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Economy => Economics => Topic started by: (o)(o)ilikeboobs(o)(o) on October 15, 2020, 02:15:52 PM



Title: China is looking to get rid of the US dollar
Post by: (o)(o)ilikeboobs(o)(o) on October 15, 2020, 02:15:52 PM
The US Dollar is a currency with global liquidity, and almost all national currencies must be converted to US dollars to purchase products from within the country. The dollar is the mediating currency around the world for most transactions, where US companies are where the strength of the dollar exists.

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.


Title: Re: China is looking to get rid of the US dollar
Post by: Febo on October 15, 2020, 02:39:32 PM
China is looking to get rid of the US dollar

Having all your eggs in the same basket is bad. China is diversifying. Not just now, they are doing this for more than a decade. They mainly buy God and other currencies. Eventually will switch also to Bitcoin, but that will probably be closer to end of this decade. 


Title: Re: China is looking to get rid of the US dollar
Post by: palle11 on October 15, 2020, 02:47:50 PM

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.


And how can we prove that the same cryptocurrency won't be converted just like bitcoin or etheruem to the US dollar before buying any other fiat like in exchanges such as binance. China is making themself a big rival to US especially during the Trump regime. The Republicans have there way of trying to make larger political movement and statement, this might be the course of some of the business struggles within those two countries.



Title: Re: China is looking to get rid of the US dollar
Post by: Upgrade00 on October 15, 2020, 03:19:35 PM
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.
Do you mean Huawei is the only Chinese company in top 100 global ranking and it sits at the 96th spot? If yes, then you should drop a source. Browsing through various websites which uses different metrics to rank companies, they all had Chinese firms in their lists occupying high positions;
Check ē https://en.m.wikipedia.org/wiki/List_of_largest_companies_by_revenue
ē Forbes Global 2000 (https://www.forbes.com/global2000/#48bae531335d)

There is an obvious currency war going on between the top ranked fiats, and with China leading the charge into digital block chain currency (CBDCs) this would give them an edge (in the digital curve) over other nations yet to embrace digital assets, I however do not think it would make the Yuan the global reserve currency.
The system of government in China makes it unfavourable for businesses and with such a heavily controlled financial market, firms would be less willing to hold their funds in a blockchain Yuan, which would function exactly as the traditional fiat.


Title: Re: China is looking to get rid of the US dollar
Post by: grabpopcorn536 on October 15, 2020, 03:20:22 PM
The US has another way to increase the liquidity of the dollar worldwide. They are in many different markets outside China. They are currently moving factories out of China. So China is looking to create a cryptocurrency and attract the Chinese people to hold them instead of the dollar.
China is taking a very creative step.


Title: Re: China is looking to get rid of the US dollar
Post by: Broly46 on October 15, 2020, 03:44:42 PM
I think itís getting rid of capitalism rather than holocaust, but to up each own, itís said petro dollar some time ago but nobody has slightly clue all the insider info, commoner like us just getting indoctrinated all the time.


Title: Re: China is looking to get rid of the US dollar
Post by: mindrust on October 15, 2020, 03:57:17 PM
China is one of the major USD holders in the world.

If they hate it so much, why don't they dump it?

The reason is, there simply isn't anything better than the USD for that job.

RankCountryForeign Currency Reserves (in billions of U.S. dollars)
1China$3,399.9
2Japan$1,387.4
3Switzerland$850.8
4Russia$562.3
5Saudi Arabia$501.8

source: https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-reserves.asp


Title: Re: China is looking to get rid of the US dollar
Post by: TopTort777 on October 15, 2020, 04:10:56 PM
Just how China is going to get rid of US dollar? Forbit its exchange? Take all cash while people crossing border? Ok, this is weird, but can be done. But how they gonna be regulating all transaction? How they plan to do import/export payment with countries that use US dollars? Force them to do double exchanges?


Title: Re: China is looking to get rid of the US dollar
Post by: tyz on October 15, 2020, 04:21:15 PM
China is creating a cryptocurrency to eliminate the mediation of US dollars.

China will continue to bet on the US dollar. For a very simple reason: Besides Japan, China owns most of the US government bonds and thus indirectly also USD. If China were to break away from the US dollar, they would sell the government bonds first, which according to current official figures they are not doing. For commercial transactions, it may make sense not to rely on a foreign fiat currency as an intermediate currency and to build an own electronic system. The only question is whether this can prevail. Because then all other countries that trade with China must also use the cryptocurrency and no longer the USD.


Title: Re: China is looking to get rid of the US dollar
Post by: mu_enrico on October 15, 2020, 04:40:26 PM
OP's opinion sounds like many things wrong stitched together to make it right.
1. There is no obligation to use USD for international trade. Businesses did it simply because USD is the most stable currency. You know, volatility stuff.
In fact, each country wants to use its own local currency, and they occasionally do a bilateral agreement. For example https://theconversation.com/indonesia-and-china-inked-a-deal-to-promote-the-use-of-the-yuan-and-rupiah-the-political-and-economic-implications-are-huge-147493
However, since we are in the world of the market economy, it all goes back to supply and demand (no government intervention could change the dynamics in the long run).

2. I doubt central banks (not only China) create their own digital currencies to "eliminate" people's preference for USD. Well, if the fundamentals are unchanged, the US' CBDC would outperform China's CBDC.


Title: Re: China is looking to get rid of the US dollar
Post by: target on October 15, 2020, 04:56:06 PM
China is one of the major USD holders in the world.

If they hate it so much, why don't they dump it?

The reason is, there simply isn't anything better than the USD for that job.

RankCountryForeign Currency Reserves (in billions of U.S. dollars)
1China$3,399.9
2Japan$1,387.4
3Switzerland$850.8
4Russia$562.3
5Saudi Arabia$501.8

source: https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-reserves.asp

The Chinese government is buying all the USD that are earned by the companies in China, they've been doing these for decades that they may be able to take control of the market. At the same time they also maintain the value of Yen as low as possible. Quite a strategy actually but it worked for them that they pullout a big solution to lift 800M citizen out of poverty.

Right now China is one of hte country that has the biggest reserve that they can also use to influence the use of their currency.



Title: Re: China is looking to get rid of the US dollar
Post by: disconnectme on October 15, 2020, 07:04:19 PM
I think China can try but won't be successful, have you tried to do business in China, Chinese people prefer you pay them in USD to Yuan, just go to some of these developing countries, how many people in the countries want the USD as compared to their local currencies. I believe the trust in USD is higher than trust in any other currencies in the world


Title: Re: China is looking to get rid of the US dollar
Post by: posi on October 15, 2020, 07:21:47 PM
Although, the Chinese government can be surprising sometimes through their centralized habit but I dont believe what the OP said about the Chinese government planning to get rid of US dollars through the creation of cryptocurrency which they have already and surely not meant for what the OP said. However, no prove link was provided by the OP.


Title: Re: China is looking to get rid of the US dollar
Post by: LeGaulois on October 15, 2020, 08:01:00 PM
...

It's not a matter of cryptocurrency. For China, it's in its own interest to not rely anymore on USD but the country won't get rid of the USD before all this happens.

Without the Petrodollar, the USD would already be dead. The day the OPEC will start to accept selling petrol for something else than USD the things will start to change. And that's the only thing China is waiting. They do not import from the USA, they do it from Russia, Irak, Brazil, etc.
Another fact to consider is the commercial war USA/China

Also, the USD is losing power as the first foreign currency for 2 decades and it won't go better
With all this, when the dollar will lose its value and people won't trust it anymore.who will be interested in having and using this currency? nobody.

...

By getting rif of USD @OP want to talk about the USD used as a reserve currency and using for international trading, as well its USD bonds


Title: Re: China is looking to get rid of the US dollar
Post by: South Park on October 15, 2020, 08:45:53 PM
The US Dollar is a currency with global liquidity, and almost all national currencies must be converted to US dollars to purchase products from within the country. The dollar is the mediating currency around the world for most transactions, where US companies are where the strength of the dollar exists.

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.
This is nothing new really, if you take a look at the past decade you will see that China is buying everything they can with their dollars, not only they are buying gold knowing full well that a global crisis is coming, they are also lending money to other countries and they are buying all kind of resources with their dollars, and I cannot blame them sooner or later the world will wake up to the fact they have allowed the US to flood the world with paper money that has less and less value as they keep printing more of it, and once when everyone tries the same strategy as China that is when we will see hyperinflation taking place all over the world but especially in the US.


Title: Re: China is looking to get rid of the US dollar
Post by: stompix on October 15, 2020, 08:49:39 PM
Without the Petrodollar, the USD would already be dead. The day the OPEC will start to accept selling petrol for something else than USD the things will start to change. And that's the only thing China is waiting. They do not import from the USA, they do it from Russia, Irak, Brazil, etc.
Another fact to consider is the commercial war USA/China

If China wants to hurt the dollar that much they should stop exporting stuff to the US as they are propping the dollar more than OPEC does.

Let's not take into account numbers from 2020 with this pandemic but in 2019 OPEC production (including that which is not traded in $ and that for internal consumption) stood at 35.6 million barrels a day, that would be 13 billion barrels a year, at a price of 40$ per barrel that makes 529 billion, while China is exporting to US stuff and getting paid in $ $539.5 billion.  ;D
The whole petrodollar stuff is so yesterday, it's just another myth that people who desperately want the US to fall still cling on it, I've been hearing this for ages and we will still hear is even when there will be no drop of oil left.

Rather than focusing on the petrodollar, you should watch out for the bitcoindollar as the majority only cares about the BTC price in $.  ;)

Just how China is going to get rid of US dollar? Forbit its exchange? Take all cash while people crossing border? Ok, this is weird, but can be done. But how they gonna be regulating all transaction? How they plan to do import/export payment with countries that use US dollars?

Yeah, Apple will be forced to change prices to yuans for its customers, get ready!!



Title: Re: China is looking to get rid of the US dollar
Post by: Johnyz on October 15, 2020, 09:22:13 PM
China is one of the major USD holders in the world.

If they hate it so much, why don't they dump it?

The reason is, there simply isn't anything better than the USD for that job.

RankCountryForeign Currency Reserves (in billions of U.S. dollars)
1China$3,399.9
2Japan$1,387.4
3Switzerland$850.8
4Russia$562.3
5Saudi Arabia$501.8

source: https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-reserves.asp
This is mind blowing considering that these two countries are making a lot of pressure with each other and yet, China is the top holder of Dollar and while USA are in debt to China. Creating their own cryptocurrency doesnít mean disregarding USD because we all know that USD will remain the main exchange rate on every country and almost everywhere its acceptable, the influence of US is far better compare to China and that is why USD is a major currency.


Title: Re: China is looking to get rid of the US dollar
Post by: arallmuus on October 15, 2020, 10:16:23 PM
If China wants to hurt the dollar that much they should stop exporting stuff to the US as they are propping the dollar more than OPEC does.

Which is why they have been exporting alot of their 95% done goods to Vietnam instead and let Vietnam deal with the remaining 5% then put on the label of Made in Vietnam for all those goods. You could find alot more Made in Vietnam goods nowadays compared with Made in China labeled goods  ::)

The whole petrodollar stuff is so yesterday, it's just another myth that people who desperately want the US to fall still cling on it, I've been hearing this for ages and we will still hear is even when there will be no drop of oil left.

There are tons of crappy news nowadays about US especially when election is coming. The whole world seems to be using this to stir up some crazy news though

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.

China would want to create anything they could create. Anything that will make them #1 country . I have seen tons of stuff like this from few years ago especially when cryptocurrency is not yet a thing, they always want to beat the whole world on any aspect


Title: Re: China is looking to get rid of the US dollar
Post by: Hydrogen on October 15, 2020, 11:59:18 PM
If venezuela issued a new cryptocurrency tomorrow, would anyone trust it?

China could have similar issues to venezuela. In terms of lack of trust. The CCP not being considered the most reliable or stable thing in the world.

In past years china announced they would back their native yuan currency with gold to implement a gold standard. Many news stories from china are later found to be false and do not pan out. Remember when china claimed they would "ban crypto currencies, exchanges" or "ban crypto mining". These news stories sent the price of bitcoin tumbling. Some of these news stories were later found to be false. Which did little or nothing to mitigate the damage inflicted.

Stability, trust and reliability are 3 main things people look for with currencies and assets. All of which could be areas where china is in short supply.


Title: Re: China is looking to get rid of the US dollar
Post by: verita1 on October 16, 2020, 12:02:12 AM
Quote
Theoretically, if enough countries adopted the digital yuan for international payment transactions over time, then it could one day challenge the dominance of the US dollar.

https://qz.com/1899402/why-chinas-digital-yuan-wont-internationalize-the-renminbi/amp/ (https://qz.com/1899402/why-chinas-digital-yuan-wont-internationalize-the-renminbi/amp/)

I acknowledge the great effort that the Chinese government has put into creating the Digital Yuan, when officially launched, will mark the history of global currencies.

And it will open the way for other countries to continue developing their digital currencies.

