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That’s nice and all, but the USD is still the global reserve currency. Until that changes, it’s what you want if you’re going to be doing business with other states or just foreign interests.
China has been quietly selling off its USD for a decade. The geopolitical alliances have been shifting for a while, but Hormuz just pushed it into high gear.
Personally I now avoid doing business with US companies where possible and am looking into Bank of China for banking - getting away from anything that sends money to the US where I can. I doubt I’m the only one.
China has not been “selling off” USD. They have been churning bonds and cash holdings. It’s normal. There has yet to be any significant movement away from the USD as the global reserve currency. There has been some small movement away from the petrodollar, but it does not appear to have been sustained activity.
The true breakdown of total reserves is not public, but it does seem to me that the actions of China are bolstering stability far more than the US at this stage, and I expect to see further decline in USD holdings globally as the US implodes its former soft power supremacy.
That’s nice and all, but the USD is still the global reserve currency. Until that changes, it’s what you want if you’re going to be doing business with other states or just foreign interests.
China has been quietly selling off its USD for a decade. The geopolitical alliances have been shifting for a while, but Hormuz just pushed it into high gear.
Personally I now avoid doing business with US companies where possible and am looking into Bank of China for banking - getting away from anything that sends money to the US where I can. I doubt I’m the only one.
China has not been “selling off” USD. They have been churning bonds and cash holdings. It’s normal. There has yet to be any significant movement away from the USD as the global reserve currency. There has been some small movement away from the petrodollar, but it does not appear to have been sustained activity.
hmm, this seems somewhat to tell a different story?
https://en.wikipedia.org/wiki/Foreign-exchange_reserves_of_China
The true breakdown of total reserves is not public, but it does seem to me that the actions of China are bolstering stability far more than the US at this stage, and I expect to see further decline in USD holdings globally as the US implodes its former soft power supremacy.