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Author Topic: China is looking to get rid of the US dollar  (Read 861 times)
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November 11, 2020, 11:59:37 PM
Last edit: November 12, 2020, 12:20:42 AM by AndySt
 #101

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 Wink Any political elite in any country dreams of it, Communist in China, consisting of a couple of parties in other countries Wink 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.


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November 12, 2020, 05:59:06 AM
 #102

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.

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November 12, 2020, 04:54:31 PM
 #103

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.
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November 13, 2020, 10:59:05 PM
 #104

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.

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November 14, 2020, 06:27:58 AM
 #105

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.

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November 14, 2020, 02:13:48 PM
 #106

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.





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November 14, 2020, 07:18:39 PM
 #107

China is trying to eliminate the USD by adopting crypto-currency as a method of payments.
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November 14, 2020, 07:55:25 PM
 #108

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.

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November 15, 2020, 12:25:35 PM
 #109

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).

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November 15, 2020, 07:38:48 PM
 #110

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.


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November 16, 2020, 04:35:43 AM
 #111

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.

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November 16, 2020, 08:32:38 AM
 #112

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.

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November 16, 2020, 10:21:22 AM
 #113

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.

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November 16, 2020, 02:59:39 PM
 #114

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.

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November 16, 2020, 04:19:43 PM
 #115

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.

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November 16, 2020, 04:39:08 PM
 #116

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.

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November 16, 2020, 04:55:08 PM
 #117

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.


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November 16, 2020, 05:13:28 PM
 #118

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.

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November 18, 2020, 05:00:51 PM
 #119

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.

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November 19, 2020, 02:50:56 AM
 #120

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.
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