Posted on 04/07/2021 12:01:47 PM PDT by Red Badger
Di Dongsheng, associate dean of the School of International Studies at Renmin University in Beijing, said recently that China is trying to use pandemic-caused economic shifts to challenge and replace the “dominance” of the US dollar in “global markets and trade,” in a February 4 video posted on Chinese social media. “The currency that fixes the price will eventually be the renminbi (yuan),” stated Di. Last April, Di declared the Covid-19 pandemic an opportunity “unseen in 100 years,” an opportunity to make “all seven billion people in the world pay for [China].”
Di, who has “contributed to China’s foreign economic policy,” has regularly been a part of “policy discussions and overseas visits with various bodies of the Chinese regime, such as the foreign ministry.” Last year a video of his explicitly admitted the Chinese Communist Party (CCP) influences the US through “old friends” on Wall Street.
Di described why China wants to supersede the US dollar, the Epoch Times reports: “If the Chinese yuan (or renminbi) achieves global hegemony, Beijing will be in a position to print more money to dilute the value of yuan held by the world’s population—thus transferring wealth to China.”
Western low-interest rate policies (meant to counteract the pandemic’s economic damage) have benefitted China, as foreign investors have been buying up “China’s higher-yield bonds, pumping $135 billion into Chinese bonds in the 12 months ended Sept. 30, 2020.” Investors do “naturally divert funds away from low-interest rate economies” (the US currently) to high-interest rate economies (China). But the investor must sell dollars and buy yuans to purchase Chinese bonds.
Di advised in April 2020 that China ought to attract more foreign investors during the pandemic, using yuan to support foreign countries and companies suffering from the pandemic’s economic effects. He said “regulatory changes” could increase foreign investment too.
He also advised the CCP issue loans to developing countries so as to collect “high-interest payments to offset the cost of relatively high-interest rates China pays on its bonds.”
He even suggested China could sell its foreign exchange reserves in order to make such loans. Di said last April, “(Our laws) should make other countries believe that China won’t confiscate other countries’ assets; make them believe that they can buy whatever they want to buy if they transfer their money to China; make them believe that they can withdraw their money whenever they want.”
Di did admit possible problems for China from this policy, saying the potential issue with a “number of creditors is that it could push the yuan to strengthen too much and impair the regime’s ability to control the exchange rate… creditors will dial-up scrutiny of Chinese financial markets, leaving less room for the regime to manipulate it.” (China usually uses an artificially weak currency to “spur exports”.)
The CCP has been seeking to replace the US dollar as global reserve currency for some time: “In 2009, then-governor of the regime’s central bank, Zhou Xiaochuan, called for the U.S. dollar to be replaced with an international reserve currency so the yuan could exert more influence,” the Epoch Times says, adding, “According to the data compiled by the International Monetary Institute of Renmin University, the Chinese yuan’s share of global payments increased from 0.02 percent in 2011 to over three percent in 2020.”
The 2019 Foreign Investment Law (to protect foreign investors’ rights) caused a “surge of foreign investment” into China in 2020. The yuan still has some significant catching up to do to the US dollar, however, if the CCP is to achieve its goal.
Tungsten filled gold bar reserves won’t give anyone confidence in communist currency.
Yen over Yuan any dam day.
Strike while the iron is hot because America is being run by incompetents.
China is a factory nation. It won’t happen - even in their dreams.
A CCP planted geopolitical propaganda the CCP has been putting out since at least 2003. At that time they were claiming that financial tragedy was going to upend the U.S. dollar stemming from the war in Iraq. They always have some new “reason”.
The democrat party is helping them with all of the debt they’re piling on. Their aim is to take down America. They’re traitors.
Why wouldn’t they? They have a purchased, compliant government in America. Corporate America is all for it, they are just aching to do whatever Master Xi wants for access to his markets.
All we can do is watch, we are so screwed.
How soon will the Regime be forced to beg China to send some foreign aid?
Meanwhile, China can’t produce enough food to feed it’s population
When the cities go hungry, it’s all over
Hard currency is needed to buy food on the international markets.
China already is buying up much of our national debt !?
To my mind, that is aid from foreigners, or, foreign aid .
Where do you think AOC's "New Green Deal" is getting funded ?
It is nothing short of subterfuge and sabotage by the elected Dim witted stupids !
The next thing, you will tell me that money grows on trees. ../s
The ChiComs aren’t “Accelerating Plans” to replace the U.S. dollar. They have no need to do anything.
The liberal/communist/fascists in Washington are doing the ChiComs job for them by the endless printing of money and the waste of trillions of dollars.
Not to mention the export of American manufacturing to China, which has been going on for decades.
Yuan = toilet paper
All those US sanctions on other nations, resulting in them and others de-Dollarizing, was an utterly brilliant thing to do. Thank a NeoCon.
The new CCP dollars will have Harriet Tubman but before she escaped slavery.
Sadly there are people greedy enough for access to the markets of china to embrace the currency just to do business.
Hopefully there are enough people awake who understand the risk, the sheer idiocy of using scumbag chicom currency.
Gotta stop buying sh!t made in China, time to defund the CCP
He is not shy about describing CCP hegemony and his role in it.
He happily describes the Deep State / Swamp and the CCP control of and alliance with US useful idiots in congress, government, corporations and education.
Also:
CCP’S TikTok Hosting Ads Advising Illegal Aliens – Including Convicted Criminals – On How To Avoid Deportations.
https://thenationalpulse.com/breaking/tiktok-ads-targeting-illegal-aliens/
The US, and the British before them, were able to gain reserve currency status because of the rule of law, limited government, protection of property rights, the size of the economy, and the relative promise to maintain the strength of the currency
Of course the US is destroying all that now, but to choose the Chinese Yuan instead is really going from bad, to much, much worse.
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