As US waivers under the weight of dire economic, social & health crises; historic measures introduced to stabilize the country have increased gov debt to 130% of GDP. Most of the newly issued bonds were purchased by the Fed Reserve, which has significantly inflated balance sheet
Meanwhile, China's economy is working again & government debt has increased to only about 60% of GDP. The balance sheet of the People's Bank of China has not grown much either, while Beijing has demonstrated its economic leadership in E. Asia by joining the 15-nation Regional...
Comprehensive Economic Partnership, the biggest trade deal in history. https://asia.nikkei.com/Opinion/Will-China-overthrow-US-dollar-hegemony-in-East-Asia
Will China overthrow US dollar hegemony in East Asia?

Dependence on the dollar has long been a thorn in Beijing's side

https://asia.nikkei.com/Opinion/Will-China-overthrow-US-dollar-hegemony-in-East-Asia
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