Japan has also spoken out on the matter.
"No single digital currency will dominate the world," Bank of Japan now says.

https://cointelegraph.com/news/no-single-digital-currency-will-dominate-the-world-bank-of-japan-now-says (https://cointelegraph.com/news/no-single-digital-currency-will-dominate-the-world-bank-of-japan-now-says)

I think that now countries are against the clock to learn from countries that are entering the creation of their digital currencies to participate in the new economic model.


Title: Re: China is looking to get rid of the US dollar
Post by: Darker45 on October 16, 2020, 01:00:42 AM
If venezuela issued a new cryptocurrency tomorrow, would anyone trust it?

China could have similar issues to venezuela. In terms of lack of trust. The CCP not being considered the most reliable or stable thing in the world.

In past years china announced they would back their native yuan currency with gold to implement a gold standard. Many news stories from china are later found to be false and do not pan out. Remember when china claimed they would "ban crypto currencies, exchanges" or "ban crypto mining". These news stories sent the price of bitcoin tumbling. Some of these news stories were later found to be false. Which did little or nothing to mitigate the damage inflicted.

Stability, trust and reliability are 3 main things people look for with currencies and assets. All of which could be areas where china is in short supply.

In terms of social issues, China has so much abundance of it. As a matter of fact, it's overflowing with social issues other countries would consider unacceptable. Freedom of speech, press freedom, human rights, religious freedom, and so on and so forth are alien things in the country.

However, if you look at how China is doing in the global scheme of things, it certainly is perfectly fine. The Yuan is now gaining a stronger foothold in the world, its clout significantly increasing. So many countries, whether they like it or not, trust it or not, are compelled to fully embrace the Yuan because they are now full of contracts with China. Not to mention that they are now drowned with Chinese debt. Their markets full of Chinese products. Their trades done primarily with China.

China has played well its cards. 5 years ago, the IMF has named the Yuan as a global reserve currency. Central banks are now beginning to stock themselves with the red currency. And yet, the country is full of skeletons in its backyard.


Title: Re: China is looking to get rid of the US dollar
Post by: MCobian on October 16, 2020, 02:19:45 AM
If you look at the movement of the Chinese state in recent years, trying to control the world economy. No wonder one of his goals is
to get rid of the US dollar, although it is not easy to achieve this. Moreover, most countries in the world still use US dollars for international
transactions. And also the popularity of the US dollar is still proven high compared to the Chinese currency. So go ahead if China wants to
try to get rid of the US dollar, certainly requires a lot of effort and also takes a long time to be successful. One of China's efforts to get rid of
the US dollar by creating cryptocurrency, which will be planned as a global means of payment. It is very interesting to continue to see its
developments, which is certain that the US government will not remain silent knowing this.


Title: Re: China is looking to get rid of the US dollar
Post by: Coroline on October 16, 2020, 03:32:56 AM
It seems that China really wants to shift the position of the US slowly, we are not even aware that China's growth is very fast right now.
In the past, China was known as a trash country that could only imitate international products, even a few years ago the campaign to imitate goods was legal in China. But now China has succeeded in making its own products, and is more focused on building its own brands.
The label "Made in China" becomes an inscription that we usually find on our products.
If China issues cryptocurrency with the aim of regulating the world to replace the US Dollar, there will be a major war between the US and China which could be the trigger for the rise of the WW 3


Title: Re: China is looking to get rid of the US dollar
Post by: Lorence.xD on October 16, 2020, 04:28:11 AM
If you look at the movement of the Chinese state in recent years, trying to control the world economy. No wonder one of his goals is to get rid of the US dollar, although it is not easy to achieve this. Moreover, most countries in the world still use US dollars for international transactions.
They can be successful in all of Asia if they continue their Belt and Road Initiative. If they want to make it happen a little bit faster though, they must lax their conditions to the countries that they are helping as to not make the populace in the disagreement with the agreement. US dollar is a reserve by most countries and China also has their reserve, I do not think they will get rid of it.


Title: Re: China is looking to get rid of the US dollar
Post by: MainIbem on October 16, 2020, 07:05:48 AM
China is looking to get rid of the US dollar

Having all your eggs in the same basket is bad. China is diversifying. Not just now, they are doing this for more than a decade. They mainly buy God and other currencies. Eventually will switch also to Bitcoin, but that will probably be closer to end of this decade. 
China has been opposed to bitcoin. They are open to cryptocurrency though because they have their own crypto ranking. It is suggestive that they are hoping to create a cryptocurrency that will match up with Bitcoin.


Title: Re: China is looking to get rid of the US dollar
Post by: Leviathan.007 on October 16, 2020, 10:33:06 AM
China was looking for it all the time during the last years. America and China are two top economic powers of the world and they always competing together economically. After the phase of the breakout of covid-19 on all the world. China is better stronger because they have much better situation. During all these years, America was much stronger and they could make USD the most famous and and must used currency in all over the world, but after the  huge covid-19 breakout in USA China is going to have a much better situation. But, considering the popularity of USD, getting rid of it is not that much easy and will take many years.


Title: Re: China is looking to get rid of the US dollar
Post by: shoreno on October 16, 2020, 10:46:18 AM
 almost all national currencies must be converted to US dollars to purchase products from within the country.
u.s dollar can be a national measurement for other countrys currency . people do this if they arent familiar with the currency or to the value of a currency but it does not mean that we all need to convert any currency the u.s dollar before buying , for buying on the u.s country maybe .

China is creating a cryptocurrency to eliminate the mediation of US dollars.
this is true and im aware with this , theres a news that says china create a crypto but i never heard that the purpose of them creating a crypto is because they are allergic to u.d dollars   . its like where are saying that other countries that also create thier own crypto do also hate u.s dollars  ? but i believe no, they arent like that . they dont have a hidden anger from the u.s


Title: Re: China is looking to get rid of the US dollar
Post by: justdimin on October 16, 2020, 03:53:29 PM
They are looking to eliminate US dollar not because of their rivalry with USA but because they want to create Yuan as the biggest and global currency and there is no problem in moving forward and trying to do something which others don't even think about. I really like their thought process and the belief of doing so but all said and done it won't be easy because USD has always been the dominant currency.

I am not entirely sure if they are actually launching a virtual coin because all the articles I could find had mentioned that they are pushing Yuan and not sure if they will launch a digital Yuan currency or not. I feel like no matter how much we hate China and their leader but really they have the right vision and better than others in many ways.


Title: Re: China is looking to get rid of the US dollar
Post by: dothebeats on October 16, 2020, 04:04:04 PM
For years they are wanting to ditch the USD on the pedestal as the world's reserve currency due to obvious economic and sociopolitical reasons. They are slowly doing this by passive-aggressively colonizing other micronations through debt traps and bilateral trade agreements wherein China will always get the longer end of the stick. They may not dethrone the dollar by advertising their own currency but they are doing it silently by bullying other nations. Just wait until China gets all the aces and bam, you have tens of countries using CNY or Digital Yuan sooner.

The only edge of the USD at this point in time is the world's trust on the said currency and country to do wonders. They are, for the last decades (or even century) the mightiest superpower in the world. Of course, if this holds true even up to this day, countries' trust on the US would still remain as is when it comes to utilizing the dollar, and there's no stopping that even if China or the EU introduce a 'better' alternative than what the world is already accustomed to.

I am not entirely sure if they are actually launching a virtual coin because all the articles I could find had mentioned that they are pushing Yuan and not sure if they will launch a digital Yuan currency or not. I feel like no matter how much we hate China and their leader but really they have the right vision and better than others in many ways.

On some ways, yes, but an authoritarian control isn't always gonna work in the long run. With the way the Chinese treats other countries that are indebted to them, and they way how they are forcefully trying to retake HK and Taiwan, I don't think the public opinion about them will change sooner.


Title: Re: China is looking to get rid of the US dollar
Post by: el kaka22 on October 16, 2020, 04:17:17 PM
Well, it is not a secret affair that China and USA has a very bad relationship, specially under Donald Trump it became more obvious that both nations hate each other, hell half of USA hates Trump and even with that whenever he attacks China nobody says a thing (well I personally hate China as well, so I get it) or in China they accept tens of billions of dollars, even hundreds of billions of dollars from American companies to build their products and make them rich, build it for 10 and let them sell it for 100 to make American companies profit, just so they could have some money, yet if you ask their opinions almost all hate USA as well (well I dislike USA too so I get it).

It means they need each other but hate each other at the same time, which is why I believe it is not going to be a done deal anytime soon.


Title: Re: China is looking to get rid of the US dollar
Post by: target on October 16, 2020, 04:40:36 PM

China somehow has some control over some media today that is why they are becoming confident about them being labeled. Over the years they have changed to Capitalist and keeping their labor attractive to companies moving to China. As they become powerful, I don;t see them interfere with other countries' politics though. I don't think they have used their power to influence the politics of ther countries. But supporting and providing assistance as far as I know.

One thing that makes China bad is that their government take control of their citizen tightly which is reported badly by the media.


Title: Re: China is looking to get rid of the US dollar
Post by: Haunebu on October 16, 2020, 04:50:32 PM
Firstly, your username is hilarious op. Gutsy and straightforward. Coming to the topic, China is a very ambitious country with lofty goals which everyone are aware of and they have demonstrated this time and time again.

They can try to get rid of the dollar, but they will fail most likely and get mocked into oblivion if they do so which is why this isn't feasible for them and they are aware of this.


Title: Re: China is looking to get rid of the US dollar
Post by: tvplus006 on October 16, 2020, 07:14:51 PM
...China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
...

China is not the first country that wants to untie its economy from the dollar. But I don't see that any country has succeeded. And I don't understand how this digital yuan will differ from the Fiat one, because it will also have all the disadvantages of the yuan. And first of all, the dependence of the yuan exchange rate on government decisions.


Title: Re: China is looking to get rid of the US dollar
Post by: Reid on October 16, 2020, 07:40:13 PM
If they can demolish the traditional thinking then it might just work.
Focused mostly in third world countries.
When Americans go there, they are like walking dollar signs. $

But now it might be different with digital currencies. They can start with the payment systems in different applications.
Most of them are always looking for USD first instead of your own country's currency which sucks. Even though, the IP is being tracked to a different country.  ;D


Title: Re: China is looking to get rid of the US dollar
Post by: int03h on October 17, 2020, 01:49:01 PM
China is one of the major USD holders in the world.

If they hate it so much, why don't they dump it?

The reason is, there simply isn't anything better than the USD for that job.

RankCountryForeign Currency Reserves (in billions of U.S. dollars)
1China$3,399.9
2Japan$1,387.4
3Switzerland$850.8
4Russia$562.3
5Saudi Arabia$501.8

source: https://www.investopedia.com/articles/investing/033115/10-countries-biggest-forex-reserves.asp
US foreign currency reserves are a way for China to export goods to the US more often. China could put pressure on the dollar and get some trade incentives.
After the US government announced to impose tariffs on Chinese goods they sold an amount of US dollars to devalue the dollar. It is the soft power they get when they own dollars.
Reserving US dollars is different from helping with liquidity for the dollar.
The Chinese economy is the second-largest in the world and they will find ways to strengthen their currency over time. Creating a national cryptocurrency is a start for them to implement their plan to enhance the value of their economy.


Title: Re: Trung Quốc.
Post by: (o)(o)ilikeboobs(o)(o) on October 17, 2020, 02:37:12 PM
China is creating a cryptocurrency to eliminate the mediation of US dollars.

China will continue to bet on the US dollar. For a very simple reason: Besides Japan, China owns most of the US government bonds and thus indirectly also USD. If China were to break away from the US dollar, they would sell the government bonds first, which according to current official figures they are not doing. For commercial transactions, it may make sense not to rely on a foreign fiat currency as an intermediate currency and to build an own electronic system. The only question is whether this can prevail. Because then all other countries that trade with China must also use the cryptocurrency and no longer the USD.
Owning US government bonds or reserves of US dollars has nothing to do with finding a way out of US dollar mediation. Imagine that bonds and foreign currencies are like their holdings, they don't circulate. Eliminating the intermediary role of the US dollar means reducing US dollar liquidity.
Combining a large amount of US-related assets and low dollar liquidity, China could threaten to devalue the dollar.
The plot is very clear.
Chinese cryptocurrencies are not yet launched but I believe China will have a way for other countries to use them.

Firstly, your username is hilarious op. Gutsy and straightforward. Coming to the topic, China is a very ambitious country with lofty goals which everyone are aware of and they have demonstrated this time and time again.

They can try to get rid of the dollar, but they will fail most likely and get mocked into oblivion if they do so which is why this isn't feasible for them and they are aware of this.
China paves the way and other countries will embrace the creation of cryptocurrencies. By companies that are abroad, they will be bringing their digital currency to the world.
I have seen them develop cashless payments with apps like Wechat, Alipay before. Countries in the region have been asking to follow in China's footsteps in monetary reform. Alipay has a presence in the US, not only replacing payment methods but also receiving a large amount of user data.


Title: Re: China is looking to get rid of the US dollar
Post by: Yatsan on October 18, 2020, 07:37:34 PM

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.


