]] is a term used for performing multiple transactions, payments etc. over the Internet
* [[Customer relationship management|Relationship Managers]], mostly for private banking or business banking, often visiting customers at their homes or businesses
* [[Telephone banking]] is a service which allows its customers to conduct transactions over the telephone with [[automated attendant]] or when requested with [[Switchboard operator|telephone operator]]
* [[Video banking]] is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a [[video conference]] enabled bank branch clarification
* [[Direct Selling Association|DSA]] is a Direct Selling Agent, who works for the bank based on a contract. Its main job is to increase the customer base for the bank.

===Business models===
A bank can generate revenue in a variety of different ways including interest, transaction fees and financial advice. The main method is via charging [[interest]] on the capital it lends out to customers.{{Citation needed|reason=banks are something that affect many people's lives and claims such as this should be cited and verified to insure that they are not outdated, incorrect, or misleading|date=January 2011}} The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities.

This difference is referred to as the [[Net interest spread|spread]] between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the [[economic cycle]]. Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance.

In the past 20 years American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions.
* First, this includes the [[Gramm-Leach-Bliley Act]], which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping" by enabling cross-selling of products (which, the banks hope, will also increase profitability).
* Second, they have expanded the use of [[risk-based pricing]] from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of [[default (finance)|default]] on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise be denied credit.
* Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include [[debit card]]s, prepaid cards, [[smart card]]s, and [[credit card]]s. They make it easier for consumers to conveniently make transactions and [[consumption smoothing|smooth their consumption]] over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home).

:However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest charges and fees charged to cardholders, and [[transaction fee]]s to retailers who accept the bank's credit and/or debit cards for payments.
This helps in making profit and facilitates economic development as a whole.<ref>{{cite web|url=http://www.thestreet.com/story/10385783/how-banks-make-money.html|title= How Banks Make Money|publisher= The Street|accessdate=2011-09-08}}</ref>

===Products===
[[File:Halifax bank, Commercial Street, Leeds (27th May 2010).jpg|thumb|right|A former [[building society]], now a modern retail bank in [[Leeds]], [[West Yorkshire]].]]
[[File:NatWest Castle Street.jpg|thumb|right| An interior of a branch of [[National Westminster Bank]] on Castle Street, [[Liverpool]]]]
[[File:Bank of Georgia headquarters.jpg|thumb|[[Bank of Georgia headquarters]] in [[Tbilisi]], [[Georgia (country)|Georgia]]]]

====Retail banking====
* [[Savings account]]
* [[Money market account]]
* [[Certificate of deposit]] (CD)
* [[Individual retirement account]] (IRA)
* [[Credit card]]
* [[Debit card]]
* [[Mortgage]]
* [[Mutual fund]]
* [[Personal loan]]
* [[Time deposits]]
*[[ATM card]]
*[[Transactional account#Current accounts|Current Accounts]]
*[[Cheque|Cheque books]]

====Business (or commercial/investment) banking====
* [[Loan|Business loan]]
* [[Stock exchange#Raising capital for businesses|Capital raising]] ([[Equity (finance)|Equity]] / [[Debt]] / [[Hybrid security|Hybrids]])
* [[Mezzanine finance]]
* [[Project finance]]
* [[Revolving credit]]
* [[Risk management]] ([[Foreign exchange market|FX]], [[interest rates]], [[commodities]], [[Derivative (finance)|derivatives]])
* [[Term loan]]
* Cash Management Services (Lock box, Remote Deposit Capture, Merchant Processing)
* credit services

==Capital and risk ==
Banks face a number of [[financial risk|risks]] in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much [[Capital requirement|capital]] a bank is required to hold. Bank capital consists principally of [[common stock|equity]], [[retained earnings]] and [[subordinated debt]].

Some of the main risks faced by banks include:
* [[Credit risk]]: risk of loss{{Citation needed|date=November 2010}} arising from a borrower who does not make payments as promised.
* [[Liquidity risk]]: risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss (or make the required profit).
* [[Market risk]]: risk that the value of a portfolio, either an investment portfolio or a trading portfolio, will decrease due to the change in value of the market risk factors.
* [[Operational risk]]: risk arising from execution of a company's business functions.
* [[Reputational risk]]: a type of risk related to the trustworthiness of business.
* [[Macroeconomics|Macroeconomic risk]]: risks related to the aggregate economy the bank is operating in.<ref>{{cite journal|last=Bolt|first=Wilko|author2=Leo de Haan|author3= Marco Hoeberichts|author4= Maarten van Oordt|author5= Job Swank|title=Bank Profitability during Recessions|journal=Journal of Banking & Finance|year=2012|volume=36|issue=9|pages=2552–2564|doi=10.1016/j.jbankfin.2012.05.011}}</ref>

The [[capital requirement]] is a [[bank regulation]], which sets a framework within which a bank or depository institution must manage its [[balance sheet]]. The categorization of assets and capital is highly standardized so that it can be [[risk-weighted asset|risk weighted]].

==Banks in the economy==
[[File:SEB Building in Tallinn.jpg|thumb|[[Skandinaviska Enskilda Banken|SEB]] main building in [[Tallinn]], [[Estonia]]]]
{{See also|Financial system}}

===Economic functions===
The economic functions of banks include:
# Issue of money, in the form of [[banknotes]] and current accounts subject to [[cheque|check]] or payment at the customer's order. These claims on banks can act as money because they are negotiable or repayable on demand, and hence valued at par. They are effectively transferable by mere delivery, in the case of banknotes, or by drawing a check that the payee may bank or cash.
# Netting and settlement of payments – banks act as both collection and paying agents for customers, participating in interbank clearing and settlement systems to collect, present, be presented with, and pay payment instruments. This enables banks to economize on reserves held for settlement of payments, since inward and outward payments offset each other. It also enables the offsetting of payment flows between geographical areas, reducing the cost of settlement between them.
# Credit intermediation – banks borrow and lend back-to-back on their own account as middle men.
# Credit quality improvement – banks lend money to ordinary commercial and personal borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes from diversification of the bank's assets and capital which provides a buffer to absorb losses without defaulting on its obligations. However, banknotes and deposits are generally unsecured; if the bank gets into difficulty and pledges assets as security, to raise the funding it needs to continue to operate, this puts the note holders and depositors in an economically subordinated position.
# [[Asset liability mismatch]]/[[Maturity transformation]] – banks borrow more on demand debt and short term debt, but provide more long term loans. In other words, they borrow short and lend long. With a stronger credit quality than most other borrowers, banks can do this by aggregating issues (e.g. accepting deposits and issuing banknotes) and redemptions (e.g. withdrawals and redemption of banknotes), maintaining reserves of cash, investing in marketable securities that can be readily converted to cash if needed, and raising replacement funding as needed from various sources (e.g. wholesale cash markets and securities markets).
# [[Money creation]] – whenever a bank gives out a loan in a [[fractional-reserve banking]] system, a new sum of virtual money is created.

===Bank crisis===
[[File:Bosakov dom.jpg|thumb|vpravo|OTP Bank in [[Prešov]] (Slovakia)]]
Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include [[liquidity risk]] (where many depositors may request withdrawals in excess of available funds), [[credit risk]] (the chance that those who owe money to the bank will not repay it), and [[interest rate risk]] (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans).

Banking crises have developed many times throughout history, when one or more risks have emerged for a banking sector as a whole. Prominent examples include the [[bank run]] that occurred during the [[Great Depression]], the U.S. [[Savings and Loan crisis]] in the 1980s and early 1990s, the [[Japan]]ese banking crisis during the 1990s, and the [[sub-prime mortgage crisis]] in the 2000s.

===Size of global banking industry===
Assets of the largest 1,000 banks in the world grew by 6.8% in the 2008/2009 financial year to a record US$96.4 trillion while profits declined by 85% to US$115 billion. Growth in assets in adverse market conditions was largely a result of recapitalization. EU banks held the largest share of the total, 56% in 2008/2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during the year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment banking totaled US$66.3 billion in 2009, up 12% on the previous year.<ref name=ifsl>{{PDFlink|[http://www.thecityuk.com/assets/Uploads/Banking-2010.pdf Banking 2010]|638 KB}} charts 7–8, pages 3–4. [[TheCityUK]].</ref>

The United States has the most banks in the world in terms of institutions (7,085 at the end of 2008) and possibly branches (82,000).{{Citation needed|date=November 2009}} This is an indicator of the geography and regulatory structure of the USA, resulting in a large number of small to medium-sized institutions in its banking system. As of Nov 2009, China's top 4 banks have in excess of 67,000 branches ([[ICBC]]:18000+, [[Bank of China|BOC]]:12000+, [[China Construction Bank|CCB]]:13000+, [[Agricultural Bank of China|ABC]]:24000+) with an additional 140 smaller banks with an undetermined number of branches.
Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches—more than double the 15,000 branches in the UK.<ref name=ifsl/>

==Regulation==
{{Main|Banking regulation}}
{{See also|Basel II}}
''Currently commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate.''
{{Basel II}}
Usually the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to the customer's order—although money lending, by itself, is generally not included in the definition.

Unlike most other regulated industries, the regulator is typically also a participant in the market, being either a publicly or privately governed [[central bank]]. Central banks also typically have a monopoly on the business of issuing [[banknote]]s. However, in some countries this is not the case. In the UK, for example, the [[Financial Services Authority]] licenses banks, and some commercial banks (such as the [[Bank of Scotland]]) issue their own banknotes in addition to those issued by the [[Bank of England]], the UK government's central bank.

Banking law is based on a contractual analysis of the relationship between the ''bank'' (defined above) and the ''customer''—defined as any entity for which the bank agrees to conduct an account.

The law implies rights and obligations into this relationship as follows:
# The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.
# The bank agrees to pay the customer's checks up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.
# The bank may not pay from the customer's account without a mandate from the customer, e.g. a check drawn by the customer.
# The bank agrees to promptly collect the checks deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
# The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.
# The bank has a [[lien]] on checks deposited to the customer's account, to the extent that the customer is indebted to the bank.
# The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
# The bank must not close a customer's account without reasonable notice, since checks are outstanding in the ordinary course of business for several days.

These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms and/or create new rights, obligations or limitations relevant to the bank-customer relationship.

Some types of financial institution, such as [[Building Society|building societies]] and [[credit unions]], may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules.

The requirements for the issue of a bank license vary between jurisdictions but typically include:
# Minimum capital
# Minimum capital ratio
# 'Fit and Proper' requirements for the bank's controllers, owners, directors, or senior officers
# Approval of the bank's business plan as being sufficiently prudent and plausible.

==Types of banks==
Banks' activities can be divided into:
* [[retail banking]], dealing directly with individuals and small businesses;
* [[business banking]], providing services to mid-market business;
* [[corporate banking]], directed at large business entities;
* [[private banking]], providing wealth management services to [[high-net-worth individual]]s and families;
* [[investment banking]], relating to activities on the [[financial markets]].
Most banks are profit-making, private enterprises. However, some are owned by government, or are [[non-profit organization]]s.

===Types of banks===
[[File:NatBankRep.jpg|thumb|National Bank of the Republic, [[Salt Lake City]] 1908]]
[[File:ATM AL RAJHI BANK.JPG|thumb|[[Automated teller machine|ATM]] [[Al-Rajhi Bank]]]]
[[File:NatCuBank.jpg|thumb|National Copper Bank, [[Salt Lake City]] 1911]]
*[[Commercial bank]]s: the term used for a normal bank to distinguish it from an investment bank. After the [[Great Depression]], the U.S. Congress required that banks only engage in banking activities, whereas investment banks were limited to [[capital market]] activities. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
*[[Community banks]]: locally operated financial institutions that empower employees to make local decisions to serve their customers and the partners.
*[[Community development bank]]s: regulated banks that provide financial services and credit to under-served markets or populations.
*[[Land development bank]]s: The special banks providing Long Term Loans are called [[Land development bank|Land Development Banks]], in the short, LDB. The history of LDB is quite old. The first LDB was started at Jhang in [[Punjab]] in 1920. The main objective of the LDBs are to promote the development of land, agriculture and increase the agricultural production. The LDBs provide long-term finance to members directly through their branches.<ref name="agritech">{{cite web | url=http://agritech.tnau.ac.in/banking/crbank_land_dvpt_bank.html | title=LAND DEVELOPMENT BANK | publisher=TNAU Agritech Portal | accessdate=8 January 2014 | author=TNAU}}</ref>
*[[Credit union]]s or [[Cooperative banking|Co-operative Banks]]: not-for-profit [[cooperatives]] owned by the depositors and often offering rates more favorable than for-profit banks. Typically, membership is restricted to employees of a particular company, residents of a defined area, members of a certain [[labor union|union]] or religious organizations, and their immediate families.
*[[Postal savings system|Postal savings bank]]s: savings banks associated with national postal systems.
*[[Private banking|Private bank]]s: banks that manage the assets of high-net-worth individuals. Historically a minimum of USD 1 million was required to open an account, however, over the last years many private banks have lowered their entry hurdles to USD 250,000 for private investors.{{Citation needed|date=August 2010}}
*[[Offshore bank]]s: banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
*[[Savings bank]]: in Europe, savings banks took their roots in the 19th or sometimes even in the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative; in others, socially committed individuals created foundations to put in place the necessary infrastructure. Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralized distribution network, providing local and regional outreach—and by their socially responsible approach to business and society.
*[[Building societies]] and [[Landesbank]]s: institutions that conduct retail banking.
*[[Ethical bank]]s: banks that prioritize the transparency of all operations and make only what they consider to be socially responsible investments.
* A [[Direct bank|Direct or Internet-Only bank]] is a banking operation without any physical bank branches, conceived and implemented wholly with networked computers.

===Types of investment banks===
*[[Investment bank]]s "[[underwrite]]" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, provide [[investment management]], and advise corporations on [[capital market]] activities such as mergers and acquisitions.
*[[Merchant bank]]s were traditionally banks which engaged in [[trade finance]]. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike [[venture cap]]s, they tend not to invest in new companies.

===Both combined===
*[[Universal bank]]s, more commonly known as [[financial services]] companies, engage in several of these activities. These big banks are very diversified groups that, among other services, also distribute insurance— hence the term [[bancassurance]], a [[portmanteau|portmanteau word]] combining "banque or bank" and "assurance", signifying that both banking and insurance are provided by the same corporate entity.

===Other types of banks===
*[[Central bank]]s are normally government-owned and charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash [[interest rate]]. They generally provide liquidity to the banking system and act as the [[lender of last resort]] in event of a crisis.
*[[Islamic bank]]s adhere to the concepts of [[Sharia|Islamic law]]. This form of banking revolves around several well-established principles based on Islamic canons. All banking activities must avoid interest, a concept that is forbidden in Islam. Instead, the bank earns profit ([[Markup (business)|markup]]) and fees on the financing facilities that it extends to customers.

==Challenges within the banking industry==
{{Globalize|section|date=September 2009}}
{{Unreferenced section|date=September 2008}}

===United States===
{{Main|Banking in the United States}}
[[File: People's Trust Company Building 183 Montague Street Brooklyn.jpg|180px|thumbnail|right|[[Citibank]], The People's Trust Company Building, [[Brooklyn]].]]

The United States banking industry is one of the most heavily regulated in the world,<ref>Scott Besley and Eugene F. Brigham, ''Principles of Finance'', 4th ed. (Mason, OH: South-Western Cengage Learning, 2009), 125. This popular university textbook explains: "Generally speaking, U.S. financial institutions have been much more heavily regulated and faced greater limitations ... than have their foreign counterparts."</ref> with multiple specialized and focused regulators. All banks with FDIC-insured deposits have the [[Federal Deposit Insurance Corporation]] (FDIC) as a regulator. , People's Trust Company Building, [[Brooklyn]]]]However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the [[Federal Reserve]] is the primary federal regulator for Fed-member state banks; the [[Office of the Comptroller of the Currency]] (OCC) is the primary federal regulator for national banks; and the [[Office of Thrift Supervision]], or OTS, is the primary federal regulator for [[Savings and loan association|thrifts]]. State non-member banks are examined by the state agencies as well as the FDIC. National banks have one primary regulator—the OCC. Qualified Intermediaries & Exchange Accommodators are regulated by MAIC.

Each regulatory agency has their own set of rules and regulations to which banks and thrifts must adhere.
The [[Federal Financial Institutions Examination Council]] (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although the FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing.

In addition to changing regulations, changes in the industry have led to consolidations within the Federal Reserve, FDIC, OTS, MAIC and OCC. Offices have been closed, supervisory regions have been merged, staff levels have been reduced and budgets have been cut. The remaining regulators face an increased burden with increased workload and more banks per regulator. While banks struggle to keep up with the changes in the regulatory environment, regulators struggle to manage their workload and effectively regulate their banks. The impact of these changes is that banks are receiving less hands-on assessment by the regulators, less time spent with each institution, and the potential for more problems slipping through the cracks, potentially resulting in an overall increase in bank failures across the United States.

The changing economic environment has a significant impact on banks and thrifts as they struggle to effectively manage their interest rate spread in the face of low rates on loans, rate competition for deposits and the general market changes, industry trends and economic fluctuations. It has been a challenge for banks to effectively set their growth strategies with the recent economic market. A rising interest rate environment may seem to help financial institutions, but the effect of the changes on consumers and businesses is not predictable and the challenge remains for banks to grow and effectively manage the spread to generate a return to their shareholders.

The management of the banks’ asset portfolios also remains a challenge in today’s economic environment. Loans are a bank’s primary asset category and when loan quality becomes suspect, the foundation of a bank is shaken to the core. While always an issue for banks, declining [[asset quality]] has become a big problem for financial institutions.
[[File:Mirror building (4004925857).jpg|200px|thumbnail|right|Safra National Bank, New York]]
There are several reasons for this, one of which is the lax attitude some banks have adopted because of the years of “good times.” The potential for this is exacerbated by the reduction in the regulatory oversight of banks and in some cases depth of management. Problems are more likely to go undetected, resulting in a significant impact on the bank when they are discovered. In addition, banks, like any business, struggle to cut costs and have consequently eliminated certain expenses, such as adequate employee training programs.

Banks also face a host of other challenges such as aging ownership groups. Across the country, many banks’ management teams and board of directors are aging. Banks also face ongoing pressure by shareholders, both public and private, to achieve earnings and growth projections. Regulators place added pressure on banks to manage the various categories of risk. Banking is also an extremely competitive industry. Competing in the financial services industry has become tougher with the entrance of such players as insurance agencies, credit unions, check cashing services, credit card companies, etc.

As a reaction, banks have developed their activities in [[financial instruments]], through [[financial market]] operations such as [[brokerage firm|brokerage]] and MAIC trust & Securities Clearing services [[trading (finance)|trading]] and become big players in such activities.

