Renminbi (RMB)/Yuan Appreciation & Internationalization

Africablack said:

It really can't. Africa is far more diverse and it doesn't have single government, in short the dynamics are different.

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Africablack said:

I'm comparing living standards across the board, I'd rather preferred to live in Abidjan, Ivory Coast in the 1960's than Beijing for example. I don't think the rural areas in China back then were even much better if at all. I see people comparing countries to a continent and it's laughable. We like to get at western media propaganda, we shouldn't fall for the "all of Africa is the same" narrative. Couldn't be farther from the truth.

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Michaelsinodef said:

China is also very diverse, culture, language (well, dialect, but it can get so 'bad' that people can't understand each other despite talking the same language), terrain (mountains, deserts, forests etc.).

Not to mention regional governments that actually hold quite a lot of power and ability to decide stuff themselves.

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FairAndUnbiased said:

Uh thats what I said. Rural China was indeed not much better than rural areas in much of sub-Saharan Africa until the 1960s and 70s due to central government literacy and health campaigns.

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luminary said:

@KingKong9888
I just had dinner with a mainland China economist who is “in the know” with the “higher powers” in China. This is what he told me:

Since the FED started aggressively hiking rates, China has commenced a program where it lends US Dollars to Global South countries (who lack US dollars) but demanding Yuan/RMB as payment for those loans.

https://twitter.com/i/web/status/1726271329115234733

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China announced on Friday, in very low-key terms, that it will launch direct trading of its currency, the yuan, with the riyal of Saudi Arabia and also with the dirham of the United Arab Emirates. This now brings the total number of foreign currencies that are permitted to trade direct with the yuan to 16 according to the China Foreign Exchange Trade System (CFETS). Direct trading helps to lower exchange costs and to facilitate bilateral trade and investment.

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The latest development with direct trading between the yuan and riyal would suggest in our opinion that we are likely to see future oil sales between China and Saudi Arabia settled in yuan, which would represent a serious blow to the petrodollar. In July, Saudi Arabia became China’s top crude supplier with imports to China rising 12 percent month-on-month to 1.1 million barrels a day in June, the highest since February.

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