Political Quotes

“We rightly recognize one of the chief rivals to the United States is China. Really, more specifically, the Chinese Communist Party that has a grip on power over the people of China, and one of the key tools for their power is their currency. The amendment I am offering today would limit the Treasury's ability to go along with an organization we helped to create, the International Monetary Fund. The International Monetary Fund is supposed to support financial stability in the world. Part of the way they do that is with something called special drawing rights. {time} 1330 This is a basket of currencies that they extend to others, and they added the Chinese RMB. In 2016, they officially joined the IMF's elite basket of currencies, which determines the value of the IMF's Special Drawing Rights. Special Drawing Rights are not only a reserve asset in central banks around the world, they also serve as a unit of account for the IMF. The IMF's decision was something of a coup for Beijing as the RMB now sits in this exclusive club with only the dollar, the euro, the pound sterling, and the yen. I believe the IMF's elevation of the RMB was premature at the time. China lacked rule of law, as it still does today. Nevertheless, the IMF thought validating Beijing anyway would somehow encourage their government to pursue reform and work within the international community. None of this has come to pass, of course. China went on to assault Hong Kong's democracy.…”