===Loan activities of banks===
To be able to provide home buyers and builders with the funds needed, banks must compete for deposits. The phenomenon of [[disintermediation]] had to dollars moving from savings accounts and into direct market instruments such as [[United States Department of the Treasury|U.S. Department of Treasury]] obligations, agency securities, and corporate debt. One of the greatest factors in recent years in the movement of deposits was the tremendous growth of money market funds whose higher interest rates attracted consumer deposits.<ref name="multiple3">{{cite book |author=Mishler, Lon; Cole, Robert E. |title=Consumer and business credit management |publisher=Irwin |location=Homewood |year=1995 |pages=128–129 |isbn=0-256-13948-2 |oclc= |doi=}}</ref>

To compete for deposits, US savings institutions offer many different types of plans:<ref name="multiple3"/>
* [[Passbook]] or ordinary [[deposit account]]s — permit any amount to be added to or withdrawn from the account at any time.
* NOW and Super NOW accounts — function like checking accounts but earn interest. A minimum balance may be required on Super NOW accounts.
* [[Money market account]]s — carry a monthly limit of preauthorized transfers to other accounts or persons and may require a minimum or average balance.
* Certificate accounts — subject to loss of some or all interest on withdrawals before maturity.
* Notice accounts — the equivalent of certificate accounts with an indefinite term. Savers agree to notify the institution a specified time before withdrawal.
* [[Individual retirement account]]s (IRAs) and [[Keogh plan]]s — a form of retirement savings in which the funds deposited and interest earned are exempt from income tax until after withdrawal.
* [[Checking account]]s — offered by some institutions under definite restrictions.
* All withdrawals and deposits are completely the sole decision and responsibility of the account owner unless the parent or guardian is required to do otherwise for legal reasons.
* Club accounts and other [[savings account]]s — designed to help people save regularly to meet certain goals.

== Accounting for bank accounts ==
[[File:BBTLexington.jpg|thumb|Suburban bank branch]]
Bank statements are accounting records produced by banks under the various accounting standards of the world. Under [[Generally accepted accounting principles|GAAP]] and MAIC there are two kinds of accounts: debit and credit. Credit accounts are Revenue, Equity and Liabilities. Debit Accounts are Assets and Expenses. The bank credits a ''credit account'' to increase its balance, and debits a ''credit account'' to decrease its balance.<ref>{{cite book | title= Monetary and Financial Statistics: Compilation Guide | url= http://books.google.com/books?id=a03zkw-5fcEC | author= Statistics Department | year= 2001 | page= 24 | chapter= Source Data for Monetary and Financial Statistics | chapterurl= http://books.google.com/books?id=a03zkw-5fcEC&pg=PT36 | publisher= [[International Monetary Fund]] | location= [[Washington D.C.]] | isbn= 978-1-58906-584-0 | accessdate= 2009-03-14}}</ref>

The customer debits his or her savings/bank (asset) account in his ledger when making a deposit (and the account is normally in debit), while the customer credits a credit card (liability) account in his ledger every time he spends money (and the account is normally in credit). When the customer reads his bank statement, the statement will show a credit to the account for deposits, and debits for withdrawals of funds. The customer with a positive balance will see this balance reflected as a credit balance on the bank statement. If the customer is overdrawn, he will have a negative balance, reflected as a debit balance on the bank statement.

===Brokered deposits===
One source of deposits for banks is brokers who deposit large sums of money on the behalf of investors through MAIC or other trust corporations. This money will generally go to the banks which offer the most favorable terms, often better than those offered local depositors. It is possible for a bank to engage in business with no local deposits at all, all funds being brokered deposits. Accepting a significant quantity of such deposits, or "[[hot money]]" as it is sometimes called, puts a bank in a difficult and sometimes risky position, as the funds must be lent or invested in a way that yields a return sufficient to pay the high interest being paid on the brokered deposits. This may result in risky decisions and even in eventual failure of the bank. Banks which failed during 2008 and 2009 in the United States during the [[financial crisis of 2007–2008|global financial crisis]] had, on average, four times more brokered deposits as a percent of their deposits than the average bank. Such deposits, combined with risky real estate investments, factored into the [[savings and loan crisis]] of the 1980s. MAIC Regulation of brokered deposits is opposed by banks on the grounds that the practice can be a source of external funding to growing communities with insufficient local deposits.<ref>[http://www.nytimes.com/2009/07/04/business/04brokered.html "For Banks, Wads of Cash and Loads of Trouble"] article by Eric Lipton and Andrew Martin in ''[[The New York Times]]'' July 3, 2009</ref>

==Globalization in the Banking Industry==
In modern time there has been huge reductions to the barriers of global competition in the banking industry. Increases in telecommunications and other financial technologies, such as Bloomberg, have allowed banks to extend their reach all over the world, since they no longer have to be near customers to manage both their finances and their risk. The growth in cross-border activities has also increased the demand for banks that can provide various services across borders to different nationalities.
However, despite these reductions in barriers and growth in cross-border activities, the banking industry is nowhere near as globalized as some other industries. In the USA, for instance, very few banks even worry about the Riegle-Neal Act, which promotes more efficient interstate banking. In the vast majority of nations around globe the market share for foreign owned banks is currently less than a tenth of all market shares for banks in a particular nation.
One reason the banking industry has not been fully globalized is that it is more convenient to have local banks provide loans to small business and individuals. On the other hand for large corporations, it is not as important in what nation the bank is in, since the corporation's financial information is available around the globe. [http://www.eu-financial-system.org/fileadmin/content/Dokumente_Events/launching_workshop/Ongena.pdf A Study of Bank Nationality and reach]{{Dead link|date=February 2015}}

==See also==
{{multicol}}

'''Types of institutions:'''
* [[Bad bank]]
* [[Bankers' bank]]
* [[Building Society]]
* [[Cooperative bank]]
* [[Credit union]]
* [[Ethical bank]]
* [[Industrial loan company]]
* [[Islamic banking]]
* [[Mortgage bank]]
* [[Mutual savings bank]]
* [[Offshore banking]]
* [[Person-to-person lending]]
* [[Public bank]]
* [[Savings and loan association]]
* [[Savings bank]]
* [[Sparebank]]
{{multicol-break}}

'''Terms and concepts:'''
* [[Bank regulation]]
* [[Bankers' bonuses]]
* [[Call Report]]
* [[Cheque]]
* [[Electronic funds transfer]]
* [[Factoring (finance)]]
* [[Finance]]
* [[Fractional-reserve banking]]
* [[Full-reserve banking]]
* [[Hedge fund]]
* [[IBAN]]
* [[Internet banking]]
* [[Investment banking]]
* [[Mobile banking]]
* [[Money]]
* [[Money laundering]]
{{multicol-break}}
'''Terms and concepts:'''
* [[Narrow banking]]
* [[Overdraft]]
* [[Overdraft protection]]
* [[Piggy bank]]
* [[Pigmy Deposit Scheme]]
* [[Private Banking]]
* [[Stockbroker]]
* [[Substitute check]]
* [[SWIFT]]
* [[Tax haven]]
* [[Venture capital]]
* [[Wealth Management]]
* [[Wire transfer]]
{{multicol-break}}

'''Crime:'''
* [[Bank fraud]]
* [[Bank robbery]]
* [[Cheque fraud]]
* [[Mortgage fraud]]

'''Lists:'''
* [[List of largest banks]]
* [[List of accounting topics]]
* [[List of bank mergers in United States]]
* [[List of banks]]
* [[List of economics topics]]
* [[List of finance topics]]
* [[List of largest U.S. bank failures]]
* [[List of oldest banks]]
* [[List of stock exchanges]]

{{multicol-break}}

'''Banking by country'''
* [[Banking in Australia]]
* [[Banking in Austria]]
* [[Banking in Bangladesh]]
* [[Banking in Canada]]
* [[Banking in China]]
* [[Banking in France]]
* [[Banking in Germany]]
* [[Banking in Greece]]
* [[Banking in Iran]]
* [[Banking in India]]
* [[Banking in Israel]]
* [[Banking in Italy]]
* [[Banking in Pakistan]]
* [[Banking in Russia]]
* [[Banking in Singapore]]
* [[Banking in Switzerland]]
* [[Banking in Tunisia]]
* [[Banking in the United Kingdom]]
* [[Banking in the United States]]

{{multicol-end}}

==References==
{{Reflist|35em}}

==External links==
{{Sister project links |wikt=bank |commons=Category:Banks |b=no |n=no |q=no |s=1911 Encyclopædia Britannica/Banks and Banking |v=no |species=no }}
*[http://www.guardian.co.uk/news/datablog/2009/mar/25/banking-g20 Guardian Datablog – World's Biggest Banks]
*[http://ucblibraries.colorado.edu/govpubs/us/banking.htm Banking, Banks, and Credit Unions] from ''UCB Libraries GovPubs''
*''[http://www.occ.gov/static/publications/nbguide.pdf A Guide to the National Banking System]'' (PDF). [[Office of the Comptroller of the Currency]] (OCC), [[Washington, D.C.]] Provides an overview of the national banking system of the USA, its regulation, and the OCC.

{{Authority control}}
[[Category:Banks| ]]
[[Category:Banking| ]]
[[Category:Legal entities]]
[[Category:Italian inventions]]

Bank

2015-05-20T23:05:46Z

190.41.129.105: /* Regulation */ adding template on bank regulation and standards

{{redirect|Banker|other uses|Bank (disambiguation)|and|Banker (disambiguation)}}
{{refimprove|date=July 2009}} {{pp-move-indef}}
{{Banking |image=London.bankofengland.arp.jpg |caption=The [[Bank of England]], established in 1694.}}
{{Finance sidebar |banking}}

A '''bank''' is a [[financial intermediary]] and money creator that creates money by lending money to a borrower, thereby creating a corresponding [[Deposit account|deposit]] on the bank's balance sheet. Lending activities can be performed directly by loaning or indirectly through [[capital market]]s. Due to their importance in the [[financial system]] and influence on national [[Economy|economies]], banks are [[Bank regulation|highly regulated]] in most countries. Most nations have institutionalized a system known as [[fractional reserve banking]], central banking, under which banks hold liquid assets equal to only a portion of their current liabilities. In addition to other regulations intended to ensure liquidity, banks are generally subject to [[minimum capital requirement]]s based on an international set of capital standards, known as the [[Basel Accords]].

Banking in its modern sense evolved in the 14th century in the rich cities of [[Renaissance Italy]] but in many ways was a continuation of ideas and concepts of [[Credit (finance)|credit]] and [[lending]] that had its roots in the [[ancient world]]. In the [[history of banking]], a number of [[List of banking families|banking dynasties]] — notably, the [[House of Medici|Medicis]], the [[Fugger]]s, the [[Welser]]s, the [[Berenberg family|Berenberg]]s and the [[Rothschild family|Rothschilds]] — have played a central role over many centuries. The [[List of oldest banks in continuous operation|oldest existing]] [[retail bank]] is [[Monte dei Paschi di Siena]], while the oldest existing [[merchant bank]] is [[Berenberg Bank]].

==History==
{{Personal finance}}
{{Main|History of banking}}
The origins of modern banking can be traced to medieval and early [[Renaissance]] [[Italy]], to the rich cities in the north like [[Florence]], [[Lucca]], [[Siena]], [[Venice]] and [[Genoa]]. The [[Bardi family|Bardi]] and [[Peruzzi]] families dominated banking in 14th century Florence, establishing branches in many other parts of [[Europe]].<ref>[[Noble Foster Hoggson|Hoggson, N. F.]] (1926) ''Banking Through the Ages'', New York, Dodd, Mead & Company.</ref> One of the most famous Italian banks was the [[Medici Bank]], set up by [[Giovanni di Bicci de' Medici]] in 1397.<ref>Goldthwaite, R. A. (1995) ''Banks, Places and Entrepreneurs in Renaissance Florence'', Aldershot, Hampshire, Great Britain, Variorum</ref> The earliest known state deposit bank, [[Bank of Saint George (Genoa)|Banco di San Giorgio]] (Bank of St. George), was founded in 1407 at [[Genoa]], [[Italy]].<ref>{{cite book | title= Issues in Money and Banking | url= http://books.google.com/books?id=k1OYMZ8OzMUC | last= Macesich | first= George | date= 30 June 2000 | page= 42 | chapter= Central Banking: The Early Years: Other Early Banks | chapterurl= http://books.google.com/books?id=k1OYMZ8OzMUC&pg=PA42 | publisher= Praeger Publishers ([[Greenwood Publishing Group]]) | location= [[Westport, Connecticut]] | quote= The first state deposit bank was the Bank of St. George in Genoa, which was established in 1407. | isbn= 978-0-275-96777-2 | doi= 10.1336/0275967778 | accessdate= 2009-03-12}}</ref>

Modern banking practices, including [[fractional reserve banking]] and the issue of [[banknote]]s, emerged in the 17th and 18th centuries. Merchants started to store their gold with the [[goldsmith]]s of [[London]], who possessed private vaults, and charged a fee for that service. In exchange for each deposit of precious metal, the goldsmiths issued [[receipt]]s certifying the quantity and purity of the metal they held as a [[bailee]]; these receipts could not be assigned, only the original depositor could collect the stored goods.

[[File:Bank of England Charter sealing 1694.jpg|thumb|left|The sealing of the [[Bank of England]] Charter (1694).]]
Gradually the goldsmiths began to lend the money out on behalf of the [[deposit (finance)|deposit]]or, which led to the development of modern banking practices; [[promissory note]]s (which evolved into banknotes) were issued for money deposited as a loan to the goldsmith.<ref>Thus by the 19th century we find “[i]n ordinary cases of deposits of money with banking corporations, or bankers, the transaction amounts to a mere loan or mutuum, and the bank is to restore, not the same money, but an equivalent sum, whenever it is demanded.” Joseph Story, Commentaries on the Law of Bailments (1832, p. 66) and “Money, when paid into a bank, ceases altogether to be the money of the principal (see Parker v. Marchant, 1 Phillips 360); it is then the money of the banker, who is bound to return an equivalent by paying a similar sum to that deposited with him when he is asked for it.” Lord Chancellor Cottenham, Foley v Hill (1848) 2 HLC 28.
</ref> The goldsmith paid interest on these deposits. Since the promissory notes were payable on demand, and the advances (loans) to the goldsmith's customers were repayable over a longer time period, this was an early form of [[fractional reserve banking]]. The promissory notes developed into an assignable instrument which could circulate as a safe and convenient form of money backed by the goldsmith's promise to pay,<ref>Richards. The usual denomination was 50 or 100 pounds, so these notes were not an everyday currency for the common people</ref> allowing goldsmiths to advance loans with little risk of [[default (finance)|default]].<ref>Richards, p. 40</ref> Thus, the goldsmiths of London became the forerunners of banking by creating new money based on credit.

The [[Bank of England]] was the first to begin the permanent issue of [[banknote]]s, in 1695.<ref>{{cite web|url=http://www.britishnotes.co.uk/news_and_info/features/|title=A History of British Banknotes|work=britishnotes.co.uk}}</ref> The [[Royal Bank of Scotland]] established the first [[overdraft]] facility in 1728.<ref>{{Cite web|url=http://www.eccount.com/financial-news/a-short-history-of-overdrafts/#.UneWvFMqvp0|title=A short history of overdrafts|publisher=eccount money}}</ref> By the beginning of the 19th century a [[bankers' clearing house]] was established in London to allow multiple banks to clear transactions. The [[Rothschild family|Rothschilds]] pioneered [[international finance]] on a large scale, financing the purchase of the [[Suez canal]] for the British government.

The [[List of oldest banks|oldest bank still in existence]] is [[Monte dei Paschi di Siena]], headquartered in [[Siena]], [[Italy]], which has been operating continuously since 1472.<ref name="boland1">{{cite news|url=http://www.ft.com/cms/s/0/a034542e-5771-11de-8c47-00144feabdc0.html?nclick_check=1|title=Modern dilemma for world’s oldest bank|last=Boland|first=Vincent|date=2009-06-12|work=[[Financial Times]]|accessdate=23 February 2010}}</ref> It is followed by [[Berenberg Bank]] of Hamburg (1590)<ref>[http://thegatewayonline.com/articles/banking-finance/berenberg-graduates-worlds-oldest-bank The world's second oldest bank—and its plans for the future], ''thegatewayonline.com''</ref> and [[Sveriges Riksbank]] of Sweden (1668).

===Origin of the word===
The word '' bank'' was borrowed in [[Middle English]] from [[Middle French]] ''banque'', from Old [[Italian language|Italian]] ''banca'', from [[Old High German]] ''banc, bank'' "bench, counter". Benches were used as desks or exchange counters during the [[Renaissance]] by [[Florence|Florentine]] bankers, who used to make their transactions atop desks covered by green tablecloths.<ref>{{cite book | last = de Albuquerque | first = Martim | authorlink= Martim de Albuquerque | title = Notes and Queries | publisher = George Bell | year = 1855 | location = London | pages = 431 | url = http://books.google.com/?id=uIrWLegNZxUC&pg=PA431&lpg=PA431&dq=bank+italian+bench | isbn = }}</ref>

[[File:Trapezus.png|right|thumb|A silver Greek [[drachma]] coin of Trapezus from the 4th century BC]]
One of the oldest items found showing money-changing activity is a silver Greek [[drachma]] coin from ancient Hellenic colony Trapezus on the [[Black Sea]], modern [[Trabzon]], c. 350–325 BC, presented in the [[British Museum]] in London. The coin shows a banker's table (''trapeza'') laden with coins, a pun on the name of the city. In fact, even today in [[Modern Greek]] the word Trapeza (''Τράπεζα'') means both a table (in formal language) and a bank (in everyday speech). [The everyday word used for "table" is trapezi ("τραπέζι"), a modern form of the archaic trapeza (''τράπεζα'')].

==Definition==
The definition of a bank varies from country to country. See the relevant country page (below) for more information.

Under [[English common law]], a banker is defined as a person who carries on the business of banking, which is specified as:<ref>United Dominions Trust Ltd v Kirkwood, 1966, English Court of Appeal, 2 QB 431</ref>
* conducting [[Current account (banking)|current accounts]] for his customers,
* paying [[cheques]] drawn on him/her, and
* collecting [[cheques]] for his/her customers.
[[File:Banco de Venezuela, Coro.JPG|thumb|[[Banco de Venezuela]] in [[Coro, Venezuela|Coro]].]]
[[File:Bank.Pokhara.JPG|thumb|Branch of [[Nepal Bank Limited|Nepal Bank]] in Pokhara, Eastern Nepal.]]

In most common law jurisdictions there is a Bills of Exchange Act that codifies the law in relation to [[negotiable instruments]], including [[cheques]], and this Act contains a statutory definition of the term ''banker'': ''banker'' includes a body of persons, whether incorporated or not, who carry on the business of banking' (Section 2, Interpretation). Although this definition seems circular, it is actually functional, because it ensures that the legal basis for bank transactions such as cheques does not depend on how the bank is structured or regulated.

