“It’s probably a win for China on several fronts: They get to ditch the dollar without making a big geopolitical stink. China gets to play the global good guy for once — while also purchasing some political influence over the IMF.”
China’s $50bn IMF deal puts ‘redback’ on the world stage - Times Online
A really great read that outlines China’s advancement as a world superpower by stealthly assaulting the international monetary system. The above quote is from the comments. I thought it summarized the article quite nicely.
“In the short run, China has no option but to accumulate more reserves and dollar reserves. Why? Because if they stop doing that, their currency would appreciate sharply while their exports are plunging.”
I am a woman born to Nigerian parents, walking with God, interested in art and technology yet passionate about economics, investments, and capital markets.
At 30, I started this site to be a collection of all that and more forming an eclectic collection of real information. Read more.
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