China should export more rmb, so that other countries can use it as reserve currency.
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- Thread starter bd popeye
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"On Wednesday, the Chinese president, Xi Jinping, arrived in Kazakhstan on what is thought to be his first trip abroad since the start of the Covid pandemic."
Fact-checking a simple verifiable claim is way too much work. Let's just hedge it.
One cant export more currency unilaterally, it depends ultimately on demands, and for there to be growing demand an ecosystem of banking/investment products with rmb in the centre has to be cultured, uptakes by institutional investors also require long term supportive policies.
Depending on trade settlement alone is far from sufficient. Additionally, China need to open up more private sectors for foreign investments, just like how wallstreet banks have pe funds that suck in all the billions of wealth outside US, there are indications of China lifting restrictions but the efforts so far are too weak and subtle to warrant huge foreign hot money capital. Most of the current investment into China are still focused on fixed-asset(targeting manufacturing). Or bonds, and yes 60% of popular chinese bonds are issued by property developers(vanke, sunac, evergrande) which has been battered by the property cooling measures.
If China should export the RMB in vast quantities, it would fall into . This would not be healthy for the Middle Kingdom. The US is trapped in this dilemma; that is why its manufacturing has been hollowed out.
After all, how can China export vast amounts of RMB? Answer: by using it to pay for vast amounts of imports. The imports would have to be cheaper than the local products, else why bother importing. If the imports are cheaper, they would undercut China's local producers, and that would kill them. Thus China's manufacturing sector would disappear -- just as much of the US's consumer manufacturing has vanished. I doubt that China would want that to happen.
So China has suggested using the IMF's Special Drawing Rights (SDRs) as the next global reserve. It's only a suggestion though, as I've no doubt that many problems would need to be solved before the world adopts it.
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I think that is why BRICS leadership is talking about a basket of currency and commodities. Will it work i don't know can't really tell a historic example of something like that being done.
I don't know why the authorities have allowed them to spread so easily, especially the underground churches. The intolerance and subsequent rifts in society at large and in families can be easily seen in those countries with new and large adherents like Singapore, Malaysia and South Korea. The first thing that happens when their numbers are large enough is strife within families and the older and younger generation and when they have enough power they will start to impose their views on society and the government. Look up the Aware saga in Singapore and the various besmirching and desecration of other religions and their places of worship (eg South Korea in the 90s, although much info seems to have been scrubbed or suppressed from the net)
How many Christian are actually in china? Do most of the them don't reveal officialy that they are Christian ? Will it become like Christian majority country like russia when Soviet union fall?