The business of banking is in many [[English common law]] countries not defined by statute but by common law, the definition above. In other English common law jurisdictions there are statutory definitions of the ''business of banking'' or ''banking business''. When looking at these definitions it is important to keep in mind that they are defining the business of banking for the purposes of the legislation, and not necessarily in general. In particular, most of the definitions are from legislation that has the purpose of regulating and supervising banks rather than regulating the actual business of banking. However, in many cases the statutory definition closely mirrors the common law one. Examples of statutory definitions:
*"banking business" means the business of receiving money on current or deposit account, paying and collecting cheques drawn by or paid in by customers, the making of advances to customers, and includes such other business as the Authority may prescribe for the purposes of this Act; (Banking Act (Singapore), Section 2, Interpretation).
*"banking business" means the business of either or both of the following:

# receiving from the general public money on current, deposit, savings or other similar account repayable on demand or within less than [3 months] ... or with a period of call or notice of less than that period;
# paying or collecting checks drawn by or paid in by customers.<ref>(Banking Ordinance, Section 2, Interpretation, Hong Kong) Note that in this case the definition is extended to include accepting any deposits repayable in less than 3 months, companies that accept deposits of greater than HK$100 000 for periods of greater than 3 months are regulated as [[List of banks in Hong Kong|deposit taking companies]] rather than as banks in Hong Kong.</ref>

Since the advent of [[EFTPOS]] (Electronic Funds Transfer at Point Of Sale), direct credit, [[direct debit]] and [[online banking|internet banking]], the cheque has lost its primacy in most banking systems as a payment instrument. This has led legal theorists to suggest that the cheque based definition should be broadened to include financial institutions that conduct current accounts for customers and enable customers to pay and be paid by third parties, even if they do not pay and collect checks.<ref>e.g. Tyree's Banking Law in New Zealand, A L Tyree, LexisNexis 2003, page 70.</ref>

==Banking==

===Standard activities===
[[File:WinonaSavingsBankVault.JPG|thumb|Large door to an old [[bank vault]].]]
Banks act as payment agents by conducting [[Transactional account|checking or current accounts]] for customers, paying [[cheque]]s drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as [[Automated Clearing House]] (ACH), [[Wire transfer]]s or [[telegraphic transfer]], [[EFTPOS]], and [[automated teller machine]] (ATM).

Banks borrow money by accepting funds deposited on current accounts, by accepting [[term deposit]]s, and by issuing debt securities such as [[banknotes]] and [[Bond (finance)|bonds]]. Banks lend money by making advances to customers on current accounts, by making [[installment loan]]s, and by investing in marketable debt securities and other forms of money lending.

Banks provide different payment services, and a bank account is considered indispensable by most businesses and individuals. Non-banks that provide payment services such as remittance companies are normally not considered as an adequate substitute for a bank account.

Banks can create new money when they make a loan. New loans throughout the banking system generate new deposits elsewhere in the system. The money supply is usually increased by the act of lending, and reduced when loans are repaid faster than new ones are generated. In the United Kingdom between 1997 and 2007, there was an increase in the money supply, largely caused by much more bank lending, which served to push up property prices and increase private debt. The amount of money in the economy as measured by M4 in the UK went from £750 billion to £1700 billion between 1997 and 2007, much of the increase caused by bank lending.<ref>Bank of England statistics and the book "Where does money come from?", page 47, by the New Economics Foundation.</ref> If all the banks increase their lending together, then they can expect new deposits to return to them and the amount of money in the economy will increase. Excessive or risky lending can cause borrowers to default, the banks then become more cautious, so there is less lending and therefore less money so that the economy can go from boom to bust as happened in the UK and many other Western economies after 2007.

===Range of activities===
Activities undertaken by large banks include [[investment banking]], [[commercial bank|corporate banking]], [[private banking]], [[insurance]], [[loan|consumer finance]], [[foreign exchange market|foreign exchange trading]], [[commodity market|commodity trading]], [[stock market|trading in equities]], [[futures exchange|futures and options trading]] and [[money market|money market trading]].

===Channels===
Banks offer many different channels to access their banking and other services:
* [[Automated Teller Machine]]s
* A [[Branch (banking)|branch]] is a retail location
* [[Call center]]
* Mail: most banks accept cheque deposits via mail and use mail to communicate to their customers, e.g. by sending out statements
* [[Mobile banking]] is a method of using one's mobile phone to conduct banking transactions
* [[Online banking]] is a term used for performing multiple transactions, payments etc. over the Internet
* [[Customer relationship management|Relationship Managers]], mostly for private banking or business banking, often visiting customers at their homes or businesses
* [[Telephone banking]] is a service which allows its customers to conduct transactions over the telephone with [[automated attendant]] or when requested with [[Switchboard operator|telephone operator]]
* [[Video banking]] is a term used for performing banking transactions or professional banking consultations via a remote video and audio connection. Video banking can be performed via purpose built banking transaction machines (similar to an Automated teller machine), or via a [[video conference]] enabled bank branch clarification
* [[Direct Selling Association|DSA]] is a Direct Selling Agent, who works for the bank based on a contract. Its main job is to increase the customer base for the bank.

===Business models===
A bank can generate revenue in a variety of different ways including interest, transaction fees and financial advice. The main method is via charging [[interest]] on the capital it lends out to customers.{{Citation needed|reason=banks are something that affect many people's lives and claims such as this should be cited and verified to insure that they are not outdated, incorrect, or misleading|date=January 2011}} The bank profits from the difference between the level of interest it pays for deposits and other sources of funds, and the level of interest it charges in its lending activities.

This difference is referred to as the [[Net interest spread|spread]] between the cost of funds and the loan interest rate. Historically, profitability from lending activities has been cyclical and dependent on the needs and strengths of loan customers and the stage of the [[economic cycle]]. Fees and financial advice constitute a more stable revenue stream and banks have therefore placed more emphasis on these revenue lines to smooth their financial performance.

In the past 20 years American banks have taken many measures to ensure that they remain profitable while responding to increasingly changing market conditions.
* First, this includes the [[Gramm-Leach-Bliley Act]], which allows banks again to merge with investment and insurance houses. Merging banking, investment, and insurance functions allows traditional banks to respond to increasing consumer demands for "one-stop shopping" by enabling cross-selling of products (which, the banks hope, will also increase profitability).
* Second, they have expanded the use of [[risk-based pricing]] from business lending to consumer lending, which means charging higher interest rates to those customers that are considered to be a higher credit risk and thus increased chance of [[default (finance)|default]] on loans. This helps to offset the losses from bad loans, lowers the price of loans to those who have better credit histories, and offers credit products to high risk customers who would otherwise be denied credit.
* Third, they have sought to increase the methods of payment processing available to the general public and business clients. These products include [[debit card]]s, prepaid cards, [[smart card]]s, and [[credit card]]s. They make it easier for consumers to conveniently make transactions and [[consumption smoothing|smooth their consumption]] over time (in some countries with underdeveloped financial systems, it is still common to deal strictly in cash, including carrying suitcases filled with cash to purchase a home).

:However, with convenience of easy credit, there is also increased risk that consumers will mismanage their financial resources and accumulate excessive debt. Banks make money from card products through interest charges and fees charged to cardholders, and [[transaction fee]]s to retailers who accept the bank's credit and/or debit cards for payments.
This helps in making profit and facilitates economic development as a whole.<ref>{{cite web|url=http://www.thestreet.com/story/10385783/how-banks-make-money.html|title= How Banks Make Money|publisher= The Street|accessdate=2011-09-08}}</ref>

===Products===
[[File:Halifax bank, Commercial Street, Leeds (27th May 2010).jpg|thumb|right|A former [[building society]], now a modern retail bank in [[Leeds]], [[West Yorkshire]].]]
[[File:NatWest Castle Street.jpg|thumb|right| An interior of a branch of [[National Westminster Bank]] on Castle Street, [[Liverpool]]]]
[[File:Bank of Georgia headquarters.jpg|thumb|[[Bank of Georgia headquarters]] in [[Tbilisi]], [[Georgia (country)|Georgia]]]]

====Retail banking====
* [[Savings account]]
* [[Money market account]]
* [[Certificate of deposit]] (CD)
* [[Individual retirement account]] (IRA)
* [[Credit card]]
* [[Debit card]]
* [[Mortgage]]
* [[Mutual fund]]
* [[Personal loan]]
* [[Time deposits]]
*[[ATM card]]
*[[Transactional account#Current accounts|Current Accounts]]
*[[Cheque|Cheque books]]

====Business (or commercial/investment) banking====
* [[Loan|Business loan]]
* [[Stock exchange#Raising capital for businesses|Capital raising]] ([[Equity (finance)|Equity]] / [[Debt]] / [[Hybrid security|Hybrids]])
* [[Mezzanine finance]]
* [[Project finance]]
* [[Revolving credit]]
* [[Risk management]] ([[Foreign exchange market|FX]], [[interest rates]], [[commodities]], [[Derivative (finance)|derivatives]])
* [[Term loan]]
* Cash Management Services (Lock box, Remote Deposit Capture, Merchant Processing)
* credit services

==Capital and risk ==
Banks face a number of [[financial risk|risks]] in order to conduct their business, and how well these risks are managed and understood is a key driver behind profitability, and how much [[Capital requirement|capital]] a bank is required to hold. Bank capital consists principally of [[common stock|equity]], [[retained earnings]] and [[subordinated debt]].

Some of the main risks faced by banks include:
* [[Credit risk]]: risk of loss{{Citation needed|date=November 2010}} arising from a borrower who does not make payments as promised.
* [[Liquidity risk]]: risk that a given security or asset cannot be traded quickly enough in the market to prevent a loss (or make the required profit).
* [[Market risk]]: risk that the value of a portfolio, either an investment portfolio or a trading portfolio, will decrease due to the change in value of the market risk factors.
* [[Operational risk]]: risk arising from execution of a company's business functions.
* [[Reputational risk]]: a type of risk related to the trustworthiness of business.
* [[Macroeconomics|Macroeconomic risk]]: risks related to the aggregate economy the bank is operating in.<ref>{{cite journal|last=Bolt|first=Wilko|author2=Leo de Haan|author3= Marco Hoeberichts|author4= Maarten van Oordt|author5= Job Swank|title=Bank Profitability during Recessions|journal=Journal of Banking & Finance|year=2012|volume=36|issue=9|pages=2552–2564|doi=10.1016/j.jbankfin.2012.05.011}}</ref>

The [[capital requirement]] is a [[bank regulation]], which sets a framework within which a bank or depository institution must manage its [[balance sheet]]. The categorization of assets and capital is highly standardized so that it can be [[risk-weighted asset|risk weighted]].

==Banks in the economy==
[[File:SEB Building in Tallinn.jpg|thumb|[[Skandinaviska Enskilda Banken|SEB]] main building in [[Tallinn]], [[Estonia]]]]
{{See also|Financial system}}

===Economic functions===
The economic functions of banks include:
# Issue of money, in the form of [[banknotes]] and current accounts subject to [[cheque|check]] or payment at the customer's order. These claims on banks can act as money because they are negotiable or repayable on demand, and hence valued at par. They are effectively transferable by mere delivery, in the case of banknotes, or by drawing a check that the payee may bank or cash.
# Netting and settlement of payments – banks act as both collection and paying agents for customers, participating in interbank clearing and settlement systems to collect, present, be presented with, and pay payment instruments. This enables banks to economize on reserves held for settlement of payments, since inward and outward payments offset each other. It also enables the offsetting of payment flows between geographical areas, reducing the cost of settlement between them.
# Credit intermediation – banks borrow and lend back-to-back on their own account as middle men.
# Credit quality improvement – banks lend money to ordinary commercial and personal borrowers (ordinary credit quality), but are high quality borrowers. The improvement comes from diversification of the bank's assets and capital which provides a buffer to absorb losses without defaulting on its obligations. However, banknotes and deposits are generally unsecured; if the bank gets into difficulty and pledges assets as security, to raise the funding it needs to continue to operate, this puts the note holders and depositors in an economically subordinated position.
# [[Asset liability mismatch]]/[[Maturity transformation]] – banks borrow more on demand debt and short term debt, but provide more long term loans. In other words, they borrow short and lend long. With a stronger credit quality than most other borrowers, banks can do this by aggregating issues (e.g. accepting deposits and issuing banknotes) and redemptions (e.g. withdrawals and redemption of banknotes), maintaining reserves of cash, investing in marketable securities that can be readily converted to cash if needed, and raising replacement funding as needed from various sources (e.g. wholesale cash markets and securities markets).
# [[Money creation]] – whenever a bank gives out a loan in a [[fractional-reserve banking]] system, a new sum of virtual money is created.

===Bank crisis===
Banks are susceptible to many forms of risk which have triggered occasional systemic crises. These include [[liquidity risk]] (where many depositors may request withdrawals in excess of available funds), [[credit risk]] (the chance that those who owe money to the bank will not repay it), and [[interest rate risk]] (the possibility that the bank will become unprofitable, if rising interest rates force it to pay relatively more on its deposits than it receives on its loans).

Banking crises have developed many times throughout history, when one or more risks have emerged for a banking sector as a whole. Prominent examples include the [[bank run]] that occurred during the [[Great Depression]], the U.S. [[Savings and Loan crisis]] in the 1980s and early 1990s, the [[Japan]]ese banking crisis during the 1990s, and the [[sub-prime mortgage crisis]] in the 2000s.

===Size of global banking industry===
[[File:Bosakov dom.jpg|thumb|vpravo|OTP Bank in [[Prešov]] (Slovakia)]]
Assets of the largest 1,000 banks in the world grew by 6.8% in the 2008/2009 financial year to a record US$96.4 trillion while profits declined by 85% to US$115 billion. Growth in assets in adverse market conditions was largely a result of recapitalization. EU banks held the largest share of the total, 56% in 2008/2009, down from 61% in the previous year. Asian banks' share increased from 12% to 14% during the year, while the share of US banks increased from 11% to 13%. Fee revenue generated by global investment banking totaled US$66.3 billion in 2009, up 12% on the previous year.<ref name=ifsl>{{PDFlink|[http://www.thecityuk.com/assets/Uploads/Banking-2010.pdf Banking 2010]|638 KB}} charts 7–8, pages 3–4. [[TheCityUK]].</ref>

The United States has the most banks in the world in terms of institutions (7,085 at the end of 2008) and possibly branches (82,000).{{Citation needed|date=November 2009}} This is an indicator of the geography and regulatory structure of the USA, resulting in a large number of small to medium-sized institutions in its banking system. As of Nov 2009, China's top 4 banks have in excess of 67,000 branches ([[ICBC]]:18000+, [[Bank of China|BOC]]:12000+, [[China Construction Bank|CCB]]:13000+, [[Agricultural Bank of China|ABC]]:24000+) with an additional 140 smaller banks with an undetermined number of branches.
Japan had 129 banks and 12,000 branches. In 2004, Germany, France, and Italy each had more than 30,000 branches—more than double the 15,000 branches in the UK.<ref name=ifsl/>

==Regulation==
{{Main|Banking regulation}}
{{See also|Basel II}}
''Currently commercial banks are regulated in most jurisdictions by government entities and require a special bank license to operate.''
{{Basel II}}
Usually the definition of the business of banking for the purposes of regulation is extended to include acceptance of deposits, even if they are not repayable to the customer's order—although money lending, by itself, is generally not included in the definition.

Unlike most other regulated industries, the regulator is typically also a participant in the market, being either a publicly or privately governed [[central bank]]. Central banks also typically have a monopoly on the business of issuing [[banknote]]s. However, in some countries this is not the case. In the UK, for example, the [[Financial Services Authority]] licenses banks, and some commercial banks (such as the [[Bank of Scotland]]) issue their own banknotes in addition to those issued by the [[Bank of England]], the UK government's central bank.

Banking law is based on a contractual analysis of the relationship between the ''bank'' (defined above) and the ''customer''—defined as any entity for which the bank agrees to conduct an account.

The law implies rights and obligations into this relationship as follows:
# The bank account balance is the financial position between the bank and the customer: when the account is in credit, the bank owes the balance to the customer; when the account is overdrawn, the customer owes the balance to the bank.
# The bank agrees to pay the customer's checks up to the amount standing to the credit of the customer's account, plus any agreed overdraft limit.
# The bank may not pay from the customer's account without a mandate from the customer, e.g. a check drawn by the customer.
# The bank agrees to promptly collect the checks deposited to the customer's account as the customer's agent, and to credit the proceeds to the customer's account.
# The bank has a right to combine the customer's accounts, since each account is just an aspect of the same credit relationship.
# The bank has a [[lien]] on checks deposited to the customer's account, to the extent that the customer is indebted to the bank.
# The bank must not disclose details of transactions through the customer's account—unless the customer consents, there is a public duty to disclose, the bank's interests require it, or the law demands it.
# The bank must not close a customer's account without reasonable notice, since checks are outstanding in the ordinary course of business for several days.

These implied contractual terms may be modified by express agreement between the customer and the bank. The statutes and regulations in force within a particular jurisdiction may also modify the above terms and/or create new rights, obligations or limitations relevant to the bank-customer relationship.

Some types of financial institution, such as [[Building Society|building societies]] and [[credit unions]], may be partly or wholly exempt from bank license requirements, and therefore regulated under separate rules.

The requirements for the issue of a bank license vary between jurisdictions but typically include:
# Minimum capital
# Minimum capital ratio
# 'Fit and Proper' requirements for the bank's controllers, owners, directors, or senior officers
# Approval of the bank's business plan as being sufficiently prudent and plausible.

==Types of banks==
Banks' activities can be divided into:
* [[retail banking]], dealing directly with individuals and small businesses;
* [[business banking]], providing services to mid-market business;
* [[corporate banking]], directed at large business entities;
* [[private banking]], providing wealth management services to [[high-net-worth individual]]s and families;
* [[investment banking]], relating to activities on the [[financial markets]].
Most banks are profit-making, private enterprises. However, some are owned by government, or are [[non-profit organization]]s.

===Types of banks===
[[File:NatBankRep.jpg|thumb|National Bank of the Republic, [[Salt Lake City]] 1908]]
[[File:ATM AL RAJHI BANK.JPG|thumb|[[Automated teller machine|ATM]] [[Al-Rajhi Bank]]]]
[[File:NatCuBank.jpg|thumb|National Copper Bank, [[Salt Lake City]] 1911]]
*[[Commercial bank]]s: the term used for a normal bank to distinguish it from an investment bank. After the [[Great Depression]], the U.S. Congress required that banks only engage in banking activities, whereas investment banks were limited to [[capital market]] activities. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses.
*[[Community banks]]: locally operated financial institutions that empower employees to make local decisions to serve their customers and the partners.
*[[Community development bank]]s: regulated banks that provide financial services and credit to under-served markets or populations.
*[[Land development bank]]s: The special banks providing Long Term Loans are called [[Land development bank|Land Development Banks]], in the short, LDB. The history of LDB is quite old. The first LDB was started at Jhang in [[Punjab]] in 1920. The main objective of the LDBs are to promote the development of land, agriculture and increase the agricultural production. The LDBs provide long-term finance to members directly through their branches.<ref name="agritech">{{cite web | url=http://agritech.tnau.ac.in/banking/crbank_land_dvpt_bank.html | title=LAND DEVELOPMENT BANK | publisher=TNAU Agritech Portal | accessdate=8 January 2014 | author=TNAU}}</ref>
*[[Credit union]]s or [[Cooperative banking|Co-operative Banks]]: not-for-profit [[cooperatives]] owned by the depositors and often offering rates more favorable than for-profit banks. Typically, membership is restricted to employees of a particular company, residents of a defined area, members of a certain [[labor union|union]] or religious organizations, and their immediate families.
*[[Postal savings system|Postal savings bank]]s: savings banks associated with national postal systems.
*[[Private banking|Private bank]]s: banks that manage the assets of high-net-worth individuals. Historically a minimum of USD 1 million was required to open an account, however, over the last years many private banks have lowered their entry hurdles to USD 250,000 for private investors.{{Citation needed|date=August 2010}}
*[[Offshore bank]]s: banks located in jurisdictions with low taxation and regulation. Many offshore banks are essentially private banks.
*[[Savings bank]]: in Europe, savings banks took their roots in the 19th or sometimes even in the 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative; in others, socially committed individuals created foundations to put in place the necessary infrastructure. Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralized distribution network, providing local and regional outreach—and by their socially responsible approach to business and society.
*[[Building societies]] and [[Landesbank]]s: institutions that conduct retail banking.
*[[Ethical bank]]s: banks that prioritize the transparency of all operations and make only what they consider to be socially responsible investments.
* A [[Direct bank|Direct or Internet-Only bank]] is a banking operation without any physical bank branches, conceived and implemented wholly with networked computers.

