This was predicted months ago if not years, since early last 2 year I think.
Yes, this was predicted BEFORE the US debt ceiling vote.
Later, economist inform of China moving into the EUR, dumping USD slowly.
The reason China making this decision is mixed and multi faceted respond - Middle East stuff, unkept USD value, resource hunger (energy sector),
and an early response to USA moving into South China Sea/South East Asia; and the list goes on.
China is kinda fed up with USA.
For those who think China dont have strategic plan, you are terribly unaware of China ability. This is already their 2nd if not 3rd respond to US. For
military stuff, yeah you are right, your punch is stronger, until you got hit, until then, yeah, keep convinced that yours are stronger.
Enter the new era, new leadership, new representative of the world - China. Whew, lucky us, their Navy kinda the lesser kind.
USA ? Oh thats kinda "irrelevant", just like Russia after collapse.
Too bad, USA did it by themselves, just like others.
Heads up: Soon India, Brazil, Russia and South Africa will denounce dollar, just expect it.
Google : Master Agreement on Extending Credit Facility in Local Currency and the Multilateral Letter of Credit Confirmation Facility Agreement. (main