Shift Balance of Centralized Banking System-Saving Democracy from Populism

Yang Pachankis ()
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Yang Pachankis: Department of Economics and Management Communication University of China Chongqing, China

Journal of Internet Banking and Commerce, 2023, vol. 28, issue 02, 01-10

Abstract: The article analyzes the realpolitik strategic offensive behavior of PRC’s centralized banking after joining the GATT and WTO. With the Bretton Woods and issuance of USD anchored to gold, the PRC State-owned Assets Supervision and Administration (SASAC) of the import-export control regime enabled the “double-circulation” operations of the RMB and offshore RMB, with quantitative restriction distributed to the commercial banking in private dealership in currency exchanges and banning on bona fide private dealership. The gold and oil hedging on the free market further enabled the Chinese central bank’s “monetary conduction mechanism” in issuing money according to USD for strategic offense with the currency price market. With Brexit and Trade War, PRC currently has blocked almost all international settlement channels in the controlled market in maintaining offshore RMB value evaluations. With the background of cryptocurrency and PRC’s approach in digitization of economic control, the article analyzes possible resolutions for economic justice.

Keywords: Digitization; Crypto currency; Price market; Security risks; Offshore RMB; Compartmentalization; Trade deficit (search for similar items in EconPapers)
JEL-codes: A11 (search for similar items in EconPapers)
Date: 2023
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