===Types of investment banks===
*[[Investment bank]]s "[[underwrite]]" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, provide [[investment management]], and advise corporations on [[capital market]] activities such as mergers and acquisitions.
*[[Merchant bank]]s were traditionally banks which engaged in [[trade finance]]. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Unlike [[venture cap]]s, they tend not to invest in new companies.

===Both combined===
*[[Universal bank]]s, more commonly known as [[financial services]] companies, engage in several of these activities. These big banks are very diversified groups that, among other services, also distribute insurance— hence the term [[bancassurance]], a [[portmanteau|portmanteau word]] combining "banque or bank" and "assurance", signifying that both banking and insurance are provided by the same corporate entity.

===Other types of banks===
*[[Central bank]]s are normally government-owned and charged with quasi-regulatory responsibilities, such as supervising commercial banks, or controlling the cash [[interest rate]]. They generally provide liquidity to the banking system and act as the [[lender of last resort]] in event of a crisis.
*[[Islamic bank]]s adhere to the concepts of [[Sharia|Islamic law]]. This form of banking revolves around several well-established principles based on Islamic canons. All banking activities must avoid interest, a concept that is forbidden in Islam. Instead, the bank earns profit ([[Markup (business)|markup]]) and fees on the financing facilities that it extends to customers.

==Challenges within the banking industry==
{{Globalize|section|date=September 2009}}
{{Unreferenced section|date=September 2008}}

===United States===
{{Main|Banking in the United States}}
[[File: People's Trust Company Building 183 Montague Street Brooklyn.jpg|180px|thumbnail|right|[[Citibank]], The People's Trust Company Building, [[Brooklyn]].]]

The United States banking industry is one of the most heavily regulated in the world,<ref>Scott Besley and Eugene F. Brigham, ''Principles of Finance'', 4th ed. (Mason, OH: South-Western Cengage Learning, 2009), 125. This popular university textbook explains: "Generally speaking, U.S. financial institutions have been much more heavily regulated and faced greater limitations ... than have their foreign counterparts."</ref> with multiple specialized and focused regulators. All banks with FDIC-insured deposits have the [[Federal Deposit Insurance Corporation]] (FDIC) as a regulator. , People's Trust Company Building, [[Brooklyn]]]]However, for soundness examinations (i.e., whether a bank is operating in a sound manner), the [[Federal Reserve]] is the primary federal regulator for Fed-member state banks; the [[Office of the Comptroller of the Currency]] (OCC) is the primary federal regulator for national banks; and the [[Office of Thrift Supervision]], or OTS, is the primary federal regulator for [[Savings and loan association|thrifts]]. State non-member banks are examined by the state agencies as well as the FDIC. National banks have one primary regulator—the OCC. Qualified Intermediaries & Exchange Accommodators are regulated by MAIC.

Each regulatory agency has their own set of rules and regulations to which banks and thrifts must adhere.
The [[Federal Financial Institutions Examination Council]] (FFIEC) was established in 1979 as a formal inter-agency body empowered to prescribe uniform principles, standards, and report forms for the federal examination of financial institutions. Although the FFIEC has resulted in a greater degree of regulatory consistency between the agencies, the rules and regulations are constantly changing.

In addition to changing regulations, changes in the industry have led to consolidations within the Federal Reserve, FDIC, OTS, MAIC and OCC. Offices have been closed, supervisory regions have been merged, staff levels have been reduced and budgets have been cut. The remaining regulators face an increased burden with increased workload and more banks per regulator. While banks struggle to keep up with the changes in the regulatory environment, regulators struggle to manage their workload and effectively regulate their banks. The impact of these changes is that banks are receiving less hands-on assessment by the regulators, less time spent with each institution, and the potential for more problems slipping through the cracks, potentially resulting in an overall increase in bank failures across the United States.

The changing economic environment has a significant impact on banks and thrifts as they struggle to effectively manage their interest rate spread in the face of low rates on loans, rate competition for deposits and the general market changes, industry trends and economic fluctuations. It has been a challenge for banks to effectively set their growth strategies with the recent economic market. A rising interest rate environment may seem to help financial institutions, but the effect of the changes on consumers and businesses is not predictable and the challenge remains for banks to grow and effectively manage the spread to generate a return to their shareholders.

The management of the banks’ asset portfolios also remains a challenge in today’s economic environment. Loans are a bank’s primary asset category and when loan quality becomes suspect, the foundation of a bank is shaken to the core. While always an issue for banks, declining [[asset quality]] has become a big problem for financial institutions.
[[File:Mirror building (4004925857).jpg|200px|thumbnail|right|Safra National Bank, New York]]
There are several reasons for this, one of which is the lax attitude some banks have adopted because of the years of “good times.” The potential for this is exacerbated by the reduction in the regulatory oversight of banks and in some cases depth of management. Problems are more likely to go undetected, resulting in a significant impact on the bank when they are discovered. In addition, banks, like any business, struggle to cut costs and have consequently eliminated certain expenses, such as adequate employee training programs.

Banks also face a host of other challenges such as aging ownership groups. Across the country, many banks’ management teams and board of directors are aging. Banks also face ongoing pressure by shareholders, both public and private, to achieve earnings and growth projections. Regulators place added pressure on banks to manage the various categories of risk. Banking is also an extremely competitive industry. Competing in the financial services industry has become tougher with the entrance of such players as insurance agencies, credit unions, check cashing services, credit card companies, etc.

As a reaction, banks have developed their activities in [[financial instruments]], through [[financial market]] operations such as [[brokerage firm|brokerage]] and MAIC trust & Securities Clearing services [[trading (finance)|trading]] and become big players in such activities.

===Loan activities of banks===
To be able to provide home buyers and builders with the funds needed, banks must compete for deposits. The phenomenon of [[disintermediation]] had to dollars moving from savings accounts and into direct market instruments such as [[United States Department of the Treasury|U.S. Department of Treasury]] obligations, agency securities, and corporate debt. One of the greatest factors in recent years in the movement of deposits was the tremendous growth of money market funds whose higher interest rates attracted consumer deposits.<ref name="multiple3">{{cite book |author=Mishler, Lon; Cole, Robert E. |title=Consumer and business credit management |publisher=Irwin |location=Homewood |year=1995 |pages=128–129 |isbn=0-256-13948-2 |oclc= |doi=}}</ref>

To compete for deposits, US savings institutions offer many different types of plans:<ref name="multiple3"/>
* [[Passbook]] or ordinary [[deposit account]]s — permit any amount to be added to or withdrawn from the account at any time.
* NOW and Super NOW accounts — function like checking accounts but earn interest. A minimum balance may be required on Super NOW accounts.
* [[Money market account]]s — carry a monthly limit of preauthorized transfers to other accounts or persons and may require a minimum or average balance.
* Certificate accounts — subject to loss of some or all interest on withdrawals before maturity.
* Notice accounts — the equivalent of certificate accounts with an indefinite term. Savers agree to notify the institution a specified time before withdrawal.
* [[Individual retirement account]]s (IRAs) and [[Keogh plan]]s — a form of retirement savings in which the funds deposited and interest earned are exempt from income tax until after withdrawal.
* [[Checking account]]s — offered by some institutions under definite restrictions.
* All withdrawals and deposits are completely the sole decision and responsibility of the account owner unless the parent or guardian is required to do otherwise for legal reasons.
* Club accounts and other [[savings account]]s — designed to help people save regularly to meet certain goals.

== Accounting for bank accounts ==
[[File:BBTLexington.jpg|thumb|Suburban bank branch]]
Bank statements are accounting records produced by banks under the various accounting standards of the world. Under [[Generally accepted accounting principles|GAAP]] and MAIC there are two kinds of accounts: debit and credit. Credit accounts are Revenue, Equity and Liabilities. Debit Accounts are Assets and Expenses. The bank credits a ''credit account'' to increase its balance, and debits a ''credit account'' to decrease its balance.<ref>{{cite book | title= Monetary and Financial Statistics: Compilation Guide | url= http://books.google.com/books?id=a03zkw-5fcEC | author= Statistics Department | year= 2001 | page= 24 | chapter= Source Data for Monetary and Financial Statistics | chapterurl= http://books.google.com/books?id=a03zkw-5fcEC&pg=PT36 | publisher= [[International Monetary Fund]] | location= [[Washington D.C.]] | isbn= 978-1-58906-584-0 | accessdate= 2009-03-14}}</ref>

The customer debits his or her savings/bank (asset) account in his ledger when making a deposit (and the account is normally in debit), while the customer credits a credit card (liability) account in his ledger every time he spends money (and the account is normally in credit). When the customer reads his bank statement, the statement will show a credit to the account for deposits, and debits for withdrawals of funds. The customer with a positive balance will see this balance reflected as a credit balance on the bank statement. If the customer is overdrawn, he will have a negative balance, reflected as a debit balance on the bank statement.

===Brokered deposits===
One source of deposits for banks is brokers who deposit large sums of money on the behalf of investors through MAIC or other trust corporations. This money will generally go to the banks which offer the most favorable terms, often better than those offered local depositors. It is possible for a bank to engage in business with no local deposits at all, all funds being brokered deposits. Accepting a significant quantity of such deposits, or "[[hot money]]" as it is sometimes called, puts a bank in a difficult and sometimes risky position, as the funds must be lent or invested in a way that yields a return sufficient to pay the high interest being paid on the brokered deposits. This may result in risky decisions and even in eventual failure of the bank. Banks which failed during 2008 and 2009 in the United States during the [[financial crisis of 2007–2008|global financial crisis]] had, on average, four times more brokered deposits as a percent of their deposits than the average bank. Such deposits, combined with risky real estate investments, factored into the [[savings and loan crisis]] of the 1980s. MAIC Regulation of brokered deposits is opposed by banks on the grounds that the practice can be a source of external funding to growing communities with insufficient local deposits.<ref>[http://www.nytimes.com/2009/07/04/business/04brokered.html "For Banks, Wads of Cash and Loads of Trouble"] article by Eric Lipton and Andrew Martin in ''[[The New York Times]]'' July 3, 2009</ref>

==Globalization in the Banking Industry==
In modern time there has been huge reductions to the barriers of global competition in the banking industry. Increases in telecommunications and other financial technologies, such as Bloomberg, have allowed banks to extend their reach all over the world, since they no longer have to be near customers to manage both their finances and their risk. The growth in cross-border activities has also increased the demand for banks that can provide various services across borders to different nationalities.
However, despite these reductions in barriers and growth in cross-border activities, the banking industry is nowhere near as globalized as some other industries. In the USA, for instance, very few banks even worry about the Riegle-Neal Act, which promotes more efficient interstate banking. In the vast majority of nations around globe the market share for foreign owned banks is currently less than a tenth of all market shares for banks in a particular nation.
One reason the banking industry has not been fully globalized is that it is more convenient to have local banks provide loans to small business and individuals. On the other hand for large corporations, it is not as important in what nation the bank is in, since the corporation's financial information is available around the globe. [http://www.eu-financial-system.org/fileadmin/content/Dokumente_Events/launching_workshop/Ongena.pdf A Study of Bank Nationality and reach]{{Dead link|date=February 2015}}

==See also==
{{multicol}}

'''Types of institutions:'''
* [[Bad bank]]
* [[Bankers' bank]]
* [[Building Society]]
* [[Cooperative bank]]
* [[Credit union]]
* [[Ethical bank]]
* [[Industrial loan company]]
* [[Islamic banking]]
* [[Mortgage bank]]
* [[Mutual savings bank]]
* [[Offshore banking]]
* [[Person-to-person lending]]
* [[Public bank]]
* [[Savings and loan association]]
* [[Savings bank]]
* [[Sparebank]]
{{multicol-break}}

'''Terms and concepts:'''
* [[Bank regulation]]
* [[Bankers' bonuses]]
* [[Call Report]]
* [[Cheque]]
* [[Electronic funds transfer]]
* [[Factoring (finance)]]
* [[Finance]]
* [[Fractional-reserve banking]]
* [[Full-reserve banking]]
* [[Hedge fund]]
* [[IBAN]]
* [[Internet banking]]
* [[Investment banking]]
* [[Mobile banking]]
* [[Money]]
* [[Money laundering]]
{{multicol-break}}
'''Terms and concepts:'''
* [[Narrow banking]]
* [[Overdraft]]
* [[Overdraft protection]]
* [[Piggy bank]]
* [[Pigmy Deposit Scheme]]
* [[Private Banking]]
* [[Stockbroker]]
* [[Substitute check]]
* [[SWIFT]]
* [[Tax haven]]
* [[Venture capital]]
* [[Wealth Management]]
* [[Wire transfer]]
{{multicol-break}}

'''Crime:'''
* [[Bank fraud]]
* [[Bank robbery]]
* [[Cheque fraud]]
* [[Mortgage fraud]]

'''Lists:'''
* [[List of largest banks]]
* [[List of accounting topics]]
* [[List of bank mergers in United States]]
* [[List of banks]]
* [[List of economics topics]]
* [[List of finance topics]]
* [[List of largest U.S. bank failures]]
* [[List of oldest banks]]
* [[List of stock exchanges]]

{{multicol-break}}

'''Banking by country'''
* [[Banking in Australia]]
* [[Banking in Austria]]
* [[Banking in Bangladesh]]
* [[Banking in Canada]]
* [[Banking in China]]
* [[Banking in France]]
* [[Banking in Germany]]
* [[Banking in Greece]]
* [[Banking in Iran]]
* [[Banking in India]]
* [[Banking in Israel]]
* [[Banking in Italy]]
* [[Banking in Pakistan]]
* [[Banking in Russia]]
* [[Banking in Singapore]]
* [[Banking in Switzerland]]
* [[Banking in Tunisia]]
* [[Banking in the United Kingdom]]
* [[Banking in the United States]]

{{multicol-end}}

==References==
{{Reflist|35em}}

==External links==
{{Sister project links |wikt=bank |commons=Category:Banks |b=no |n=no |q=no |s=1911 Encyclopædia Britannica/Banks and Banking |v=no |species=no }}
*[http://www.guardian.co.uk/news/datablog/2009/mar/25/banking-g20 Guardian Datablog – World's Biggest Banks]
*[http://ucblibraries.colorado.edu/govpubs/us/banking.htm Banking, Banks, and Credit Unions] from ''UCB Libraries GovPubs''
*''[http://www.occ.gov/static/publications/nbguide.pdf A Guide to the National Banking System]'' (PDF). [[Office of the Comptroller of the Currency]] (OCC), [[Washington, D.C.]] Provides an overview of the national banking system of the USA, its regulation, and the OCC.

{{Authority control}}
[[Category:Banks| ]]
[[Category:Banking| ]]
[[Category:Legal entities]]
[[Category:Italian inventions]]

Bank for International Settlements

2015-05-20T23:04:07Z

190.41.129.105: /* Organization of central banks */ adding template on regulation and standards

{{Refimprove|date=August 2012}}
{{Infobox organization
| name = Bank for International Settlements
| image = BIS-logo.PNG
| msize = 260px
| mcaption =
| established = 17 May 1930
| map = BIS members.svg
| Employees = 1300
| map_caption = BIS members
| type = International organization
| purpose = Central bank cooperation
| headquarters =
| location = [[Basel]], [[Switzerland]]
| coords = {{Coord|47|32|53|N|7|35|31|E|region:CH-BS_type:landmark|display=inline,title}}
| membership = 60 central banks
| language =
| leader_title = [[General manager]]
| leader_name = [[Jaime Caruana]]
| main_organ = [[Board of directors]]<ref>{{cite web|url=http://www.bis.org/about/board.htm |title=Board of Directors |publisher=www.bis.org/ |date= |accessdate=2011-04-14| archiveurl= http://web.archive.org/web/20110422070523/http://bis.org/about/board.htm| archivedate= 22 April 2011 | deadurl= no}}</ref>
| website = {{URL|www.bis.org}}
| remarks =
}}

The '''Bank for International Settlements''' ('''BIS'''; {{lang-fr|Banque des règlements internationaux}}, BRI) is an [[international organization]] of [[central banks]] which "fosters international monetary and financial cooperation and serves as a bank for [[central bank]]s".<ref name=About>{{Cite web|url=http://www.bis.org/about/index.htm |title=About BIS |accessdate=May 17, 2008 |work=Web page of  ''Bank for International Settlements''''''''| archiveurl= http://web.archive.org/web/20080514223453/http://www.bis.org/about/index.htm| archivedate= 14 May 2008 | deadurl= no}}</ref>
The BIS carries out its work through subcommittees, the secretariats it hosts and through an annual general meeting of all member banks. It also provides banking services, but only to central banks and other international organizations. It is based in [[Basel]], [[Switzerland]], with representative offices in [[Hong Kong]] and [[Mexico City]].

==History==
[[File:Basel - Bank für internationalen Zahlungsausgleich1.jpg|thumb|BIS main building in Basel, Switzerland]]
The BIS was established on May 17, 1930, by an intergovernmental agreement by [[Germany]], [[Belgium]], [[France]], [[United Kingdom]], [[Italy]], [[Japan]], [[United States]] and [[Switzerland]].<ref>http://treaties.un.org/Pages/showDetails.aspx?objid=0800000280167c31</ref><ref>http://www.bis.org/about/index.htm?l=2</ref>

The BIS was originally intended to facilitate [[World War I reparations|reparations]] imposed on Germany by the [[Treaty of Versailles]] after [[World War I]].<ref>[http://www.bis.org/about/history.htm BIS History - Overview.] BIS website. Retrieved 2011-02-13.</ref> The need to establish a dedicated institution for this purpose was suggested in 1929 by the [[Young Plan|Young Committee]], and was agreed to in August of that year at a conference at [[The Hague]]. A charter for the bank was drafted at the International Bankers Conference at [[Baden-Baden]] in November, and its charter was adopted at a second Hague Conference on January 20, 1930. According to the charter, shares in the bank could be held by individuals and non-governmental entities. The BIS was constituted as having corporate existence in Switzerland on the basis of an agreement with Switzerland acting as headquarters state for the bank. It also enjoyed immunity in all the contracting states.

Between 1933 and 1945 the BIS board of directors included [[Walther Funk]], a prominent [[Nazi]] official, and [[Emil Puhl]], as well as [[Hermann Schmitz (industrialist)|Hermann Schmitz]], the director of [[IG Farben]] and [[Kurt Baron von Schröder|Baron von Schroeder]], the owner of the [[J.H. Stein Bank]].

As a result of allegations that the BIS had helped the Germans loot assets from occupied countries during World War II, the [[United Nations Monetary and Financial Conference|Bretton Woods Conference]] recommended the "liquidation of the Bank for International Settlements at the earliest possible moment".<ref name="Financial Conference 1944">United Nations Monetary and Financial Conference, ''Final Act'' (London et al., 1944), Article IV.</ref> This resulted in the BIS being the subject of a disagreement between the non-governmental U.S. and British delegations. The liquidation of the bank was supported by other European delegates, as well as the United States (including [[Harry Dexter White]], [[Secretary of the Treasury]], and [[Henry Morgenthau, Jr.|Henry Morgenthau]]),<ref name="Financial Conference 1944"/> but opposed by [[John Maynard Keynes]], head of the British delegation.