And how can we prove that the same cryptocurrency won't be converted just like bitcoin or etheruem to the US dollar before buying any other fiat like in exchanges such as binance. China is making themself a big rival to US especially during the Trump regime. The Republicans have there way of trying to make larger political movement and statement, this might be the course of some of the business struggles within those two countries.

This is a one good point. If ever that China is really planning to get rid or eliminate the usage of US dollars, then how they can that very sure that the existence of such cryptocurrency will not push people to convert it into US dollars to be able to make use of it since US dollar is a widely acceptable currency when it comes to transactions for it is very well known globally. It would be really a hard challenge and task to be done by China if such concern have brought up due to the issue building up between the leaders of this two big countries. It seems like the two countries are already taking it too personal to the extent that the things they are do on the past few months are against one another.


Title: Re: China is looking to get rid of the US dollar
Post by: smartcontracts100 on October 18, 2020, 07:52:25 PM
China should be nuked in my opinion ...just for the Covid crises ... there will be a war with China,it's just a matter of time.



Title: Re: China is looking to get rid of the US dollar
Post by: mindrust on October 18, 2020, 08:11:03 PM
China should be nuked in my opinion ...just for the Covid crises ... there will be a war with China,it's just a matter of time.



If you think they can't nuke you back then you are mistaken.

Nukes are only a good choice when your opponent doesn't have them.

If it was that easy to end these conflicts, USA wouldn't let Russia or Iran get that big but here they are... getting bigger every day.


Title: Re: China is looking to get rid of the US dollar
Post by: smartcontracts100 on October 18, 2020, 08:40:14 PM
China should be nuked in my opinion ...just for the Covid crises ... there will be a war with China,it's just a matter of time.



If you think they can't nuke you back then you are mistaken.

Nukes are only a good choice when your opponent doesn't have them.

If it was that easy to end these conflicts, USA wouldn't let Russia or Iran get that big but here they are... getting bigger every day.

If they nuke back ,China will no longer exist ...

Here in my country if i hit someone with my car in a accident ...that other guy can take me to court and ask for compensations/damages for hospital bill etc...

China should pay the world for the damages it did ,else we should at least isolate them like North Korea ...China must pay .


Title: Re: China is looking to get rid of the US dollar
Post by: exstasie on October 18, 2020, 08:53:30 PM
If venezuela issued a new cryptocurrency tomorrow, would anyone trust it?

China could have similar issues to venezuela. In terms of lack of trust. The CCP not being considered the most reliable or stable thing in the world.

In past years china announced they would back their native yuan currency with gold to implement a gold standard.

Governments aren't interested in a gold standard. China certainly isn't. No reserve currency issuer wants to cede that degree of control to the free market. They have national economies and markets to prop up. This is why the gold standard began eroding in the first place, as a result of the Great Depression.

This is also essentially why the CNY or CNH can't become dominant reserve currencies, whether or not a CBDC is involved. People don't trust the Chinese government regarding monetary policy. The PBOC is infamous for devaluing its currency to facilitate favorable trade imbalances, sometimes unpredictably so. Why would you hold your value in a currency like that?


Title: Re: China is looking to get rid of the US dollar
Post by: mindrust on October 18, 2020, 09:42:11 PM
China should pay the world for the damages it did ,else we should at least isolate them like North Korea ...China must pay .

China did nothing wrong. It was the US that fed China.

20 years ago all the Chinese were eating cat-burgers. (Apparently many of them still do)

The US opened there factories, gave them jobs. They didn't do that because they liked the Chinese people but one way or another, the Chinese managed to steal the knowledge and now they can manufacture anything they want. Anything.

Cars, warships, nukes, social media platforms, missiles... They can built them all.

If the US kept their factories inside the USA, China wouldn't become that big now.

It is over. China became a superpower and nothing but nothing can stop them. Not even the nukes.


Title: Re: China is looking to get rid of the US dollar
Post by: crzy on October 18, 2020, 09:58:21 PM
If venezuela issued a new cryptocurrency tomorrow, would anyone trust it?

China could have similar issues to venezuela. In terms of lack of trust. The CCP not being considered the most reliable or stable thing in the world.

In past years china announced they would back their native yuan currency with gold to implement a gold standard. Many news stories from china are later found to be false and do not pan out. Remember when china claimed they would "ban crypto currencies, exchanges" or "ban crypto mining". These news stories sent the price of bitcoin tumbling. Some of these news stories were later found to be false. Which did little or nothing to mitigate the damage inflicted.

Stability, trust and reliability are 3 main things people look for with currencies and assets. All of which could be areas where china is in short supply.
Considering the population of China, Iím sure this one can be a big thing, Venezuelaís situation are far from the status of China and we know how the Chinese people follows the law on their country as if they have a choice. Though China canít totally disregard USD, this move is still a good one to start a totally cashless society even if thereís a trust issue with China.


Title: Re: China is looking to get rid of the US dollar
Post by: electronicash on October 18, 2020, 10:09:21 PM
If venezuela issued a new cryptocurrency tomorrow, would anyone trust it?

China could have similar issues to venezuela. In terms of lack of trust. The CCP not being considered the most reliable or stable thing in the world.

In past years china announced they would back their native yuan currency with gold to implement a gold standard. Many news stories from china are later found to be false and do not pan out. Remember when china claimed they would "ban crypto currencies, exchanges" or "ban crypto mining". These news stories sent the price of bitcoin tumbling. Some of these news stories were later found to be false. Which did little or nothing to mitigate the damage inflicted.

Stability, trust and reliability are 3 main things people look for with currencies and assets. All of which could be areas where china is in short supply.
Considering the population of China, Iím sure this one can be a big thing, Venezuelaís situation are far from the status of China and we know how the Chinese people follows the law on their country as if they have a choice. Though China canít totally disregard USD, this move is still a good one to start a totally cashless society even if thereís a trust issue with China.

i think more than 90% of china is already cashless even before this digital yuan and CBDC. this digital yuan is a way to get their way up getting away without sanction and i think most of the countries who want to live freely had this desire. this trade war between US and China had pushed them to make changes of their system and I think many countries including those in the middle east will participate with China's initiative.

US will be force to release their own digital dollar too to make it compatible to the new system. they should just use libra to dominate faster.  ;D




Title: Re: China is looking to get rid of the US dollar
Post by: Wawa2013 on October 18, 2020, 10:50:23 PM
Of all the countries that compete with America in economic terms, it seems that only China is seen as America's most serious competitor.
Even China clearly wants to get rid of the US dollar with the news that the Chinese government is starting to support blockchain technology.
And the Chinese state is trying to create their own cryptocurrency, if China manages to create their own cryptocurrency. With the rapid
development of cryptocurrencies today, could be a threat to the US dollar if China released their own crypto coins.


Title: Re: China is looking to get rid of the US dollar
Post by: holahola2021 on October 19, 2020, 02:55:09 AM
With the issuance of electronic yuan, China's central bank has solved the problem between anonymous transactions and the need to crack down on financial crimes. The PBOC has said that user information will not be completely exposed to the bank. However, a highly likely user identity must be tied to a personal wallet, opening the door for authorities to access user transactions. This is something that the virtual currencies in the world cannot solve.


Title: Re: China is looking to get rid of the US dollar
Post by: manfredmann on October 19, 2020, 03:08:35 AM
So they are now proving the chinese government's worth even without the U.S government? I think yes they are indelendent and is a communist country to which ideals are different from US government and to other countries. However, I do believe that they can't completely eradicate the exchange of the US dollars even if they will.be using cryptocurrency for it as they had made an announcement regarding on this matter. Well, let see and wait what chinese government can do for the betterment of their country.


Title: Re: China is looking to get rid of the US dollar
Post by: Vishnu.Reang on October 19, 2020, 05:37:15 AM
With the issuance of electronic yuan, China's central bank has solved the problem between anonymous transactions and the need to crack down on financial crimes. The PBOC has said that user information will not be completely exposed to the bank. However, a highly likely user identity must be tied to a personal wallet, opening the door for authorities to access user transactions. This is something that the virtual currencies in the world cannot solve.

Authorities all around the world want to track financial transactions of their citizens. China is not an exception. In China, this is a priority topic because of the amount of capital outflow. Despite strict capital controls, China remains the top most country as far as outflow is concerned. No one wants to invest in the heavily manipulated CNY, or in extremely over-priced real-estate or local stocks. The Chinese economy looks like an inflated balloon now. It can burst at any time.


Title: Re: China is looking to get rid of the US dollar
Post by: Mauser on October 19, 2020, 10:07:47 AM
With the issuance of electronic yuan, China's central bank has solved the problem between anonymous transactions and the need to crack down on financial crimes. The PBOC has said that user information will not be completely exposed to the bank. However, a highly likely user identity must be tied to a personal wallet, opening the door for authorities to access user transactions. This is something that the virtual currencies in the world cannot solve.

Authorities all around the world want to track financial transactions of their citizens. China is not an exception. In China, this is a priority topic because of the amount of capital outflow. Despite strict capital controls, China remains the top most country as far as outflow is concerned. No one wants to invest in the heavily manipulated CNY, or in extremely over-priced real-estate or local stocks. The Chinese economy looks like an inflated balloon now. It can burst at any time.

That is exactly the point. As long as China is manipulating it's currency no one is willing to use it as a refence currency. As long as the communist party stands behind the yuan the international community will not fall for switch from the USD. At the moment most financial derivatives and commodity contracts are either based on USD oder EUR. If you have cash in USD you can use it almost everywhere around the world. Not so with yuan. It's obvious China wants to become a super power and as such see their currency being used all around the world. This seems very unlikely at the moment.


Title: Re: China is looking to get rid of the US dollar
Post by: int03h on October 19, 2020, 01:06:13 PM
China should be nuked in my opinion ...just for the Covid crises ... there will be a war with China,it's just a matter of time.



China is creating an economy with internal strength. They have created their own high-tech supply chains in their own country. Look at how Huawei makes mobile device products and develops technologies such as 5G, electric cars. They are great.
China will thrive in the coming years. They are a powerhouse and it is justified to create value for their money.


Title: Re: China is looking to get rid of the US dollar
Post by: wack slacker on October 19, 2020, 01:52:28 PM
So they are now proving the chinese government's worth even without the U.S government? I think yes they are indelendent and is a communist country to which ideals are different from US government and to other countries. However, I do believe that they can't completely eradicate the exchange of the US dollars even if they will.be using cryptocurrency for it as they had made an announcement regarding on this matter. Well, let see and wait what chinese government can do for the betterment of their country.
You may not have heard of Shenzhen, which is a technologically strongly developed SEZ. They can be called the Silicon of China. China's rapid pace of development is clear. If you want to know what they have, find out about them. They have created their own domestic value supply chains and reduced their dependence on foreign countries. All of their stats are good.
They have many financial and technology corporations such as Alibaba, Tencent, Huawei, Xiaomi ... These corporations are emerging quickly and steadily reaching the world.
With the rapid appreciation of the RMB in recent times. It can be said that they have increased their per capita income.


Title: Re: China is looking to get rid of the US dollar
Post by: (o)(o)ilikeboobs(o)(o) on October 19, 2020, 03:20:30 PM
Of all the countries that compete with America in economic terms, it seems that only China is seen as America's most serious competitor.
Even China clearly wants to get rid of the US dollar with the news that the Chinese government is starting to support blockchain technology.
And the Chinese state is trying to create their own cryptocurrency, if China manages to create their own cryptocurrency. With the rapid
development of cryptocurrencies today, could be a threat to the US dollar if China released their own crypto coins.
It benefits China and is not as troublesome as how fiat money moves through banks. With China-created PBOC, they can capture user information around the world and record them on their Blockchain. Certainly, their cryptocurrencies are built on centralized chains and are fully regulated by the Chinese government.
The most important point that this cryptocurrency brings about is the user's data. The Chinese government will control the entire world if they send their money to the world.
Currently, the EU is pursuing a stable digital currency for Europe. I think America will act soon.


Title: Re: China is looking to get rid of the US dollar
Post by: arallmuus on October 19, 2020, 07:13:56 PM
The most important point that this cryptocurrency brings about is the user's data. The Chinese government will control the entire world if they send their money to the world.

This has been always the darkest conspiracy about China, stealing user's information. They probably has already done that through their worldwide popular mobile app. Some country has started to ban TikTok because of the same allegation and many other apps as well including WePay and such . They dont need to wait until they launch a cryptocurrency to start this

So far there isnt any definite proof about this allegation

Currently, the EU is pursuing a stable digital currency for Europe. I think America will act soon.

America will always want to be the first in every aspect


Title: Re: China is looking to get rid of the US dollar
Post by: electronicash on October 19, 2020, 10:29:46 PM
The most important point that this cryptocurrency brings about is the user's data. The Chinese government will control the entire world if they send their money to the world.

This has been always the darkest conspiracy about China, stealing user's information. They probably has already done that through their worldwide popular mobile app. Some country has started to ban TikTok because of the same allegation and many other apps as well including WePay and such . They dont need to wait until they launch a cryptocurrency to start this

So far there isnt any definite proof about this allegation

Currently, the EU is pursuing a stable digital currency for Europe. I think America will act soon.

