{"id":4888,"date":"2022-02-19T00:30:35","date_gmt":"2022-02-19T05:30:35","guid":{"rendered":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/?p=4888"},"modified":"2022-02-19T00:30:35","modified_gmt":"2022-02-19T05:30:35","slug":"china-to-work-with-asian-nations-to-grow-use-of-local-currencies-in-trade","status":"publish","type":"post","link":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/2022\/02\/19\/china-to-work-with-asian-nations-to-grow-use-of-local-currencies-in-trade\/","title":{"rendered":"China to work with Asian nations to grow use of local currencies in trade"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><a href=\"https:\/\/www.reuters.com\/world\/china\/china-work-with-asian-peers-boost-use-local-currencies-trade-2022-02-16\/\">https:\/\/www.reuters.com\/world\/china\/china-work-with-asian-peers-boost-use-local-currencies-trade-2022-02-16\/<\/a><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Throughout the COVID-19 pandemic, economies have seen a number of unprecedented shocks that have rattled what was once thought to be sturdy. Some businesses have simply died from lack of customers, while others have unexpectedly flourished with the shift from working in offices and schools to working from home. In these times, finance and economics have become very tricky, and as a way to bring more stability to East Asia, China is encouraging the use of local currencies. This would keep money circulating specifically throughout the region of Pacific Asia, allowing smoother, continuous trade even through major worldwide economic shifts, giving these countries a particular resistance to outside fluctuations as COVID-19 continues to affect the worldwide economy and make it extremely and critically unreliable. Throughout the ASEAN (Association of Southeast Asian Nations), South Korea, Japan, and China currency swaps are totalling 380 billion USD, according to the Governor of the People\u2019s Bank of China, Yi Gang. Also just within China, there are many rural areas, especially in western China, that run on very vulnerable economics based on agricultural industries that would be very much susceptible to being overpowered in the world economy by the trends from other, larger countries. On a Pacific Asian scale, where China itself, particularly the industries and manufacturing hubs of East China, will be the main axis of all other trade in the region, it would be much easier for the economies of China\u2019s western provinces to survive and even begin to grow.&nbsp;<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">The more cooperation there is between Pacific Asia to buy regional goods and products, the safer it will be, which ties in to the idea of reciprocity coming out of cooperation and diplomacy. Essentially, there is an investment here made by Pacific Asian countries into other Pacific Asian countries, creating mutually beneficial ties entwined through all participants. To me, this seems an effort by China to obtain some more autonomy for its corner of the world. China has a crippling reliance on their exports to other countries, especially to the United States, through trade and this has controlled them and their actions during their entire rise to power. It would then be in China\u2019s National Interest to chip away at this weakness by adjusting and shifting their trade over time to situations where they have more of the upper hand. Right now neither China nor the United States has the power over their trade relationship that they would ideally want and neither can gain that extra control without facing backlash from the other country that it cannot handle, however this is not the same when it comes to specifically Pacific Asian countries which don\u2019t have anywhere near the same economic hold over China as the US. Therefore, in a system of both currency and trade being kept within Pacific Asia mixed with lasting regional partnership, China could act without the outside influence of the United States\u2019 economic power to constantly counterbalance it.<\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Connecting back to International Relations class, economic power is again at the root of the world\u2019s interests and, in this case, China\u2019s. China has been known to take small actions over time that usually worsen tensions in their relations with other countries but give no actual justification for open conflict or extreme sanctions (both of these are hard to use as ways to reprimand China because of its touchiness and sometimes drastic decisions in response to taking offense at an international action). For this, China\u2019s international reputation suffers, but it does achieve or help to achieve some of China\u2019s much bigger goals. This seems like a small step in reforming economic power for China that could be the first of many that eventually lead China to a much larger result, i.e. freedom from being controlled by its trade with the rest of the world.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>https:\/\/www.reuters.com\/world\/china\/china-work-with-asian-peers-boost-use-local-currencies-trade-2022-02-16\/ Throughout the COVID-19 pandemic, economies have seen a number of unprecedented shocks that have rattled what was once thought to be sturdy. Some businesses have simply died from lack of customers, while others have unexpectedly flourished with the shift from working in offices and schools to working from home. In these times, finance and economics have become very tricky,&#8230; <a href=\"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/2022\/02\/19\/china-to-work-with-asian-nations-to-grow-use-of-local-currencies-in-trade\/\">Read more &raquo;<\/a><\/p>\n","protected":false},"author":220,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4888","post","type-post","status-publish","format-standard","hentry","category-analysis"],"_links":{"self":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4888","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/users\/220"}],"replies":[{"embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/comments?post=4888"}],"version-history":[{"count":1,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4888\/revisions"}],"predecessor-version":[{"id":4889,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/posts\/4888\/revisions\/4889"}],"wp:attachment":[{"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/media?parent=4888"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/categories?post=4888"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/baileyonlineclassroom.com\/eastasiaandoceaniablog\/wp-json\/wp\/v2\/tags?post=4888"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}