Fearing that the BIS would be dissolved by President [[Franklin Delano Roosevelt]], Keynes went to Morgenthau hoping to prevent the dissolution, or have it postponed, but the next day the dissolution of the BIS was approved. However, the liquidation of the bank was never actually undertaken.<ref>{{Cite book |url=http://www.bookfinder.com/dir/i/The_Bretton_Woods_Debates-A_Memoir/0881650994/ |isbn=0-88165-099-4 |author=Raymond Frech Mikesell |page=42 |publisher=Princeton: International Finance Section, Dept. of Economics, Princeton University |quote=Essays in International Finance 192 |title=The Bretton Woods Debates: A Memoir |deadurl=no |accessdate=8 July 2013}}</ref> In April 1945, the new U.S. president [[Harry S. Truman]] and the British government suspended the dissolution, and the decision to liquidate the BIS was officially reversed in 1948.<ref>[http://www.bis.org/about/arch_guide.pdf brief history of the BIS]</ref>

The BIS was originally owned by both governments and private individuals, since the [[Economy of the United States|United States]] and [[Economy of France|France]] had decided to sell some of their [[Share (finance)|shares]] to private investors. BIS shares traded on stock markets, which made the bank an unusual organization: an international organization (in the technical sense of public [[international law]]), yet allowed for private shareholders. Many central banks had similarly started as such private institutions; for example, the [[Bank of England]] was privately owned until 1946. In more recent years the BIS has bought back its once publicly traded shares.<ref>http://www.bis.org/press/p050601.htm</ref> It is now wholly owned by BIS members (central banks) but still operates in the private market as a counterparty, asset manager and lender for central banks and international financial institutions.<ref>http://www.bis.org/banking/finserv.htm</ref> Profits from its transactions are used, among other things, to fund the bank's other international activities.

==Organization of central banks==
{{Basel II}}
As an organization of central banks, the BIS seeks to make [[monetary policy]] more predictable and transparent among its 60 member central banks, except in the case of Eurozone countries which forfeited the right to conduct monetary policy in order to implement the euro. While monetary policy is determined by most sovereign nations, it is subject to central and private banking scrutiny and potentially to speculation that affects [[Foreign exchange market|foreign exchange]] rates and especially the fate of export economies. Failures to keep monetary policy in line with reality and make [[monetary reform]]s in time, preferably as a [[simultaneous policy]] among all 60 member banks and also involving the [[International Monetary Fund]], have historically led to losses in the billions as banks try to maintain a policy using [[open market]] methods that have proven to be based on unrealistic assumptions.

Central banks do not unilaterally "set" rates, rather they set goals and intervene using their massive financial resources and regulatory powers to achieve monetary targets they set. One reason to coordinate policy closely is to ensure that this does not become too expensive and that opportunities for private [[arbitrage]] exploiting shifts in policy or difference in policy, are rare and quickly removed.

Two aspects of monetary policy have proven to be particularly sensitive, and the BIS therefore has two specific goals: to regulate [[capital adequacy]] and make [[reserve requirement]]s transparent.

===Regulates capital adequacy===
Capital adequacy policy applies to [[Stock|equity]] and [[capital asset]]s. These can be overvalued in many circumstances because they do not always reflect current market conditions or adequately assess the risk of every trading position. Accordingly the BIS requires the [[Capital adequacy ratio|capital/asset ratio]] of central banks to be above a prescribed minimum international standard, for the protection of all central banks involved.

The BIS's main role is in setting capital adequacy requirements. From an international point of view, ensuring capital adequacy is the most important problem between central banks, as speculative lending based on inadequate underlying capital and widely varying liability rules causes economic crises as "bad money drives out good" ([[Gresham's Law]]).

===Encourages reserve transparency===
Reserve policy is also important, especially to consumers and the domestic economy. To ensure [[liquidity]] and limit [[liability (financial accounting)|liability]] to the larger economy, banks cannot create money in specific industries or regions without limit. To make bank depositing and borrowing safer for customers and reduce risk of [[bank run]]s, banks are required to set aside or "reserve".

Reserve policy is harder to standardize as it depends on local conditions and is often fine-tuned to make industry-specific or region-specific changes, especially within large [[developing nation]]s. For instance, the [[People's Bank of China]] requires urban banks to hold 7% reserves while letting rural banks continue to hold only 6%, and simultaneously telling all banks that reserve requirements on certain overheated industries would rise sharply or penalties would be laid if investments in them did not stop completely. The PBoC is thus unusual in acting as a [[national bank]], focused on the country not on the currency, but its desire to control [[asset inflation]] is increasingly shared among BIS members who fear "[[Economic bubble|bubbles]]", and among exporting countries that find it difficult to manage the diverse requirements of the domestic economy, especially rural agriculture, and an export economy, especially in manufactured goods.

Effectively, the PBoC sets different reserve levels for domestic and export styles of development. Historically, the United States also did this, by dividing federal monetary management into nine regions, in which the less-developed western United States had looser policies.

For various reasons it has become quite difficult to accurately assess reserves on more than simple loan instruments, and this plus the regional differences has tended to discourage standardizing any reserve rules at the global BIS scale. Historically, the BIS did set some standards which favoured lending money to private landowners (at about 5 to 1) and for-profit corporations (at about 2 to 1) over loans to individuals. These distinctions reflecting [[classical economics]] were superseded by policies relying on undifferentiated market values—more in line with [[neoclassical economics]].

==Tier 1 versus total capital==
The BIS sets "requirements on two categories of capital, [[tier 1 capital]] and [[total capital]]. Tier 1 capital is the book value of its stock plus retained earnings. [[Tier 2 capital]] is loan-loss reserves plus [[subordinated debt]]. Total capital is the sum of Tier 1 and Tier 2 capital. Tier 1 capital must be at least 4% of total risk-weighted assets. Total capital must be at least 8% of total risk-weighted assets. When a bank creates a deposit to fund a loan, its assets and liabilities increase equally, with no increase in equity. That causes its capital ratio to drop. Thus the capital requirement limits the total amount of credit that a bank may issue. It is important to note that the capital requirement applies to assets while the bank [[reserve requirement]] applies to liabilities."<ref>Liu, Henry C. K. [http://atimes01.atimes.com/atimes/China/FL01Ad01.html China: PART 4: China steady on the peg]</ref>

==Goal: a financial safety net==
The relatively narrow role the BIS plays today does not reflect its ambitions or historical role.

A "well-designed financial safety net, supported by strong prudential regulation and supervision, effective laws that are enforced, and [[accounting reform|sound accounting and disclosure regimes]]", are among the Bank's goals. In fact they have been in its mandate since its founding in 1930 as a means to enforce the [[Treaty of Versailles]].

The BIS has historically had less power to enforce this "safety net" than it deems necessary. Recent head [[Andrew Crockett (British banker)|Andrew Crockett]] has bemoaned its inability to "hardwire the credit culture", despite many specific attempts to address specific concerns such as the growth of [[offshore financial centre]]s (OFCs), [[highly leveraged institutions]] (HLIs), [[large and complex financial institutions]] (LCFIs), [[deposit insurance]], and especially the spread of [[money laundering]] and [[accounting scandal]]s.

==Role in banking supervision==
The BIS provides the [[Basel Committee on Banking Supervision]] with its 17-member secretariat, and with it has played a central role in establishing the [[Basel Capital Accords]] of 1988 and 2004. There remain significant differences between [[United States]], [[European Union]], and [[United Nations]] officials regarding the degree of capital adequacy and reserve controls that global banking now requires. Put extremely simply, the United States, as of 2006, favoured strong strict central controls in the spirit of the original 1988 accords, while the EU was more inclined to a distributed system managed collectively with a committee able to approve some exceptions.

The UN agencies, especially [[ICLEI]], are firmly committed to fundamental risk measures: the so-called [[triple bottom line]] and were becoming critical of central banking as an institutional structure for ignoring fundamental risks in favour of technical [[risk management]].

==Accounting and use of SDRs==
Since 2004, the BIS has published its accounts in terms of [[special drawing rights]] (SDRs). As of 31 March 2013, the Fiscal Year Report of the bank had total assets of SDR 211,952.4 million. One SDR is equivalent to the sum of USD 0.660, EUR 0.423, JPY 12.1 and GBP 0.111. Included in that total is 404 tonnes (890,658 pounds) of fine gold.
Until 2003, the Bank for International Settlements used as currency the [[Gold Franc]].

==Members==
Sixty member central banks or monetary authorities of these countries:
<div style="font-size:100%;">
{{Columns |width=30.0em |gap=0.5em
|col1width=29.0em
|col1 = {{flagicon|Algeria}} [[Bank of Algeria]] 
{{flagicon|Argentina}} [[Central Bank of Argentina]] 
{{flagicon|Australia}} [[Reserve Bank of Australia]] 
{{flagicon|Austria}} [[National Bank of Austria|Austrian National Bank]] 
{{flagicon|Belgium}} [[National Bank of Belgium]] 
{{flagicon|Bosnia and Herzegovina}} [[Central Bank of Bosnia and Herzegovina]] 
{{flagicon|Brazil}} [[Central Bank of Brazil]] 
{{flagicon|Bulgaria}} [[Bulgarian National Bank]] 
{{flagicon|Canada}} [[Bank of Canada]] 
{{flagicon|Chile}} [[Central Bank of Chile]] 
{{flagicon|China}} [[People's Bank of China]] 
{{flagicon|Colombia}} [[Bank of the Republic (Colombia)]] 
{{flagicon|Croatia}} [[Croatian National Bank]] 
{{flagicon|Czech Republic}} [[Czech National Bank]] 
{{flagicon|Denmark}} [[Danmarks Nationalbank|National Bank of Denmark]] 
{{flagicon|Estonia}} [[Bank of Estonia]] 
{{flagicon|EU}} ''[[European Central Bank]]'' 
{{flagicon|Finland}} [[Bank of Finland]] 
{{flagicon|France}} [[Banque de France|Bank of France]] 
{{flagicon|Germany}} [[Deutsche Bundesbank]]
|col2 = {{flagicon|Greece}} [[Bank of Greece]] 
{{flagicon|Hong Kong}} ''[[Hong Kong Monetary Authority]]'' 
{{flagicon|Hungary}} [[Hungarian National Bank]] 
{{flagicon|Iceland}} [[Central Bank of Iceland]] 
{{flagicon|India}} [[Reserve Bank of India]] 
{{flagicon|Indonesia}} [[Bank Indonesia]] 
{{flagicon|Ireland}} [[Central Bank of Ireland]] 
{{flagicon|Israel}} [[Bank of Israel]] 
{{flagicon|Italy}} [[Banca d'Italia|Bank of Italy]] 
{{flagicon|Japan}} [[Bank of Japan]] 
{{flagicon|South Korea}} [[Bank of Korea]] 
{{flagicon|Latvia}} [[National Bank of Latvia|Bank of Latvia]] 
{{flagicon|Lithuania}} [[Bank of Lithuania]] 
{{flagicon|Luxembourg}} [[Central Bank of Luxembourg]] 
{{flagicon|Macedonia}} [[National Bank of the Republic of Macedonia]] 
{{flagicon|Malaysia}} [[Bank Negara Malaysia|Central Bank of Malaysia]] 
{{flagicon|Mexico}} [[Bank of Mexico]] 
{{flagicon|Netherlands}} [[De Nederlandsche Bank]] 
{{flagicon|New Zealand}} [[Reserve Bank of New Zealand]] 
{{flagicon|Norway}} [[Norges Bank]]
|col3 = {{flagicon|Peru}} [[Central Reserve Bank of Peru]] 
{{flagicon|Philippines}} [[Bangko Sentral ng Pilipinas|Central Bank of the Philippines]] 
{{flagicon|Poland}} [[National Bank of Poland]] 
{{flagicon|Portugal}} [[Banco de Portugal|Bank of Portugal]] 
{{flagicon|Romania}} [[National Bank of Romania]] 
{{flagicon|Russia}} [[Central Bank of Russia|Central Bank of the Russian Federation]] 
{{flagicon|Saudi Arabia}} [[Saudi Arabian Monetary Agency]] 
{{flagicon|Serbia}} [[National Bank of Serbia]] 
{{flagicon|Singapore}} [[Monetary Authority of Singapore]] 
{{flagicon|Slovakia}} [[National Bank of Slovakia]] 
{{flagicon|Slovenia}} [[Bank of Slovenia]] 
{{flagicon|South Africa}} [[South African Reserve Bank]] 
{{flagicon|Spain}} [[Bank of Spain]] 
{{flagicon|Sweden}} [[Sveriges Riksbank]] 
{{flagicon|Switzerland}} [[Swiss National Bank]] 
{{flagicon|Thailand}} [[Bank of Thailand]] 
{{flagicon|Turkey}} [[Central Bank of Turkey|Central Bank of the Republic of Turkey]] 
{{flagicon|UAE}} [[Central Bank of the United Arab Emirates]] 
{{flagicon|UK}} [[Bank of England]] 
{{flagicon|US}} [[Federal Reserve System]]
}}
</div>

==Leadership==

===Chairman of the board and president===
{| class="wikitable"
|-
! Chairman
! Nationality
! Dates
! President
! Nationality
! Dates
|-
|[[Gates McGarrah|Gates W. McGarrah]]*
|{{flag|United States of America}}
|April 1930 – May 1933
|colspan=3 {{n/a}}
|-
|[[Leon Fraser]]*
|{{flag|United States of America}}
|May 1933 – May 1935
|colspan=3 {{n/a}}
|-
|rowspan="2" | [[Leonardus Trip|Leonardus J. A. Trip]]*
|rowspan="2" | {{flag|Netherlands}}
| May 1935 – May 1937
|colspan=3 {{n/a}}
|-
|May 1937 – December 1939
|[[J. Willem Beyen]]
|{{flag|Netherlands}}
|May 1937 – December 1939
|-
|rowspan="2" | [[Otto Niemeyer|O. E. Niemeyer]]*
|rowspan="2" | {{flag|United Kingdom}}
|May 1937 – May 1940
|colspan=3 {{n/a}}**
|-
|January 1940 – June 1946
|[[Thomas H. McKittrick]]
|{{flag|United States of America}}
|January 1940 – June 1946
|-
|[[Ernst Weber (banker)|Ernst Weber]]
|{{flag|Switzerland}}
|December 1942 – November 1945
|colspan=3 {{n/a}}**
|-
|rowspan="2" | [[Maurice Frère]]
|rowspan="2" | {{flag|Belgium}}
|July 1946 – June 1948
|colspan=3 {{n/a}}**
|-
|June 1948 – June 1958
|[[Maurice Frère]]
|{{flag|Belgium}}
|June 1948 – June 1958
|-
|[[Marius Holtrop|Marius W. Holtrop]]*
|{{flag|Netherlands}}
| July 1958 – June 1967
|colspan=3 {{n/a}}
|-
|[[Jelle Zijlstra]]*
|{{flag|Netherlands}}
|July 1967 – December 1981
|colspan=3 {{n/a}}
|-
|[[Fritz Leutwiler]]*
|{{flag|Switzerland}}
|January 1982 – December 1984
|colspan=3 {{n/a}}
|-
|[[Jean Godeaux]]*
|{{flag|Belgium}}
|January 1985 – December 1987
|colspan=3 {{n/a}}
|-
|[[Wim Duisenberg|W. F. Duisenberg]]*
|{{flag|Netherlands}}
|January 1988 – December 1990
|colspan=3 {{n/a}}
|-
|[[Bengt Dennis]]*
|{{flag|Sweden}}
|January 1991 – December 1993
|colspan=3 {{n/a}}
|-
|[[Wim Duisenberg|W. F. Duisenberg]]*
|{{flag|Netherlands}}
|January 1994 – June 1997
|colspan=3 {{n/a}}
|-
|[[Alfons Verplaetse]]*
|{{flag|Belgium}}
|July 1997 – February 1999
|colspan=3 {{n/a}}
|-
|[[Urban Bäckström]]*
|{{flag|Sweden}}
|March 1999 – February 2002
|colspan=3 {{n/a}}
|-
|[[Nout Wellink|A. H. E. M. Wellink]]*
|{{flag|Netherlands}}
|March 2002 – February 2006
|colspan=3 {{n/a}}
|-
|[[Jean-Pierre Roth]]
|{{flag|Switzerland}}
|March 2006 – February 2009
|colspan=3 {{n/a}}***
|-
|[[Guillermo Ortiz Martínez|Guillermo Ortiz]]
|{{flag|Mexico}}
|March 2009 – December 2009
|colspan=3 {{n/a}}***
|-
|[[Christian Noyer]]
|{{flag|France}}
|March 2010 – present
|colspan=3 {{n/a}}***
|-
|colspan=6 | Source:<ref>[http://www.bis.org/about/formerboard.htm BIS]
|}</ref>

<nowiki>*</nowiki> President and chairman. 
<nowiki>**</nowiki> None. 
<nowiki>***</nowiki> Position abolished on 27 June 2005.

