That's absolutely moronic to suggest, the coronavirus pandemic has resulted in a doubled down effort all over the world into the dollar as a reserve currency. Namely this happened because the US had a smaller stimulus program than other nations.
The US dollar is far stronger than the nation it comes from, I know it comes off as totally insane, but the data speaks for itself in this case. Confidence in the dollar is incredibly high, where by contrast post 2008 this wasn't the case.
China is already a part of drawing rights and has been for a while now. China has no real incentive to change the existing structure of the reserve currency system.
This action is entirely about Iran and how fucked they are from US sanctions re their own currency. They believe they can skirt this situation by indirectly being tied back to the dollar through the RMB.
the USD is going to lose global reserve status before 2021 is out.
That's absolutely moronic to suggest, the coronavirus pandemic has resulted in a doubled down effort all over the world into the dollar as a reserve currency. Namely this happened because the US had a smaller stimulus program than other nations.
The US dollar is far stronger than the nation it comes from, I know it comes off as totally insane, but the data speaks for itself in this case. Confidence in the dollar is incredibly high, where by contrast post 2008 this wasn't the case.
deleted by creator
Lol, I mean in terms of hard metrics, the US is far worse now than it was in 2008.
we'll talk about this in January 2022
Unless China decides to self destruct their economy in favor or short term returns like Japan did then no we won't lol.
[laughs in Plaza Accord]
You think RMB is the replacement though? I can't see EUR being a huge improvement.
China wants to make the RMB the reserve currency and I wouldn't be surprised if they pull it off
I thought they wanted special drawing rights at the IMF or world bank but that was in 2009 or something.
China is already a part of drawing rights and has been for a while now. China has no real incentive to change the existing structure of the reserve currency system.
This action is entirely about Iran and how fucked they are from US sanctions re their own currency. They believe they can skirt this situation by indirectly being tied back to the dollar through the RMB.
Plans in China are long term and in 2009 I think they were still devaluing their currency.
imagine when the worst crime people accused china of was currency manipulation ah what a time
I wasn't a commie back then but I remember thinking "it sounds like they're just smart" lol
i wasn’t either but i don’t remember china as big a boogie man to the extreme it is today