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China Is Another US?

Xiamen Chine Stone Co.,Ltd | Updated: Apr 02, 2015

China is anotherUS?


The establishment of the Asian Infrastructure Investment Bank (AIIB) has been depicted by a few overseas media outlets as ifChinais building its own version of the Bretton Woods system.


The bank is not yet in operation, and it will take time for people to come to grips with its purpose. However, overblown hype from foreign media claiming thatChinais seeking financial hegemony could create preconceived notions for people who are not familiar with it.


The Bretton Woods system refers to the international financial order that prevailed in the post-WWII era. It is also perceived as a triumph of dollar hegemony and gave birth to the World Bank (WB) and the International Monetary Fund (IMF) as its two representative global organizations.


The system held until 1971, when theUSended the convertibility of the dollar to gold. But the dollar had already become the bedrock of the international monetary system, and it remains so today.


Some foreign observers claim that the AIIB is the beginning of the Chinese yuan's hegemony. What they are actually trying to imply is that "Chinais anotherUS."


This kind of statement is nonsensical, which uses historical experience to fool readers. It is divorced from the truth and shows no common sense and doesn't stand up to any scrutiny.


Through the Bretton Woods system, theUSwas able to wield supreme influence over its allies which had been severely battered during the war.Chinatoday is in a totally different position.


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