The Chinese renminbi is pegged to the U.S. dollar not because the Chinese are acting stubbornly independent but rather because they have yet to sever their dependence on the dollar as the reserve currency. In other words they are still part of the monetary hegemony that underlies the imperialism of the unConstitutional coup in the U.S. (and its international satelites - the central banks around the world).
China is increasingly aware of its dilemma. Does it want to lose face now by acknowledging its error in propping up the dollar in a vain attempt to protect the value of its dollar denominated reserves and credit to the U.S.? Or does it want to lose face in the future when the magnitude of this error will be even greater?
China is not doing America any favors by pegging to the dollar. It is only doing a favor to the unConstitutional coup. Maybe China knows that the longer they wait the more seriously damaged America will become because the unConstitutional coup is day by day undermining our Constitutional Republic. If that is the case then China is acting like an enemy.
Let's hope that China is friendly and no longer willing to lose face. The best of both worlds would be: a renimbi unpegged to the dollar, and then its adoption of a commodity-backed money.
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