Pivot from the US dollar is huge. Who could have foreseen unilateral harmful economic action by the west resulting in the rest of the world no longer wanting to be subject to it’s actually unstable economic order?
Pivot from the US dollar is huge. Who could have foreseen unilateral harmful economic action by the west resulting in the rest of the world no longer wanting to be subject to it’s actually unstable economic order?
They see that piling up huge stockpiles of $$$ brings them no security from the US/west, since all of that can be taken away. So now they need reserves in multiple currencies and gamble on the fact that if one side (China or US/west) takes away their reserves, the other side won't, since it will most likely be on the other side of the conflict/sanctions.
very good take