Anyone else seeing all these deals that are ditching the US Dollar? How serious is this really?
seems pretty serious to me and part of the slow motion train wreck that kicked off when we decided to weaponize the dollar vs Russia at that point became an eventuality for when countries would start deciding it wasn't worth holding dollars if the US was willing to leverage them as a political weapon
China has been pushing on this via 1BR and correspondent banking tie-ins for loans (~0.5% discount if the deal is denominated in CNY) for a solid 10 years. This is more “people are noticing a thing that’s been going on for a while” than a new thing. Still concerning, though.
This is more serious… digital yuan will be the highest percentage of global currency reserves for central banks in the next decade.
if you believe Ray Dalio, basically a sign of complete global economic instability and military conflict. He would also argue this was inevitable.. highly recommend his book The Changing World Order also get ready for everything to be more expensive
Call me when they are denominating and holding debt instruments in CNY.
For balance, a thread saying this is nothing to worry about https://twitter.com/donnelly_brent/status/1641404626078425096?t=yQjYlAS1yxuL0uNJGzMcBg&s=19