IDEAS home Printed from https://ideas.repec.org/a/ris/joibac/0022.html
   My bibliography  Save this article

Shift Balance of Centralized Banking System-Saving Democracy from Populism

Author

Listed:
  • Pachankis, Yang

    (Department of Economics and Management Communication University of China Chongqing, China)

Abstract

The article analyzes the realpolitik strategic offensive behavior of PRC’s centralized banking after joining the GATT and WTO. With the Bretton Woods and issuance of USD anchored to gold, the PRC State-owned Assets Supervision and Administration (SASAC) of the import-export control regime enabled the “double-circulation” operations of the RMB and offshore RMB, with quantitative restriction distributed to the commercial banking in private dealership in currency exchanges and banning on bona fide private dealership. The gold and oil hedging on the free market further enabled the Chinese central bank’s “monetary conduction mechanism” in issuing money according to USD for strategic offense with the currency price market. With Brexit and Trade War, PRC currently has blocked almost all international settlement channels in the controlled market in maintaining offshore RMB value evaluations. With the background of cryptocurrency and PRC’s approach in digitization of economic control, the article analyzes possible resolutions for economic justice.

Suggested Citation

  • Pachankis, Yang, 2023. "Shift Balance of Centralized Banking System-Saving Democracy from Populism," Journal of Internet Banking and Commerce, , vol. 28(02), pages 01-10, March.
    • Handle: RePEc:ris:joibac:0022
    as

    Download full text from publisher

    File URL: https://www.icommercecentral.com/open-access/shift-balance-of-centralized-banking-systemsaving-democracy-from-populism.pdf
    File Function: Full text
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Pachankis, Yang, 2022. "Shift Balance of Centralized Banking System — Saving Democracy from Populism," MPRA Paper 115606, University Library of Munich, Germany.
    2. Jon Baldwin, 2018. "In digital we trust: Bitcoin discourse, digital currencies, and decentralized network fetishism," Palgrave Communications, Palgrave Macmillan, vol. 4(1), pages 1-10, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Hasan, Amena & Nahar, Kamrun & Akhter, Suraiya, 2024. "Cryptocurrency Scams: A Multi-Pronged Approach to Mitigating Risks Through Regulation, Enforcement, and Consumer Education," MPRA Paper 121215, University Library of Munich, Germany, revised 31 Jan 2024.
    2. Pachankis, Yang, 2022. "Assessment of Space Junks — Organizational Origins, Current Status, and Economic Impacts," MPRA Paper 115688, University Library of Munich, Germany.
    3. Mingbo Zheng & Gen-Fu Feng & Xinxin Zhao & Chun-Ping Chang, 2023. "The transaction behavior of cryptocurrency and electricity consumption," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 9(1), pages 1-18, December.
    4. Yura Yokoyama, 2023. "From money to culture: The practical indeterminacy of Bitcoin's values and temporalities," Economic Anthropology, Wiley Blackwell, vol. 10(1), pages 32-43, January.
    5. Simon Mackenzie, 2022. "Criminology Towards the Metaverse: Cryptocurrency Scams, Grey Economy and the Technosocial," The British Journal of Criminology, Centre for Crime and Justice Studies, vol. 62(6), pages 1537-1552.
    6. Benjamin D. Trump & Emily Wells & Joshua Trump & Igor Linkov, 2018. "Cryptocurrency: governance for what was meant to be ungovernable," Environment Systems and Decisions, Springer, vol. 38(3), pages 426-430, September.
    7. Heister, Stanton & Yuthas, Kristi, 2020. "The blockchain and how it can influence conceptions of the self," Technology in Society, Elsevier, vol. 60(C).
    8. de Andrés, Pablo & Arroyo, David & Correia, Ricardo & Rezola, Alvaro, 2022. "Challenges of the market for initial coin offerings," International Review of Financial Analysis, Elsevier, vol. 79(C).
    9. Juneman Abraham & Dian Utami Sutiksno & Nuning Kurniasih & Ari Warokka, 2019. "Acceptance and Penetration of Bitcoin: The Role of Psychological Distance and National Culture," SAGE Open, , vol. 9(3), pages 21582440198, July.

    More about this item

    Keywords

    Digitization; Crypto currency; Price market; Security risks; Offshore RMB; Compartmentalization; Trade deficit;
    All these keywords.

    JEL classification:

    • A11 - General Economics and Teaching - - General Economics - - - Role of Economics; Role of Economists

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:ris:joibac:0022. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Dale Pinto (email available below). General contact details of provider: .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.