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They are a large Hong Kong and Shanghai bank so this was obviously going to happen
Renminbi would already be a reserve currency if they didn’t have currency controls. The reason the dollar and (to a lesser extent) euro, Swiss franc, etc. serve that role is because no one really has to worry about withdrawing their funds and converting them. China can obviously get there but that sort of trust takes time and probably other reforms in China.
For the record, I’m not talking about politics or who is good or bad here. I’m just talking about the basic reality of business transactions. Being one of the currencies accepted in global contracts requires a lot of trust.
Good things HSBC doesn’t have ties to corruption, including one of the largest scandals leading to a worldwide bubble burst worldwide
In the late 2000s HSBC did the calculation that the profits for what they were doing would be greater than any potential fines, and they were correct. I don’t see the chinese government fucking around like that.
Good. Whatever it takes to knock down the Petrodollar is cool with me. Because that’s what it will take to stop the US’ rampant warmongering.
