If you earn money in china, it is very difficult to take it out. So they're farryto the last thing that china want to open up is this financial system. With the us. Dollar in hand, you can use to buy all kinds of things from different countries. But with the basic rade, you cannot use it for to do anything other than the buying stuff from china. That so it is less flexible. The happy medium that china has been pursuing so far is to use uro actually.
The second of our two-part interview with sociologist Ho-fung Hung on Chinese political and economic history. This episode covers the 2008 financial crisis, how China’s response deepened global and domestic economic imbalances and (alongside the US) heightened geopolitical conflict, the current situation—including Russia’s invasion—and a lot more. Listen to part one first if you haven't already.
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