Topic: China Digital yuan vs US dollars (Read 363 times)

You love fairy tales, you don't like getting to the truth, and it's unclear why you don't like the dollar
And now about each statement in detail:
1. The yuan will replace the dollar or become a significant international currency. No. Given the political situation in China, and the growing economic difficulties in their economy - who needs a currency that has only problems behind its back? Just think why the US dollar is the world's reserve currency and the whole economy runs on it? And you will understand why the yuan will never take this place.
2. Smoothly move on to the second: I agree with what - a number of countries that consider themselves China's partners "in the fight against the dollar", simply become servants of China, being de-dollarized ... by the hands of China! And they will be highly dependent on China, in fact "economic slaves". This is the essence of what is happening in the BRICS - the yuanization of those who do not "turn on the brain." The goal is to save the Chinese economy by proxy (economy).
3. Why did the dollar not please you? With its help, everything is very simple, transparent and understandable, they form prices, conduct transactions, and you do not need to see the same goods on store shelves in different currencies and prices! Is there a real argument against the dollar? Well, just not a fairy tale "the dollar is to blame for the poor life of many countries"

Maybe those people who dump their USD for the same purpose are the people from China? They need to support their own country and maybe they are being encourage of doing it in exchange for something valuable. There are still people that are outside China who dumps their USD.

It does not mean that they also have a hate with the US but they are only doing it for the sake of earning a profit. I don't think there is such thing as expiration when it comes to currencies unless if we are talking about scam cryptos here. It's been a long time since the US dollar was established and until now it still functions very well. This will continue like this until the future.

"China will do everything to get rid of the US dollar. I'm waiting for the time when this becomes a reality, and I would like to see if this will achieve the financial dominance that, in their opinion, is suppressed by the US dollar."

You can reasonably prove:
1. China got free from the dollar? Those. did he become INDEPENDENT FROM THE DOLLAR? Arguments and facts - in the answer, I'm waiting
2. "SUPPRESSED BY DOLLARS" - give examples and arguments of how the dollar suppressed the Chinese economy with dollars.

And additional, "homework": Tell me about:
- the structure of China's gold and foreign exchange reserves
- the structure of the Chinese economy (orientation and flows of money, in what currencies)
- about the structure of internal and external debt obligations (in terms of debt currencies) ?

And we will get a real picture, ok? Or don't expect answers? It’s just that they are all easily verifiable, I’ll warn you right away ....

I think that that information is a legitimate information and if Chinese happened to get what they are 12 by reducing the dollar from United State of America currency it will be very good because United States of America currency is the most valuable currency and people normally use it for importation and exportation of goods and services so if China sausage with their plan it will be better

Like you have written this is going to take a long time time for the Chinese yuan to be accepted generally and it's not going to be in the next few years. There had been remour that people are dumping the usd dollar for the Chinese yuan but that is not going to work as soon as possible. We still have us dollar to be stable since it life span had not expired.

The digital yuan China is currently building won't make her world power, becoming a world power takes much more than just having to create a digital version of a fiat currency.
It might interest you to know that China is not the first country creating a digital local currency, there are other countries that already have their digital currency in place, and are working tirelessly to make the citizens of the country adopt the digital currency, example of such country is
Nigeria... Nigeria already launched her own digital currency by the name - ENAIRA.

I f China is clamoring for world power, and they think that's all it takes for any country to become world power, then they are mistaken, it simply means any country can wake up one morning, create their own digital fiat currency and start clamoring for world power as well..

The Chinese Yuan is not as widely accepted so despite the BRICS choosing the Yuan it will take a long time to overthrow the dollar

Digital Yuan has been launched by the Chinese authorities and even since its launch there have been many negative responses from the people there, because according to some people there the existing payment system is quite complete. Currently they are making great success clamps for this development project and more and more are encouraged to use Digital Yuan in comparison to crypto in general, moreover there is a specific prohibition regarding crypto there.

I recognize economic growth, technology and resource development increasingly rapidly in China, but specifically do not see the effects of Digital Yuan because long before that their economic power has grown rapidly through other sectors. Yuan Digital is only a tool and reason for the rejection of Bitcoin and Crypto in the country because of the nature of those who want to regulate, so that Yuan Digital is launched to break the dominance of cryptocurrency in the country.

Personally I do not see Yuan Digital will accelerate China's efforts to dominate and when talking about global trade is more political to wanting to control world trade in the ways they do.

China is rising and it is true. We still don't know if China can beat the US to become the world's No. 1 power and whether the renminbi can replace the US dollar. But it is not true to claim that no currency or country can defeat the United States. You should learn the history of world currency, before USD, we had how many other currencies that once ruled the world. Moreover, the value of USD is increasing since inflation is not because its demand is increasing. Rather, the US is abusing its power to export inflation, causing the eurozone economy to fall into crisis, the euro depreciating, not the dollar increasing in value thanks to demand.

let's accept the fact that USD is still the top fiat worldwide. wherever you go, any forex would convert your money from USD. so for now, there's no reason to compare these 2. because if you happen to be in the remote area or country, for sure, the probability that they would accept US dollars is higher  than accepting Chinese yuan. more people are also familiar with USD currency.
but if you want to store some, why not?

Even if I don't like the U.S country, of course I will still choose the U.S dollar because it is the major currency in the world today and we know that. Then this also becomes the way here in our country so that I can convert my profit here to crypto or Bitcoin.