America will always want to be the first in every aspect

not actually the darkest, so far the baby soup was the one that i laugh so much. China has been painted that way since, they hate this race for too long that generations of generations are hating them to the bones and this is only because the movies in the west shows China man as antagonist like trafficking sex workers, gambling king and so on when all they do actually is just cooking siopao.

wish all countries will act to develop digital currency too. no one should be left behind and i think china's initiative to influence other countries will help the poor countries as well. there is no need for any war.




Title: Re: Trung Quốc.
Post by: (o)(o)ilikeboobs(o)(o) on October 20, 2020, 01:15:57 PM

This has been always the darkest conspiracy about China, stealing user's information. They probably has already done that through their worldwide popular mobile app. Some country has started to ban TikTok because of the same allegation and many other apps as well including WePay and such . They dont need to wait until they launch a cryptocurrency to start this

So far there isnt any definite proof about this allegation
The official report is not clear, but by the way, China expands its market worldwide, we can predict how they did it. They have Tiktok, QQ, Wechat, Alipay, Weibo ... these products are popular all over the world along with Chinese-made mobile devices.

America will always want to be the first in every aspect
Sure, Apple, Microsoft, IBM ... and others, they have hundreds of blockchain-related patents. Creating a digital currency for them is easy, their problem is the permission of the US government.


Title: Re: China is looking to get rid of the US dollar
Post by: South Park on October 20, 2020, 08:40:18 PM
It seems that China really wants to shift the position of the US slowly, we are not even aware that China's growth is very fast right now.
In the past, China was known as a trash country that could only imitate international products, even a few years ago the campaign to imitate goods was legal in China. But now China has succeeded in making its own products, and is more focused on building its own brands.
The label "Made in China" becomes an inscription that we usually find on our products.
If China issues cryptocurrency with the aim of regulating the world to replace the US Dollar, there will be a major war between the US and China which could be the trigger for the rise of the WW 3
Not really, I think a hot war is simply not in the cards as countries know that doing so will be pointless taking into account nuclear and biological weapons will destroy most of the world and its population, however what we are already seeing is a cold war between the US and China and they will face in every single front they can just as it happened with the USSR, and the major front of their confrontation at the moment is the economy since they know that whoever has the strongest economy is bound to eventually beat the other if given enough time.


Title: Re: China is looking to get rid of the US dollar
Post by: arallmuus on October 20, 2020, 09:45:21 PM

This has been always the darkest conspiracy about China, stealing user's information. They probably has already done that through their worldwide popular mobile app. Some country has started to ban TikTok because of the same allegation and many other apps as well including WePay and such . They dont need to wait until they launch a cryptocurrency to start this

So far there isnt any definite proof about this allegation
The official report is not clear, but by the way, China expands its market worldwide, we can predict how they did it. They have Tiktok, QQ, Wechat, Alipay, Weibo ... these products are popular all over the world along with Chinese-made mobile devices.

Exactly and has all these allegations actually proven? In fact none, it was nothing more than a widespread baseless allegations about China. Some country decided to ban some if not all of these apps based on this allegations with no proven fact about it.

Back to my point, if this is their intention then there is no point to create any cryptocurrency or such because they can just use those existing apps but if they are actually only looking for an alternative to get rid of USD without all that crazy conspiracy about taking your data and such than that would be what all those chinese guy are doing right now



Title: Re: China is looking to get rid of the US dollar
Post by: inoes on October 20, 2020, 11:33:45 PM
The deterioration of relations between the two countries began when US President Donald Trump felt dissatisfied when trading with China.
Finally, starting in mid-2018, President Trump waged a trade war by increasing import duties on Chinese products, which China responded to. The governments of both countries adopted various policies to show "who is stronger". However, the dollar still controls> 60% of the world's money circulation. if China applies crypto currency to compete with the dollar, will their currency have any value?


Title: Re: China is looking to get rid of the US dollar
Post by: DrG on October 21, 2020, 02:43:13 AM
For those stating China creating a cryptocurrency - are you talking about a decentralized currency? Because that goes in the face of everything that is the CCP. I can see China converting all its citizens to use digital Yuan. Even the beggers in outlaying areas of Shanghai collect payments on a smartphone (I was there last year before Covid was "announced"). A true cryptocurrency with decentralization would prevent the government from seizing assets of the citizens. My family's first hand experience of the communists taking over and kicking out Chiang Kai Shek says hell is likely to freeze over before this happens  ;D


Title: Re: Trung Quốc đang tžm cŠch để thoŠt khỏi đồng đŰ la Mỹ
Post by: (o)(o)ilikeboobs(o)(o) on October 21, 2020, 03:44:03 AM
For those stating China creating a cryptocurrency - are you talking about a decentralized currency?

I'm not saying it's a decentralized currency, it's a Chinese central bank-created digital currency based on blockchain technology, and it should be a Chinese controlled centralized chain.

I am talking about the flow of money through this coin, which is transaction volume (liquidity). Citizens or businesses will likely fall in love with this currency as it uses blockchain and bypasses complicated banking confirmation steps. For a business transferring tens or hundreds of millions of dollars, the cost of transferring money and confirmation times will be much faster.
How people store money depends on their needs, and I don't foresee their needs.
However, the dollar still controls> 60% of the world's money circulation. if China applies crypto currency to compete with the dollar, will their currency have any value?


It was definitely worth it because it was guaranteed by the yuan. The use of this currency by businesses inside and outside of China will reduce the presence of the US dollar. It also means increasing the role of the yuan in the economic system.
Obviously, it is a policy to remove the dollar's influence.


Title: Re: China is looking to get rid of the US dollar
Post by: coinfinger on October 21, 2020, 05:56:22 PM
The Chinese have created cryptocurrency, but itís not a cryptocurrency that works worldwide, itís  only going to be used for transactions in the country and nothing more than that.

Ever since you heard that they have released their own cryptocurrency, how many people have you seen that are not from China that are able to make use of it? I live in a different country and I canít have access to it.

So, itís similar to the conventional currency (fiat), you canít your countryís fiat in another country, thatís what this CBDCís are going to be.


Title: Re: China is looking to get rid of the US dollar
Post by: ampu on October 22, 2020, 02:04:35 PM
The Chinese have created cryptocurrency, but itís not a cryptocurrency that works worldwide, itís  only going to be used for transactions in the country and nothing more than that.

Ever since you heard that they have released their own cryptocurrency, how many people have you seen that are not from China that are able to make use of it? I live in a different country and I canít have access to it.

So, itís similar to the conventional currency (fiat), you canít your countryís fiat in another country, thatís what this CBDCís are going to be.
With Chinese digital currency, it is like FIAT as it is backed by the Chinese Yuan.
Bahamas created its own CBDC currency. They require individuals using it to use KYC. I think China will also implement AML / KYC policies like the Bahamas so that it can own and exchange this currency.
China only tested its CBDC currency in one city. They haven't made them public yet, but I think they'll have to take into account the policies that people all over the world can own and exchange their currency for.


Title: Re: China is looking to get rid of the US dollar
Post by: bekti3 on October 24, 2020, 04:23:19 PM
From the start, the competition between China and the United States will have many impacts, apart from the seizure of superpowers, competition between regions, corporate tug-of-war, and especially in the economic sector. China remains China with its geo-strategy and ideology, namely communism, and the USA with its democracy. its impact extends to the financial sector.

However, this depends on the agreement of each country regarding which side of economic progress they will take.


Title: Re: China is looking to get rid of the US dollar
Post by: iamsheikhadil on October 24, 2020, 04:40:25 PM
I don't think the US dollar will survive in the very next few decades. Lots of things are going to happen, and one of them is world being more global. With it, most companies might be from US, but the concept of nation as a whole will continue to fade away and with time we will see how the dollar loses its value as a currency from particular country. We might see a common currency being accepted throughout the world!


Title: Re: China is looking to get rid of the US dollar
Post by: South Park on October 24, 2020, 06:57:18 PM
The deterioration of relations between the two countries began when US President Donald Trump felt dissatisfied when trading with China.
Finally, starting in mid-2018, President Trump waged a trade war by increasing import duties on Chinese products, which China responded to. The governments of both countries adopted various policies to show "who is stronger". However, the dollar still controls> 60% of the world's money circulation. if China applies crypto currency to compete with the dollar, will their currency have any value?
No, the deteriorating of the relationship between the US and China has been there for a long time before Trump even got into the office, now it is true that he has expanded the conflict to unprecedented levels, but regardless of who got elected they would have taken some action against China as the Chinese government has been stealing technology from the US for a long time and that gives the Chinese companies and unfair advantage as they do not have to spend a dime on R&D which is very costly as we all know.


Title: Re: China is looking to get rid of the US dollar
Post by: CarnagexD on October 24, 2020, 08:30:56 PM
I don't think the US dollar will survive in the very next few decades.
Despite the decline in the price of dollar, I still can't see any currency that has the best shot in replacing it, even Yuan currency. Or maybe I am wrong, still the universal currency is dollar, everything has its counter currency in dollar which you can already conclude that the dollar may loses its value but not its stand as a currency.
Lots of things are going to happen, and one of them is world being more global.
I just can't understand or interpret this "World being more Global" , can you elaborate this ?


Title: Re: China is looking to get rid of the US dollar
Post by: Fortify on October 24, 2020, 09:46:32 PM
It was always inevitable that China would want to break any ties with the US dollar, especially because they accepted a lot of debt in US dollars and this allows the American government to devalue that debt whenever they choose. The world always needs a reserve currency however and the dollar has been the "flight to safety" for such a long time that it's not going to change quickly. Nobody really trusts the Chinese government right now and the Chinese government doesn't even want their own currency to freely float - so they don't really have many options at the moment. They'll just diversify a bit more into Euros and other currencies I suppose.


Title: Re: China is looking to get rid of the US dollar
Post by: Vishnu.Reang on October 25, 2020, 01:19:50 PM
This is not necessarily a bad news for the United States Dollar. There is still a lot of demand for United States Treasury Bonds and the annual rate is like 1.5% per year for the 10-year old bond. Also, foreign governments such as Japan continue to accumulate American bonds. Also, we need to understand that even the Chinese don't think that the value of the bonds are going down. They are dumping them, because they are wary of potential sanctions and embargoes. 


Title: Re: China is looking to get rid of the US dollar
Post by: asriloni on October 25, 2020, 02:48:08 PM
I don't think the US dollar will survive in the very next few decades. Lots of things are going to happen, and one of them is world being more global. With it, most companies might be from US, but the concept of nation as a whole will continue to fade away and with time we will see how the dollar loses its value as a currency from particular country. We might see a common currency being accepted throughout the world!

you could not expect the dollar to be disappeared when it was still getting backed by the economic of country to keep the value of dollar as a fiat currency.

What do you mean about the common currency? the dollar has become a common currency that globally accepted by the various countries and this fiat currency has already used to be used for the trade for import or export.

It's even impossible to make it disappears from the world.


Title: Re: China is looking to get rid of the US dollar
Post by: bryant.coleman on October 25, 2020, 05:47:58 PM
You can say whatever you want about the US Dollar. But the truth is that it is the strongest fiat currency out there. It is the reserve currency of the world and the main currency for international trade. You can argue that Swiss Franc or the Japanese Yen have lower inflation compared to the USD, but even then none of these currencies can replace the USD. And talking about Chinese, their currency (CNY) is a joke. It is the most manipulated currency in the world.


Title: Re: China is looking to get rid of the US dollar
Post by: wack slacker on October 25, 2020, 05:55:26 PM
I don't think the US dollar will survive in the very next few decades. Lots of things are going to happen, and one of them is world being more global. With it, most companies might be from US, but the concept of nation as a whole will continue to fade away and with time we will see how the dollar loses its value as a currency from particular country. We might see a common currency being accepted throughout the world!
US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.


Title: Re: China is looking to get rid of the US dollar
Post by: Harlot on October 25, 2020, 07:40:34 PM
I don't think this is possible especially with the relations other country has against towards China. It will be the same case as Facebook's Libra where a lot of countries already have expressed their intent on banning the cryptocurrency only this time it will be much worst. If China created such cryptocurrency I would see barely to no acceptance outside China basically because no country where they have arguments with will accept it. Japan already pulled out their factories from China and I have been seeing news that other countries are exploring other options to find cheap work force and have their factories set up there, this are just a sign that they don't want any of relation with China.


Title: Re: China is looking to get rid of the US dollar
Post by: Yaunfitda on October 25, 2020, 10:02:26 PM
I don't think the US dollar will survive in the very next few decades. Lots of things are going to happen, and one of them is world being more global. With it, most companies might be from US, but the concept of nation as a whole will continue to fade away and with time we will see how the dollar loses its value as a currency from particular country. We might see a common currency being accepted throughout the world!
I don't think that other nation will suddenly shift and get rid of their dollars, it is still the best currency in the world as far as global trading it, regardless of stocks, oil, gold and other valuable commodities. So it will remain dominant eventhough it will be challenge by China and others. And even if Biden wins or Trump gets reelected, it will continue it's position. So it will be a ha long and hard battle for China, if that is their goal because they also need to show other powerful economic countries that they can sustain it otherwise, they won't switch that easy.


