Awake in 3D "GCR Sign???" 4-26-2023

 Awake-in-3D:  GCR Sign???

Yuan overtakes dollar to become most-used currency in China's cross-border transactions

Is this meaningful in Our GCR landscape? No. Not really. But I’m sure this article will make its way around GCR Land saying the opposite.

What most likely won’t see mentioned on internet clickbait is the following, final paragraph of the article - which puts things into factual context.

“Data from SWIFT showed that the yuan's share of global currency transactions for trade finance rose to 4.5% in March, while the dollar accounted for 83.71%.”

While this is good news for China in their efforts to increase the Yuan’s use in cross-border trade, it’s of little significance to sparking a Global Monetary Reset.

I can explain…

The US Dollar supports a very deep capital market globally. No other currencies come close, and deep Capital is what fuels efficient global trade and economic development.

The USD remains the undisputed king of global commerce. Even if most countries dramatically reduce their holdings of USD reserves, 84% of global transactions are in USDs. This is the only thing that matters.

Even if China and Saudi Arabia begin transacting all oil sales in Yuan (instead of USD), Saudi Arabia cannot effectively utilize/spend all those billions of Yuan in the global market. That’s a serious problem!

Another fact we must all remember is that the Chinese Yuan is actually pegged to the US Dollar.

No significant global trading nations are going to stockpile and use Yuan that is dependent on the USD for its exchange rate value. They’re going to stick with dollars, which are liquid and readily convertible into every currency and accepted by every cross-border payment settlement exchange on the planet.

Can China end its USD peg?

Sure. But China maintains their peg so that the Yuan is remains less valuable than the dollar. This ensures that all things manufactured and exported from China have very low prices compared to other countries exports. And the USA is China’s largest export customer.

China is not going to end its USD currency peg anytime soon.

The only realistic way for the Yuan to meaningfully challenge the Dollar, and increase its attractiveness in global Capital Markets is for the Yuan to become readily convertible for use everywhere on earth.

How does China do that? They back the Yuan with gold and make the Yuan directly exchangeable for a fixed amount of the yellow metal.

And this is what I believe the BRICS endgame will be - creating a new, asset-backed currency to challenge the USD’s global convertibility for international trade.

 Read the full story here.

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