Beijing is scrambling to keep the U.S. from kicking Chinese firms worth $1.4 trillion off Wall Street. But Congress is in no mood for compromise

[Han Patriot]

haha! You do realize your currency is almost worthless outside your borders simply because you have printed as much as you needed to keep your population happy.

Your government trades in hard currencies and then hands the Chinese population worthless kid's play money.

Try going into a Chinese bank and asking them to convert 700,000 Chinese Yuan into a hard currency and your own people will laugh at you and point you to the exit.

Hard currency? 12 trillion dollars worth of trade transaction happened in RMB last year. Yup it's useless.

 

[Hamartia Antidote]

Hard currency? 12 trillion dollars worth of trade transaction happened in RMB last year. Yup it's useless.

Well Zimbabwe trades too...you want to swap all your money for Zimbabwean Dollars...you can put them in a bank and use them as a reserve currency.

If you don't...now you know why banks won't take Chinese currency in bulk.

 

[kingQamaR]

US is very greedy and full of itself. Slowly becoming laughing stock of the world. Time to learn Mandarin!

 

[S10]

Well Zimbabwe trades too...you want to swap all your money for Zimbabwean Dollars...

If you don't now you know why banks won't take Chinese currency in bulk.

Tell me more about the difference in economic size and industrial capacity between China and Zimbabwe. It took USD approximately 50 years to replace the pound as the dominant trade currency after US surpassed Britain in 1890. Give China 20 years and we'll see.

 

[Hamartia Antidote]

Tell me more about the difference in economic size and industrial capacity between China and Zimbabwe. It took USD approximately 50 years to replace the pound as the dominant trade currency after US surpassed Britain in 1890. Give China 20 years and we'll see.

View attachment 835231

That's really nice but tell me why no bank in the world would take a stack of 700,000 Chinese Yuan and convert it into ANY hard currency near the official rate...


Why have Russia and China (two so-called world powers) been trading in US Dollars up until this year instead of Roubles and Yuan for the last what...70+ years now?

 

[letsrock]

haha! You do realize your currency is almost worthless outside your borders simply because you have printed as much as you needed to keep your population happy.

Your government trades in hard currencies and then hands the Chinese population worthless kid's play money.

Try going into a Chinese bank and asking them to convert 700,000 Chinese Yuan into a hard currency and your own people will laugh at you and point you to the exit.

what is "kids play" money? you do realize chinese get to own teslas, bmws cheaper than americans when you convert on bank rates - right ? so why do they even need to go to bank to convert when they can get get every product conceivable back home in their own aka "kids play" currency cheaper. There was a time when american consumer was the king in world market where every manufacturer in world competed to deliver best products at best prices. The crown has gone to china now(except software) where they have both apple and huawei, tesla and nio etc.

But yes american dollar is still king when it comes to investments and access to some high end services like cutting edge medical care. The range and pricing of investment opportunities available to an american internationally is unparalleled. But again only a smaller percentage of population care for investments.

 

[faithfulguy]

That's really nice but tell me why no bank in the world would take a stack of 700,000 Chinese Yuan and convert it into ANY hard currency near the official rate...


Why have Russia and China (two so-called world powers) been trading in US Dollars up until this year instead of Roubles and Yuan for the last what...70+ years now?

It will be a shock once US dollar is not the currency of trade. And Yuan is useful as you can use it to buy things from China. The value of the currency is the number of manufacturers willing to take that currency in exchange for goods produced. And Chinese companies will take Yuan.

 

[Hamartia Antidote]

The value of the currency is the number of manufacturers willing to take that currency in exchange for goods produced. And Chinese companies will take Yuan.

Of course...and Zimbabwe companies took Zimbabwean dollars and Iranian companies happily take Iranian Rials and North Korean companies happily take North Korean Won...and so on and so on.

I'm sure they are all happy.

 

[S10]

That's really nice but tell me why no bank in the world would take a stack of 700,000 Chinese Yuan and convert it into ANY hard currency near the official rate...


Why have Russia and China (two so-called world powers) been trading in US Dollars up until this year instead of Roubles and Yuan for the last what...70+ years now?

I am calling bullshit on the bolded part. Source please. Making claims out of thin air doesn't count.

As to why countries have been trading in USD, because US was the dominant economic power and USD was considered a stable currency in the past decades. That is now changing year after year. Don't worry, the process takes a few decades so you can watch the inevitable in slow motion.

 

[Hamartia Antidote]

I am calling bullshit on the bolded part. Source please. Making claims out of thin air doesn't count.

As to why countries have been trading in USD, because US was the dominant economic power and USD was considered a stable currency in the past decades. That is now changing year after year. Don't worry, the process takes a few decades so you can watch the inevitable in slow motion.

Money in China: Banks, ATMs, cards & currency exchange

If you’re visiting China, you’ll want to stay informed of the financial basics. This guide will cover the Chinese currency, where to find money, and the...

wise.com

Exchanging currency in China​

Be sure to avoid exchanging currency on the black market from street vendors. You're likely to get fake bills.

The CNY used to be pegged to the dollar but the peg was lifted in 2005. The yuan has now moved to a managed floating exchange rate based on market supply and demand of a basket of foreign currencies.

Beginning in January 2010, Chinese and non-Chinese citizens have an annual exchange limit of US $50,000. Exchange can proceed only if the applicant appears in person at the bank and presents a valid passport or Chinese ID.

---

 

[khansaheeb]

The only ones who will be hurt by such actions, is America and the West itself. They dont have Oil, or Natural Gas, or enough wheat to feed their own citizens, let alone the world. If they do what they say will do at Wall Street to China. Then there will be serious Boomerang consequences the West will face, which it will have no way of evading.

We are suffering high prices in the UK and US don't need any more rises thank you.

 

[SaadH]

You have no idea. US is the only country in the world which is self-sufficient in everything. US doesn't need to rely on any country for anything.

As long as you don't care about runaway inflation.

 

[Hamartia Antidote]

We are suffering high prices in the UK and US don't need any more rises thank you.

Apparently he thinks only the EU and the US are affected by rising gasoline prices and the rest of the world are unimportant nobodies.

Rising fuel costs are crippling Africa's economies – DW – 03/02/2022

Sub-Saharan Africa is experiencing a record surge in fuel prices as the Russian invasion of Ukraine drives up already steep energy costs.

www.dw.com

Gasoline Prices Soar in Brazil and Threatens the Economy

Petrobras announces a 19% increase; Cooking gas rises 16%, and diesel, 25% as a result of the war in Ukraine on oil

www1.folha.uol.com.br

 

[khansaheeb]

Apparently he thinks only the EU and the US are affected by rising gasoline prices and the rest of the world are unimportant nobodies.

Rising fuel costs are crippling Africa's economies – DW – 03/02/2022

Sub-Saharan Africa is experiencing a record surge in fuel prices as the Russian invasion of Ukraine drives up already steep energy costs.

www.dw.com

Gasoline Prices Soar in Brazil and Threatens the Economy

Petrobras announces a 19% increase; Cooking gas rises 16%, and diesel, 25% as a result of the war in Ukraine on oil

www1.folha.uol.com.br

NATO should just impose a no fly zone over Ukraine and bring this war to a close, otherwise it will just drag on.

 

[Hamartia Antidote]

NATO should just impose a no fly zone over Ukraine and bring this war to a close, otherwise it will just drag on.

How about the UN first..so nobody cries unilateralism.