Store of value or medium of exchange?
I'm still confused.
Discussion
Speculation value!
It’s a store of exchange!
They're still looking for a problem to solve
I heard USD works well
They're in the process of dismantling it tho 😅
nah sis - based on the 24hr volumes, we're seeing a consistent leader here. USD here to stay for a long ass while
One can always dream
at some stage, yeah, it's going to collapse in on itself.
Chinese are prepared for that to stwp in with yuan
The chinese? You mean the British?
British how? They diminished their role with Brexit. No way to take over the role of player number 1
The Brits handle finance. The money flows through London, both legitimate and illicit flows. This then gets deposited in their banks on offshore islands they own, and good luck getting that back to London, let alone out of England.
They kept the pound whilst in the EU and were able to break away (not unscathed) but still maintain their FX rate. They also hold and deliver gold (or are supposed too) and in some instances are not returning assets to countries that are requesting them.
China is a manufacturer, they lack financing which generally comes from the UK and US. But they make goods, and they make them well - from the cheapest of the cheap to the top shelf product. But when it comes to finacing, it's a big problem (see housing crisis/Evergrande)
So demand for Yuan is quite low, because a lot of the manufacturing is usually contractual debt obligations in USD -
Thanks for elaborating