Title: Re: China is looking to get rid of the US dollar
Post by: AbeLinkTheTrader on October 26, 2020, 01:59:16 AM

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.


And how can we prove that the same cryptocurrency won't be converted just like bitcoin or etheruem to the US dollar before buying any other fiat like in exchanges such as binance. China is making themself a big rival to US especially during the Trump regime. The Republicans have there way of trying to make larger political movement and statement, this might be the course of some of the business struggles within those two countries.


I believe that John Biden will have different policies and tougher steps to address this problem, while strengthening the dollar's position on the world stage. But the European Union today, fearing an even more global crisis, due to China's plans for the dollar and the digital yuan, is already testing the digital euro.

biden will sell the US out. Rip crypto if he gets elected..... shit RIP capitalism if he gets elected...... i dont really want to be a poor communist slave.


Title: Re: China is looking to get rid of the US dollar
Post by: bryant.coleman on October 26, 2020, 04:48:35 AM
US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.

In the distant future, we may witness another fiat currency replacing the USD as the world's reserve and trade currency. But I am sure that it is not going to be Bitcoin. I don't think that any of the countries would back a decentralized cryptocurrency to replace the USD. All the major powers want their own central bank currencies to overtake the USD, not some cryptocurrency.


Title: Re: China is looking to get rid of the US dollar
Post by: rollingdice on October 26, 2020, 05:28:40 AM
It was predictable because of the US and China trade war. Now China is ambitious to end the US dominance (=the dollar primacy since Bretton Woods).


Title: Re: China is looking to get rid of the US dollar
Post by: bitgolden on October 26, 2020, 12:42:06 PM
With Russia and China getting more bolder and bolder and doing more and more dictatorial stuff, it looks like world war 3 will not be that long away. Obviously it won't happen right away and right now, and obviously China and Russia will not care about how many people they will lose, hell Russia famously won a ww2 fight with 2x or even more losses all because they didn't cared about how many death they have, as long as they defended.

Germany didn't found any opposition when they started to get Jewish people in camps, world didn't cared enough, but when they attacked other nations world got involved. China is literally collecting and murdering their own people right now and world is watching but these military stuff and economical stuff may actually get a bigger opposition from the world if they continue like this.


Title: Re: China is looking to get rid of the US dollar
Post by: int03h on October 26, 2020, 03:22:17 PM
With Russia and China getting more bolder and bolder and doing more and more dictatorial stuff, it looks like world war 3 will not be that long away. Obviously it won't happen right away and right now, and obviously China and Russia will not care about how many people they will lose, hell Russia famously won a ww2 fight with 2x or even more losses all because they didn't cared about how many death they have, as long as they defended.

Germany didn't found any opposition when they started to get Jewish people in camps, world didn't cared enough, but when they attacked other nations world got involved. China is literally collecting and murdering their own people right now and world is watching but these military stuff and economical stuff may actually get a bigger opposition from the world if they continue like this.

They are implementing dictatorships because they have only one party leading. they are trying to solve economic problems and disrupt dictatorships from America. All nations have the right to make their own decisions about economic, cultural and social matters. China, Russia and other countries in the world are trying to get rid of the dollar. They have their own currency and they can compete equally with other countries.

Regarding politics in China, we only listen to the West one way. The Chinese side has rejected related issues such as organ harvesting and the extermination of emerging religions.
Clearly, over the years countries like the West (especially the US) have taken advantage of the masses and made them protest to overthrow the government. China is trying to establish order in its own country.
Looking back at the color revolutions in Ukraine, Georgia, Kyrgyzstan, Belarus, we see how the consequences of the democratic flag from the US hurt these countries.


Title: Re: China is looking to get rid of the US dollar
Post by: imstillthebest on October 26, 2020, 03:46:15 PM
US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.

In the distant future, we may witness another fiat currency replacing the USD as the world's reserve and trade currency. But I am sure that it is not going to be Bitcoin. I don't think that any of the countries would back a decentralized cryptocurrency to replace the USD. All the major powers want their own central bank currencies to overtake the USD, not some cryptocurrency.

did usd was replaced before ? Afaik it isn't yet because usd is still the standard unit of all currency so far that are being used the most then there's euro and the other one which I forgot ,  sorry. 

I don't know if it's possible for usd to be replace as the national currency but if ever it is , that won't be Bitcoin because Bitcoin is from the other world.  There are countries that can back a crypto but that is if they proudly made the crypto , China for example . 


Title: Re: China is looking to get rid of the US dollar
Post by: wack slacker on October 26, 2020, 04:09:07 PM
US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.

In the distant future, we may witness another fiat currency replacing the USD as the world's reserve and trade currency. But I am sure that it is not going to be Bitcoin. I don't think that any of the countries would back a decentralized cryptocurrency to replace the USD. All the major powers want their own central bank currencies to overtake the USD, not some cryptocurrency.
No currency can replace the dollar if it is FIAT. The US influence is so great, they will kill any country that wants to topple the dominance of the dollar.
Why don't we use Bitcoin? Bitcoin has global liquidity despite the old Bitcoin blockchain technology. We can wrap them up on other blockchains to speed up transactions and prevent congestion.


Title: Re: China is looking to get rid of the US dollar
Post by: Kong Hey Pakboy on October 26, 2020, 04:38:28 PM
US dollars are valuable since they get the Petrodollar deal with the Middle Eastern nations. As the world expands its economy and energy into other forms, the oil will decrease in proportion. For the US dollar to stay strong, they will need to find a place to liquidate their currency.
A common currency is a good idea, and now I see it as Bitcoin. It has global liquidity, is limited in quantity, and is community-owned.

In the distant future, we may witness another fiat currency replacing the USD as the world's reserve and trade currency. But I am sure that it is not going to be Bitcoin. I don't think that any of the countries would back a decentralized cryptocurrency to replace the USD. All the major powers want their own central bank currencies to overtake the USD, not some cryptocurrency.

did usd was replaced before ? Afaik it isn't yet because usd is still the standard unit of all currency so far that are being used the most then there's euro and the other one which I forgot ,  sorry. 

I don't know if it's possible for usd to be replace as the national currency but if ever it is , that won't be Bitcoin because Bitcoin is from the other world.  There are countries that can back a crypto but that is if they proudly made the crypto , China for example . 
Indeed. There is no way that China would replace or get rid of the US Dollar because it is the strongest world currency that billions of USD are circulating worldwide, so how come that China can make it possible to defeat the USD. We all know that most manufacturers are now in China because of the abundant labor, but it is still impossible because even bitcoin can't replace USD due to its decentralization.


Title: Re: China is looking to get rid of the US dollar
Post by: proTECH77 on October 26, 2020, 04:40:33 PM
China can't get rid of US dollar because many  countries of the world are use to dollar in the areas of exchange market. Despite Chinese government is in competition with US government economy right now, show they are the strongest in the world. But dollar is more popular than crypto currency which some country still look at crypto currency as a scam currency.
Despite China quick found solution to covid-19 does not mean China will get rid of dollar. Dollar is a centralized currency which is more popular than any currency in the world. Chinese are still learning for where US are which they are very good economy area that is still making some country wonder the kind of strategies they are using that their currency is more valuable than other currency.
If  US re-elect Trump as their president I think it will hard for any China currency that will get rid of US dollar.


Title: Re: China is looking to get rid of the US dollar
Post by: bryant.coleman on October 27, 2020, 04:05:56 AM
did usd was replaced before ? Afaik it isn't yet because usd is still the standard unit of all currency so far that are being used the most then there's euro and the other one which I forgot ,  sorry. 

I don't know if it's possible for usd to be replace as the national currency but if ever it is , that won't be Bitcoin because Bitcoin is from the other world.  There are countries that can back a crypto but that is if they proudly made the crypto , China for example . 

No. The United States Dollar has remained as the world's reserve currency ever since the end of World War 2. There hasn't been an instance where it was replaced by some other fiat currency. But the point to remember here is that the USD was not always at that position. Before 1945, it was not the reserve currency of the world. Check this chart below, and you will come to know:



Title: Re: China is looking to get rid of the US dollar
Post by: South Park on October 29, 2020, 06:57:22 PM
It was always inevitable that China would want to break any ties with the US dollar, especially because they accepted a lot of debt in US dollars and this allows the American government to devalue that debt whenever they choose. The world always needs a reserve currency however and the dollar has been the "flight to safety" for such a long time that it's not going to change quickly. Nobody really trusts the Chinese government right now and the Chinese government doesn't even want their own currency to freely float - so they don't really have many options at the moment. They'll just diversify a bit more into Euros and other currencies I suppose.
China has been buying gold like crazy during the last years so it is obvious they are planning something, I do not think they will do something like backing their money with gold but it is possible they are slowly getting rid of as many dollars as it is possible and replacing such dollars with gold, because as we know sooner or later the US dollar will fall from grace and countries will stop storing it as the reserve currency of the world, and at that point what will countries use? Gold of course, and China will have a huge head start over anyone else.


Title: Re: China is looking to get rid of the US dollar
Post by: iv4n on October 30, 2020, 11:37:09 AM
Not only China is becoming less independent of the US dollar but also Iran is trying to do the same by accepting cryptocurrencies.

You'll be reading this in the next article:
Iran Passes Law to Legalize Import Funding Using Cryptocurrencies (https://www.worldcoinindex.com/news/iran-passes-law-to-legalize-import-funding-using-cryptocurrencies)

There's even a thread for that here in economic section: Iran accepting cryptocurrencies to avoid US Dollar - https://bitcointalk.org/index.php?topic=5285438.0 (https://bitcointalk.org/index.php?topic=5285438.0)
Well they are trying to avoid sanctions, and probably it will be easier for their supporters to send them crypto than to go through the banks with any fiat currency! Big players have their own ways of doing business, we know who are stronger players on the global stage and who are the weaker ones, and they play games for centuries! I don't believe in all the stories, and most of the stories about them are just conspiracy theories, its one of the ways how they keep people apart... I don't bother too much with them anymore, I think crypto can change all that for better and I hope that it will come sooner that most of us expect!


Title: Re: China is looking to get rid of the US dollar
Post by: jentak on October 30, 2020, 12:15:21 PM
The US Dollar is a currency with global liquidity, and almost all national currencies must be converted to US dollars to purchase products from within the country. The dollar is the mediating currency around the world for most transactions, where US companies are where the strength of the dollar exists.
China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.
I don't see how it is going to be possible - if it would people would use yuan already instead of usd.
So one centralized currency (even digital one) won't replace usd as another centralized currency.
That's why bitcoin and other cryptos find their users - it is decentralized, so not tied to any country's economy


Title: Re: China is looking to get rid of the US dollar
Post by: Spacewalker on October 30, 2020, 12:22:09 PM
China has been buying gold like crazy during the last years so it is obvious they are planning something, I do not think they will do something like backing their money with gold but it is possible they are slowly getting rid of as many dollars as it is possible and replacing such dollars with gold, because as we know sooner or later the US dollar will fall from grace and countries will stop storing it as the reserve currency of the world, and at that point what will countries use? Gold of course, and China will have a huge head start over anyone else.
This is not surprising given the amount of dollars being printed heavily lately. China has always been famous for being cautious in such matters and their current trade war with the United States is pushing them even more to stock up on gold. But I'm not sure if the world is ready for a return to the gold standard in the economy. The gold standard is good for getting out of a severe crisis and devastation in the economy, but then it starts to hinder an increase in growth rates. Therefore, I believe that the current purchase of gold by China serves as a protective measure and not a total reversal towards the gold standard.


Title: Re: China is looking to get rid of the US dollar
Post by: Sithara007 on October 30, 2020, 12:33:04 PM
Well.. they can try, but it is almost impossible to get rid of the US Dollar. There is no viable alternative available. US Dollar remains the world reserve currency, and the preferred currency for international trade. In the past also, various other fiat currencies such as Euro and CNY have tried to replace the US Dollar, but they failed due to lack of interest from countries outside their own region.


Title: Re: China is looking to get rid of the US dollar
Post by: Musekay on October 30, 2020, 03:06:51 PM
China over the years have really proved to be a force to rekcon with. They are seriously diversifying and trying out new things as well as employing new strategies. Well lets still observe and see how this will play out.


Title: Re: China is looking to get rid of the US dollar
Post by: so98nn on October 30, 2020, 03:45:47 PM
Well.. they can try, but it is almost impossible to get rid of the US Dollar. There is no viable alternative available. US Dollar remains the world reserve currency, and the preferred currency for international trade. In the past also, various other fiat currencies such as Euro and CNY have tried to replace the US Dollar, but they failed due to lack of interest from countries outside their own region.

The valid reason for this: Import-Export of the foreign and domestic material, commodities etc.

Thing is, not everything can be cooked inside a single country since there is always ďsomethingĒ that needs to be made available from outside your home country.

To make this trade China may not accept the dollar but opposite party will ask to make it dollar transaction or value the stuff in dollar costings.

So yeah itís almost next to impossible to boycott dollar currency.


