Posted by IDQWE001 > 2023-03-28 08:45 | Report Abuse

In 1944, during the Bretton Woods conference British economist, John Maynard Keynes proposed BANCOR a new neutral reserve currency that would be used for settling international accounts. However, the US overruled this proposal in favor of a system of fixed exchange rates using the U.S. dollar (which was a gold standard currency for central banks) as a reserve currency. Now if commodity-rich nations such as Saudi Arabia and Russia suddenly decide to not use the dollar for global trade, then the trillion-dollar question is that what would be the next global reserve currency? Looking back at the history over the past few centuries, one has seen that the global reserve currency has changed hands every ~80-100 years. The dollar is nearing the 80-year mark also so a change of the guard in the next few years would not mean a deviation from the historical norm.he global reserve currency has been closely aligned with the overarching power in the world at that moment in history. China being a rising power sees itself as a Great Power (in its own mind at least) and would be in the mind of many as “calling the shots” in what the next global currency would be. While in theory, China would not mind having most of the world trade be conducted in yuan but given the Triffin dilemma that the US faces today this would be an obstacle. The Triffin dilemma is the conflict of economic interests that arises between short-term domestic and long-term international objectives for countries whose currencies serve as global reserve currencies. The use of the US dollar for global trade creates a big demand for dollars from all around the world leading to the dollar strengthening relative to other global currencies. This dollar strength made US exports become uncompetitive compared to their peers overseas. This has led to the hollowing out of the US manufacturing sector and a flight of jobs over the past few decades. This has imposed heavy costs on those who worked in blue-collar jobs across many areas of the US including the so-called “Rust Belt”. China being an export-led economy would not want to fall into the same trap as the United States. While they would like to have global trade denominated in yuan in principle (as a matter of national pride) one doubts if they want their exports (which are a big part of their economy) to become more expensive. Also, for all trade to settle in yuan China would have to export yuan to many other nations that would need yuan to settle trade with their trading partners. Given the strict capital controls in China, it would be surprising if China allows a lot of yuan to go out of the country to foreign shores. China has benefitted from the dollar system (running up trade surpluses year after year) where they can have their exports cheaper due to dollar strength so they would not mind having the reserve currency as something other than their own currency. Even if China wanted to set up the yuan as a default reserve currency the question is would other states fully embrace it?Today due to tensions with the West, Russia is forced into a friendship with China but they were not on the best of terms always including a military skirmish in 1969. Chinese from time to time bring up their territorial claims in the Russian Far East including Vladivostok which they say were given up by China as part of unequal treaties during their “150 years of humiliation” with foreign powers and now they want it back. Many other Asian neighbors including India, Vietnam, South Korea, Japan, etc. with which China has adversarial relations would also be wary of adopting a yuan-based reserve currency where they would be dependent on China to obtain yuan for their trading. Also, in event of military hostilities with China or its allies, they can (like what Russia is facing right now) could be “cut off” from the reserve currency yuan which would be determinantal to them. A return to a system like BANCOR (neutral reserve currency) proposed by Keynes in 1944 would require active cooperation between many nations across the world. With active geopolitical tensions among various sets of nation pairs: Russia and USA, USA and China, Europe and Russia, Saudi Arabia/UAE and Iran, etc. the chances of another “Bretton Woods” kind of consensus are next to nil.

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89 comment(s). Last comment by IDQWE001 2023-03-29 22:13

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-28 15:10 | Report Abuse

Posted by supersaiyan3 > 31 seconds ago | Report Abuse

IDQWE001, you are mistaken. The cop is being testified and sentenced. Then in general that's no problem.

Its the opposite in your 祖國. They protect the criminal and arrest the victim. That's so so sad.

You are right the white cop been punished. This is internation Laws and not jungle Laws.

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-28 15:12 | Report Abuse

ted by supersaiyan3 > 19 seconds ago | Report Abuse

Nicholas, you are mistaken. The cop is being testified and sentenced. Then in general that's no problem.

Its the opposite in your 祖國. They protect the criminal and arrest the victim. That's so so
=========


over 90% approval rating for their government in China

that is more democratics than in America.

supersaiyan3

3,125 posts

Posted by supersaiyan3 > 2023-03-28 15:15 | Report Abuse

Seems like this qqq was in HY and JAKS, what's wrong with him huh? Maybe he is one of the followers of KYY? lol

Pity.

