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Dollar is the old global reserve currency, it will be this in a long time. It will affect the world money market whenever it makes change abruptly in its "strong and stable" status, as we say QE. That action will induce many negative results, simple put it : Vegetable price will change price tage according to the people's income and the agricutural yield, natural rule. Farmers are not are all boneheads. This is kind of balance or conventional game|
In old China, as we all know, people with lots of money, say a big bag of money to buy a small bag of rice---In Mr Chiang Kai-Shek times---, it is not a funny stories for the people then and now, maybe plus future. At that time, world people--including China-- have loyal faith on DOLLAR, believe it's "strong and stable" in the turmoil time. After QEs of DOLLAR in the Peace or not ? time, for seek a stable and comparable reliable new market or market order, the emerging of the new BRICS development bank isn't a new thing for the world? Old is all good and new ones are all bad? No new is stable and long lasting of the world order? We know that three points in geometry is quite stable than tow or four points, right or not we can see.
Here is no absolutely right or wrong. I think NEW bank established by the BRICS in the near future will grow up and becomes one of the important pillars of the world "banks" as time goes.