===Vice-chairmen===
{{Expand section|date=November 2014}}

===General managers===
{| class="wikitable"
|-
! Name
! Nationality
! Dates
|-
|[[Jaime Caruana]]
|{{Flag|Spain}}
|April 2009 – present
|-
|[[Malcolm Knight|Malcolm D. Knight]]
|{{flag|Canada}}
|April 2003 – September 2008
|-
|[[Andrew Crockett (British banker)|Sir Andrew Crockett]]
|{{flag|United Kingdom}}
|January 1994 – March 2003
|-
|[[Alexandre Lamfalussy]]
|{{flag|Belgium}}
|May 1985 – December 1993
|-
|Gunther Schleiminger
|{{flag|Germany}}
|1981 – May 1985
|-
|René Larre
|{{flag|France}}
|1971–1981
|-
|Gabriel Ferras
|{{flag|France}}
|1963–1971
|-
|Guillaume Guindey
|{{flag|France}}
|1958–1963
|-
|Roger Auboin
|{{flag|France}}
|1938–1958
|-
|Pierre Quesnay
|{{flag|France}}
|1930–1938
|}

===Board of directors===
* [[Christian Noyer]], Paris (Chairman of the Board of Directors)
* [[Masaaki Shirakawa]], Tokyo
* [[Janet Yellen]], Washington, D.C.
* [[Stephen Poloz|Stephen S Poloz]], Ottawa
* [[Agustín Carstens]], Mexico City
* [[Luc Coene]], Brussels
* [[Andreas Dombret]], Frankfurt am Main
* [[Mario Draghi]], Frankfurt am Main
* [[William C. Dudley|William Dudley]], New York
* [[Stefan Ingves]], Stockholm
* [[Thomas Jordan (economist)|Thomas Jordan]], Zurich
* [[Mark Carney]], London
* [[Klaas Knot]], Amsterdam
* [[Anne Le Lorier]], Paris
* [[Guy Quaden]], Brussels
* [[Fabrizio Saccomanni]], Rome
* [[Ignazio Visco]], Rome
* [[Jens Weidmann]], Frankfurt am Main
* [[Zhou Xiaochuan]], Beijing

==See also==
* [[Bank regulation]]
* [[Basel III]]
* [[Continuous linked settlement]]
* [[Financial Stability Board]]
* [[Global financial system]]
* [[International Court of Justice]]
* [[League of Nations]]
* [[Gold Franc]]

==References==
{{Reflist|35em}}

==External links==
{{Commons category}}
* [http://www.bis.org/index.htm BIS website]
* [http://www.newswithviews.com/Wood/patrick4.htm Global Banking: The Bank For International Settlements] An analysis of the origins and functions of the BIS.
* [http://www.edwardjayepstein.com/archived/moneyclub.htm The Money Club] By [[Edward Jay Epstein]], ''[[Harper's Magazine|Harpers]]'', 1983.
* [http://www.imf.org/external/am/2001/o/imfcstat/fsf.htm Andrew Crockett statement to the IMF.]
* {{Wayback |date=20120204144408 |url=http://atimes01.atimes.com/atimes/China/FL01Ad01.html |title=An account of the use of reserve policy and other central bank powers in China }} By '''Henry C K Liu''' in the ''[[Asia Times]]''.
* {{YouTube|YauM5dHLn1s|''Banking with Hitler''}}, ''[[Timewatch]]'', Paul Elston, producer [[Laurence Rees]], narrator [[Sean Barrett (actor)|Sean Barrett]] (UK), [[BBC]], 1998 (A video documentary about the BIS role in financing Nazi Germany)
* {{Dodis|R266}}

{{Central banks|Global}}

{{Authority control}}
[[Category:1930 establishments in Switzerland]]
[[Category:Banks established in 1930]]
[[Category:Central banks]]
[[Category:International banking institutions]]
[[Category:International finance institutions]]
[[Category:Supranational banks|International Settlements]]

Forex scandal

2015-05-20T23:01:40Z

190.41.129.105: Adding Template on Bank regulation and standards {{Basel II}}, and moving quote-box to investigation section

{{Basel II}}
The''' forex scandal''' (also known as the '''forex probe''') is a financial scandal that involves the revelation, and subsequent investigation, that banks [[colluded]] for at least a decade to manipulate [[exchange rates]] for their own financial gain. Market regulators in Asia, Switzerland, the United Kingdom, and the United States began to investigate the $5.3 trillion-a-day [[foreign exchange market]] (forex) after ''[[Bloomberg News]]'' reported in June 2013 that currency dealers said they had been [[front-running]] client orders and rigging the foreign exchange benchmark WM/Reuters rates by colluding with counterparts and pushing through trades before and during the 60-second windows when the benchmark rates are set. The behavior occurred daily in the spot foreign-exchange market and went on for at least a decade according to currency traders.<ref name=OriginalReport>{{cite news|last=Liam Vaughan, Gavin Finch and Ambereen Choudhury|title=Traders Said to Rig Currency Rates to Profit Off Clients|url=http://www.bloomberg.com/news/2013-06-11/traders-said-to-rig-currency-rates-to-profit-off-clients.html|accessdate=21 January 2014|newspaper=Bloomberg News|date=12 June 2013}}</ref>

==Investigation==
{{Quote box
|quote = Dont want other numpty's in mkt to know [about information exchanged within the group], but not only that is he gonna protect us like we protect each other…|source=[[Citibank]] trader — on prospective new member to the cartel chatroom<ref name=McCoy>{{cite news|last1=McCoy|first1=Kevin|title=Forex traders plotted strategy in secret chats|url=http://www.usatoday.com/story/money/business/2014/11/12/banks-forex-chat-room-excerpts/18901819/|accessdate=13 November 2014|publisher=USA Today|date=12 November 2014}}</ref><ref name=fcajpmorgan>{{cite web|title=FCA Final Notice 2014: JPMorgan Chase Bank N.A.|url=http://www.fca.org.uk/your-fca/documents/final-notices/2014/jpmorgan-chase-bank|website=Financial Conduct Authority|accessdate=13 November 2014}}</ref>|width = 20%|title = Secret trading chatrooms|tstyle = text-align: left;}}
At the center of the investigation are the transcripts of electronic [[chatroom]]s in which senior currency traders discussed with their competitors at other banks the types and volume of the trades they planned to place. The electronic chatrooms had names such as "The Cartel", "The Bandits’ Club", "One Team, One Dream" and "The Mafia".<ref>{{cite news|last=Liam Vaughan, Gavin Finch and Bob Ivry |first= |url=http://www.bloomberg.com/news/2013-12-19/how-secret-currency-traders-club-devised-biggest-market-s-rates.html |title=Secret Currency Traders’ Club Devised Biggest Market’s Rates |newspaper=Bloomberg News |date=2013-12-19 |accessdate=2014-02-03}}</ref><ref>{{cite news|last=Katie Martin and David Enrich |first= |url=http://online.wsj.com/news/articles/SB10001424052702304866904579267901064067572 |title=Forex Traders Said to Have Colluded in Effort to Profit |newspaper=Wall Street Journal |date=2013-12-19 |accessdate=2014-02-03}}</ref><ref name=Reuters/> The discussions in the chatrooms were interspersed with jokes about manipulating the forex market and repeated references to alcohol, drugs, and women.<ref name="Enrich">{{cite news|last=David Enrich and Katie Martin |first= |url=http://online.wsj.com/news/articles/SB10001424052702303618904579171390414686878 |title=Currency Probe Widens as Major Banks Suspend Traders|newspaper=Wall Street Journal |date=2013-11-01 |accessdate=2014-02-03}}</ref> Regulators are particularly focusing in on one small exclusive chatroom which was variously called the The Cartel or The Mafia. The chatroom was used by some of the most influential traders in [[City of London|London]] and membership in the chatroom was highly sought after. Among The Cartel's members were Richard Usher, a former [[Royal Bank of Scotland|Royal Bank of Scotland (RBS)]] senior trader who went to [[JPMorgan]] as head of spot foreign exchange trading in 2010, Rohan Ramchandani, [[Citigroup]]’s head of European spot trading, Matt Gardiner, who joined [[Standard Chartered]] after working at [[UBS]] and [[Barclays]], and Chris Ashton, head of voice spot trading at Barclays. Two of these senior traders, Richard Usher and Rohan Ramchandani, are members of the 13-member [[Bank of England]] Joint Standing Committee's chief dealers group.<ref name="Schafer">{{cite news|last=Daniel Schäfer, Alice Ross and Delphine Strauss|first= |url=http://www.ft.com/cms/s/2/7a9b85b4-4af8-11e3-8c4c-00144feabdc0.html#axzz2sG2XPJec |title=Foreign exchange: The big fix |newspaper=Financial Times |date=2013-11-12 |accessdate=2014-02-03}}</ref>

At least 15 banks including Barclays, [[HSBC]], and [[Goldman Sachs]] disclosed investigations by regulators. Barclays, Citigroup, and JPMorgan Chase all suspended or placed on leave senior currency traders. [[Deutsche Bank]], continental Europe’s largest lender, was also cooperating with requests for information from regulators.<ref name=Sebag>{{cite news|last=Gaspard Sebag and Aoife White|title=Banks Said to Snitch on FX Rivals in Race to Avoid Fines|url=http://www.bloomberg.com/news/2013-12-20/banks-said-to-snitch-on-fx-competitors-in-race-to-avoid-eu-fines.html|accessdate=21 January 2014|newspaper=Bloomberg News|date=19 December 2013}}</ref><ref name="Schafer"/> Barclays, Citigroup, Deutsche Bank, HSBC, JPMorgan Chase, [[Lloyds Banking Group|Lloyds]], RBS, Standard Chartered, UBS and the [[Bank of England]] as of June 2014 had suspended, placed on leave, or fired some 40 forex employees.<ref name=Reuters>{{cite news|title=Forex Chatrooms Show Traders Shared Order, Price Details: Report|url=http://profit.ndtv.com/news/forex/article-forex-chatrooms-show-traders-shared-order-price-details-report-539899|accessdate=1 July 2014|agency=Reuters|publisher=NDTV Profit|date=19 June 2014}}</ref><ref>{{cite news|last=Alice Ross, Daniel Schäfer and Gina Chon |first= |url=http://www.ft.com/intl/cms/s/0/03659de2-7dc8-11e3-95dd-00144feabdc0.html#axzz2sA4TUFeI |title=Deutsche Bank suspends traders amid global forex probe |newspaper=Financial Times |date=2014-01-15 |accessdate=2014-02-03}}</ref><ref>{{cite news|last=Nicholas Comfort and Karin Matussek |first= |url=http://www.bloomberg.com/news/2014-01-30/deutsche-bank-said-to-suspend-moraiz-in-currency-probe.html |title=Deutsche Bank Said to Suspend Moraiz in Currency Probe |newspaper=Bloomberg News |date=2014-01-30 |accessdate=2014-02-03}}</ref><ref name=FTreporters>{{cite news|last=Daniel Schäfer, Patrick Jenkins, Mike Mackenzie, Kara Scannell, Alex Barker, Camilla Hall, Caroline Binham and Delphine Strauss|title=Forex in the spotlight|url=http://www.ft.com/intl/cms/s/0/a296da48-9579-11e3-8371-00144feab7de.html#axzz2tfdCIcDV|accessdate=18 February 2014|newspaper=Financial Times|date=16 February 2014}}</ref> Citigroup had also fired its head of European spot foreign exchange trading, Rohan Ramchandani, who was a member of the 13-member Bank of England Joint Standing Committee's chief dealers group.<ref>{{cite news|last=Bases |first=Daniel |url=http://uk.reuters.com/article/2014/01/10/forex-citi-probe-idUKL2N0KK29920140110 |title=Citi's European spot forex head trader Ramchandani out amid probe |newspaper=Reuters |date=2014-01-10 |accessdate=2014-02-03}}</ref> ''[[Reuters]]'' reported hundreds of traders around the world could be implicated in the scandal.<ref>{{cite news|author=Jamie McGeever |url=http://www.theglobeandmail.com/report-on-business/international-business/european-business/deutsche-bank-suspends-multiple-currency-traders-in-new-york-source/article16340584/ |title=Deutsche Bank, Citi feel the heat of widening FX investigation |newspaper=The Globe and Mail |date=2014-01-15 |accessdate=2014-02-03}}</ref>

==Fines for manipulation==
On 12 November 2014, the [[Financial Conduct Authority|Financial Conduct Authority (FCA)]] imposed fines totaling $1.7 billion on five banks for failing to control business practices in their [[Group of Ten (economic)|G10]] spot foreign exchange trading operations, specifically: Citibank $358 million, HSBC $343 million, JPMorgan $352 million, RBS $344 million and UBS $371 million. The FCA determined that between 1 January 2008 and 15 October 2013 the five banks failed to manage risks around [[client confidentiality]], [[conflict of interest]], and trading conduct. The banks used confidential customer order information to collude with other banks to manipulate the G10 foreign exchange currency rates and profit illegally at the expense of their customers and the market.<ref>{{Cite web|url = http://www.fca.org.uk/news/fca-fines-five-banks-for-fx-failings|title = FCA fines five banks £1.1 billion for FX failings and announces industry-wide remediation programme|date = 12 November 2014|accessdate = 13 November 2014|website = |publisher = Financial Conduct Authority|last = |first = }}</ref> On the same day the [[Commodity Futures Trading Commission|Commodity Futures Trading Commission (CFTC)]] in coordination with the FCA imposed collective fines of $1.4 billion against the same five banks for attempted manipulation of, and for aiding and abetting other banks’ attempts to manipulate, global foreign exchange benchmark rates to benefit the positions of certain traders. The CFTC specifically fined: $310 million each for Citibank and JPMorgan, $290 million each for RBS and UBS, and $275 million for HSBC.<ref name=":0">{{Cite web|url = http://www.cftc.gov/PressRoom/PressReleases/pr7056-14#PrRoWMBL|title = CFTC Orders Five Banks to Pay over $1.4 Billion in Penalties for Attempted Manipulation of Foreign Exchange Benchmark Rates|date = 12 November 2014|accessdate = 13 November 2014|website = |publisher = Commodities Futures trading Commission|last = |first = }}</ref>

The CFTC found that currency traders at the five banks coordinated their trading with traders at other banks in order to manipulate the foreign exchange benchmark rates, including the 4 p.m. WM/Reuters rates. Currency traders at the banks used private chatrooms to communicate and plan their attempts to manipulate the foreign exchange benchmark rates. In these chatrooms, traders at the banks disclosed confidential customer order information and trading positions, changed trading positions to accommodate the interests of the collective group, and agreed on [[trading strategies]] as part of an effort by the group to manipulate different foreign exchange benchmark rates. These chatrooms were often exclusive and invitation only.<ref name=":0" />

On 20 May 2015, five of the banks plead guilty to charges from the [[United States Department of Justice]], and agreed to pay fines totaling more than $5.7 billion to the U.S. Department of Justice. Four banks, including Barclays, Citigroup, JP Morgan, and Royal Bank of Scotland plead guilty to manipulation of the foreign markets; while the others had already been fined in settlements from the November 2014 investigation, Barclays had not been involved and was fined for $2.4 billion. UBS also pled guilty to committing [[wire fraud]] and agreed to a $203 million fine. A sixth bank, [[Bank of America]], while not found guilty, agreed to a fine of $204 million for unsafe practices in foreign markets.<ref>{{cite web | url = http://www.reuters.com/article/2015/05/20/us-banks-forex-settlement-idUSKBN0O50CQ20150520 | title = Major banks admit guilt in forex probe, fined $6 billion | first1 = Karen | last1 = Friefeld | first2 = Steve | last2 = Slater | first3 = Katharina | last3 = Bart | publisher = [[Reuters]] | date = 20 May 2015 | accessdate = 20 May 2015 }}</ref><ref>{{cite web | url = http://www.bbc.com/news/business-32817114 | title = Record fines for currency market fix | publisher = [[BBC]] | date = 20 May 2015 | accessdate = 20 May 2015 }}</ref>

==Criminal proceedings==
On the 19 December 2014 the first known arrest was made in relation to the scandal. The arrest of a former RBS trader took place in Billericay, Essex and was conducted by [[City of London Police]] and the [[Serious Fraud Office (United Kingdom)|Serious Fraud Office]].<ref name=Salmon>{{cite news|last1=Salmon|first1=James|title=First arrest in forex scandal: Former RBS trader held on suspicion of rigging £3.5trillion foreign exchange market|url=http://www.dailymail.co.uk/news/article-2882976/First-arrest-forex-scandal-Former-RBS-trader-held-suspicion-rigging-3-5trillion-foreign-exchange-market.html|accessdate=22 December 2014|publisher=The Daily Mail|date=21 December 2014}}</ref>

==Reforms==
Respective authorities have announced remediation programmes aimed at repairing trust in their banking systems and the wider foreign exchange market place. In the United Kingdom the FCA has stated that the changes to be made at each firm will depend on a number of factors including the size of the firm, its market share, impact, remedial work already undertaken and the role the firm plays in the market.<ref>{{Cite web|url = http://www.fca.org.uk/news/fca-fines-five-banks-for-fx-failings|title = FCA fines five banks £1.1 billion for FX failings and announces industry-wide remediation programme|date = 12 November 2014|accessdate = 13 November 2014|website = |publisher = Financial Conduct Authority|last = |first = }}</ref> The remediation programme will require firms to review their IT systems in relation to their spot FX business as the banks currently rely on legacy technologies that allow for the existence of dark-data silos within which manipulation is able to occur unnoticed by compliance systems.<ref name=Howes>{{cite news|last1=Howes|first1=Gary|title=Exchange Rate Rigging Allowed to Thrive in 'Dark Data' Blindspots |url=http://www.poundsterlinglive.com/gbp-live-today/1740-forex-scandal-dark-data-453454|accessdate=22 December 2014|publisher=Pound Sterling Live|date=14 November 2014}}</ref> In Switzerland the [[Swiss Financial Market Supervisory Authority]] has announced that for a period of two years UBS will be limited to a maximum annual variable compensation to 200% of the basic salary for foreign exchange and precious metals employees globally. UBS is instructed to automate at least 95% of its global foreign exchange trading while effective measures must be taken to manage conflicts of interest with a particular focus on organisational separation of client and proprietary trading.<ref>{{Cite web|url = http://www.finma.ch/e/aktuell/Pages/mm-ubs-devisenhandel-20141112.aspx|title = FINMA sanctions foreign exchange manipulation at UBS|date = 11 December 2014|accessdate = 22 November 2014|website = |publisher = Swiss Financial Market Supervisory Authority|last = |first = }}</ref>

== See also ==
*[[Libor scandal]]
*[[Foreign-exchange markets]]
*[[White-collar crime]]

== References ==
{{Reflist|30em}}

==External links==
===Bank of America===
* [http://www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-157b.pdf Consent Order for Civil Money Penalty Against Bank of America N.A.] United States, [[Office of the Comptroller of the Currency]], 11 November 2014.

===Citigroup===
* [http://www.fca.org.uk/your-fca/documents/final-notices/2014/citibank-na FCA Final Notice 2014: Citibank N.A.], United Kingdom, [[Financial Services Authority]], 12 November 2014.
* [http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfcitibankorder111114.pdf Order Instituting Proceedings, In the matter of: Citibank N.A.], United States, [[Commodity Futures Trading Commission]], 11 November 2014.
* [http://www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-157d.pdf Consent Order for Civil Money Penalty Against Citibank N.A.] United States, Office of the Comptroller of the Currency, 11 November 2014.

===HSBC===
* [http://www.fca.org.uk/your-fca/documents/final-notices/2014/hsbc-bank-plc FCA Final Notice 2014: HSBC Bank Plc], United Kingdom, Financial Services Authority, 12 November 2014.
* [http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfhsbcorder111114.pdf Order Instituting Proceedings, In the matter of: HSBC Bank Plc], United States, Commodity Futures Trading Commission, 11 November 2014.

===JPMorgan===
* [http://www.fca.org.uk/your-fca/documents/final-notices/2014/jpmorgan-chase-bank FCA Final Notice 2014: JPMorgan Chase Bank N.A.], United Kingdom, Financial Services Authority, 12 November 2014.
* [http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfjpmorganorder111114.pdf Order Instituting Proceedings, In the matter of: JPMorgan Chase Bank N.A.], United States, Commodity Futures Trading Commission, 11 November 2014.
* [http://www.occ.gov/news-issuances/news-releases/2014/nr-occ-2014-157f.pdf Consent Order for Civil Money Penalty Against JPMorgan Chase Bank N.A.] United States, Office of the Comptroller of the Currency, 11 November 2014.

===RBS===
* [http://www.fca.org.uk/your-fca/documents/final-notices/2014/royal-bank-of-scotland FCA Final Notice 2014: The Royal Bank of Scotland Plc], United Kingdom, Financial Services Authority, 12 November 2014.
* [http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfroyalbankorder111114.pdf Order Instituting Proceedings, In the matter of: Royal Bank of Scotland Plc], United States, Commodity Futures Trading Commission, 11 November 2014.

===UBS===
* [http://www.finma.ch/d/aktuell/Documents/ubs-fx-bericht-20141112-d.pdf FINMA Summary Report UBS Foreign Exchange], Switzerland, [[Swiss Financial Market Supervisory Authority]], 12 November 2014.
* [http://www.fca.org.uk/your-fca/documents/final-notices/2014/ubs-ag FCA Final Notice 2014: UBS AG], United Kingdom, Financial Services Authority, 12 November 2014.
* [http://www.cftc.gov/ucm/groups/public/@lrenforcementactions/documents/legalpleading/enfubsorder111114.pdf Order Instituting Proceedings, In the matter of: UBS AG], United States, Commodity Futures Trading Commission, 11 November 2014.

