Hoping to Isolate Russia, US Woos China on Ukraine
Source: ABC News
WASHINGTON March 10, 2014 (AP)
By MATTHEW LEE and JULIE PACE Associated Press
Associated Press
The Obama administration is stepping up its attempts to court China's support for isolating Russia over its military intervention in Ukraine.
With official comments from China appearing studiously neutral since the Ukraine crisis began, President Barack Obama spoke to Chinese President Xi Jinping late Sunday in a bid to get Beijing off the fence.
The call was their first known conversation since Russian forces took control of Ukraine's pro-Moscow Crimea region. It came amid signals that Russian President Vladimir Putin was hardening his position on Crimea, which is due to vote on joining Russia this weekend in a referendum the U.S. and its allies have vowed not to recognize.
In making his case, Obama appealed to China's well-known and vehement opposition to outside intervention in other nations' domestic affairs, according to a White House statement.
Read more: http://abcnews.go.com/Politics/wireStory/us-obama-china-agree-ukraine-sovereignty-22847822
bemildred
(90,061 posts)dipsydoodle
(42,239 posts)China didn't go to the trouble of setting up an offiicial exchange rate between the Yuan and the Ruble for nothing.
China Maneuvers To Take Away U.S.' Dominant Reserve Currency Status.
It should go without saying that China and Russia have designs to end the U.S. Dollar hegemony and debtism free ride. This is fundamental to understand and will be a game changer. The impacts on the standard of living of these players will be profound and especially negative for the U.S. How and in what manner this plays out is the question. I strongly believe that the answer lies in two parts: letting the U.S. put a noose around its own neck and then at the appropriate time, kicking the chair out from under it.
The first part of the operation is now advanced and is described below. The second part involves China and Russia preparing their relative currencies to be accepted in lieu of dollars. It means making the yuan and ruble at least equal to, if not superior to, American dollars in world trade. As you can imagine, the U.S. -- a country with a debt-to-GDP ratio approaching 110% -- can ill afford this sort of challenge to its status as a reserve currency.
China has already advanced the Yuan as a principal exchange currency by incorporating a series of deal with other countries. Such arrangements are hardly mentioned by U.S. financial media, but they are going on constantly. So far, the People's Bank of China (PBOC) has signed nearly 2 trillion yuan worth of currency-swap deals with 20 countries and regions, including Hong Kong. Here's a breakdown of happenings:
http://seekingalpha.com/article/1578602-china-maneuvers-to-take-away-u-s-dominant-reserve-currency-status
Catherina
(35,568 posts)AtheistCrusader
(33,982 posts)dipsydoodle
(42,239 posts)AtheistCrusader
(33,982 posts)if this gets any concessions out of us for China.
I mean, who doesn't see that coming?
840high
(17,196 posts)cvoogt
(949 posts)that woo is not backed by science
davidpdx
(22,000 posts)They are BFFs.