Banking in Yuan

Russian banks are openly discussing settlements in the Chinese currency:

The hegemony of the US dollar is seriously challenged by the rise of the Chinese yuan and by Washington’s failed attempt to wreck the Russian economy by weaponizing the greenback, Andrey Kostin, head of Russia’s banking major VTB, told Reuters on Friday.

The major banking figure said that under the current geopolitical circumstances more and more nations are shifting away from trade settlements in dollar and euro, while China is moving towards removal of strict currency policies.

“The long historical era of the dominance of the American dollar is coming to an end,” Kostin said, in an interview with the news agency. “I think that the time has come when China will gradually remove currency restrictions.”

According to Kostin, VTB has been discussing using the Chinese national currency in settlements with third countries.

US Dollar hegemony was always based on US military supremacy which began with the security of the US industrial homeland and was secured by the physical destruction of all of its potential economic rivals from 1939-1941. But now that Clown World is collapsing under the weight of its incoherencies, that global military supremacy has devolved to the mere regional superiority of a traditional Great Power, as evidenced by the recent failures of its proxies in Syria, Afghanistan, and Ukraine.

And that is a very, very different game than global monopower.

My expectation is that the political structure of the USA will fail before most Americans recognize the extent to which the global balance of power has changed.

UPDATE: The Chinese are directly targeting the US film industry as well.

China Film Association released professional ethics convention for film practitioners, vowing firm opposition to tax evasion, pornography, gambling and drugs.

The association published the convention on its WeChat account on Thursday, saying that the move is aimed to further strengthen the construction of professional ethics of film workers and the construction of film industry style in order to create a clean environment for the Chinese film industry and contribute to building China into a country with a strong socialist culture.

The convention called on Chinese film practitioners to stick to loving the country and the people and to firmly oppose any remark or behavior attempting to split the country, destroy national unity, damage social harmony and stability or infringe people’s interests.

It requires film practitioners to comply with the laws and regulations on environmental protection, cultural relics protection and production safety at filming sites; resolutely resist tax evasion, pornography, gambling and drugs.

It also expresses opposition against violating behaviors like exorbitant pay, ghostwriting by gunmen, malicious hype, fake box office and illegal reprinting, and calls on the industry to abandon abnormal aesthetics.

Translation from the original Mandarin: No more Disney films in China.