If there's one thing you can do now that will set you up for the next 20–30 years: it’s learning Mandarin.
Deutsche Bank becomes first foreign yuan clearing bank in Europe
31–40 of 496 posts
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#32Change happens gradually, and then suddenly.
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#33[deleted]
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#34The US wields incredible negotiating power and hegemony because the dollar is the world’s reserve currency. Like the British pound and the Dutch guilder before it, if that loses reserve currency status it will be harder to borrow on favorable terms, which would affect the entire US economy. This is a big step in that perhaps starting to happen over the next few decades.
I really hope this is one step into a more multipolar world, maybe without a single hegemon the world is easier to change for the better
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#35Would this also mean we can get a EuroDollar systems for the Yuan? As in, Deutsche Bank can create loans denominated in Yuan without Chinese central bank control?
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#36I don't like, trust or trade with China.
But america xD
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#37The end of the Petro Dollar? Soviet-China-Iran - Petro Yuan? /edit for the pedantic. Russian Federation.
There won't be a petro-anything. In 30 years the oil industry will no longer be the resource upon which the whole world turns, and will instead be just another industrial input.
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#38The end of the Petro Dollar? Soviet-China-Iran - Petro Yuan? /edit for the pedantic. Russian Federation.
Soviet?
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#39Is it a yuan or is it a Renminbi?
The currency code is CNY or Chinese Yuan. Yuan itself is like “dollar,” with many different countries calling their currency “dollars.” Renminbi refers to the Chinese currency as a whole rather than any particular unit.
Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe
#40Earlier quoted context omitted.
Can you elaborate a little? I suspect it is a well known concept, but its the first time I heard of it in this context.
Rising power challenges the fading imperial hegemony. In this case, CNY displacing USD.
I’ll believe it when I see it, there’s a spread between onshore and offshore yuan exchange rates due to currency manipulation. It becomes harder to manipulate a currency as more of it is created, and AFAIK countries are not loading up on Chinese govt debt, but I may just be unaware?
The USD hegemony isn’t because of oil, it’s because everyone wants dollar-denominated assets. Treasury bonds, US real estate, US equities, etc. Possibly Chinese exports could soak up some of the yuan demand?