===Government===
* [http://www.bankofengland.co.uk/publications/Documents/news/2014/grabiner.pdf Bank of England Foreign Exchange Market Investigation], United Kingdom, [[Bank of England]], 12 November 2014.

{{Corporate scandals}}
{{2008 economic crisis}}

[[Category:2015 scandals]] [[Category:Foreign exchange market]] [[Category:Financial scandals]] [[Category:History of banking]]

Banking regulation and supervision

2015-05-20T22:59:46Z

190.41.129.105: Adding Template on Bank regulation and standards {{Basel II}}

{{Refimprove|date=September 2008}}

{{Basel II}}
'''Bank regulations''' are a form of [[government]] [[regulation]] which subject [[bank]]s to certain requirements, restrictions and guidelines. This regulatory structure creates transparency between banking institutions and the individuals and [[corporation]]s with whom they conduct business, among other things.

Given the interconnectedness of the banking industry and the reliance that the national (and global) [[economy]] hold on banks, it is important for regulatory agencies to maintain control over the standardized practices of these institutions. Supporters of such regulation often hinge their arguments on the [[Too big to fail|"too big to fail"]] notion. This holds that many financial institutions (particularly [[investment banking|investment banks]] with a [[commercial bank|commercial]] arm) hold too much control over the economy to fail without enormous consequences. This is the premise for government [[bailout]]s, in which government financial assistance is provided to banks or other financial institutions who appear to be on the brink of collapse. The belief is that without this aid, the crippled banks would not only become bankrupt, but would create rippling effects throughout the economy leading to [[Systemic_banking_crisis#Systemic_banking_crises|systemic failure]].

==Objectives of bank regulation==
The objectives of bank regulation, and the emphasis, vary between jurisdictions. The most common objectives are:
# Prudential—to reduce the level of risk to which bank creditors are exposed (i.e. to protect depositors)<ref>{{cite web|last=Federal Deposit Insurance Corporation|title=Risk Management Manual of Exam Policies, Section 1.1|url=http://www.fdic.gov/regulations/safety/manual/section1-1.html#rationale|accessdate=17 August 2011}}</ref>
# [[Systemic risk]] reduction—to reduce the risk of disruption resulting from adverse trading conditions for banks causing multiple or major bank failures<ref>{{cite web|last=Section 115, Dodd-Frank Wall Street Reform and Consumer Protection Act|title=Pub. L. 111-203|url=http://www.gpo.gov/fdsys/pkg/BILLS-111hr4173enr/pdf/BILLS-111hr4173enr.pdf|accessdate=17 August 2011| archiveurl= http://web.archive.org/web/20110708055918/http://www.gpo.gov/fdsys/pkg/BILLS-111hr4173enr/pdf/BILLS-111hr4173enr.pdf| archivedate= 8 July 2011 | deadurl= no}}</ref>
# Avoid misuse of banks—to reduce the risk of banks being used for criminal purposes, e.g. [[Money laundering|laundering the proceeds of crime]]
# To protect banking confidentiality
# Credit allocation—to direct credit to favored sectors
# It may also include rules about treating customers fairly and having [[corporate social responsibility]] (CSR)

==General principles of bank regulation==
Banking regulations can vary widely across nations and jurisdictions. This section of the article describes general principles of bank regulation throughout the world.

===Minimum requirements===
Requirements are imposed on banks in order to promote the objectives of the regulator. Often, these requirements are closely tied to the level of risk exposure for a certain sector of the bank. The most important minimum requirement in banking regulation is maintaining [[Capital requirement|minimum capital ratios]].<ref>[http://www.investopedia.com/terms/c/capitalrequirement.asp#axzz1VlEWDmPf Investopedia:Capital Requirement]</ref> To some extent, U.S. banks have some leeway in determining who will supervise and regulate them.<ref>[http://www.chicagofed.org/digital_assets/publications/working_papers/2001/wp2001-05.pdf Federal Reserve Bank of Chicago, ''The Relationship Between Regulators and the Regulated in Banking'', June 2001]</ref>

===Supervisory review===
Banks are required to be issued with a [[banking license|bank license]] by the regulator in order to carry on business as a bank, and the regulator supervises licensed banks for compliance with the requirements and responds to breaches of the requirements through obtaining undertakings, giving directions, imposing penalties or revoking the bank's license.

===Market discipline===
The regulator requires banks to publicly disclose financial and other information, and depositors and other creditors are able to use this information to assess the level of risk and to make investment decisions. As a result of this, the bank is subject to market discipline and the regulator can also use market pricing information as an indicator of the bank's financial health.

==Instruments and requirements of bank regulation==

===Capital requirement===
{{Main|Capital requirement}}
The capital requirement sets a framework on how banks must handle their [[Capital (economics)|capital]] in relation to their [[asset]]s. Internationally, the [[Bank for International Settlements]]' [[Basel Committee on Banking Supervision]] influences each country's capital requirements. In 1988, the Committee decided to introduce a capital measurement system commonly referred to as the [[Basel Capital Accords]]. The latest capital adequacy framework is commonly known as [[Basel III]].<ref>{{cite web| url= http://www.bis.org/publ/bcbs128b.pdf |page= 86 |title= Basel II Comprehensive version part 2: The First Pillar – Minimum Capital Requirements |date=November 2005 |format=pdf}}</ref> This updated framework is intended to be more risk sensitive than the original one, but is also a lot more complex.

===Reserve requirement===
{{Main|Reserve requirement}}
The reserve requirement sets the minimum [[bank reserves|reserves]] each [[bank]] must hold to demand deposits and [[banknotes]]. This type of regulation has lost the role it once had, as the emphasis has moved toward capital adequacy, and in many countries there is no minimum reserve ratio. The purpose of minimum reserve ratios is liquidity rather than safety. An example of a country with a contemporary minimum reserve ratio is [[Hong Kong]], where banks are required to maintain 25% of their liabilities that are due on demand or within 1 month as qualifying liquefiable assets.

Reserve requirements have also been used in the past to control the stock of [[banknotes]] and/or bank deposits. Required reserves have at times been gold, central bank banknotes or deposits, and foreign currency.

===Corporate governance===
Corporate governance requirements are intended to encourage the bank to be well managed, and is an indirect way of achieving other objectives. As many banks are relatively large, with many divisions, it is important for management to maintain a close watch on all operations. Investors and clients will often hold higher management accountable for missteps, as these individuals are expected to be aware of all activities of the institution. Some of these requirements may include:
# To be a body corporate (i.e. not an individual, a partnership, trust or other unincorporated entity)
# To be incorporated locally, and/or to be incorporated under as a particular type of body corporate, rather than being incorporated in a foreign jurisdiction.
# To have a minimum number of directors
# To have an organisational structure that includes various offices and officers, e.g. corporate secretary, treasurer/CFO, auditor, Asset Liability Management Committee, Privacy Officer, Compliance Officer etc. Also the officers for those offices may need to be approved persons, or from an approved class of persons.
# To have a constitution or articles of association that is approved, or contains or does not contain particular clauses, e.g. clauses that enable directors to act other than in the best interests of the company (e.g. in the interests of a parent company) may not be allowed.

===Financial reporting and disclosure requirements===
Among the most important regulations that are placed on banking institutions is the requirement for disclosure of the bank's finances. Particularly for banks that trade on the public market, in the US for example the [[Securities and Exchange Commission|Securities and Exchange Commission (SEC)]] requires management to prepare annual financial statements according to a [[International Financial Reporting Standards|financial reporting standard]], have them audited, and to register or publish them. Often, these banks are even required to prepare more frequent financial disclosures, such as [[Form 10-Q|Quarterly Disclosure Statements]]. The [[Sarbanes-Oxley Act|Sarbanes-Oxley Act of 2002]] outlines in detail the exact structure of the reports that the SEC requires.

In addition to preparing these statements, the SEC also stipulates that directors of the bank must attest to the accuracy of such financial disclosures. Thus, included in their annual reports must be a report of management on the company's internal control over financial reporting. The internal control report must include: a statement of management's responsibility for establishing and maintaining adequate internal control over financial reporting for the company; management's assessment of the effectiveness of the company's internal control over financial reporting as of the end of the company's most recent fiscal year; a statement identifying the framework used by management to evaluate the effectiveness of the company's internal control over financial reporting; and a statement that the registered public accounting firm that audited the company's financial statements included in the annual report has issued an attestation report on management's assessment of the company's internal control over financial reporting. Under the new rules, a company is required to file the registered [[accountant|public accounting firm's]] attestation report as part of the annual report. Furthermore, the SEC added a requirement that management evaluate any change in the company's internal control over financial reporting that occurred during a [[fiscal year|fiscal quarter]] that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting.<ref>{{cite web|last=Section 404, Management's Report on Internal Control Over Financial Reporting and Certification of Disclosure in Exchange Act Periodic Reports|title=Final Rule|url=http://www.sec.gov/rules/final/33-8238.htm|accessdate=18 October 2011}}</ref>

===Credit rating requirement===
Banks may be required to obtain and maintain a current credit rating from an approved [[credit rating agency]], and to disclose it to investors and prospective investors. Also, banks may be required to maintain a minimum credit rating. These ratings are designed to provide color for prospective clients or investors regarding the relative risk that one assumes when engaging in business with the bank. The ratings reflect the tendencies of the bank to take on high risk endeavors, in addition to the likelihood of succeeding in such deals or initiatives. The rating agencies that banks are most strictly governed by, referred to as the [[Big Three (credit rating agencies)|"Big Three"]] are the [[Fitch Group]], [[Standard and Poor's]] and [[Moody's]]. These agencies hold the most influence over how banks (and all public companies) are viewed by those engaged in the public market. In recent years, following the [[Late-2000s financial crisis|Great Recession]], many economists have argued that these agencies face a serious conflict of interest in their core business model.<ref>{{cite news|last=The Guardian|title=Ratings agencies suffer 'conflict of interest', says former Moody's bos|url=http://www.guardian.co.uk/business/2011/aug/22/ratings-agencies-conflict-of-interest|accessdate=19 February 2012|location=London|date=22 August 2011}}</ref> Clients pay these agencies to rate their company based on their relative riskiness in the market. The question then is, to whom is the agency providing its service: the company or the market?

European [[financial economics]] experts- notably the [[World Pensions & Investments Forum|World Pensions Council (WPC)]] have argued that European powers such as France and Germany pushed dogmatically and naively for the adoption of the "[[Basel II]] recommendations", adopted in 2005, transposed in European Union law through the [[Capital Requirements Directive]] (CRD). In essence, they forced European banks, and, more importantly, the [[European Central Bank]] itself, to rely more than ever on the standardized assessments of "credit risk" marketed aggressively by two US credit rating agencies- Moody's and S&P, thus using [[public policy]] and ultimately taxpayers' money to strengthen anti-competitive duopolistic practices akin to [[exclusive dealing]]. Ironically, European governments have abdicated most of their regulatory authority in favor of a non-European, highly [[deregulated]], private [[cartel]].<ref>M. Nicolas J. Firzli, "A Critique of the Basel Committee on Banking Supervision" ''Revue Analyse Financière'', Nov. 10 2011 & Q2 2012</ref>

===Large exposures restrictions===
Banks may be restricted from having imprudently large exposures to individual [[counterparty|counterparties]] or groups of connected counterparties. Such limitation may be expressed as a proportion of the bank's assets or equity, and different limits may apply based on the security held and/or the credit rating of the counterparty. Restricting disproportionate exposure to high-risk investment prevents financial institutions from placing equity holders' (as well as the firm's) capital at an unnecessary risk.

===Activity and affiliation restrictions===
In the US in response to the [[Great depression]] of the 1930s, [[President]] [[Franklin D. Roosevelt|Franklin D. Roosevelt’s]] under the [[New Deal]] enacted the [[Securities Act of 1933]] and the [[Glass-Steagall Act|Glass-Steagall Act (GSA)]], setting up a pervasive regulatory scheme for the public offering of securities and generally prohibiting commercial banks from underwriting and dealing in those securities. GSA prohibited affiliations between banks (which means bank-chartered depository institutions, that is, financial institutions that hold federally insured consumer deposits) and securities firms (which are commonly referred to as [[investment banking|“investment banks”]] even though they are not technically banks and do not hold federally insured consumer deposits); further restrictions on bank affiliations with non- banking firms were enacted in [[Bank Holding Company Act]] of 1956 (BHCA) and its subsequent amendments, eliminating the possibility that companies owning banks would be permitted to take ownership or controlling interest in insurance companies, manufacturing companies, real estate companies, securities firms, or any other non-banking company. As a result, distinct regulatory systems developed in the United States for regulating banks, on the one hand, and securities firms on the other.<ref>Carpenter, David H. and M. Maureen Murphy. "The “Volcker Rule”: Proposals to Limit “Speculative” Proprietary Trading by Banks". Congressional Research Service, 2010.</ref>

==Too big to fail and moral hazard==
Among the reasons for maintaining close regulation of banking institutions is the aforementioned concern over the global repercussions that could result from a bank's failure; the idea that these [[Bulge bracket|bulge bracket banks]] are [[Too big to fail|"too big to fail"]]. The objective of federal agencies is to avoid situations in which the government must decide whether to support a struggling bank or to let it fail. The issue, as many argue, is that providing aid to crippled banks creates a situation of [[moral hazard]]. The general premise is that while the government may have prevented a financial catastrophe for the time being, they have reinforced confidence for high risk taking and provided an invisible safety net. This can lead to a vicious cycle, wherein banks take risks, fail, receive a bailout, and then continue to take risks once again.

==By country==
*[[Bank regulation in the United States]]
*[[United Kingdom banking law]]
*[[China Banking Regulatory Commission]]

==See also==
* [[Anti-money laundering]]
* [[Bank condition]]
* [[Bank failure]]
* [[Bank run]]
* [[Business process management]]
* [[Credit rating agency]]
* [[Data Loss Prevention]]
* [[Financial regulation]]
* [[Financial repression]]
* [[Know your customer]]
* [[Late-2000s financial crisis]]
* [[List of bank stress tests]]
* [[Monetary policy]]
* [[Money market]]
* [[Moral hazard]]
* [[Too big to fail]]
* [[RAROC]]
* '''Standards'''
** [[ISO 4217]] – Standard for unique 3 digit currency code
** [[ISO 6166]] – Standard for unique identifier for securities [[ISIN]]
** [[ISO 8109]] – Standard for format and unique identifiers for [[Eurobond]]s
** [[ISO 9362]] – Standard format of Business Identifier Codes to identify Banks also known as [[Bank Identifier Code|BIC]]
** [[ISO 10962]] – Standard for financial instrument classification codes
** [[ISO/IEC 15944]] – Standard that provides a consolidated vocabulary of eBusiness concepts
** [[ISO 19092-1]] – Standard for biometric security in financial applications

==References==
{{Reflist}}

==External links==
*[http://www.arabianbusiness.com/banking_finance/ Middle East Banking & Finance News] — ''ArabianBusiness.com''
*[http://www.bankinginsurancesecurities.com/ Banking & Finance News] — ''BankingInsuranceSecurities.com''

===Reserve requirements===
*[http://www.newyorkfed.org/aboutthefed/fedpoint/fed45.html Reserve Requirements - Fedpoints - Federal Reserve Bank of New York]

===Capital requirements===
*[http://www.bis.org/publ/bcbs128.htm Basel II: Revised international capital framework]
*[http://www.fdic.gov/deposit/insurance/risk/rrps_ovr.html FDIC: Risk - Based Assessment System]

=== Agenda from ISO ===
* [http://www.iso.org/iso/en/CatalogueDetailPage.CatalogueDetail?CSNUMBER=33285&ICS1=3&ICS2=60&ICS3= ISO/TR 17944]

===Various Countries===

====Israel====
* [http://www.israelinsurancelaw.com/index.php?option=com_content&task=view&id=39&Itemid=52 Israeli Banking Law]

{{Law}}

{{DEFAULTSORT:Bank Regulation}}
[[Category:Bank regulation| ]]

Template:Basel Framework

2015-05-20T22:58:15Z

190.41.129.105: Changing title according to sdiscussion

{{sidebar
| name = Basel II
| title = Bank Regulation and Standards
| class = hlist
| titlestyle = background: silver
| headingstyle = font-weight: normal; background: silver; padding-bottom: 0.3em;
| belowstyle = font-weight: normal; background: silver

| content1 =
* [[Bank for International Settlements]]

* [[Basel Accords]]
* [[Basel I]]
* [[Basel II]]
* [[Basel III]]
| heading2 = Background
| content2 =
* [[Banking]] ([[Bank regulation|Regulation]])

* [[Monetary policy]]
* [[Central bank]]

* [[Risk]]
* [[Risk management]]

* [[Regulatory capital]]
* [[Tier 1 capital | Tier 1]]
* [[Tier 2 capital | Tier 2]]

| heading3 = Pillar 1: Regulatory Capital
| content3 =
* [[Credit risk]]

* [[Standardized approach (credit risk)|Standardized]]
* [[Internal Ratings-Based Approach (Credit Risk) | IRB Approach]]

* [[Foundation IRB |F-IRB]]
* [[Advanced IRB | A-IRB]]
* [[Probability of default|PD]]
* [[Loss given default|LGD]]
* [[Exposure at default|EAD]]

* [[Operational risk]]
* [[Basic indicator approach|Basic]]
* [[Standardized approach (operational risk)|Standardized]]
* [[Advanced measurement approach | AMA]]

* [[Market risk]]
* [[Bond duration|Duration]]
* [[Value at risk]]

| heading4 = Pillar 2: Supervisory Review
| content4 =
* [[Economic capital]]
* [[Liquidity risk]]
* [[Legal risk]]

| heading5 = Pillar 3: Market Disclosure
| content5 =
* [[Corporation#Financial disclosure|Disclosure]]

| below = [[Portal:Business and economics|Business and Economics Portal]]
}}[[Category:Basel II]]<noinclude>

[[Category:Economics templates]]
</noinclude>

Template talk:Basel Framework

2015-05-20T22:56:55Z

190.41.129.105: /* Basel Accords */

{{WP Economics}}
== Basel Accords ==
This is a great template. I suggest it be renamed to "Basel Accords" and inserted into many of the relevant articles -- at a minimum into "Basel Accords", "Basel I", "Basel II", and "Basel III".
* Ok let's do this --[[Special:Contributions/190.41.129.105|190.41.129.105]] ([[User talk:190.41.129.105|talk]]) 22:56, 20 May 2015 (UTC)

Template:Basel Framework

2015-05-20T22:56:23Z

190.41.129.105: Bank regulation article hyperlink

{{sidebar
| name = Basel II
| title = Basel II
| class = hlist
| titlestyle = background: silver
| headingstyle = font-weight: normal; background: silver; padding-bottom: 0.3em;
| belowstyle = font-weight: normal; background: silver

| content1 =
* [[Bank for International Settlements]]

* [[Basel Accords]]
* [[Basel I]]
* [[Basel II]]
* [[Basel III]]
| heading2 = Background
| content2 =
* [[Banking]] ([[Bank regulation|Regulation]])

* [[Monetary policy]]
* [[Central bank]]

* [[Risk]]
* [[Risk management]]

* [[Regulatory capital]]
* [[Tier 1 capital | Tier 1]]
* [[Tier 2 capital | Tier 2]]

| heading3 = Pillar 1: Regulatory Capital
| content3 =
* [[Credit risk]]

* [[Standardized approach (credit risk)|Standardized]]
* [[Internal Ratings-Based Approach (Credit Risk) | IRB Approach]]

* [[Foundation IRB |F-IRB]]
* [[Advanced IRB | A-IRB]]
* [[Probability of default|PD]]
* [[Loss given default|LGD]]
* [[Exposure at default|EAD]]

* [[Operational risk]]
* [[Basic indicator approach|Basic]]
* [[Standardized approach (operational risk)|Standardized]]
* [[Advanced measurement approach | AMA]]

* [[Market risk]]
* [[Bond duration|Duration]]
* [[Value at risk]]

| heading4 = Pillar 2: Supervisory Review
| content4 =
* [[Economic capital]]
* [[Liquidity risk]]
* [[Legal risk]]

| heading5 = Pillar 3: Market Disclosure
| content5 =
* [[Corporation#Financial disclosure|Disclosure]]

| below = [[Portal:Business and economics|Business and Economics Portal]]
}}[[Category:Basel II]]<noinclude>

[[Category:Economics templates]]
</noinclude>

Central Bank of Azerbaijan

2015-04-06T20:52:04Z

190.41.129.105: /* Monetary policy */

{{Infobox Central bank
|bank_name_in_local = Azərbaycan Mərkəzi Bankı
|image_1 =
|image_title_1 = Central Bank of Azerbaijan
|image_2 =
|image_title_2 =
|headquarters = [[Baku]], [[Azerbaijan]]
|coordinates = {{coord|40|22|43.18|N|49|50|43.39|E}}
|established = 11 February 1992
|president = [[Elman Rustamov]]
|leader_title = [[Governor]]
|bank_of = [[Azerbaijan]]
|currency = [[Azerbaijani manat]]
|currency_iso = AZN
|borrowing_rate = 5.25%
|deposit_rate =
|website = http://www.cbar.az
|footnotes =
}}

The '''Central Bank of Azerbaijan''' (CBA, {{lang-az|Azərbaycan Mərkəzi Bankı}}) is the [[central bank]] of [[Azerbaijan Republic]]. The [[headquarters]] of the bank are located in the capital city [[Baku]]. Is established on the basis of the State Bank, the former USSR Promstroybank, the Agroprombank of the USSR pursuant to the Decree of President of the Republic of Azerbaijan on Launch of the National Bank of the Republic of Azerbaijan, dated 11 February 1992.