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-28 15:16 | Report Abuse

supersaiyan3, QQQ seems like lonely old man giving his statement here without proof but from his imagination over and over just like tape recording.

supersaiyan3

3,125 posts

Posted by supersaiyan3 > 2023-03-28 15:17 | Report Abuse

I will ignore everything from qqq, poor boy.

supersaiyan3

3,125 posts

Posted by supersaiyan3 > 2023-03-28 15:18 | Report Abuse

IDQWE001, yup. Go easy on him.

Most of his posts not related to stock already. Maybe no money buy liao. poor old man

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-28 15:22 | Report Abuse

my trades in hy and jaks have been profitable for me............in fact thinking of buying HY now................

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-28 15:23 | Report Abuse

spend your whole life writing lies fabricating lies about China is a life worth living meh?

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-28 15:25 | Report Abuse

Posted by supersaiyan3 > 6 minutes ago | Report Abuse

I will ignore everything from qqq, poor boy.

Smart people dont like talking to tape recording machine. everybody ignore him .... poor old man.

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-28 15:25 | Report Abuse

recently my profits are from Top Glove in Malaysia and Xinte in HK............................................................I am doing very well.

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-28 15:27 | Report Abuse

there are lots of good info and good video about China from the internet................that is a much better way to spend some time than writing lies about China.

razmry

104 posts

Posted by razmry > 2023-03-28 16:09 | Report Abuse

China propaganda and fake news also well established via media. Actual fact unknown as communist party controlled everything.

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 16:34 | Report Abuse

Well, China media focus on spreading goodwill and love.....they dont focus on spreading hate ..... America media surely focus on spreading hate

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 16:37 | Report Abuse

Make love not war is good actually

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-28 16:46 | Report Abuse

China media is party media, everything perfect except US just like old time UMNO everything is perfect except DAP.

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 17:10 | Report Abuse

The big difference is China actually has a thousands years tradition history and culture of capable Confucian mandarins

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 17:11 | Report Abuse

China will rise and China modernization will be on China's terms

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 17:12 | Report Abuse

Not America terms

foongsh

1,378 posts

Posted by foongsh > 2023-03-28 17:15 | Report Abuse

no problem, u may repeat the same statement just like tape recording as long as u like.

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 17:24 | Report Abuse

Foong...China will not die....they don't bet your entire life that China will die

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 17:25 | Report Abuse

All these China haters especially one of Chinese blood is so silly

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 18:20 | Report Abuse

China says no cold war. Every time China says that America increase the propaganda, change the rules until today the cold war is already here.

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 18:22 | Report Abuse

Xi jinping has given up on America already...
The best hope for China now is betting on expanding Brics+

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-28 18:25 | Report Abuse

No one bet his life that China die, it is CCP die. Dont be silly please differential Chinese and communists. U may be a Chinese but u may not be CCP. your great grand father may be former China citizen with Chinese blood but u may not be CCP or practising communist way, as such, u have freedom of speech and eligible to vote out UMNO (if u do so). However, if u r pro communist then u still may not be communist. If u r a communist then I congratulate u and believe what u believe and dont change your mind to keep on repeating yr statement like tape recording.

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 20:09 | Report Abuse

Divide and rule...your white masters already perfected divide and rule hundreds of years ago to colonize the whole world

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 20:11 | Report Abuse

Nowadays the same divide and rule can be found everyday in western media hitting at China

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 20:14 | Report Abuse

China says no cold war means your ideology wars, focus on what can be done what needed to be done to solve world problems

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 20:15 | Report Abuse

No use demonizing China government....China already have a very competent government

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-28 20:30 | Report Abuse

Competence is not something u can fake. Competence is shown from the results

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-28 22:11 | Report Abuse

Those who speak chinese or write chinese may not be Communist those who write English or speak English may be communist. As a chinese he may not be communist. U may be communist but dont expect other people is communist.

mach10

371 posts

Posted by mach10 > 2023-03-29 00:51 | Report Abuse

those who claim China is a communist country are economy illiterate.

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-29 08:46 | Report Abuse

CCP is communist party, anything wrong ? or u want to rename it as democratic party ?

