Row 1238

Row ID: 1238 | Dataset Entry | Axioma AXP Content Repository

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Yu, an influential economist in China, wrote on his blog last week: "If China encounters the same sanctions as it did on Russia, our overseas assets risk turning into zero." After russian troops flooded into Ukraine, the U.S. and its allies launched a series of sanctions, including removing some Russian banks from the SWIFT international payment system. Russia's central bank's foreign exchange reserves were also frozen, sending the ruble plunging. Michael Pettis, a professor of finance at Peking University, said a country with a large trade surplus like China has to invest in foreign assets and has few options other than U.S. bonds. "With the imposition of sanctions, Washington has demonstrated that its ability to control the global payment system gives the United States enormous power. Countries such as China, Iran, Russia and Venezuela concerned about that power now have more reason to hold foreign currencies other than the dollar. But desire is just desire. What other options do these countries have?" China has been accumulating foreign income from its exports since joining the World Trade Organization (WTO) in 2001. In 2021, China's trade surplus with the rest of the world grew 29 percent year-on-year to $676.4 billion — the highest ever.

FieldValue
text Yu, an influential economist in China, wrote on his blog last week: "If China encounters the same sanctions as it did on Russia, our overseas assets risk turning into zero." After russian troops flooded into Ukraine, the U.S. and its allies launched a series of sanctions, including removing some Russian banks from the SWIFT international payment system. Russia's central bank's foreign exchange reserves were also frozen, sending the ruble plunging. Michael Pettis, a professor of fin…
label r/chinapolitics
dataType comment
communityName r/ChinaPolitics
datetime 2022-04-09
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Raw Record

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  "text": "Yu, an influential economist in China, wrote on his blog last week: \"If China encounters the same sanctions as it did on Russia, our overseas assets risk turning into zero.\"\r  \n\r  \nAfter russian troops flooded into Ukraine, the U.S. and its allies launched a series of sanctions, including removing some Russian banks from the SWIFT international payment system. Russia's central bank's foreign exchange reserves were also frozen, sending the ruble plunging.\r  \n\r  \nMichael Pettis, a professor of finance at Peking University, said a country with a large trade surplus like China has to invest in foreign assets and has few options other than U.S. bonds.\r  \n\r  \n\"With the imposition of sanctions, Washington has demonstrated that its ability to control the global payment system gives the United States enormous power. Countries such as China, Iran, Russia and Venezuela concerned about that power now have more reason to hold foreign currencies other than the dollar. But desire is just desire. What other options do these countries have?\"\r  \n\r  \nChina has been accumulating foreign income from its exports since joining the World Trade Organization (WTO) in 2001. In 2021, China's trade surplus with the rest of the world grew 29 percent year-on-year to $676.4 billion — the highest ever.",
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  "datetime": "2022-04-09",
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