      This is because it is still recognized all over the world even by all countries and well-known businesses all over the world. Although,
it's also nice to have digital yuan.

Maybe China has taken such steps to strengthen its economic system. The Chinese government wants to reduce the use of the US dollar in their country. If they succeed in their digital yuan experiment, they may start using this currency instead of the US dollar. The Chinese government may be getting such a fad to reduce the global demand for the US dollar. Now it remains to be seen how successful the Chinese government can be in this new plan. But I believe no other currency can replace the US dollar. Because the demand for the US dollar has increased several times over before, the value of the Euro and the US dollar have been close recently.

China is not looking to get rid of the US dollar, it is looking to overtake it and take the dominant position of the US dollar. I think this will happen, but it won't happen soon because they will have to face many challenges from the US side, Americans will not sit idly by and let China get ahead. I do not support either of these two countries, because neither is better than the other, all for their own power and not for the other. But I love this currency war happening because it's not fair that the world is dominated by one great power. We need the world to become more multipolar so that more countries have a chance to thrive.

China would do anything to be free from the US Dollar. I wait for the time when it becomes a reality and would like to see if will enable achieve the financial dominance, they think is being suppressed by the US dollars.
Assuming this happens, the next thing we would hear is that they are trying to dominate the BRICs. Well, that's by the way what I like about its central bank digital currency (CBDC) is that, it has been in developed since the past couple of years. And it has gone through several testing phases unlike other countries that just jumped into it without any test and the project is failing woefully becasue they didn't do their due diligence.

One of the biggest misconceptions is that the dollar is easy to replace as the world's reserve currency.
The problem is that the place of an international reserve currency is a very difficult status. And just one "I want", or "I have the most population" - will not give such a status to any currency. Everything here is much deeper and more complicated. Let's first understand what the world's reserve currency is. if it is very simple - it is "money over money". Now I will explain. There are a huge number of states on earth with their own currencies, and the products that their economies produce. The question is - which is better - Chinese rice A at 300 yuan per kg, or the same variety grown in India at a price of 95 rupees per kg? (the numbers are completely out of my head). The answer is (for example) - in Southeast Asia, the average price of grade A rice on the market is $5 per kg. Do you understand what it is about? It's like taking a period before money relations (barter), when you tried to compare the cost of nails with the price of a kilogram of meat. So it is in the world economy - we need some kind of unification and convenience in evaluating goods. And the second is the convenience of calculations! But the third - this is perhaps the most important thing - trust in the chosen currency. Than the dollar is supported - I hope it is not worth explaining. Does the US have any dependencies that can affect their well-being - in fact, no.

And now, on this scheme and features, impose, well, for example, the same yuan. And what will you see? First, why does the world need to switch to a new measure of evaluation? Question 2 - what benefits and convenience will the world economy receive? for example, what about the information about China's gold reserves? She's classified! Will she be declassified? Is not a fact ! Why is it hidden?
And how can China guarantee the stability of the yuan to the whole world if it is an export-oriented country and it benefits from the low exchange rate of its currency. At the same time, it is highly dependent on WESTERN investments and technologies. But at the same time, the problems in the Chinese economy have not yet fully manifested themselves, and any new problem only worsens the state of the yuan?

This is of course a very simplified explanation, I would say "childish", but the main essence is conveyed.

I will say this - I don’t even consider the EURO a replacement, although it is one of the most realistically secured and "high-quality" world currencies!

china and America are actually the same, these two countries both want to become superpowers in terms of military and economy. but it would be great if china hit the market with their yuan and disrupted a market that has been dominated by dollars. With what China is doing, this will be a clear statement that America should not become a superpower that can dictate other countries according to their standards and this will probably be the beginning of the fall of the dollar in the global market.

China’s position to up their game in the world trade and commerce is a very crucial step aiming at making the American Dollar not as powerful as it is today

Currently, all the 193 UN registered countries trade using the US DOLLARS, that’s the major contributor to the strength of the US Dollars

However, China’s yuan cannot take the place of the US dollars in so many other countries, in my opinion, they may only succeed winning the hearts of their brothers (Other Asian countries) such as Japan, Taiwan, India, etc

But on the world economy, the US dollar isn’t losing its glory anytime soon

China is indeed one of the countries that can always make surprises in the economic field for other countries, and many other countries are always wary of China's trap because a few years ago we were caught in the Covid19 outbreak which first originated in China and at that time almost all countries had problems with their economies, so with the design of the digital yuan I believe they must have other plans that are more profitable for their country in the economic field.

It has been precisely one year since China formally put its digital yuan into circulation. Are they still testing it there? China may reap some benefits from the introduction of its digital yuan, but this is really a more advanced version of government cashless transactions. These benefits must be strengthened in actual use. But as of now, neither the Chinese nor representatives from other nations have commented on the use of the digital yuan. The dollar is not expected to be significantly affected by this at this time. In addition, the US will launch its own digital currency.

China, on the other hand, is heavily reliant on Western and American technological advancements. It is therefore difficult to discuss some sort of his supremacy over the dollar.

You might have noticed that China are buying up most of the Gold in existence too, so you might find a future where China introduces some kind of currency that are backed by Gold. That is a currency that will be very popular, but also something that would need a lot of transparency ....which China are not known for in the past. 

People have seen the debt in the USA and they are seeing large Banks making the same mistakes in the USA, so they have reasons to doubt the US Dollar.