China is looking to get rid of the US dollar

[Salauddin1994]

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.

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[7788bitcoin]

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  .

[shield132]

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.

[jaysabi]

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.

[Findingnemo]

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.

[rodskee]

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.

[uneng]

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.

[Shasha80]

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.

[ilovealtcoins]

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.

[target]

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.

[ilovealtcoins]

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.

[Tahsin Kabir Kollol]

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.

[Twentyonepaylots]

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.

[Sarapena]

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

[Sithara007]

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.

[nomenclatur]

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.

[cabron]

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.

[Argoo]

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.

[Vishnu.Reang]

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.

[cabron]

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