陳諾・👊🏳️🔥
84.8K posts

陳諾・👊🏳️🔥
@nuochan
18個月以前的推文會被自動刪除。follower不足250的藍勾帳號會被自動屏蔽。

China has been telling the world it is abandoning the dollar. The Council on Foreign Relations just published a detailed analysis showing that China may actually hold more dollars off its official books than on them. The de-dollarization story is largely a magic trick. Here is how it works in plain terms. China's official foreign exchange reserve, managed by an agency called SAFE, used to hold about 79% of its assets in US dollars back in 2005. By 2019, that number had dropped to 55%. That is the number that gets reported. That is the number that generates headlines about China dumping the dollar. But while China was reducing the dollar share of its official reserves, it quietly stopped growing those official reserves altogether. They have been stuck at roughly $3.3 trillion for eight years. All the new money China accumulated went somewhere else entirely, into the foreign lending of state-owned policy banks like the China Development Bank, into the foreign assets of state commercial banks, and into various state investment funds. None of this is fully disclosed. None of it shows up in the headline de-dollarization numbers. CFR senior fellow Brad Setser ran the math. China's official reserves hold approximately $1.8 trillion in dollars. But Chinese state commercial banks hold an estimated $1 trillion in dollar assets abroad. The policy banks hold close to another $1 trillion in foreign claims, most denominated in dollars. The China Investment Corporation, the country's sovereign wealth fund, holds roughly $450 billion in foreign assets, the majority in dollars. Add it all up and China's total dollar holdings across all state entities likely exceed $4 trillion, more off the official books than on them. Every debt restructuring case where China's policy banks were involved, Zambia, Sri Lanka, Ecuador, Angola, involved dollar-denominated loans. Not yuan. Not euros. Dollars. The de-dollarization narrative serves a specific purpose for Beijing. It signals geopolitical independence from the US financial system, which is valuable messaging for domestic audiences and Global South partners. But the actual financial behavior of Chinese state entities tells a different story. China's banks are still borrowing and lending predominantly in dollars. China's investment funds are still holding predominantly dollar assets. The label changed. The exposure did not. China is telling the world it is exiting the dollar while quietly holding more of it than ever. That is not de-dollarization but a very well-executed press release. #China #CCP #Dollar #DeDollarization #Geopolitics #Finance #CFR #Economy #GlobalFinance #SAFE

China has been telling the world it is abandoning the dollar. The Council on Foreign Relations just published a detailed analysis showing that China may actually hold more dollars off its official books than on them. The de-dollarization story is largely a magic trick. Here is how it works in plain terms. China's official foreign exchange reserve, managed by an agency called SAFE, used to hold about 79% of its assets in US dollars back in 2005. By 2019, that number had dropped to 55%. That is the number that gets reported. That is the number that generates headlines about China dumping the dollar. But while China was reducing the dollar share of its official reserves, it quietly stopped growing those official reserves altogether. They have been stuck at roughly $3.3 trillion for eight years. All the new money China accumulated went somewhere else entirely, into the foreign lending of state-owned policy banks like the China Development Bank, into the foreign assets of state commercial banks, and into various state investment funds. None of this is fully disclosed. None of it shows up in the headline de-dollarization numbers. CFR senior fellow Brad Setser ran the math. China's official reserves hold approximately $1.8 trillion in dollars. But Chinese state commercial banks hold an estimated $1 trillion in dollar assets abroad. The policy banks hold close to another $1 trillion in foreign claims, most denominated in dollars. The China Investment Corporation, the country's sovereign wealth fund, holds roughly $450 billion in foreign assets, the majority in dollars. Add it all up and China's total dollar holdings across all state entities likely exceed $4 trillion, more off the official books than on them. Every debt restructuring case where China's policy banks were involved, Zambia, Sri Lanka, Ecuador, Angola, involved dollar-denominated loans. Not yuan. Not euros. Dollars. The de-dollarization narrative serves a specific purpose for Beijing. It signals geopolitical independence from the US financial system, which is valuable messaging for domestic audiences and Global South partners. But the actual financial behavior of Chinese state entities tells a different story. China's banks are still borrowing and lending predominantly in dollars. China's investment funds are still holding predominantly dollar assets. The label changed. The exposure did not. China is telling the world it is exiting the dollar while quietly holding more of it than ever. That is not de-dollarization but a very well-executed press release. #China #CCP #Dollar #DeDollarization #Geopolitics #Finance #CFR #Economy #GlobalFinance #SAFE


An Algerian woman sexually abused by French soldiers

@stats_feed Communism kills.

Sadly, we’ve learned that Guanguan, who risked his life in 2021 to secretly film the Uyghur concentration camps in China, is now in ICE detention in the U.S., facing the risk of deportation back to China. He should be protected, not punished.





正在写一篇魔方和群论的文章,为了配上好看又清晰优雅的插图动画,亲自实现了一个在线版的 3D 魔方,可以拖拽玩耍,也可以直接粘贴复原公式进行动画播放,还能直接导出 GIF。你也来试试吧! philoli.com/zh/projects/ru…

"Last year, Argentina’s neighbor Chile stopped a Chinese astronomical observatory project in the Atacama Desert after strong urging from the U.S. ambassador. And in the case of the Cesco observatory’s Chinese radio telescope project — which would be the largest of its kind in South America — authorities have held some key, final parts for it at customs for about nine months. According to a document from the Argentine government’s cabinet chief, procedural violations in renewing the deal with China prevented the project from going forward. The government declined to comment on whether U.S. diplomacy played a role in the decision." nytimes.com/2026/05/10/wor…



Its not that reading theory is wrong, but it’s undeniably alienating to any potential mass base. You need politics that can mobilize people without reading. Look at MAGA, does their base need to read Milton Friedman to be MAGA? They can embody their ideology through everyday life



One year ago, I published “America is dangerously ignorant of what’s going on in China.” This new NYT essay is its sister piece. Full essay: nytimes.com/2026/05/10/opi… As Beijing prepares for President Trump’s visit to China this week, I examine how growing overconfidence has taken root among the Chinese public. It stems from widespread misperceptions about American decline. 1/2






