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Exactly this. China also likes shows of strength, and would be more than happy to expend large amounts of cash to bankrupt the people trying this, rather than
by imron 11y ago
Exactly this. China also likes shows of strength, and would be more than happy to expend large amounts of cash to bankrupt the people trying this, rather than lose face being broken by them.
- hacknat 11y agoIf they run out of cash they will start to devalue their currency, that's the bet.
- ISL 11y agoIf each Chinese citizen were to sell $1000 worth of yuan back to the Chinese government in return for 1000 USD, a trillion-dollar reserve would be depleted.
- rdancer 11y agoI don't get this. My mental image is all the toddlers of Beijing queuing at the banks, with a wad of banknotes in one hand and a pacifier in the other, unsure which one to give to the teller.
- himlion 11y agoI guess he's using an ill-chosen metaphor to show one trillion isn't that much.