== History ==
The Charter of the Azerbaijan State Bank was approved on September 16, 1919 shortly after the establishment of the Azerbaijan Democratic Republic on May 28, 1918 and on September 30 the Bank started functioning.

Occupation of Azerbaijan by bolshevik Russia on April 28, 1920 resulted in the liquidation of the existing financial-credit system of the country. The State Bank of Azerbaijan was renamed the Azerbaijan Peoples` Bank. All banks and other credit institutions were nationalized and merged to the Peoples` Bank. Thus, the banking business was exclusively monopolized by the state.

Article 14 – Banking System and Money Circulation – of the Constitutional Law on the Basis for Economic Independence of the Republic of Azerbaijan, dated May 25, 1991, stipulated the legal basis of the independent banking system and circulation of the national monetary unit of Azerbaijan, as well as set the status and authorities of the central bank.

The restoration of the state independence on October 18, 1991 set a legal basis for the launch of the banking system of the independent Republic of Azerbaijan, including the central bank.

In line with the Constitutional Law, at the Decree of President of the Republic of Azerbaijan on Launch of the National Bank of the Republic of Azerbaijan, dated 11 February 1992, the National Bank of the Republic of Azerbaijan was established on the basis of the State Bank, the former USSR Promstroybank, the Azerbaijani bank of the Agroprombank of the USSR.

The law on the National Bank of the Republic of Azerbaijan of 1992, 1996, and 2004 set, strengthened and developed the legal status and authorities of the central bank of independent Azerbaijan.

As a result of the National Referendum of 18 March 2009, the bank (“The National Bank of the Republic of Azerbaijan”) was renamed “The Central Bank of the Republic of Azerbaijan”.

== Goals and functions ==
Under the Law of the Republic of Azerbaijan on the Central Bank of the Republic of Azerbaijan dated 10 December 2004, the primary goal of the Central Bank is to ensure price stability within its authorities. The goal of the Central Bank is also to ensure stability and development of the banking and payment systems.

In order to achieve its goals the Central Bank:
*determines and implements monetary and foreign exchange policy of the country;
*organizes cash circulation;
*issues banknotes to and withdraws from circulation;
*regularly determines and announces an official exchange rate of manat;
*provides foreign exchange regulation and control under the legislation;
*maintains and manages international gold and foreign exchange reserves in its charge;
*develops a reporting balance of payments and participates in development of the projected balance of payments of the country;
*licences and regulates banking activities and provides banking supervision in accordance with the law;
*determines, coordinates and regulates activities and provides oversight of payment systems;

== Structure and management ==
Organizational structure of the Central Bank includes the Management Board, the central apparatus and regional offices. The central apparatus of the Central Bank consists of internal audit division and other structural units, established by the Management Board.
The Central Bank is governed by the Management Board, which consists of 7 members: the chairman, four members employed with the Central Bank on a permanent basis, and two external members. Members of the Management Board are appointed for 5 years.
The Central Bank is solely accountable to President of the Republic of Azerbaijan.

== Mission and ownership ==
CBA is [[Azerbaijan]]'s monetary authority, and is responsible for the conducting the country's [[monetary policy]] and regulation of the [[banking]] and [[payment system]]. Primary objective of CBA as stated in the Act on CBA is [[price stability]]. Secondary objective is to support a banking and payment stability.<ref>[http://www.nba.az/download/h_senedler/Merkezi_Banki_haqqinda_qanun.pdf Act on the Central Bank of Azerbaijan Republic (in Azerbaijan language)]</ref>

The CBA is owned by the [[Republic of Azerbaijan]] and managed by the [[Board of directors|Executive Board]] of the CBA. The Board is responsible for the supervising the administration and activities of the bank and for other statutory tasks. The bank is governed under the Act on the CBA, passed in 2004.

The bank has regional branch offices in [[Nakhchivan (city)|Nakhchivan]], [[Ganja, Azerbaijan|Ganja]], [[Yevlakh]], [[Khachmaz (city)|Khachmaz]], [[Goychay (city)|Goychay]] and [[Bilasuvar]]

=== Executive Board ===
The Executive Board is composed of the Governor, who is the chairman of the Board, and 4 members appointed in double process by [[President of Azerbaijan|President]] and the [[National Assembly of Azerbaijan|National Assembly]].

'''Governor''' - [[Elman Rustamov]]

'''Board Members''' - Alim Guliyev, Aftandil Babayev, Vadim Khubanov and Khagani Abdullayev<ref>http://en.trend.az/capital/banks/1655137.html Parliament approves candidates for Azerbaijani Central Bank's board members</ref>

== Monetary policy ==
A limitation on [[Foreign direct investment|FDI]] in the banking sector was reduced when the CBA increased the limit on participation of banks with foreign ownership from 30 to 50 percent of the commercial banking market. In June 2002, the NBA liberalized some overseas transfer provisions for Azerbaijani legal residents, including an increase of advance payments for import transactions from $10,000 to $25,000 and waiver of all restrictions for withdrawing [[foreign currency]] in [[cash]].

During the [[Financial crisis of 2007–2010|world economic crises in 2008-2009]] monetary policy orientation of Central Bank of Azerbaijan has strictly expanded: [[interest rate|refinancing rate]] was cut down from 15% up to 2%, [[reserve requirement ratio]] form 12% up to 0.5%.<ref>[http://www.nba.az/default.aspx?go=699 Chronology of main policy rate of Central Bank of Azerbaijan]</ref> In [[exchange rate policy]] CBA maintained [[economic stability|financial stability]] holding a [[fixed exchange rate|pegged regime]] against the [[US dollar]], this regime ended in February 2015.<ref>[http://en.apa.az/news.php?id=97954 Chairman of the National Bank of Azerbaijan: Manat devaluation is not expected]</ref>

In postcrisis period some elements of [[economic overheating]] started to appear and Central Bank of Azerbaijan reacted with a tightening of [[monetary policy]] since Autumn of 2010. So, refinancing rate was gradually enhanced up to 5.25 percent.

== See also ==
*[[Economy of Azerbaijan]]
*[[Azerbaijan manat]]
*[[Banking in Azerbaijan]]
*[[List of banks in Azerbaijan]]

== References ==
{{reflist}}

== External links ==
* [http://www.cbar.az Central Bank of Azerbaijan] {{az icon}} {{en icon}}

{{Baku landmarks}}
{{Azerbaijan topics}}
{{Central banks}}

{{DEFAULTSORT:Central Bank Of Azerbaijan}}
[[Category:1992 establishments in Azerbaijan]]
[[Category:Baku]]
[[Category:Banks established in 1992]]
[[Category:Banks of Azerbaijan]]
[[Category:Central banks|Azerbaijan]]

Acleda Bank

2015-03-26T16:58:20Z

190.41.129.105: ←Redirected page to ACLEDA Bank

#REDIRECT [[ACLEDA Bank]]

Template:Banking in India

2014-10-09T17:09:49Z

190.41.129.105: * RBL Bank (Ratnakar Bank)

{{Navbox
| name = Banking in India
| title = {{flagicon|India}} [[Banking in India]]
| state = {{{state|autocollapse}}}
| listclass = hlist

| group1 = [[Reserve bank]]
| list1 =
* [[Reserve Bank of India]]

| group2 = [[Public sector banks in India|Public sector banks]]
| list2 =
* [[Allahabad Bank]]
* [[Andhra Bank]]
* [[Bank of Baroda]]
* [[Bank of India]]
* [[Bank of Maharashtra]]
* [[Bharatiya Mahila Bank]]
* [[Canara Bank]]
* [[Central Bank of India]]
* [[Corporation Bank]]
* [[Dena Bank]]
* [[IDBI Bank]]
* [[Indian Bank]]
* [[Indian Overseas Bank]]
* [[Oriental Bank of Commerce]]
* [[Punjab & Sind Bank]]
* [[Punjab National Bank]]
* [[State Bank of Bikaner & Jaipur]]
* [[State Bank of Hyderabad]]
* [[State Bank of India]]
* [[State Bank of Mysore]]
* [[State Bank of Patiala]]
* [[State Bank of Travancore]]
* [[Syndicate Bank]]
* [[UCO Bank]]
* [[Union Bank of India]]
* [[United Bank of India]]
* [[Vijaya Bank]]

| group3 = [[Private-sector banks in India|Private sector banks]]
| list3 =
* [[Axis Bank]]
* [[Catholic Syrian Bank]]
* [[City Union Bank]]
* [[Development Credit Bank]]
* [[Dhanlaxmi Bank]]
* [[Federal Bank]]
* [[HDFC Bank]]
* [[ICICI Bank]]
* [[IndusInd Bank]]
* [[ING Vysya Bank]]
* [[Jammu & Kashmir Bank]]
* [[Karnataka Bank]]
* [[Karur Vysya Bank]]
* [[Kotak Mahindra Bank]]
* [[Lakshmi Vilas Bank]]
* [[Nainital Bank]]
* [[RBL Bank]] (Ratnakar Bank)
* [[South Indian Bank]]
* [[Tamilnad Mercantile Bank Limited]]
* [[Yes Bank]]

| group4 = [[Cooperative banking|Cooperative banks]]
| list4 =
* [[Buldana Urban Cooperative Credit Society|Buldhana Urban]]
* [[Cosmos Bank]]
* [[Saraswat Bank]]
* [[Shamrao Vithal Co-op. Bank]]

| group5 = [[Foreign bank]]s
| list5 =
* [[ABN AMRO]]
* [[Abu Dhabi Commercial Bank]]
* [[Antwerp Diamond Bank]]
* [[Australia and New Zealand Banking Group]]
* [[Bank Internasional Indonesia]]
* [[Bank of America]]
* [[Bank of Bahrain and Kuwait]]
* [[Bank of Ceylon]]
* [[The Bank of Tokyo-Mitsubishi UFJ]]
* [[Barclays]]
* [[Citibank India]]
* [[Credit Suisse]]
* [[Deutsche Bank]]
* [[HSBC]]
* [[The Royal Bank of Scotland]]
* [[Scotiabank]]
* [[Standard Chartered]]

| group6 = [[Regional Rural Bank]]s
| list6 =
* [[Andhra Pragathi Grameena Bank]]
* [[Kerala Gramin Bank]]
* [[Bangiya Gramin Vikash Bank]]
* [[Gramin Bank of Aryavart]]
* [[North Malabar Gramin Bank]]
* [[Pandyan Grama Bank]]
* [[Paschim Banga Gramin Bank]]
* [[Sarva UP Gramin Bank]]
* [[South Malabar Gramin Bank]]
* [[Uttar Bihar Gramin Bank]]
* [[Vananchal Gramin Bank]]
* [[List of regional rural banks in Uttar Pradesh]]

| group7 = [[Interbank network]]s
| list7 =
* [[Banks ATM Network and Customer Services|BANCS]]
* [[Cashnet]]
* [[CashTree]]
* [[Cirrus (interbank network)|Cirrus]]
* [[Immediate Payment Service|IMPS]]
* [[MITR ATM Sharing Network|MITR]]
* [[National Financial Switch|NFS]]
* [[Plus (interbank network)|PLUS]]
* [[RuPay]]

| group8 = Defunct banks
| list8 =
* [[Alliance Bank of Simla]]
* [[Arbuthnot & Co]]
* [[Bank of Bombay]]
* [[Bank of Calcutta]]
* [[Bank of Chettinad]]
* [[Bank of Madras]]
* [[Bank of Madura]]
* [[Bank of Rajasthan]]
* [[Bengal Central Bank]]
* [[Bharat Overseas Bank]]
* [[Centurion Bank of Punjab]]
* [[Chartered Bank of India, Australia and China]]
* [[Commercial Bank of India]]
* [[Dass Bank]]
* [[Exchange Bank of India & Africa]]
* [[Grindlays Bank]]
* [[Imperial Bank of India]]
* [[Lord Krishna Bank]]
* [[Mercantile Bank of India, London and China]]
* [[Nath Bank]]
* [[Nedungadi Bank]]
* [[New Bank of India]]
* [[Oriental Bank Corporation]]
* [[Oudh Commercial Bank]]
* [[Palai Central Bank]]
* [[Pandyan Bank]]
* [[State Bank of Indore]]
* [[State Bank of Saurashtra]]
* [[Madhavpura Mercantile Cooperative Bank]]

| group9 = Related topics
| list9 =
* [[Banking Codes and Standards Board of India]]
* [[ATM usage fees#India|ATM usage fees in India]]
* [[Demat account|De-Materialisation (DEMAT)]]
* [[Foreign exchange market|Foreign Exchange (FOREX)]]
* [[Indian Financial System Code|Indian Financial System Code (IFSC)]]
* [[List of banks in India]]
* [[National Electronic Fund Transfer|National Electronic Fund Transfer (NEFT)]]
* [[National Payments Corporation of India]]
* [[Real Time Gross Settlement|Real Time Gross Settlement (RTGS)]]
* [[Structured Financial Messaging System|Structured Financial Messaging System (SFMS)]]
* [[Prepaid Payment Instruments in India]]

}}<noinclude>
{{collapsible option}}
[[Category:Finance templates|India]]
[[Category:Indian economy templates]]
</noinclude>

RBL Bank

2014-10-09T17:07:03Z

190.41.129.105: updated categories

{{merge from|Ratnakar Bank|discuss=Talk:RBL Bank#Merger proposal Ratnakar Bank into RBL Bank|date=June 2014}}
{{Infobox company
|name = RBL Bank
|logo = RBL Bank Logo.jpg
|type = Private Bank
|foundation = 1943
|Headquarter = [[Kolhapur]], Maharashtra,India
|key_people = *Vishwavir Ahuja, MD and CEO
|industry = Banking [[Financial service]]s
| products = [[Personal banking]] [[Commercial Banking]] [[Corporate & Institutional Banking]]
|assets =
|equity =
|num_employees = 2798
|homepage = rblbank.com
}}'''RBL Bank (The Ratnakar Bank Limited)''' is a scheduled commercial bank in India with a presence across 12 states. The bank was established and has grown to a 180 branches and 374 ATMs. It was rated “India’s Best Bank (Growth)” in the mid-sized banking segment by a Business Today-KPMG study in 2012 and 2013. It has its head office in [[Kolhapur]] in [[Maharashtra]]. Ratnakar Bank rebranded itself to RBL Bank in January 2014.<ref>http://businesstoday.intoday.in/story/best-banks-in-india-2013-other-winners-banking-sector/1/200607.html</ref><ref>http://gallery.theasianbanker.com/photos/technology-implementation-awards-2013/?show=gallery</ref><ref>http://www.cdcgroup.com/Media/News/CDC-announces-US28m-investment-into-Ratnakar-Bank-/</ref><ref>http://timesofindia.indiatimes.com/business/india-business/RBL-Bank-partners-with-Delhi-Daredevils/articleshow/33864896.cms</ref>

The bank services more than 500,000 customers and has a total business of Rs21,000 crore. Over the last three years, it has infused over Rs1,500 crore into some notable global and domestic companies, taking its TIER 1 capital to Rs2,000 crore (approx).

==Governance structure==
Over the last three years, RBL Bank has achieved a diversified ownership structure and highly regarded industry professionals have been inducted in the board.In April 2014, CDC Group plc, the UK’s development finance institution, bought 4.8% equity stake at US $28 million in RBL Bank <ref>http://www.cdcgroup.com/Media/News/CDC-announces-US28m-investment-into-Ratnakar-Bank-/</ref>

==Sponsorships==
RBL Bank is the official sponsors of the Delhi Daredevils cricket team.<ref>http://timesofindia.indiatimes.com/business/india-business/RBL-Bank-partners-with-Delhi-Daredevils/articleshow/33864896.cms</ref>

==References==
<references />

{{Banking in India}}

[[Category:Banks of India]]
[[Category:Companies based in Maharashtra]]
[[Category:Kolhapur]]

Ratnakar Bank

2014-10-09T17:06:52Z

190.41.129.105: redirect to rbl bank more updated information

#REDIRECT [[RBL Bank]]

Talk:Opportunity International

2014-10-03T22:27:46Z

190.41.129.105: Comment about Efficacy of Microfinance, might have to be removed

{{WikiProject Organizations}}
{{WikiProject Finance}}

== Neutrality? ==

Can we get a more neutral version of this article? It reads like a press release.

[[User:JustADude|JustADude]] 21:25, 8 May 2006 (UTC)JustADude

The article is just a copy from the official homepage. It needs more neutrality and detailed information!

== About the Efficacy of Microfinancing paragraphs ==
I believe the '''Efficacy of Microfinancing''' paragraphs at the end of the article should be removed, these are really not very much related to Fundraising which is the main activity of Opportunity International. In my opinion that content would be better suited to the [[Microfinance]] article, which views the topic from a more detailled and technical point of view. - Peter --[[Special:Contributions/190.41.129.105|190.41.129.105]] ([[User talk:190.41.129.105|talk]]) 22:27, 3 October 2014 (UTC)