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-29 09:40 | Report Abuse

American hegemony...China calls it CPC, they insist on calling Ccp.


America hegemony, only their way or they bomb u..... Just ridiculous

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-29 09:47 | Report Abuse

Brics+ will be stronger and will dilute american hegemony.

foongsh

1,378 posts

Posted by foongsh > 2023-03-29 09:57 | Report Abuse

Good morning red army cina man and tape recording machines.

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-29 10:51 | Report Abuse

No shame in following what is reasonable

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-29 12:12 | Report Abuse

Finally US hegemony shame of what he is doing, so US Congressmen Vote To Revoke China’s Developing Country Status and now the great empire become developed country. Congratulations to all the effort from red army, you make thing happen.

Income

10,247 posts

Posted by Income > 2023-03-29 13:17 | Report Abuse

The White doesn’t care about Asian countries. Asian and African and South America being colonised, robbed of its resources and treated as White Men burden or slaves. It’s a pity to know, SOME ASIAN PEOPLE STILL SUPPORT US AND HER WHITE ALLIES. The US and her White Men Allies doctrine is only one —> US and its allies as The World Masters but Asian and African and South America are treated as Slaves. You just read past history of the world, you will come to this conclusion…

Income

10,247 posts

Posted by Income > 2023-03-29 13:30 | Report Abuse

The White doesn’t care about Asian countries. Asian and African and South America being colonised, robbed of its resources and treated as White Men burden or slaves. It’s a pity to know, SOME ASIAN PEOPLE STILL SUPPORT US AND HER WHITE ALLIES. The US and her White Men Allies doctrine is only one —> US and its allies as The World Masters but Asian and African and South America are treated as Slaves. You just read past history of the world, you will come to this conclusion…
Last time to become Master, The US and her White Men Allies used their military might to colonised Asian and African and South America. After giving independence to their colonies, The US and her White Men Allies used their currencies (or Economic Sanctions) to control the rest of the world. Now with US dollar hegemony eroding, US will instigate Russia and China to start WW3. All the world bodies that is UN, IMF, World Bank etc are all control by US and her allies. Please keep your mind open to see the truth behind the scenes.

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-29 13:51 | Report Abuse

When The Great Ancient China is strong Dynasty Tang, Han, Song, Qing, Yuan etc. did invade neighbouring countries and now finally US hegemony admit his mistake and well recognise CCP as great and powerful. Congratulate that US Congress finally heard the voice of Malaysian Red Army. Congratulations .... lets celebrate.

foongsh

1,378 posts

Posted by foongsh > 2023-03-29 13:53 | Report Abuse

Really a good news. US hegemony now understand themself no match with the great empire, eventually US will be macai of BRICS. Most likely Taiwan and Ukraine will surrender soon. Peace is what we are looking for. With this news the entire world share markets will boom soon.

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-29 14:03 | Report Abuse

Hopefully a great recession will dilute America hegemony

foongsh

1,378 posts

Posted by foongsh > 2023-03-29 14:08 | Report Abuse

no more America hegemony, US Congress already surrender to CCP to recognise the great well developed empire. congratulations to all red army, US Congress heard u.

brightsmart

3,784 posts

Posted by brightsmart > 2023-03-29 16:17 | Report Abuse

US Congress approvals is 20% in America and even less outside .

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-29 19:57 | Report Abuse

even US congress approval rate is zero also nevermind because they kowtou to CCP and surrender to admit the great developed empire. must give them a credit.

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-29 20:35 | Report Abuse

and not all Taiwanese hate China. The smarter one like Ma Jingyeou is close to China. Only those with links to FBI and Japanese like Chai engwen hates China.

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-29 20:39 | Report Abuse

no needs experts, ordinary people can see it coming.

https://www.youtube.com/watch?v=OAIFWMzFVZU

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-29 21:59 | Report Abuse

If u believe US Congress surrender to CCP why do u need to care about Taiwan ?

qqq47660

8,705 posts

Posted by qqq47660 > 2023-03-29 22:11 | Report Abuse

US Congress? war mongers

IDQWE001

2,992 posts

Posted by IDQWE001 > 2023-03-29 22:13 | Report Abuse

war mongers ? But US Congress already admitted CCP Great Developed Empire.

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