Beijing boosts use of Chinese yuan in Africa as nations move away from US dollar (www.scmp.com)

submitted 8 months ago by yogthos@lemmygrad.ml to c/worldnews@lemmygrad.ml

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[-] lil_tank@lemmygrad.ml 9 points 8 months ago

Does China have the same policy as the US of being able to print infinite money? Or is the Yuan indexed on gold or something?

[-] yogthos@lemmygrad.ml 12 points 8 months ago

Chinese currency is also a fiat currency, so the central bank can issue more currency at will.

[-] sharkfucker420@lemmy.ml 12 points 8 months ago

The renminbi is backed by the cpc and nothing else so it fits the definition of fiat. Considering the yuan is the unit of account for the renminbi it is fiat as well

[-] redtea@lemmygrad.ml 5 points 8 months ago

Quite clever really. "Support the communists or your money will evaporate."

[-] sharkfucker420@lemmy.ml 13 points 8 months ago* (last edited 8 months ago)

Yeah its like how in the us if you dont support the status quo they just make your money worthless or something idk /s china should get rid of money already smh

this post was submitted on 14 Mar 2024

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