@HmsGerlach Your reasoning is interesting … but what is the Bundesbank position if NOT a stepping-stone to the ECB?
"China’s dollar debts rose to 20% of exports by end-2019 (6% at end-2008). South East Asia (70%, up from 24%)
"China’s dollar debts rose to 20% of exports by end-2019 (6% at end-2008). South East Asia (70%, up from 24%) and higher still in Latin