I don't think China plans to turn RMB into any sort of reserve currency either, but it is starting to play that role to an extent now because it's the most useful currency outside the USD right now. Pretty much all countries import stuff from China, so holding RMB makes sense because you can always convert it into something useful that you need. This is why we're seeing trade outside the dollar increasingly happening in RMB. However, I do think the long term plan will be to create some sort of a BRICS currency that will be used to do exchange and it looks like it's likely to be modelled on the Bancor idea that Keynes proposed after WW2.
yogthos
joined 5 years ago
lol right, if this isn't a recession then just how bad is shit about to get exactly
Indeed, this blows apart any notion that the west could hold China back technologically.
11
“Imperialism has nothing to offer us, only threats:” Dilemmas of Humanity conference in Santiago
(peoplesdispatch.org)
Basically yeah, China managed to produce domestic 7nm chips in commercial volumes and people thought it would take much longer for that to happen.
I do miss those
Hong Kong is finally healing from British colonization.
LMAO I didn't even know about that.
Gonna be fun watching them explain how China stole this tech from the west.
TLDR is that Huawei and CSMC are now able to produce 5G capable phones entirely domestically, and China aims to be able to have a 100% domestic computing supply chain by next year. Another interesting tidbit in the video is that China has recently had success producing wafers using a post silicon substrate which could allow making much faster chips than is possible with silicon.
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Hong Kong is building public housing on a golf course in a snub to the old elite
(www.straitstimes.com)
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Traditional definition is two consecutive quarters of economy shrinking.