- cross-posted to:
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- cross-posted to:
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Maybe that James Rickards op-ed from two weeks ago was right all along. This is all going so fast, time to memorize yuan exchange rates.
“What a shock, we tried to coup this guy and his only way to thank us is to turn to China!”
Why not its own currency?
This problem will have to be sorted out. I need to look more into the BRICS plans. Maybe a system of X goods in one currency and Y goods in the other currency, so there’s a balance. Then a formula for deciding the ratio X:Y.
You do know that international trade is international? Petrodollars is whats keeping the US afloat.
I think Shrike is asking, if they’re not using the petrodollar, why use Yuan rather than the other country’s currency.
Edit: Bolivia uses the Boliviano.
Well because you need a large stable currency that all agrees on. Yuan or bolivares? What would you like to be paid with?
probably cause there is already a system set up for doing transfers and it’s a lot of work to make your own, and they already do a bunch of trade with China
calm your horses, it’s just 10% of their trade
I still see that as a win. Economic decoupling is really hard (see how well the West are doing with decoupling from China, hell or even Russia)
So far, the goal is to keep shifting away from the dollar going forward :)
