[Marxism] Soaring use of Chinese yuan to settle trades reflects its rapid economic rise

Patrick Bond pbond at mail.ngo.za
Tue Sep 10 07:51:34 MDT 2013

Yes, this morning arriving in Shanghai, I contributed my tiny bit, by 
buying a few yuan.

At http://ccs.ukzn.ac.za I'll be putting up presentations from three 
talks here later this week, making a similar case, insofar internecine 
divergent interests within a subimperial context make it highly unlikely 
the BRICS crew will take advantage of the gap in world financial 
governance legitimacy. As we saw in St Petersburg last week, there is 
certainly an ability to talk left when it comes to mobilising a $100 bn 
currency reserve pool or a $50 bn development bank - but it doesn't 
overcome the power of the BRICS' neoliberal agencies to maintain 
'stability' by shoring up the system, at the expense of so much.

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