The rise of the yuan sends shivers down the spine of America’s financial elite: fearing that the dollar’s decline is just around the corner Wall Street financiers are making vain attempts to damage the Chinese stock market and undermine investors’ confidence in China’s currency.
“The Chinese are in the process of displacing the monopoly of the US dollar. They are dropping their US Treasury bonds, stockpiling gold reserves, and opening regional distribution banks for their own national currency. This will give them easier access to capital markets and insulate them from financial manipulation by Washington and Wall Street,” award-winning author, sociologist and geopolitical analyst Mahdi Darius Nazemroaya noted in his article for Strategic Culture Foundation.
The US-led economic world order is being altered by China and Russia, which are so far directly challenging the monopoly of the Washington-influenced Bretton Woods system.
At the same time, the EU banks and governments find the Chinese currency very attractive due to its stability. Thus far, Washington and Wall Street have launched a financial war against Beijing and Moscow.
The US Congress and White House accused Beijing of “financial manipulation.” But the truth of the matter is that the US financial elite wanted the Chinese to let the yuan to rise thus far ruining the country’s economy.
“As US financial institutions began trying to hurt investor confidence in China through psychological tactics claiming that the Chinese economy was slowing down and that the Chinese market was in free fall, Beijing announced that it had bought 600 tons of gold in the span of a month and the People’s Bank of China had got rid of over 17 billion US dollars from its foreign exchange reserves,” the author elaborated.
“Push China and it will push back,” Nazemroaya stressed.
Instead of waging financial wars against China, Washington and Wall Street should be focused on the US’ own domestic problems, Nazemroaya remarked, adding that “despite the wishes of Wall Street and Washington, the Silk World Order is moving forward.”