[Marxism] Soaring use of Chinese yuan to settle trades reflects its rapid economic rise
dwaltersmia at gmail.com
Tue Sep 10 15:27:55 MDT 2013
This potential significance of this cannot be underestimated. The stability
of the US dollar (and it's doppelganger, the "petro-dollar") is based on a
total monopoly of all international trade most notably in energy. If the
yuan is able to creep up as a reliable currency, it can cut into, though
not replace, the petro-dollar. Things to keep an eye our are not only the
'value' of this currency (as it relates to the USD and euro) but as
importantly the number and and volume of these trades, the sheer quantity
of the yuan being used and, for what. If, for example, a country like
Russia, or Vietnam, or any number of ALBA countries start using the yuan,
it could spell real trouble for US Imperialism and Wall Street dominance.
China allowing/encouraging this increase in usage of it's currency is a
basis for any country on the way to becoming Imperialist.
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