China Could Compete With US Financial Hegemony – Uhuru Movement

Omali Yeshitela, the leader of the Uhuru Movement, said that China's economic presence in Africa is growing faster than any other state, something that, Yeshitela suggested, could challenge not only the United States’ hegemony, but also the supremacy of the European powers.

MOSCOW (Sputnik) — China could compete with the United States in the global financial market, Omali Yeshitela, the leader of the Uhuru Movement, said at a press conference in Moscow Monday.

“It's a reflection of the decline of the US dollar. China is a very intriguing new force that challenges the United States not only in the Asian Pacific region, but also in the world,” Yeshitela said.

Earlier in the day, Britain’s Chancellor George Osborne, during his visit to Beijing said that the United Kingdom plans to help China to internationalize its national currency.

According to Yeshitela, China's economic presence in Africa is growing faster than any other state, something that, Yeshitela suggested, could challenge not only the United States’ hegemony, but also the supremacy of the European powers.

Recently, the role of the yuan has significantly increased in international financial transactions. According to January data from the SWIFT banking transaction network, the Chinese yuan has become the world’s fifth most-used payment currency.

"China's Asian Infrastructure Investment Bank [AAIB] is something that even Germany and other powers united with quickly despite the fact that the United States didn't want them to do [so]. It is further evidence of the decline of US power," Yeshitela continued.

The AIIB is an international financial institution proposed by China to invest in infrastructure projects in the Asia-Pacific region. Currently, there are 57 prospective founding members in the financial organization, including a number of major European economies. The AIIB is expected to commence operations by the end of 2015.