Hacker News Board Hacker News, browsed like a classic message board
Live data from Hacker News

Europe’s central banks are starting to replace dollar reserves with the yuan

qz.com

Post reply on HN
Print view View original

131–140 of 257 posts

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#131

Post by dmichulke »

Noos wrote: post #122
anc84 wrote: post #100

Earlier quoted context omitted.

* causes real bad things to happen Fixed that for you. Do I need to get the CIA and various wars lists from Wikipedia?

oh FFS, compare that to the cultural revolution, which ended in 1976. the whataboutism here is annoying; while we were debating and agonizing over the impact of the vietnam war, China was busy imprisoning, torturing, and relocating its own citizens over ideology. It created a culture of children informing on their own parents. I wish people would realize how much they have dodged a bullet by growing up in western nat…

> how much they have dodged a bullet by growing up in western nations.

I think GP's comment is concerned more with the health of Non-Westerners.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#132

Post by ben_w »

andai wrote: post #124
mcv wrote: post #115

Earlier quoted context omitted.

I agree that the United States' run as the world's biggest superpower has been far from perfect. I criticise the US a lot. And I actually consider China to be one of the few countries that is not governed by amateurs. China gets a lot of things right. The one big problem, though, is that China does not believe in freedom. At all. Censorship, no free press, no freedoms of opinion, expression, religion, etc. And they s…

The EU is not your friend.

No government is capable of friendship with a private person, any more than a human can be friends with a single white blood cell. What they are, governments in general and the EU in particular, is a useful ally.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#133

Post by dmichulke »

dogma1138 wrote: post #58
sremani wrote: post #33

>>In June, the European Central Bank announced that it had exchanged €500 million ($611 million) worth of US dollar reserves into yuan securities. This was a small shift—the ECB has €44 billion in foreign exchange reserves Before declaring fall of USA, blaming Trump for apocalypse and anointing Xi as the new Emperor, lets take step and really see the numbers. $611 million is a marginal amount when we are talking abou…

Europe can buy all the yuan in the world and it won’t have any effect. The exchange rate between the dollar and the yuan is set by the rate at which China is buying US debt not by the global markets. China prints money to buy US debt it allows China to devalue its own currency without devaluing its assets and this deal allowed the US to pretty much generate as much currency as they want through cheap debt without dev…

> Europe can buy all the yuan in the world and it won’t have any effect.

That is entirely wrong.

There is only a limited amount of Yuan, so by definition the supply of Yuan is affected, no matter in which currency it is bought. Therefore, the price is affected as well.

Will wheat in USD get more expensive if I buy all your wheat with Ruble? You bet it will.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#134

Post by ataturk »

xir78 wrote: post #3

A few years ago I couldn’t tell you the name of a Chinese company off the top of my head, now I can not only rattle of a list, they’re companies I’ve worked with or have significant investments in companies in the US. I also have a roster of WeChat contacts. I also work with multiple ex-pats that fled fearing for their life due to persecution based on their religion (Falung Gong), and laugh at how freaked people are…

Such bs--nobody in the US .gov is persecuting people based on their religion. The US is trying very hard to protect its citizens while still being a beacon of hope to refugees and emigres. The problem is that there is tremendous demand to get to the US because well, it's not currently as bad a place to live as wherever they are coming from.

As far as Islam goes, if Muslims would like to act decent and get up with the 21st century and not usurp and undermine our country and non-Muslims, then the are welcome to be here and nobody is going to bother them and we aren't.

On the other hand, if you're coming to the US looking for trouble or to create your Caliphate or what have you, well, the gloves are off. Americans have to have a peaceful place to live and we work hard to build nice communities.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#135

Post by ben_w »

semperdark wrote: post #129
ben_w wrote: post #73

Earlier quoted context omitted.

> Introduction of democracy and women’s rights in Europe are good examples. Which is why I said “religious” and “sexual preference”. Jews were widely discriminated against even a few years after WW2; Muslims are a current whipping-boy; I’m not sure if Catholic-vs-Protestant is as big a divide in Northern Ireland as it looks from the outside, but it does look big; In the USA, Atheists are almost as disliked as Muslims…

Not pedophilia, I hope? Unclear if you mean this century (2000 onwards) or the last hundred years (1918 onwards).

No, and I had no even considered that as a possible misinterpretation, so thanks for checking. I mean post-2000.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#136

Post by nugi »

rjzzleep wrote: post #118
ben_w wrote: post #103

Earlier quoted context omitted.

5-10% of the population are “into” BDSM, although sex surveys are notorious for underestimating things. Atheism is a curious thing to call a “bizarro religion”; likwise for different reasons Islam, given the latter has ~1.8 billion followers worldwide.

I seriously doubt that. 5-10% of what? the _US population_? I'm pretty certain that 5%-10% of the population have more serious and pressing matters than worrying about their sexual preferences. luxury problems as they say.

I could not disagree more. If having a sexual identity is a luxury, I hate to think what actually enjoing life is. What a sad point of view.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#138

Post by ben_w »

rjzzleep wrote: post #118
ben_w wrote: post #103

Earlier quoted context omitted.

5-10% of the population are “into” BDSM, although sex surveys are notorious for underestimating things. Atheism is a curious thing to call a “bizarro religion”; likwise for different reasons Islam, given the latter has ~1.8 billion followers worldwide.

I seriously doubt that. 5-10% of what? the _US population_? I'm pretty certain that 5%-10% of the population have more serious and pressing matters than worrying about their sexual preferences. luxury problems as they say.

USA survey, though I would be surprised if it varied by nation.

People have rioted over the legality of their sex lives, and people have gone to prison because consenting to certain acts was deemed to be conspiracy to some form of serious assault (against themselves) — so I’m inclined to think it’s both significant concern and a major part of personal identity.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#139

Post by 1001101 »

indubitable wrote: post #5
tim333 wrote: post #2

Well China's now the world's largest economy by PPP GDP [1] so it makes some kind of sense. I'm not sure how freely convertible the Yuan is though. [1] https://en.wikipedia.org/wiki/List_of_countries_by_GDP_(PPP)

This is not based on GDP. A big part of the USD's stability has been based on an indirect oil backing. Going back to the 70s the US in which we offered substantial benefits to oil producing nations in exchange for little more than them only selling their oil in USD, and then investing excess revenues in US securities. The petrodollar in another word. This has numerous positive effects other than what I'm mentioning h…

I've been watching petro$ developments closely, as they're likely to presage certain world events, and there's definitely been some rumblings. The yuan recently received inclusion into the IMF SDR basket, and I wonder if that's given it some more cachet as a reserve currency.

Re: Europe’s central banks are starting to replace dollar reserves with the yuan

#140

Post by throwawaymanbot »

prklmn wrote: post #123
anc84 wrote: post #100

Earlier quoted context omitted.

* causes real bad things to happen Fixed that for you. Do I need to get the CIA and various wars lists from Wikipedia?

It’s pretty easy to argue that the CIA is the antithesis of American idealism - unelected bureaucrats doing jobs that the public has no power to hold them accountable for.

....Like its better in Moscow, Comrade.
Post reply on HN