Good things HSBC doesn’t have ties to corruption, including one of the largest scandals leading to a worldwide bubble burst worldwide
In the late 2000s HSBC did the calculation that the profits for what they were doing would be greater than any potential fines, and they were correct. I don’t see the chinese government fucking around like that.
Renminbi would already be a reserve currency if they didn’t have currency controls. The reason the dollar and (to a lesser extent) euro, Swiss franc, etc. serve that role is because no one really has to worry about withdrawing their funds and converting them. China can obviously get there but that sort of trust takes time and probably other reforms in China.
For the record, I’m not talking about politics or who is good or bad here. I’m just talking about the basic reality of business transactions. Being one of the currencies accepted in global contracts requires a lot of trust.
They are a large Hong Kong and Shanghai bank so this was obviously going to happen
Good. Whatever it takes to knock down the Petrodollar is cool with me. Because that’s what it will take to stop the US’ rampant warmongering.
Reuters - News Source Context (Click to view Full Report)
Information for Reuters:
Wiki: reliable - Reuters is a news agency. There is consensus that Reuters is generally reliable. Syndicated reports from Reuters that are published in other sources are also considered generally reliable. Press releases published by Reuters are not automatically reliable.
MBFC: Least Biased - Credibility: High - Factual Reporting: Very High - United Kingdom
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