China, an authoritarian state, is challenging the US dollar as the global reserve currency.
The World Balance of Power emerging in the 2020s is dividing into two blocs : the Authoritarians (China and Russia) and the Democratic West (US, EU, Nato, UK, Japan, Australia). China's increasing economic clout is prompting it to challenge the existing international order starting with the global reserve currency the US Dollar. At the same time, Xi Jin Ping's 7 No's represent a repudiation of fundamental Western values. Are we facing a Super Power Struggle and a new Cold War ? The Thucydides Trap.
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