Diana Choyleva
Western sanctions imposed on Russia in response to its invasion of Ukraine look set to accelerate the economic decoupling under way between the United States and China, especially if Beijing seizes the opportunity to enhance the global appeal of its currency and financial architecture.
By blocking Moscow’s access to nearly half of its $630 billion in foreign-exchange and gold reserves, Washington has offered a demonstration of how much raw financial power still remains in the hands of the West. That can only strengthen China’s determination to stick to its own ideological path and carve out a sphere of geopolitical influence.
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