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It looks like China has a working alternative since 2015 [1], not sure regarding your other questions if it's in their interests to expand it or not. [1] https

It looks like China has a working alternative since 2015 [1], not sure regarding your other questions if it's in their interests to expand it or not. [1] https://www.scmp.com/economy/china-economy/article/3168684/what-chinas-swift-equivalent-and-could-it-help-beijing-reduce https://www.scmp.com/economy/china-economy/article/3168684/w...

jopsen 5y ago
But when China trades with Russia, they often trade in Euro or Dollar.. Would you trust the yen? Or the ruble?
- waffleiron 5y ago
  The yen is Japanese, I assume you are thinking renminbi/yuan.
  - jopsen 5y ago
    Ah, sorry yes!
- from 5y ago
  The IMF trusts the yuan enough to hold reserves of it (https://en.wikipedia.org/wiki/Special_drawing_rights https://en.wikipedia.org/wiki/Special_drawing_rights).
  - deleted 5y ago
    [deleted]
  - anjel 5y ago
    I wouldn't equate IMF currency holdings with some sort of endorsement as to how that currency is managed. https://www.reuters.com/article/venezuela-imf-reserves-idUSL1N0ZP0WH20150709 https://www.reuters.com/article/venezuela-imf-reserves-idUSL...
    - waffleiron 5y ago
      Nowhere in that article it indicates IMF is holding Venezuelan currency.
      - Lascaille 5y ago
        When someone links an article in support of their argument you're not meant to read it, silly goose.
- FpUser 5y ago
  If they buy from Russia / China they will and do.
  - jopsen 5y ago
    As recent as a month ago, they made a deal on gas settled in euro. https://www.reuters.com/world/asia-pacific/exclusive-russia-china-agree-30-year-gas-deal-using-new-pipeline-source-2022-02-04/ https://www.reuters.com/world/asia-pacific/exclusive-russia-... Doesn't that say something about them not trusting each others currency? Would you trust the yuan? Chinese people can't exchange to other currencies freely, or transfer money abroad. It's effectively held up by a captive audience (subjugated people).
    - FpUser 5y ago
      From what I know they trade in multiple currencies including yuan.

jopsen 5y ago

But when China trades with Russia, they often trade in Euro or Dollar.. Would you trust the yen? Or the ruble?

waffleiron 5y ago
The yen is Japanese, I assume you are thinking renminbi/yuan.
- jopsen 5y ago
  Ah, sorry yes!
from 5y ago
The IMF trusts the yuan enough to hold reserves of it (https://en.wikipedia.org/wiki/Special_drawing_rights https://en.wikipedia.org/wiki/Special_drawing_rights).
- deleted 5y ago
  [deleted]
- anjel 5y ago
  I wouldn't equate IMF currency holdings with some sort of endorsement as to how that currency is managed. https://www.reuters.com/article/venezuela-imf-reserves-idUSL1N0ZP0WH20150709 https://www.reuters.com/article/venezuela-imf-reserves-idUSL...
  - waffleiron 5y ago
    Nowhere in that article it indicates IMF is holding Venezuelan currency.
    - Lascaille 5y ago
      When someone links an article in support of their argument you're not meant to read it, silly goose.
FpUser 5y ago
If they buy from Russia / China they will and do.
- jopsen 5y ago
  As recent as a month ago, they made a deal on gas settled in euro. https://www.reuters.com/world/asia-pacific/exclusive-russia-china-agree-30-year-gas-deal-using-new-pipeline-source-2022-02-04/ https://www.reuters.com/world/asia-pacific/exclusive-russia-... Doesn't that say something about them not trusting each others currency? Would you trust the yuan? Chinese people can't exchange to other currencies freely, or transfer money abroad. It's effectively held up by a captive audience (subjugated people).
  - FpUser 5y ago
    From what I know they trade in multiple currencies including yuan.