China’s long game: topple the US dollar
The Sydney Morning Herald
23-05-16 22:25
The challenge of global financial sanctions, a key tool in US foreign policy, is being intensified by rivals who have created an alternative finance system. China’s economy is growing, and in concert with Russia and Iran it has created a banking system beyond the control of American banks and financial institutions. This allows offending countries and corporations to hide illegal activities from global scrutiny. The Chinese Communist Party is also endorsing an independent currency that would challenge the US dollar. America must revitalise manufacturing and build a coalition beyond its traditional allies.