The Chinese Yuan is back to where it was in 2007 with the US Dollar. As the Russian Rouble collapses, BRICS is turning into a coalition of nation-states with crashed currencies.
China’s dream of becoming the world’s number one is obstructed by reality: exponential economic growth is mostly experienced during the transition from poverty to development. Now, China has complex economic problems that can’t be resolved by simply building factories and housing towers. An economy that is ever driven by consumption needs purchasing power that is as of today measured in US Dollars and not Chinese Yuan, unless the Chinese plan to become a North Korea, of course.
I suppose that by now, the dream of the anti-US Dollar BRICS-gold-backed alternative is truly over.
Leave a Reply