China Daily reports that Chinese trade with Argentina will soon be invoiced in Renminbi. Countries that enter such a deal with China are being taken to the cleaners. I cannot exclude that an increasing number of emerging countries – sometimes for merely political reasons – will make a similar mistake. That means the Dollar declinists might even turn out to be correct in the end, whereas my projections of continued Dollar dominance could turn out to be incorrect.

But I remain optimistic and rely on reason prevailing in the end. That would mean that announcements like that of invoicing in Renminbi remain pure propaganda and will not have factual consequences.