Name: covid-19は金融世界の秩序を変える可能性がある｜エコノミスト (How covid-19 could change the financial world order | The Economist)
Uploaded: 2021-01-14T11:18:29.000Z
Duration: 9 min 58 s
Description: VoiceTubeの動画で発音を聞きながら英語表現を覚えよう！学べる英語：

...since the end of the second world war...

基礎受動態

Designed to establish the economic foundations of peace...

...on the bedrock of genuine international cooperation

But the economic disaster caused by the coronavirus pandemic...

...could signal a new chapter in financial history...

...with America's leadership called into question

Covid-19 has shown that America is failing to...

...sort out its own affairs at home, let alone provide global leadership

$484bn for loans, after the first round of funding ran out

Another huge spike in unemployment claims

With a vacuum emerging at the top of the financial order...

...China is vying to compete for greater control

This is not a case of China becoming Wall Street overnight

The crisis has provided China with an opportunity to show...

...what it's capable of doing, which in the long run will tip the balance of power

It controls the world's financial plumbing

And accounts for almost a quarter of the world economy

The dollar makes up most central-bank reserves...

...and is the currency of international trade

80% of global supply chains use dollars...

Whoever controls the flows of money at the end of the day...

...controls a lot of things in the economy...

...and ends up being the puppet master of a lot of...

There is a growing call from the international community...

...for reforming the global-economic-governance system...

It already has the world's second-largest economy

The banking sector has been growing fairly steadily for the past ten years

While in America, bank assets have remained relatively stable

And with European banks' assets falling...

...Chinese banks now have more assets than those in Europe or America

But most of their business is within China

Chinese banks account for only 7% of cross-border lending

So the banks' vast size hasn't translated...

...into influence within the world's financial system...

Its banks are becoming more active overseas

They are lending to companies, in particular...

...Chinese companies that are globalising

China is also giving its own currency a more prominent role

In commodities markets, it has convinced...

Rio Tinto, which is one of the largest iron-ore miners in the world...

...issued its first contracts in yuan last year

The covid-19 pandemic could increase China's financial influence

China is now sharing its experience with the rest of the world...

30 tonnes of equipment to Italy, 500,000 surgical masks to Spain

...China has positioned itself as a global leader...

...agreeing to deals to suspend repayment some of its loans...

...and charging ahead with vaccine development

The covid crisis, at least so far, has cast a negative shadow...

...on the capacity for leadership of America

It did not try or even show interest in...

...marshalling a global response to this crisis

It's going to disappear one day, it's like a miracle, it will disappear

This could offer an opportunity for China because...

...it's tried to fill the vacuum that America has left in terms of global leadership

...and the growing size and depth of its financial markets...

...have helped convince investors it's a safe bet...

...even as covid sent other markets crashing

While emerging markets saw the value of bonds plummet earlier this year

China's government bonds remained stable...

...which is a good gauge of trust in a country's economy

So, China has the second-biggest bond market in the world

Covid provided the first tests that this bond market could resist a crisis...

...in a way that typically emerging-market bonds don't

It shows investors trust China as an economy...

...that they don't think it's going to collapse overnight

As well as improving its reputation with international investors...

...China hopes to increase its hold over how money moves around the world

America has huge influence over the current system, thanks to SWIFT...

...the world's largest network for transferring money

It's a messaging system that allows financial institutions to communicate

But because a majority of SWIFT transactions are in dollars...

...and these are routed through New York...

...America has used the system to choke its adversaries

Russia feared being excluded after its invasion of Crimea...

...and some Iranian banks were blocked from using the system in 2018...

So, it's supposed to be neutral. However, America has a strong influence over it

America can also threaten SWIFT with sanctions...

...if SWIFT does not do what America wants

...which would rather the system stays neutral...

For now China can't hope to challenge America's dominance of SWIFT

Instead, Chinese companies are targeting...

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covid-19は金融世界の秩序を変える可能性がある｜エコノミスト (How covid-19 could change the financial world order | The Economist)

significant

enormous

pandemic

opportunity