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this post was submitted on 01 May 2024
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chapotraphouse
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That's the difference between having the Yuan be a trading currency or a reserve currency. From what I understand, creating bilateral agreements allows China and it's trading partners to de-risk from the american political system. But allowing the Yuan to become a reserve currency, which is then speculated upon overseas, would give China currency hegemony. Yes, the Chinese could then use that metaphorical gold mine to invest productively. But all the incentives the US had to export their industries overseas would still be there. If the USD hegemony can be understood as a resource curse, then an Yuan hegemony can be as disruptive to the chinese political system as it was to the post war american political system.