Evidence: The End Of The Dollar

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It is a reciprocal relationship, too. China now directly holds over $900 billion worth of eurozone national debt. In Greece, China is investing billions more as it attempts to build the Mediterranean port city of Piraeus into the “Rotterdam of the south,” and create a modern-day silk road linking Chinese factories with consumers across Europe and North Africa.

Most importantly, China has thrown its weight behind the euro.

In a recent trip to Europe, Vice Premier Li Keqiang did nothing less than transform Europe’s economic picture. Just as commentators were predicting the collapse of the eurozone, Li—a favorite to become China’s next prime minister—appeared to throw China’s $2.85 trillion worth of foreign exchange reserves into Europe’s breach, promising to be a committed and responsible long-term investor in Europe. icbc bank, China’s largest lender, quickly followed suit, announcing its intention to move full force into the eurozone. It will open its first-ever branches in France, Spain, Italy, Belgium and the Netherlands. It has already opened offices in Frankfurt and Luxembourg.

Li’s support is already paying dividends in Europe. With interest rates coming down from recent highs and successful debt auctions, Spain and Portugal got a welcome taste of what several billion euros’ worth of Chinese “sugar” can do.

Of course, it doesn’t come free. Li publicized China’s desire that the EU relax restrictions on high-tech exports to China and develop trade relations. In addition, China wants access to Europe’s defense companies.

Europe seems all too willing to do business. The EU’s Foreign Minister Catherine Ashton called for abolishing Europe’s arms embargo with China. Reportedly, American officials, who have to deal with a rapidly growing Chinese military presence in the Pacific, are furious.

What Will Replace the Dollar?

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