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China searches for safe havens amid U.S. debt woes, dollar weaponization
Amanda Lee and Sylvia Ma
South China Morning Post, Hong Kong
Sunday, November 10, 2024
Ever since the U.S. dollar cemented its role as the backbone of the global financial system following the Second World War, it has been a weapon of choice for American presidents waging economic warfare.
But as the United States' use of sanctions has proliferated in recent years, concerns have grown in China and elsewhere over whether the U.S. dollar can remain a safe-haven currency.
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Now, following Donald Trump's victory in Tuesday's U.S. presidential election, a fresh wave of uncertainties looms over the U.S. dollar and U.S.-dollar-denominated assets.
"We're still a safe haven, offering flight to safety in a messy, dangerous world, and that's a huge benefit," former U.S. Treasury secretary Timothy Geithner told Bloomberg News in July.
He then cautioned that "people in policy have to understand that position the dollar enjoys, there's no entitlement to that. It's not like a guarantee." ...
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