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.
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