[Marxism] Interesting Developments

[S. Artesian]

Couple of interesting developments reported in the Financial Times:

1. HSBC and Bank of East Asia received approval from the central government 
authorities in China to issue bonds denominated in yuan for international 
purchase.

2. China and Brazil are in the very preliminary stages of working through 
plans to use their own currencies for their bi-lateral trade.


Certainly it's possible to regard these items as further evidence of China's 
growing strength and the disintegration of US hegemony over world trade.

My take is a bit different.  Big surprise, I'm sure.  I think that this is 
part of the drive to full convertibility of the yuan the bourgeoisie, and in 
particular the US, have coveted, and is fraught with risk for China.