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After the devaluation of the yuan, the international financial markets started trembling. Washington accused Peking of taking advantage of the market. As China wants to incorporate the yuan into the Special Drawing Rights, it is inconvenient to prolong the devaluation. Furthermore, if a currency war broke out, China would risk increasing the economic and geopolitical tensions between countries in the Asian-Pacific region.
A. N. Rodríguez /Red Voltair/
In international press, a lot of ink has been devoted to the BRICS. Without a doubt the participation of the five-party in the world economy block has increased over the course of the last years, competing directly with the United States and the European Union. However, the details about the New Development Bank and the Contingent Reserve Arrangement make it clear that its members resist to abandoning the orbit of the dollar in order to destroy the shell of the Bretton Woods institutions.
