China is systematically getting rid of U.S. Dollar denominated assets and debt, and moving into gold and non-USD fiat.
Source article: https://www.zerohedge.com/economics/china-discreetly-de-dollarizing-amid-ongoing-trade-tensions
What happens if the USD is no longer <em>the</em> currency for world trade? China, Russia, Iran, and recently India have all started doing international trade, <em>particularly for petroleum</em>, settling without Dollars.
How long will the Petrodollar survive? And, when it’s dead, how will the U.S. economy prosper in a world that doesn’t need our currency?
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Ben Chu's book, Chinese Whispers, has a segment on this. Honestly, China's dump of dollar-denominated assets simply means one less weapon they have later on when they're in a stronger position to use it.
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