[Marxism] Soaring use of Chinese yuan to settle trades reflects its rapid economic rise
charles1848 at sbcglobal.net
Tue Sep 10 12:34:49 MDT 2013
When a currency is used in a significant amount of trade, the issuing
country gains flexibility. It can buy from other countries - including
the "purchase" of investments - without having to sell first.
Wider use of the renminbi also facilitates foreign investment in China,
which seems to remain one of the anchors of Chinese capitalism run by a
local capitalist class that writes the rules while it bargains with
international capitals over divinding the spoils of exploitation.
Ralph Johansen wrote:
I have the impression that the currency used for payment is not
particularly significant. What counts is what currency commodities are
priced in, and that is not changing. Is this not accurate?
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