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1/5 'A worldwide rally in stocks, bonds & commodities is decoupling from the U.S. currency..At the heart of the global advance, & the yuan’s appreciation, is the growing optimism that China will lead the world out of the economic slump brought on by the pandemic' Caixin Daily11/7
2/5 While the US economy will be mired in the pandemic for months to come, if not longer, the Chinese economy is roaring ahead, production rising fast, similarly the stock exchange and the yuan.
3/5 The 2007-8 financial crisis led to a major shift in the economic balance of power from the US to China. Indeed, the Chinese rescued the US economy from a fate that could have been much worse.
4/5 The effect of the pandemic could be far greater and result in a much bigger shift to China. The reason: China's handling of the pandemic has been hugely better than the US's. It could even come to imperil the role of the dollar which is already living on borrowed time
5/5 No wonder the panic in the West, esp US and UK, about China. It's called hegemonic angst. After decades of denial about China's rise, the chickens are coming to roost. The great shift is happening before our eyes. And all this Cold War talk won't stop it.
