In terms of international payments, excluding payments within the Eurozone, the RMB ranked 6th with a share of 1.91 percent in December 2021. In November 2021, the RMB retained its position as the fifth most active currency for global payments by value, with a share of 2.14 percent.
Once the decoupling with China is complete, China, Russia and possibly North Korea may form their own economic cooperation bloc, similar to the Council for Mutual Economic Assistance (CMEA) led by the Soviet Union that included Bulgaria, Czechoslovakia, Hungary, Poland, and Romania, etc post WWII. The Soviet bloc didn't use US dollars. CMEA was an economic disaster and was in stark contrast to the prosperous Western Europe. The CMEA eventually disappeared with the demise of the Soviet Union.
If the CMEA is any indication, the future of the Axis of Evil of China and Russia looks bleak. The possibility of them no longer using the US$ is a moot point.
roliepolieolie 发表评论于 2022-04-06 10:01:41
The funny thing is that many former CEMA member nations such as Poland, Czech etc are now the the staunchest anti-Russia NATO members. They are lucky that they lived to tell the miserable experience with Russia.
