China has for some time been just strip mining the planet. In a few places they have also been investing locally. They have long been involved in Pakistan where Chinese engineers are ubiquitous. Did you really think Pakistan built their own nukes? In recent years they have been building major infrastructure projects in Africa and lately factories too, beside the usual buying of mines, oil fields and vast swaths of farmland.
Beijing has also been taking significant steps to expand the international use of the Chinese Renminbi, including allowing overseas holdings of the currency to be invested in the Chinese bond market. Some economists believe it could become the base currency for Asian trade over the course of the next ten years. Personally I think it will take far less time.
China came to the aid of all it’s third world trading partners with cash during the ‘08 banking crisis, mostly it used some of its vast reserves of USD but with some of its large partners they provided Yuans, next time you might see China drop the dollar completely. The right will snicker that China won’t do that they n-n-need us and under their breath, don’t they?
Don’t worry about your dollars, they will still be accepted at your local Walmart, the shelves will be empty however. If there still is a NYSE the board will probably be priced in Yuan.
Your Standard Chinese phrase for the day: wǒ è le (I am hungry) [for audio go to http://www.standardmandarin.com/chinesephrases/I_Am_Hungry ]
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1 comments:
Great lesson in Mandarin.How do you say "republicans use crooked chopsticks?" That's probably a good insult in Chinese.
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