China Is Running Out of US Dollars

China is facing an economic collapse because of a financial crisis caused by a shortage of US dollars. The coronavirus economy and the US China trade war, plus US sanctions on Hong Kong, risk cutting off Chinese banks from the US dollar, which could have a devastating effect on the Chinese economy. And China uses dollars for everything, from loans to investments as part of the China Belt and Road Initiative. But with an economic depression facing the global economy because of the coronavirus, the China economy might have a chance to recover and grow its supply of US currency.

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