Yuan vs Dollar: The World is Not US-Centric Anymore

Photo: Web
Yuan vs Dollar: The World is Not US-Centric Anymore

China is continuing to devaluate its national currency to increase the competitiveness of its national exports causing some American experts to consider the move as “currency manipulation.”

China keeps its currency very low to enforce the interests of its export industries. This type of policy would make Chinese products even cheaper and, therefore, more attractive for buyers.

“Day after day they keep devaluing their currency throwing the world financial markets into an uproar. Is this currency manipulation?” Nicole Sandler from Sputnik’s radio BradCast asked US expert Dave Johnson.

According to Johnson, China indeed had been playing a massive game of manipulating its currency. The Chinese government tries to make the value of its currency stay very low to keep the manufacturing business afloat.

“When something’s cheap you go to China and get it there,” Johnson said.

He also added that China is pursuing this type of policy in order to “seize” businesses from other countries. It is not the game of growing people’s economy, “it is the game of stealing the business, the manufacturing,” for instance from the US.

According to previous reports, China is planning to establish the yuan as an alternative currency to the US dollar. In the future, its exports and imports are expected to be carried out in yuan.

Such a development clearly demonstrates that the US can no longer act independently in financial markets and should take into account the interests of other states.

“The world is not so US-centric anymore,” Sandler said.



Click to add a comment

Leave a Reply

Your email address will not be published. Required fields are marked *


More in China

China Offers Tax Break to Keep Investors after US Overhaul

December 29, 2017

China Rejects Trump’s Claim of North Korea Oil Transfer

December 29, 2017

China Accuses US, German Embassies in Beijing of Meddling

December 28, 2017

China: ‘US Has No Right to Act as Human-Rights Judge’

December 22, 2017

‘Abandon Cold War Mentality’: China Hits Back at Trump’s ‘Selfish’ National Strategy

December 19, 2017

China Preparing To Trade Oil In Yuan, No More US Dollar

December 15, 2017

China About To Knock Out Petrodollar By Trading Oil In Yuan

December 14, 2017

Giant Oil Field Discovered In China with Over Billion Tons of Reserves

December 1, 2017

Chinese Elite Forces to Arrive in Syria Soon to Join War on Terrorists

November 29, 2017
You Can Advertise Here
"The other side of the news!"
Copyright © 2015 Carib Flame. Follow us on Twitter @caribflame