FT: China Pounces Amid US Retreat From Global Financial System

China reportedly is muscling out America to grab a bigger share of the global financial spotlight.

“As the U.S. steps back, China is taking a greater role on the global financial stage, despite slowing its timetable for dismantling capital controls,” the Financial Times reported.

“There is no more dramatic illustration of the extent to which the US has turned its back on the world than to look at the swap lines the Federal Reserve maintains with its overseas counterparts to make dollars available in case of stress,” the Times reported.

In a currency swap line between central banks, they agree to keep a supply of their country’s currency available to trade to another central bank at current exchange rates.

The Fed has five such lines (Japan, the eurozone, the U.K., Switzerland and Canada), according to Eswar Prasad of Cornell University and the Brookings Institution, a think-tank. Emerging market central bankers

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