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> Yuan will be the dominant currency... No. Just No. Yuan is not convertible and volatile. it's only 3% of global currency reserve, behind dollar (60%) and euro (20%) https://carnegieendowment.org/politika/88926. Even Russians don't want yuan, Russia has been selling renminbi since the beginning of this year https://asiatimes.com/2023/04/rmb-based-trade-hasnt-worked-o... Also, China's economy is crashing hard. China is now entering its third year of its own Great Depression, with 30% unemployment rate, 90% unemployment rate for new grads (it's so bad, Guangzhou government just sent 300k youth to countryside for a program), 80% retail collapse (entirely empty malls in Beijing, Shanghai, Shenzhen), 50% real estate price collapse. Guizhou is the first province to declare bankruptcy ever. According to the office for national statistics in China, for jan/feb of 2023 http://www.ce.cn/xwzx/gnsz/gdxw/202303/27/t20230327_38464161..., car manufacturing profits is down 41%. non-metal products manufacturing profits is down 39%. chemicals manufacturing profits is down 56%. electronics manufacturing profits is down 71%!! In fact, all businesses have dropped 22% in profit. Not to mention the 1M+ SMB that failed in the last 2 years. Apple, dell, hp, lg, Kyocera are all shifting manufacturing out of China. Apple by 50% by 2025, Dell by 2027. It is estimated that China's portion of worldwide phone production will drop from 90% to 50% by 2025, and worldwide laptop production 70% to 30% by 2027. China's export is never recovering, when 83% of American, the world's biggest consumer segment, have negative views of China https://www.rfa.org/english/news/china/pew-china-enemy-04122... |