Sudden Chinese decision shakes the corners of the entire world
China surprised the world today and decided to cancel the dollar peg in the stock exchange transactions and decided to deal officially and the official link to the Chinese yuan instead of the dollar, and this is a bold and important step in China’s economic history.
This means that the dollar has become non-existent in Chinese trading and the US dollar will fall strongly against the Chinese yuan and may affect it in global markets.
And all the global markets were stunned by the decision.
The news was discussed today on the BBC World English afternoon program. It is an economic war that could lead the world to a devastating war that cannot be neglected if America acts foolishly in the face of this decision !! China 2021 will lead the world. This is China’s old dream and what it planned to achieve for decades or more.
China plans a separate digital currency e-RMB, to take on fights with $
The e-RMB, which is set to be the first digital currency operated by a major economy.
A sovereign digital currency provides a functional alternative to the dollar settlement system and blunts the impact of any sanctions or threats of exclusion both at a country and company level,” last week’s China Daily report said.
Some government employees and public servants to receive their salaries in the digital currency from May.
A decline in cash usage is expected to continue amid the growing popularity of digital payment platforms and as people avoid physical contact during the coronavirus pandemic.
It may also facilitate integration into globally traded currency markets with a reduced risk of politically inspired disruption.