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Deutsche Bank becomes first foreign yuan clearing bank in Europe

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Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#401

Post by SECProto »

pjc50 wrote: post #129
jillesvangurp wrote: post #57

Earlier quoted context omitted.

One consequence of the transition to renewable energy and electrified transport, is that oil imports will start to decline. And the dollar is of course the currency of choice for that. The US economy and other countries that export fossil fuels will feel the impact over the next decade or so. The energy transition might go a lot quicker than people seem to expect. Currently about 20% of global car sales is electric.…

> In some countries it's well over 50%. China of course being one of them As always with these stats, I like to check whether that includes plug in hybrids, and it does. Those are still mostly dependent on fossil fuels, although they use less. Pure BEV adoption seems to depend on your radius from Norway: https://www.autonergy.co/blog/global-ev-adoption-leaderboard... (France should really be doing better, after all m…

> Those are still mostly dependent on fossil fuels, although they use less.

I don't think the word "mostly" belongs in that sentence - "partially" might work.

It depends significantly on how far you drive - I know 4 people with Plug-in hybrids. They all use ~0 fossil fuels most of the time, and only have to fill their gas tank when they go on a longer driving trip (roughly every 4-6 weeks or whatever). Considering how fuel inefficient city driving is, it's enough to eliminate at least half, maybe 2/3 of their fuel consumption.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#402

Post by throwaway27727 »

SoftTalker wrote: post #386
Danox wrote: post #358

Earlier quoted context omitted.

China has shown the willingness to develop and use any source of energy. The same cannot be said for the United States. China is now the world leading developer of Thorium Reactors.

Innovator's Dilemma for the US. Any alternatives to fossil fuels impact the big energy companies, who want to preserve their cash cows.

From one of the GP comments, it's about preserving the petrodollar and reserve currency status as a whole. That's a way wider scope than a few companies. P

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#403

Post by CraigJPerry »

jillesvangurp wrote: post #57
pizzathyme wrote: post #22

The 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.

One consequence of the transition to renewable energy and electrified transport, is that oil imports will start to decline. And the dollar is of course the currency of choice for that. The US economy and other countries that export fossil fuels will feel the impact over the next decade or so. The energy transition might go a lot quicker than people seem to expect. Currently about 20% of global car sales is electric.…

>> They still import a lot

I don't think it's common knowledge how much they dropped imports since the Iran / straight of hormuz crisis.

Back at the start of that conflict there were a lot of breathless takes about what catastrophe was in store in a few weeks time, and what materialised was bad but not in anything like the same league as what was predicted.

The thing that wasn't accounted for in the analysis at the time was just how rapidly and by how much China could suppress its appetite for oil imports.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#404

Post by ben_w »

Danox wrote: post #400
ben_w wrote: post #234

Earlier quoted context omitted.

The US military may be ossifying into a paper tiger, but I'd say Iran mainly shows Trump is a coward and an idiot. From what I hear, what Trump did with Iran was burn through the US stockpile of certain fancy special-purpose wepons you're really only meant to use to punch a hole for your conventional forces to enter by. Trump is not willing to send in those conventional forces, because many of those personel will die…

We could take on Iran with Russia, China, Pakistan, Afghanistan, and all the other Stan’s being the supply lines some what similar to Vietnam with six additional countries added, with the Iranians who appear to have the willingness to fight to the end. How does it work long-term for the USA? In time the United States would have to build up to half a million men on the ground. The United States at its peak in Vietnam…

I would, like you, draw comparisons with Vietnam.

I think this means that the US is going to get stuck there for a very, very long time, as there are downsides to all options including pulling out, which may in turn survive a change of president.

On the other hand, all it takes is a president who doesn't care about the downsides, or thinks the downsides are worth the cost, and suddenly Iran's free to toll the strait, and a whole bunch of other straits get tolled in turn. If Iran gets away with it, I wouldn't be surprised if Israel finds Gibraltar closed to their shipping, though Suez would likely remain open to them for the foreseeable future.

I very much hope that Trump doesn't take the literally nuclear option here. A different Pandora's box to letting Iran take their toll, and a much worse one for everyone.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#405

Post by lenerdenator »

xyzsparetimexyz wrote: post #308
tgv wrote: post #174

Earlier quoted context omitted.

> There is zero evidence of this. Ah, all those exercises are just for fun.

No, they're for force projection. The ideal success with Taiwan is to convince them with a hearts and minds play.

> The ideal success with Taiwan is to convince them with a hearts and minds play.

Which is very hard to do when you're threatening them with force projection.

"Hearts and minds" isn't a thing totalitarian governments understand. You're either in agreement with them, or you're wrong.

The conundrum is, if you don't have the force projection, then you have the possibility that the wise and correct Party isn't all-powerful and all-knowing, because they couldn't convince a relatively tiny island - one closer than Cuba is to the US - to join the mainland.

If wise and correct Party isn't all-powerful and all-knowing, well, then power and knowledge might reside elsewhere that could need consultation every once in a while, and the wise and correct Party isn't wise and correct.

That's inherently fatal to totalitarian systems of government.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#406

Post by yieldcrv »

Glad to see more forms of liquidity for offshore yuan

I don’t really see the sinophobia as relevant at this point in history, or the US dollar pride as beneficial to the world aside from its unparalleled and impressive liquidity.

Everything should be liquid and thats the project for the world in the finance sector, adding rails for major currencies is foundational infrastructure.

Reserve currencies and soft power should be antiquated concepts.

Nations will have to learn harmony a different way.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#407

Post by Symbiote »

throwaway473825 wrote: post #369
Symbiote wrote: post #240

Earlier quoted context omitted.

25% of oil production is for cars 16% for trucks and buses 7% for aviation 4% for shipping 2% for rail and domestic waterways 25% + a chunk of the 16% (city buses, shorter distance or smaller trucks, etc) is a good amount. https://www.statista.com/statistics/307194/top-oil-consuming...

There's no reason to separate cars from trucks and buses. Everything is getting electrified. In jurisdictions where Buy America Act doesn't apply (i.e. the world outside the US), electric buses are already the default. Moreover, it takes a lot of oil to refine and transport oil. If there's no demand for road transport, then the corresponding demand for refining and transport will disappear as well. Finally, coal is a…

I separated cars and heavy vehicles because that's what the GP post asked about.

Copenhagen, where I live, has had a fully electric public bus fleet since 4 months ago when the last two bus lines were converted. The harbour ferries are also electric, and obviously the trains and metro. Garbage trucks and delivery trucks (e.g. delivering beer) are increasingly electric.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#408

Post by decimalenough »

mytailorisrich wrote: post #95
xingped wrote: post #30

Earlier quoted context omitted.

It's a little confusing, but technically RMB (renminbi) is the official name of the currency and CNY (yuan) is the base unit of the currency. Think of it like the difference between USD ("US Dollar") vs "dollar and cents", except there is no fractional yuan equivalent of cents, so it's all just yuan.

No there are cents, they are called fen (分). It's in Japan that it's all just Yen.

Japan has sen (銭) as well, the coins were just inflated into oblivion years ago. Still used for eg stock prices though.

Re: Deutsche Bank becomes first foreign yuan clearing bank in Europe

#409

Post by mytailorisrich »

decimalenough wrote: post #408
mytailorisrich wrote: post #95

Earlier quoted context omitted.

No there are cents, they are called fen (分). It's in Japan that it's all just Yen.

Japan has sen (銭) as well, the coins were just inflated into oblivion years ago. Still used for eg stock prices though.

Oh interesting. In China it is still used (you can still see prices with decimals beyond share prices and petrol stations) though on the way out.
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