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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

#291

Post by jmuguy »

soco wrote: post #220
jmuguy wrote: post #162

Earlier quoted context omitted.

I hope its strictly an American fantasy to think you're driving out of anywhere when something like that happens. Buy a bicycle.

I know I have a problem with "suspension of disbelief" but I find it always weird in those dystopian movies where they all drive monster trucks on an apparently endless supply of scavenged fuel and spare parts. But I'm positive exactly this Hollywood spirit is what fuels (pun intended) most of those hyper-optimistic answers.

I love disaster movies and they ocassionally lean into the idea of traffic being kind of bad in the event of a disaster. Deep Impact had a protagonist escaping biblical level tsunamis on a dirt bike.

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

#292

Post by chii »

mrtksn wrote: post #272
decimalenough wrote: post #47

Earlier quoted context omitted.

The yuan will never become a reserve currency as long as China maintain tight currency controls around importing and exporting it. It's very difficult to (legally) send CNY out or China. The euro is in a much better position to be adopted as an alternative, but its share of global reserves has been flat at around 20% for years. https://data.imf.org/en/news/imf%20data%20brief%20march%2027

what’s stopping China from dropping currency controls in a ab afternoon? It’s not like this is some force of nature.

china won't want to drop the advantages of being able to have such tight control over the flow of yuan.

Maintaining control over capital flight from china, for example.

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

#293

Post by david927 »

somenameforme wrote: post #177
decimalenough wrote: post #47

Earlier quoted context omitted.

The yuan will never become a reserve currency as long as China maintain tight currency controls around importing and exporting it. It's very difficult to (legally) send CNY out or China. The euro is in a much better position to be adopted as an alternative, but its share of global reserves has been flat at around 20% for years. https://data.imf.org/en/news/imf%20data%20brief%20march%2027

Prior to Bretton Woods countries were well aware that no single country could be entrusted with the power granted in being the global reserve currency. It's too much power that's too tempting to abuse. But they also learned from the collapse of Bretton Woods that even orchestrated agreements with built-in penalties just don't work, because countries can simply ignore them when beneficial. So I think we're headed to a…

This is exactly my take. Except I think there was never an interest by China to make the yuan the new global reserve currency but instead slow walk it back to a gold standard, and that's what has been happening since 2008.

If a single country's currency is the global reserve currency, all you're finding out is whose thumb you're under.

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

#294

Post by nradov »

somenameforme wrote: post #177
decimalenough wrote: post #47

Earlier quoted context omitted.

The yuan will never become a reserve currency as long as China maintain tight currency controls around importing and exporting it. It's very difficult to (legally) send CNY out or China. The euro is in a much better position to be adopted as an alternative, but its share of global reserves has been flat at around 20% for years. https://data.imf.org/en/news/imf%20data%20brief%20march%2027

Prior to Bretton Woods countries were well aware that no single country could be entrusted with the power granted in being the global reserve currency. It's too much power that's too tempting to abuse. But they also learned from the collapse of Bretton Woods that even orchestrated agreements with built-in penalties just don't work, because countries can simply ignore them when beneficial. So I think we're headed to a…

No country is accumulating more than token amounts of gold. There just isn't much physical gold available relative to the size of the world economy.

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

#295

Post by ForHackernews »

soco wrote: post #220
jmuguy wrote: post #162

Earlier quoted context omitted.

I hope its strictly an American fantasy to think you're driving out of anywhere when something like that happens. Buy a bicycle.

I know I have a problem with "suspension of disbelief" but I find it always weird in those dystopian movies where they all drive monster trucks on an apparently endless supply of scavenged fuel and spare parts. But I'm positive exactly this Hollywood spirit is what fuels (pun intended) most of those hyper-optimistic answers.

https://tvtropes.org/pmwiki/pmwiki.php/Main/NoBikesInTheApoc...

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

#296

Post by BigTTYGothGF »

maxglute wrote: post #224
kanwisher wrote: post #186

Earlier quoted context omitted.

how could yuan be a reserve currency when its not even legal for its citizens to move it out of the country beyond $50k a year. they have extreme currency controls

[flagged]

> libtard

Hey. Don't.

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

#297

Post by mjg2 »

jagermo wrote: post #241

Of course it's Deutsche Bank, I am sure nothing shady will come of that.

Right. The favorite bank of Epstein's cash account will surely keep its integrity /s

- https://fortune.com/2025/10/08/deutsche-bank-and-jeffrey-eps...

- https://www.reuters.com/sustainability/boards-policy-regulat...

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

#298

Post by dopa42365 »

rsanek wrote: post #263
thelastgallon wrote: post #93

Earlier quoted context omitted.

Demand destruction will collapse profits and accelerate the oil/dollar downfall. Saudi Arabia can profitably pump oil probably under $10/barrel. If demand drops, thats where oil should be. China with [EVs|Solar|BESS|Turbines] will replace all of the fossil fuel countries (US, middle-east, Russia). This is probably the biggest transition in the history of mankind. This is energy production, storage and all the applian…

China is much more of a "fossil fuel country" than the US. They've got a ways to go to even catch up. https://ourworldindata.org/grapher/energy-mix?tab=stacked-di...

87.5% vs 83.1%

Renewables have to go up by 10x (or more, with electrification of all the things) everywhere pretty much in the coming decades.

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

#299

Post by hk1337 »

vachina wrote: post #274
WhyNotHugo wrote: post #247

An interesting move. Something that drives me crazy when interacting with China, is that I can only use American payment methods to make a payment from Europe to China. I pay a fee and the merchant pays a fee both to the US. It just sounds broken. I hope this is a step in eventually resolving this.

You did not make an effort to switch and resorted to the easiest payment method. Unionpay for example, allows clearing directly in Chinese Yuan and most Chinese native merchants accept them.

I would imagine a big reason for not making the effort was convenience. If they make Unionpay more convenient to use then people will likely be more likely to switch.

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

#300

Post by detourdog »

igorkraw wrote: post #250
detourdog wrote: post #8

Earlier quoted context omitted.

President Xi of China mentioned it when the US President visited him in May. https://www.hks.harvard.edu/faculty-research/policy-topics/i...

The how of the reference seems important, it's not like he brought it up first apparently >Xi has referenced Allison’s term before. In a speech in Seattle in 2015, Xi said, “There is no such thing as the so-called Thucydides Trap.” And in an October 2023 meeting with Senate Majority Leader Chuck Schumer, Xi said, “The ‘Thucydides’ Trap’ is not inevitable, and Planet Earth is vast enough to accommodate the respective…

Do you think Xi's comments are specifically that war is imminent?
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