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Matt, it made sense when they are were in the investment, industry building and export stage. They have announced that they are now shifting emphasis away from that.
During that stage it made sense to safe in USD when the US would not permit them to buy what they actually wanted to buy, allegedly for national security reasons, but also anti-competitively, as is now emerging in the "trade" discussions that only peripherally related to trade.
But they also know that they are a US target and therefore need US reserves to defend themselves against contingent economic warfare.
4 comments:
This is why they probably take climate change seriously, but also, they need to get away from fossil fuel, so they are developing green energy.
Qualified but USD zombies....
This. Is. All the proof I need to confirm my world view and priors.
Matt, it made sense when they are were in the investment, industry building and export stage. They have announced that they are now shifting emphasis away from that.
During that stage it made sense to safe in USD when the US would not permit them to buy what they actually wanted to buy, allegedly for national security reasons, but also anti-competitively, as is now emerging in the "trade" discussions that only peripherally related to trade.
But they also know that they are a US target and therefore need US reserves to defend themselves against contingent economic warfare.
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