Analysis: Behind the good feelings about trade, there are signs China is making plans for a much more hostile future with the U.S.
of blockchain technologies, which he sees not just as a promising technology, but also a tool to someday diminish the power of the dollar.
The coming months will test whether Beijing does in fact pursue new ways of challenging the dollar. The prospect is daunting: China accounted for more than 25 percent of global GDP growth in 2018, but its currency still makes up less than 2 percent of all assets held by central banks and only 1 percent of the international payments market.
This is partly because China’s balance of payments position is no longer as robust as it once was and because it needs to finance debt servicing on dollar-denominated debts. But even short of an all-out conflict, the shifting opinion among Chinese elites has a real importance for American leaders to understand: It speaks to the risks, as well as the benefits, of a mutual economic dependency.weaponized interdependence
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