Title: Re: China is looking to get rid of the US dollar
Post by: South Park on November 03, 2020, 04:59:10 PM
China has been buying gold like crazy during the last years so it is obvious they are planning something, I do not think they will do something like backing their money with gold but it is possible they are slowly getting rid of as many dollars as it is possible and replacing such dollars with gold, because as we know sooner or later the US dollar will fall from grace and countries will stop storing it as the reserve currency of the world, and at that point what will countries use? Gold of course, and China will have a huge head start over anyone else.
This is not surprising given the amount of dollars being printed heavily lately. China has always been famous for being cautious in such matters and their current trade war with the United States is pushing them even more to stock up on gold. But I'm not sure if the world is ready for a return to the gold standard in the economy. The gold standard is good for getting out of a severe crisis and devastation in the economy, but then it starts to hinder an increase in growth rates. Therefore, I believe that the current purchase of gold by China serves as a protective measure and not a total reversal towards the gold standard.
I agree, the gold standard will not make a come back anytime soon unless there was a crisis so profound that governments found themselves forced to do it as they get so many advantages by using the fiat system, what we are seeing is nothing more but a battle for the supremacy of the world and China is refusing to play on the US terms anymore, and the only way for them to do this is by obtaining gold which is the only form of money that currently can act as a hedge against all the money printing the US has being doing for a government.


Title: Re: China is looking to get rid of the US dollar
Post by: Sithara007 on November 03, 2020, 06:10:08 PM
Well.. they can try, but it is almost impossible to get rid of the US Dollar. There is no viable alternative available. US Dollar remains the world reserve currency, and the preferred currency for international trade. In the past also, various other fiat currencies such as Euro and CNY have tried to replace the US Dollar, but they failed due to lack of interest from countries outside their own region.

The valid reason for this: Import-Export of the foreign and domestic material, commodities etc.

Thing is, not everything can be cooked inside a single country since there is always ďsomethingĒ that needs to be made available from outside your home country.

To make this trade China may not accept the dollar but opposite party will ask to make it dollar transaction or value the stuff in dollar costings.

So yeah itís almost next to impossible to boycott dollar currency.

Well.. that will be more like barter transactions based on value in USD. Also, there is a chance that they can do the trade based on CNY. However, doing it based on CNY can be tricky. I have checked the exchange rate of CNY for the last few months, and I could notice a sharp uptick in the rates for CNY. A few months back, the exchange rate was like 1 USD = 7.2 CNY. Now it is almost 10% lower, at 1 USD = 6.7 CNY. If the traders want to deal with this volatile currency, then let them do it.


Title: Re: China is looking to get rid of the US dollar
Post by: manfredmann on November 03, 2020, 11:18:44 PM
Well, other countries are aiming to buy more dollars from the US because that currency keep strong due to their strong and establish economy. If they wanted to get rid of US dollars in their country then they should stop trading with china. However, they can't do it because every country need others to make a trade and benefit mutually in the trade.


Title: Re: China is looking to get rid of the US dollar
Post by: DrG on November 04, 2020, 05:32:22 AM
As long as they NEED the US they will continue to prop up the dollar but when they feel they don't need the relationship anymore they'll kick the US to the curb (or at least attempt to). They are still reliant on US "invention" and creativity and some technical know how - they've been trying to build commercial airliners for years and even with top rate engineers and supercomputers they're still having a hard time vs what Embraer, Airbus and Boeing put out. This will change of course but it will take time. During that time they don't want their USD in holding to got to the garbage dump.


Title: Re: China is looking to get rid of the US dollar
Post by: culuuton on November 04, 2020, 10:14:45 AM
Well.. they can try, but it is almost impossible to get rid of the US Dollar. There is no viable alternative available. US Dollar remains the world reserve currency, and the preferred currency for international trade. In the past also, various other fiat currencies such as Euro and CNY have tried to replace the US Dollar, but they failed due to lack of interest from countries outside their own region.
China is said to have a strong economy of their own but if they wish to get rid of US dollar, they should have done it years ago. Right now, almost all of the countries considered US dollar as the main and reserve currency so it's very impossible to replace its position just because of the aim of China to make their own currency so that US dollar will soon be vanish.
They didn't have enough the resources to do this a few years ago although the desire to get rid of the US dollar appeared in their mind for a long time. For now, they're probably just testing, no one believes they can finish it in the next few years.


Title: Re: China is looking to get rid of the US dollar
Post by: bits4books on November 04, 2020, 11:02:15 AM
Quite an expected result of the trade war that the United States launched.
If China manages to completely exit the dollar zone without incurring losses , it will be a precedent at the level of Brexit, if not more.
And now imagine that this will actually happen - and then no one will be able to stop this train on its way to the complete capture of Africa. The EU is too weak and has too many internal problems and America will have no leverage left except to declare a real war. And there will be no war because otherwise it will be the stupidest decision in the history of the United States.


Title: Re: China is looking to get rid of the US dollar
Post by: tbterryboy on November 04, 2020, 06:32:40 PM
I would totally understand why they may want to do something like this, after all USA dollar is becoming more and more worthless every day, I would love to not have dollars as well, I already do not have any dollars but I mean I wouldn't want to have dollars if I had it as much as China has.

Plus having dollars is some sort of threat over USA, when China has trillions of dollars worth of bonds, treasury, stocks, cash, debt and other stuff basically all around own a big portion of USA's deficit, that just means China could suddenly sell them all to some other country for pennies on the dollar and crash American economy.

Or that was what they imagined would happen, however when they saw America printing 4+ trillion just in few months during pandemic, they realized having dollars would worth nothing.


Title: Re: China is looking to get rid of the US dollar
Post by: South Park on November 07, 2020, 08:28:36 PM
I would totally understand why they may want to do something like this, after all USA dollar is becoming more and more worthless every day, I would love to not have dollars as well, I already do not have any dollars but I mean I wouldn't want to have dollars if I had it as much as China has.

Plus having dollars is some sort of threat over USA, when China has trillions of dollars worth of bonds, treasury, stocks, cash, debt and other stuff basically all around own a big portion of USA's deficit, that just means China could suddenly sell them all to some other country for pennies on the dollar and crash American economy.

Or that was what they imagined would happen, however when they saw America printing 4+ trillion just in few months during pandemic, they realized having dollars would worth nothing.
True, but there are several problems with doing that, to begin with the US is printing a lot of money, which means that each one of the dollars that China has now has an even lesser effect should they decide to dump them on the market, and the second problem is that they actually exchanged products and services with real value for something that losses it every day, so by dumping the dollar in such way they will be damaging themselves in the process as well, so the best strategy is what they are doing right now, which is to buy everything they can with their dollars while they still have value and buy also assets that will reevaluate in the case of the fall of the dollar like gold.


Title: Re: China is looking to get rid of the US dollar
Post by: jaysabi on November 11, 2020, 09:49:16 PM
Plus having dollars is some sort of threat over USA, when China has trillions of dollars worth of bonds, treasury, stocks, cash, debt and other stuff basically all around own a big portion of USA's deficit, that just means China could suddenly sell them all to some other country for pennies on the dollar and crash American economy.

They couldn't do this without inflicting as much or more damage on their own economy, and more importantly, their political structure. Remember, the communist party has to fuel rapid growth to maintain power. As long as the economy is rapidly growing and the people believe it's because of the government, they have domestic stability. The greatest threat to the political class in China is economic growth stalling out.  They have no political rivals because of the economic prosperity the party has ushered in. Things get messy real fast when that stops, so the Chinese government needs a stable USD as much as we need them to buy our debt.


Title: Re: China is looking to get rid of the US dollar
Post by: ene1980 on November 11, 2020, 11:25:26 PM
Remember, the communist party has to fuel rapid growth to maintain power. As long as the economy is rapidly growing and the people believe it's because of the government, they have domestic stability.
So what do you think that a country should do, i am not a fan of the ruling party of China but i am impressed by their development and growth and how it is challenging many other countries and for the people development is necessary and if they think that the government can provide and they are happy with it, then what is the issue.


Title: Re: China is looking to get rid of the US dollar
Post by: AndySt on November 11, 2020, 11:59:37 PM
Plus having dollars is some sort of threat over USA, when China has trillions of dollars worth of bonds, treasury, stocks, cash, debt and other stuff basically all around own a big portion of USA's deficit, that just means China could suddenly sell them all to some other country for pennies on the dollar and crash American economy.
They couldn't do this without inflicting as much or more damage on their own economy, and more importantly, their political structure. Remember, the communist party has to fuel rapid growth to maintain power. As long as the economy is rapidly growing and the people believe it's because of the government, they have domestic stability. The greatest threat to the political class in China is economic growth stalling out.  They have no political rivals because of the economic prosperity the party has ushered in. Things get messy real fast when that stops, so the Chinese government needs a stable USD as much as we need them to buy our debt.
Show me a normal government that would not dream of economic growth as a guarantee of preserving the local elite of power ;) Any political elite in any country dreams of it, Communist in China, consisting of a couple of parties in other countries ;) Rapid economic growth can not continue indefinitely and drop such a high rate is not far off, so expect a stronger Chinese role in the political life of the planet, that is going to see conversion gain economic influence into political influence. Therefore, I would not so strongly continue to believe in the uncomplaining and trouble-free buying up of debts of foreign countries by Chinese comrades.


Title: Re: China is looking to get rid of the US dollar
Post by: Ayiranorea on November 12, 2020, 05:59:06 AM
Remember, the communist party has to fuel rapid growth to maintain power. As long as the economy is rapidly growing and the people believe it's because of the government, they have domestic stability.
So what do you think that a country should do, i am not a fan of the ruling party of China but i am impressed by their development and growth and how it is challenging many other countries and for the people development is necessary and if they think that the government can provide and they are happy with it, then what is the issue.

Whether the government can be communist or democratic, when the ruling government is able to know the need of people and are ready anytime to help the people. Communist in other countries used to be more traditional and more adoptive to old policies. What I see with China is different, because China keeps endorsing the digital growth which other communist countries won't easily accept. However every country want them on the top, and that's what happening with China and United States.


Title: Re: China is looking to get rid of the US dollar
Post by: davinchi on November 12, 2020, 04:54:31 PM
The reason why communist party has a control over the population is not because of economical growth or anything else, they have power because they are militarily strong and anyone who even says one bad word about them would be executed along with their family members.

This has happened plenty of times before, there has been journalists who said just one bad thing about how the nation is ruled and all of their family were wiped out, this is a nation known as the worst free press in the world, they have just one press and that is parties control over all which means party has the control of all of media and anyone who gets out of that control gets executed. So believe me when I say this, china could starve to death and communist party will not lose any control as long as they can continue to pay soldiers, thats all they need to take care of.


Title: Re: China is looking to get rid of the US dollar
Post by: geyayy on November 13, 2020, 10:59:05 PM
China really want to take over the world, by this, what I really mean is they really love to be the top in everything. I hate how they do everything on their will. They also has power and influence over other countries and it's not really good.


Title: Re: China is looking to get rid of the US dollar
Post by: Argoo on November 14, 2020, 06:27:58 AM
China is looking to get rid of the US dollar

Having all your eggs in the same basket is bad. China is diversifying. Not just now, they are doing this for more than a decade. They mainly buy God and other currencies. Eventually will switch also to Bitcoin, but that will probably be closer to end of this decade. 
The Chinese government is very competent in the field of finance for their country.  Their yuan is strengthening and, together with the digital yuan, will soon be able to claim to replace the dollar.  It must be remembered that the dollar is printed almost uncontrollably and has no collateral, so the world should not rely on its value.  It only provides the US government with unlimited financial power and advantages over other countries.  States will not switch to bitcoin.  They will focus on their digitalized central bank currencies.


Title: Re: China is looking to get rid of the US dollar
Post by: ilovealtcoins on November 14, 2020, 02:13:48 PM
China really want to take over the world, by this, what I really mean is they really love to be the top in everything. I hate how they do everything on their will. They also has power and influence over other countries and it's not really good.
China is the world's factory and most of the items are made from China. They have escaped the shadow of technology companies from the US, Korea, Japan and Germany, they have many industries competing from mobile devices, computers, cars, weapons, consumer goods, appliances electronic equipment ... I think China is thriving in all fields, we can see anywhere in the world there is a Chinese look and its products. . China has complete autonomy in its economic affairs. They have the right to stand up to confront the United States because they can do it.


Title: Re: China is looking to get rid of the US dollar
Post by: Pweetybam on November 14, 2020, 07:18:39 PM
China is trying to eliminate the USD by adopting crypto-currency as a method of payments.


Title: Re: China is looking to get rid of the US dollar
Post by: jaysabi on November 14, 2020, 07:55:25 PM
Remember, the communist party has to fuel rapid growth to maintain power. As long as the economy is rapidly growing and the people believe it's because of the government, they have domestic stability.
So what do you think that a country should do, i am not a fan of the ruling party of China but i am impressed by their development and growth and how it is challenging many other countries and for the people development is necessary and if they think that the government can provide and they are happy with it, then what is the issue.


