On October 1st on Gettr, Miles Guo stressed that the recent depreciation of the CNY is a long planned strategy of the Chinese regime to challenge the US dollar and is in no way beneficial to the U.S..
Miles pointed out that the depreciation of the CNY is intended to sabotage the American plan of USD backflow. In order to alleviate domestic inflation and absorb the previous massive over-issuance of currency, the U.S. hopes to attract funds into the USD by depreciating the currencies of allied countries such as the euro and the Japanese yen and by strengthening the USD. At this time, the Chinese Communist Party (CCP) is manipulating the depreciation of the CNY and promoting the “digital CNY” in order to compete for funds to enter the CNY in order to counter the USD.
Miles predicts that a large number of countries, including several US allies, will support the digitalization of the CNY and its settlement, making the currency war a key battleground in the confrontation between the U.S. and Communist China.
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