The difference between an open society and an authoritarian one like China is that an open society like a democracy removes their leaders peacefully through elections when they're bad shepherds of the economy. It's part of the social contract.  That doesn't exist in China.  The only way to remove the leaders is through violent revolution, so the stakes are much higher for them personally.


Title: Re: China is looking to get rid of the US dollar
Post by: Vishnu.Reang on November 15, 2020, 12:25:35 PM
The difference between an open society and an authoritarian one like China is that an open society like a democracy removes their leaders peacefully through elections when they're bad shepherds of the economy. It's part of the social contract.  That doesn't exist in China.  The only way to remove the leaders is through violent revolution, so the stakes are much higher for them personally.

Well.. it is a bit complicated. How can you define an open society. Take the example of Vladimir Putin. He has been the president of Russia, for the last two decades. His opponents would say that he is an authoritarian ruler. But his supporters would like to paint him as a democratically elected politician. Also, we can't ignore the fact that the "open society" forms the biggest supporter base of the most authoritarian dictators (Mohammed bin Salman for example).


Title: Re: China is looking to get rid of the US dollar
Post by: mnporter2001 on November 15, 2020, 07:38:48 PM
Yes, China is currently unable to exercise oppressive fiscal policy against America, because it is not as rich and powerful as America.
although the Covid-19 pandemic went very badly in the US, they did not thus lose power. All the countries that do not cooperate with the US only have a disadvantage to them, China had a bad year 2019 when continuously fighting taxes with the US. The US dollar and the US commercial contracts are really important and should not be underestimated.


Title: Re: China is looking to get rid of the US dollar
Post by: emmybd on November 16, 2020, 04:35:43 AM
China is trying to reduce its reliance on America by moving away from US dollar. Nowadays trade war has increased a lot between China and US. In August, China let its currency fall, letting it decline to make Chinese goods cheaper to export, and American goods more expensive. This decision shocked the whole market.
The ongoing trade war have increased the risk of a financial decoupling between China and the US. China's currency, the yuan, is dollar-pegged currently and in the last year became a weapon to fight back against Trump's trade war.
If China reduce reliance on US dollar, then the value of US dollar will decrease a lot. Actually the demand of US dollar will fall straight down at high speed. Chinese commercial lenders have launched American Express cards whose bills can be paid in yuan both inside and outside China. If yuan can be used  to other countries then it will help progress its internationalization.
It's definitely not a good news for America. This decision will have a huge impact on world trade in near future.


Title: Re: China is looking to get rid of the US dollar
Post by: Negotiation on November 16, 2020, 08:32:38 AM
US President Donald Trump has threatened to impose a new 20 trillion import duty on china If  does not change its position a 10 percent tariff will be imposed the remarks raised fears of an ongoing trade war between the two countries. Imports at a rate of will be imposed on goods worth imported from China to the United States. If beijing does not back down from its decision to impose tariffs on US goods the united states will impose more tariffs that is why china wants to get rid of the US dollar.


Title: Re: China is looking to get rid of the US dollar
Post by: Vishnu.Reang on November 16, 2020, 10:21:22 AM
US President Donald Trump has threatened to impose a new 20 trillion import duty on china If  does not change its position a 10 percent tariff will be imposed the remarks raised fears of an ongoing trade war between the two countries. Imports at a rate of will be imposed on goods worth imported from China to the United States. If beijing does not back down from its decision to impose tariffs on US goods the united states will impose more tariffs that is why china wants to get rid of the US dollar.

Trump is trying to make things very difficult for Biden. Trump has two months remaining in his term. He is likely to impose a large number of sanctions on China, and Biden will find it difficult to retract them once he is in office. These sanctions are like double edged sword, but they have a greater impact on China. Trump has already accused Biden of being soft on China. And if Biden tries to remove the sanctions, then it can tarnish his reputation.


Title: Re: China is looking to get rid of the US dollar
Post by: ampu on November 16, 2020, 02:59:39 PM
China is trying to reduce its reliance on America by moving away from US dollar. Nowadays trade war has increased a lot between China and US. In August, China let its currency fall, letting it decline to make Chinese goods cheaper to export, and American goods more expensive. This decision shocked the whole market.
The ongoing trade war have increased the risk of a financial decoupling between China and the US. China's currency, the yuan, is dollar-pegged currently and in the last year became a weapon to fight back against Trump's trade war.
If China reduce reliance on US dollar, then the value of US dollar will decrease a lot. Actually the demand of US dollar will fall straight down at high speed. Chinese commercial lenders have launched American Express cards whose bills can be paid in yuan both inside and outside China. If yuan can be used  to other countries then it will help progress its internationalization.
It's definitely not a good news for America. This decision will have a huge impact on world trade in near future.

The US dollar is on the verge of collapse when too much money has been printed since the 2008 recession. America has printed too much money and they cannot just liquidate through oil and electronic devices. as well as products from America.
The world is looking for another source of energy to replace oil and they are reducing the oil demand. Companies in the electronics, mobile devices, automobiles, and machinery sectors are emerging to compete with products from the US. Since Donald Trump took over as president the world has had fewer wars and the United States has had fewer orders regarding weapons purchases. Those are the reasons the dollar will weaken.
Currently, the US is trying to tax China to inhibit the development of this country. The US has also cooperated with the EU to exempt both sides from tax when exporting and importing into these two markets. The point in the US is that they will have more liquidity for the dollar.


Title: Re: China is looking to get rid of the US dollar
Post by: barbara44 on November 16, 2020, 04:19:43 PM
Well, it is simply just a method China uses in order to not be dependent on USA too much and it makes sense from their part. China works with USA the most, or at least they did and maybe that changed in the recent years with trade wars or maybe not I don't know the most recent situation who they work most with.

However that did affected their income and their situation a lot and just like how apple and other american companies are looking to move away from China to India and other nations, China is also looking to get money from other nations and get stuff made there as well in order to not have one huge customer from USA  and have multiple from other nations and not put all their eggs in one basket. Both parties are right about what they are doing if you ask me.


Title: Re: China is looking to get rid of the US dollar
Post by: oHnK on November 16, 2020, 04:39:08 PM
Well, it is simply just a method China uses in order to not be dependent on USA too much and it makes sense from their part.

Yup, It's normal for a country to find a way not to be too dependent on anything.  Especially if you look at the relationship between the two countries, China has a very large trade relationship with the US and vice versa, this interdependent relationship will reach a point where they have to start looking for other ways to get out of this dependence.  China hopes that by creating its crypto, it can be free from the absolute influence exerted by the US Dollar.  China just wants to get away from it, with the new means of mediation, the influence exerted by the Dollar doesn't hit them that much.  Especially during the US-China trade war, it increasingly encouraged China to look for new alternatives.


Title: Re: China is looking to get rid of the US dollar
Post by: slapper on November 16, 2020, 04:55:08 PM
China is trying to eliminate the USD by adopting crypto-currency as a method of payments.
No way they will accept cryptocurrency. They just try to create a coin which based on crypto. But i guess they will not succeed since usd is the strongest currency in the world. It is a hard task trying to replace usd in a global scale.


Title: Re: China is looking to get rid of the US dollar
Post by: wxxyrqa on November 16, 2020, 05:13:28 PM
The US Dollar is a currency with global liquidity, and almost all national currencies must be converted to US dollars to purchase products from within the country. The dollar is the mediating currency around the world for most transactions, where US companies are where the strength of the dollar exists.

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.

The tussle between China and USA is becoming even till death, and the issue is that there are areas where china has her own strength undenied, but will always tackle US strength,the US has built so much overtime steadily, both are not relenting but when it comes to gaining the power at all cost, China will have to earn the power by building around what US has use to succeed them.
In order to gain leadership in the world, China will have to have a strong advantage in all measures, as well as in those spheres and branches of international economy and cooperation, where the United States is undoubtedly leading today. It is not easy to replace the dollar with the Chinese yuan, as it is often said, despite the inflation of the dollar. China does not have the same inflation as the US dollar, only because the Chinese yuan is used only in China, and the US dollar is used by the whole world and the US economy must withstand this burden.


Title: Re: China is looking to get rid of the US dollar
Post by: (o)(o)ilikeboobs(o)(o) on November 18, 2020, 05:00:51 PM
The US Dollar is a currency with global liquidity, and almost all national currencies must be converted to US dollars to purchase products from within the country. The dollar is the mediating currency around the world for most transactions, where US companies are where the strength of the dollar exists.

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.

The tussle between China and USA is becoming even till death, and the issue is that there are areas where china has her own strength undenied, but will always tackle US strength,the US has built so much overtime steadily, both are not relenting but when it comes to gaining the power at all cost, China will have to earn the power by building around what US has use to succeed them.
In order to gain leadership in the world, China will have to have a strong advantage in all measures, as well as in those spheres and branches of international economy and cooperation, where the United States is undoubtedly leading today. It is not easy to replace the dollar with the Chinese yuan, as it is often said, despite the inflation of the dollar. China does not have the same inflation as the US dollar, only because the Chinese yuan is used only in China, and the US dollar is used by the whole world and the US economy must withstand this burden.
The dollar is the US used globally because the government wants that. They have sought to force oil trading in the Middle East through the dollar. American products sold must be collected in USD. In this case, the Fed benefits the most because they are responsible for printing money. Since the establishment of the Fed until now, they have caused the value of the dollar to decline sharply through the issuance of many dollars. Only from 2008 until now, FED has printed four times more money than before. America became richer, especially the capitalists, who owned the shares of big companies. The people of America will have to work to pay off all the debts the United States has caused because of their actions.
China is capable of regulating its own economy and is doing it. They not only export abroad but domestically they guarantee all their products themselves. It can be said that they are selling surplus and earning big profits. Their worldwide adoption of the yuan is possible as they have more and more customers. I think the yuan is being used in African countries, maybe in the long term, the yuan's presence will be around the world in the long term.


Title: Re: China is looking to get rid of the US dollar
Post by: Sapphire915 on November 19, 2020, 02:50:56 AM
Will China can possibly get rid of US dollar? Its kinda hard to think that they might try to focus on their own currency, Wether centralized or decentralized. We are all aware that US dollar are widely used worldwide and connected each countries Governments by means of importing and exporting goods across the globe. How can it be possible? I think its impossible because we are all considering USA as the worlds leading Country and no matter how we get rid of dollars, the Government in a certain Country will always tend to have an encounter with it. So, I don't believe it will be successful for China to implement their plan.


Title: Re: China is looking to get rid of the US dollar
Post by: Salauddin1994 on November 19, 2020, 03:35:43 AM
Even if china wants to get rid of the us dollar it is not possible the Corona epidemic and the fact that everything in terms of trade is imported from china the strain on sino us relations is nothing new but over the past few years the relationship has continued to deteriorate. Economists call this situation a trade war maybe the general public is surprised because the us market is crowded with chinese products the shelves of amazon, target and costco the largest supermarkets in america are filled with chinese products about 90 million people in the united states use the iphone and this iPhone is also made in china.


Title: Re: China is looking to get rid of the US dollar
Post by: 7788bitcoin on November 19, 2020, 05:11:41 PM
China really want to take over the world, by this, what I really mean is they really love to be the top in everything. I hate how they do everything on their will. They also has power and influence over other countries and it's not really good.
How do you propose that they will be taking over the world, they are a growing economy and their population is the advantage and they are investing in many countries and that might have an influence but not the power.

No way they will accept cryptocurrency. They just try to create a coin which based on crypto. But i guess they will not succeed since usd is the strongest currency in the world. It is a hard task trying to replace usd in a global scale.
They are planning to create their own virtual currency but for that to become successful they need to create something which is much better than we have right now and they are known to replicate the same technology and hence i am not having much hope  ;).


Title: Re: China is looking to get rid of the US dollar
Post by: shield132 on November 19, 2020, 05:38:00 PM
The US Dollar is a currency with global liquidity, and almost all national currencies must be converted to US dollars to purchase products from within the country. The dollar is the mediating currency around the world for most transactions, where US companies are where the strength of the dollar exists.

China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.
China is probably doing well, hard to say in overall cause it's a very locked country. Personally I think that their aim should be this but at the same time they depend on exports, so, it will be hard or almost impossible to get rid of US dollar. If they make it like to hugely lessen their imports and make an ultimatum to countries to accept imports from them via yuan, then they may succeed but it will be very hard. Cryptocurrencies have nothing to do here with the fact that they want to get rid of USD. Cryptocurrencies can't help them in this task because it all depends on their politics, crypto just can be an effective tool at certain moments but not associated with this fact.


Title: Re: China is looking to get rid of the US dollar
Post by: jaysabi on November 22, 2020, 04:41:54 AM
The difference between an open society and an authoritarian one like China is that an open society like a democracy removes their leaders peacefully through elections when they're bad shepherds of the economy. It's part of the social contract.  That doesn't exist in China.  The only way to remove the leaders is through violent revolution, so the stakes are much higher for them personally.

Well.. it is a bit complicated. How can you define an open society. Take the example of Vladimir Putin. He has been the president of Russia, for the last two decades. His opponents would say that he is an authoritarian ruler. But his supporters would like to paint him as a democratically elected politician. Also, we can't ignore the fact that the "open society" forms the biggest supporter base of the most authoritarian dictators (Mohammed bin Salman for example).

It's really not complicated. Russia is not an open society.  Saudi Arabia is not an open society.  Any society where you can be jailed for opposing the government is not an open society.  That's kind of the most basic test.  China, not an open society.  All of these countries are authoritarian.  If Trump had his way, America would be just like them.  And what's truly frightening is how many Americans support Trump despite his every attempt to subvert America's democratic institutions at every turn.


Title: Re: China is looking to get rid of the US dollar
Post by: Findingnemo on November 22, 2020, 07:33:32 AM
China really want to take over the world, by this, what I really mean is they really love to be the top in everything. I hate how they do everything on their will. They also has power and influence over other countries and it's not really good.
How do you propose that they will be taking over the world, they are a growing economy and their population is the advantage and they are investing in many countries and that might have an influence but not the power.

No way they will accept cryptocurrency. They just try to create a coin which based on crypto. But i guess they will not succeed since usd is the strongest currency in the world. It is a hard task trying to replace usd in a global scale.
They are planning to create their own virtual currency but for that to become successful they need to create something which is much better than we have right now and they are known to replicate the same technology and hence i am not having much hope  ;).
Highest population is not actually an advantage to them because its not possible to create the employment with well paid salary when the population is in huge numbers and also the wage rate is no where compared to the developed countries so people are not really gonna move to China from somewhere. They already created digital Yuan but its not going to be enough and its never going to be enough.


Title: Re: China is looking to get rid of the US dollar
Post by: rodskee on November 22, 2020, 08:26:39 AM
The US Dollar is a currency with global liquidity, and almost all national currencies must be converted to US dollars to purchase products from within the country. The dollar is the mediating currency around the world for most transactions, where US companies are where the strength of the dollar exists.
Well the power of US dollar seems to be lowering nowadays,the value is continuously dropping the exchange rate is in lower state now.
China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.
With china giving loans all over the world,and silently working to achieve what they wanted to Gain?
This getting rid of US dollar may not happen in our time now but lets see in the future as china is gaining popularity and support around the world.


Title: Re: China is looking to get rid of the US dollar
Post by: uneng on November 22, 2020, 09:26:32 AM
I have no doubts China and USA are the titans of the world nowdays fighting each other with almost the same weapons, but USA still has an advantage on this duel.
If China wants to get rid of US dollar they firstly need to surpass US economy globally and build a social diplomacy with the world, what so far didn't happen. The only diplomacy China has with the world is economically, as most countries need to trade with them to survive, but socially they are very frowned up by most countries, especially occidental ones which blame the censorship practiced there.

As I see if a country such as China controls the most powerful currency of the world it's the end of the civilization and the beginning of barbarism. I hope it doesn't happen.


Title: Re: China is looking to get rid of the US dollar
Post by: Shasha80 on November 22, 2020, 01:02:48 PM
China and America have the same strong ambition to dominate the world economy, therefore China will try to get rid of the US Dollar.
It has been a long time between the two countries having a trade war, and there have been many ways China has been able to beat
the American economy. Starting from China, reducing the Yuan value so that the number of Chinese product exports increases,
approaching Japan and South Korea to strengthen economic cooperation, provide loans to ASEAN countries and finally China creates
a digital Yuan. If America does not immediately move and take action, then in the future China will get a lot of support from other
countries and be able to get rid of the US Dollar.


Title: Re: Trung Quốc đang tžm cŠch để thoŠt khỏi đồng đŰ la Mỹ
Post by: ilovealtcoins on November 26, 2020, 05:30:43 PM
I have no doubts China and USA are the titans of the world nowdays fighting each other with almost the same weapons, but USA still has an advantage on this duel.
If China wants to get rid of US dollar they firstly need to surpass US economy globally and build a social diplomacy with the world, what so far didn't happen. The only diplomacy China has with the world is economically, as most countries need to trade with them to survive, but socially they are very frowned up by most countries, especially occidental ones which blame the censorship practiced there.

As I see if a country such as China controls the most powerful currency of the world it's the end of the civilization and the beginning of barbarism. I hope it doesn't happen.
The Chinese economy does not need to surpass the US to expand the yuan's strength around the world. Look at how China is doing, it is implementing many plans and projects in Asia and around the world. Many countries must agree to cede some of their national interests in China. Chinese people are present all over the world, so are their products. Most products from developing and poor countries are Chinese. One way or another, China is quietly controlling the rest of the world.
In the past, the United States only came to sabotage other nations with war and influence, while other capitalist countries plundered and China did otherwise. They are like parasites that slowly suck blood until they take over the host.
Maybe my comparison is a bit too much, but in fact, China is gradually taking over the world in all aspects of economic, cultural and social life.


Title: Re: Trung Quốc đang tžm cŠch để thoŠt khỏi đồng đŰ la Mỹ
Post by: target on November 26, 2020, 06:38:59 PM
I have no doubts China and USA are the titans of the world nowdays fighting each other with almost the same weapons, but USA still has an advantage on this duel.
If China wants to get rid of US dollar they firstly need to surpass US economy globally and build a social diplomacy with the world, what so far didn't happen. The only diplomacy China has with the world is economically, as most countries need to trade with them to survive, but socially they are very frowned up by most countries, especially occidental ones which blame the censorship practiced there.

As I see if a country such as China controls the most powerful currency of the world it's the end of the civilization and the beginning of barbarism. I hope it doesn't happen.
The Chinese economy does not need to surpass the US to expand the yuan's strength around the world. Look at how China is doing, it is implementing many plans and projects in Asia and around the world. Many countries must agree to cede some of their national interests in China. Chinese people are present all over the world, so are their products. Most products from developing and poor countries are Chinese. One way or another, China is quietly controlling the rest of the world.
In the past, the United States only came to sabotage other nations with war and influence, while other capitalist countries plundered and China did otherwise. They are like parasites that slowly suck blood until they take over the host.
Maybe my comparison is a bit too much, but in fact, China is gradually taking over the world in all aspects of economic, cultural and social life.

That is exactly what they are doing, they are probably holding enough USD to cripple the economies of other countries including US and this is through the industrialization they did to their country. Their products delivered everywhere and right now gradually controlling the countries from Asia in Africa without having to initiate war.  We may hate what they are doing but people just look in fascination with the Chinese strategy.


Title: Re: Trung Quốc.
Post by: ilovealtcoins on November 27, 2020, 03:27:22 PM

That is exactly what they are doing, they are probably holding enough USD to cripple the economies of other countries including US and this is through the industrialization they did to their country. Their products delivered everywhere and right now gradually controlling the countries from Asia in Africa without having to initiate war.  We may hate what they are doing but people just look in fascination with the Chinese strategy.

Obviously, they are very smart when it comes to assimilating other nations. China's population is already overcrowded and they are trying to distribute it around the world. They will gradually build up Chinese governments around the world. If they continued for a few hundred years, maybe the whole world would belong to China. These governments will be the extended arm for the Chinese government to implement economic and cultural policies around the world.
Countries around the world need to be wiser to avoid the economic traps that China is setting up.
Although we hate them, we must admit that they are very smart when they have done so. China's economy has grown rapidly since it opened to economic development in 1980. With the current growth rate in just a few decades, they will surpass the US to become an economy the world's largest.


Title: Re: China is looking to get rid of the US dollar
Post by: Tahsin Kabir Kollol on November 27, 2020, 04:45:04 PM
China is indeed a large economy and they have a large trade relationship with the United States. But in recent days there has been a conflict between China and the United States over its influence in world politics, leading to a trade war between the two countries. In addition, the United States has imposed sanctions on other countries, companies, and economic entities, forcing China to rely on a medium other than the US dollar for commercial transactions with those countries or entities. We have already seen the use of gold as a medium of exchange between different countries in commercial transactions. So China is trying to find a way to use other currencies instead of the dollar in their large foreign trade.


Title: Re: China is looking to get rid of the US dollar
Post by: Twentyonepaylots on November 27, 2020, 11:54:05 PM
They are most likely diversifying their portfolios at this point. Since they wouldn't really beat US in a snap, they had to do it slowly yet surely. And China being a big economy-oriented country, this will not take to long tp gain hold. I can even see them buying bitcoins but that will be a bit late into this decade as they are focusing more on ventures that eill offer them the biggest ROIs.


Title: Re: China is looking to get rid of the US dollar
Post by: Sarapena on November 28, 2020, 02:15:15 AM
We will see the impact of China's economy in 50 years at least, but is a matter of time, China is a giant nobody will be able to compete with them


Title: Re: China is looking to get rid of the US dollar
Post by: Sithara007 on November 28, 2020, 04:11:14 AM
We will see the impact of China's economy in 50 years at least, but is a matter of time, China is a giant nobody will be able to compete with them

This was what we thought earlier. No one thought that the other nations would be able to compete against China. But the situation has changed rapidly. Many of the Western corporations have moved their manufacturing facilities from China, to countries such as India and Philippines. And everything seems to be going smoothly. China no longer has the sole advantage of cheap labor, low taxes and lax regulations. The other countries have also learnt from China and are taking the necessary steps.


Title: Re: China is looking to get rid of the US dollar
Post by: nomenclatur on November 28, 2020, 04:26:13 AM
China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.
China yuan will slowly shift the dollar currency. It has been projected because the USA has been standing tall with their currency economically for too long and USA companies are indeed quite superior, but we will see in a few years whether the dominance of the dollar will be displaced, everything can happen anytime and it will. affect trade and economy because of the high competitiveness between China and USA I believe that the dollar will someday collapse.


Title: Re: China is looking to get rid of the US dollar
Post by: cabron on November 28, 2020, 04:39:12 AM
China is creating a cryptocurrency to eliminate the mediation of US dollars. This currency will transact in China, they will scale up payments globally.
I don't think China's monetary revolution will be successful because Huawei out of the 100 largest companies in the world has only 96. Hundreds of US companies have greater influence and much higher liquidity with the influence of a company from China.
China yuan will slowly shift the dollar currency. It has been projected because the USA has been standing tall with their currency economically for too long and USA companies are indeed quite superior, but we will see in a few years whether the dominance of the dollar will be displaced, everything can happen anytime and it will. affect trade and economy because of the high competitiveness between China and USA I believe that the dollar will someday collapse.

Culture and tradition contributes the Chinese dominance of their economic rise. There are just so much going on in china that it made people richer while the rest of the world are eating burgers. They are not 10 step ahead, the digital yuan currency caught every nation by surprise and even US will struggle to compete it. If they can't catch up, we'd be force to use the digital yuan.


Title: Re: China is looking to get rid of the US dollar
Post by: Argoo on November 28, 2020, 05:08:19 AM
Of course, China wants to reduce the dollar's impact on its economy, and this is quite logical.  So far, I see that the Chinese government is doing it well.  China recently concluded an agreement with 14 countries in the Asia-Pacific region to create a common free trade zone.  In addition to creating its own digitalized yuan, which is likely to have a dominant influence in the region, a regional stablecoin is also being created to circulate here.  The Chinese government is very seriously preparing for further trade rivalry with the United States.


Title: Re: China is looking to get rid of the US dollar
Post by: Vishnu.Reang on November 28, 2020, 05:32:46 AM
Culture and tradition contributes the Chinese dominance of their economic rise. There are just so much going on in china that it made people richer while the rest of the world are eating burgers. They are not 10 step ahead, the digital yuan currency caught every nation by surprise and even US will struggle to compete it. If they can't catch up, we'd be force to use the digital yuan.

Do you have any basis for your outlandish claims? The Chinese economy has slowed down in the recent years. Chinese Yuan (CNY) remains one of the most manipulated fiat currencies on earth. The citizens don't want to invest in risky CNY bonds or overpriced Chinese stocks, but they don't have any other option. And here you are talking about digital Yuan gaining worldwide acceptance.


Title: Re: China is looking to get rid of the US dollar
Post by: cabron on November 28, 2020, 06:24:23 AM
Culture and tradition contributes the Chinese dominance of their economic rise. There are just so much going on in china that it made people richer while the rest of the world are eating burgers. They are not 10 step ahead, the digital yuan currency caught every nation by surprise and even US will struggle to compete it. If they can't catch up, we'd be force to use the digital yuan.

Do you have any basis for your outlandish claims? The Chinese economy has slowed down in the recent years. Chinese Yuan (CNY) remains one of the most manipulated fiat currencies on earth. The citizens don't want to invest in risky CNY bonds or overpriced Chinese stocks, but they don't have any other option. And here you are talking about digital Yuan gaining worldwide acceptance.

Well they are industrious people, they even work for food back in the days when I was working in a vessel. I can see Chinese men working and never tried buying food but just will try to dip their fishing gears. I have to offer a bowl of salad to them but in the end they trade their fish to me. The money they earn are saved for the future so they could travel. That's the answer I got when asked why they are not spending their money.

But anyway you might wanna check this video

SMART MONEY
New Money: The Greatest Wealth Creation Event in History (2019) -

https://www.youtube.com/watch?v=CaELQS5kTso