I am not an expert on currencies either. From whatever little I understand, price of any product is dependent upon demand and supply. And with currency, there is a strong trust factor. In fact a reserve currency is a product of trust and faith. So, what can EU and China do to instill faith and trust in their currencies? Currency is a product of promise. So how good a currency will be from a country that is not particularly know for keeping its promises and obligations?
Positive impact?
…U.S. audit regulator—the PCAOB—to inspect accounting firms based in China whose audit clients are listed in U.S. stock markets.
How come US can audit other nations’ accounting firms at will?
For Chinese companies—such as tech giants Alibaba Group Holding Ltd. and Baidu, Inc.—that want to continue with their listing or want to initiate listing on a U.S. exchange, the PCAOB must have access to audit work papers of the principal audit firm. Companies that cannot grant access because of government restrictions can satisfy this standard by providing a co-audit from an accounting firm “with comparable resources and experience” that the PCAOB determined can conduct proper exams.
The new listing standard gives a transition period until January 1, 2022, for already listed companies.
Is BABA quoted in the article for convenience. AFAIK, BABA is audited by PwC, an American accounting firm.
Jan 1, 2022 is a long time. Anything can happen. How come is after election? Hmm…
The new standards will be immediately applied to new listings after rulemakings become effective.
Good. Those listed after today is good.
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Reserve currency is byproduct of Engineering talent and trust in Regulations.
The articles are very clear. EU easa no longer trust FAA for aircraft certification and rest of the world is following them.
EU food, Agriculture, Meat/Poultry standards getting tighter. They may have well attracted largest foreign students.
https://ec.europa.eu/environment/europeangreencapital/countriesruleoutgmos/
EU want to impose there own Climate agenda and Value system on rest of world. for that Euro World currency is important.
EU area is successfull in bringing mortgage rates below 1% so cost of ownership home is already lower. This show trust of banking system on consumers to give them low rate of mortgage.They are not afraid of mass unemployment. No second opinion on basic income or healthcare.
Look like Trump delisting antics and “no more special status” is helping HK exchange to scale higher. HK doing well is China’s pride, only some ex-HKers don’t think so.
Alibaba Anticipates It Can Comply With U.S. Securities Rules
In a conference call to discuss the company’s quarterly financial results, Wu said Alibaba has long worked within U.S. accounting rules and is audited by the Hong Kong arm of accounting firm PricewaterhouseCoopers LLP.
Thought so.
Meanwhile,
https://www.cnn.com/2020/08/11/asia/china-taiwan-guam-military-exercises-intl-hnk-scli/index.html
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About 15 yeas ago, there was an article in BusinessWeek about how Europe had become the legislation capital of the world. They will come up with the laws to govern pretty much every little thing related to business and living. Then other countries of the world would copy their laws and adopt to their jurisdiction. So, I am not surprised to see them continuing the same path 15 years later. They and china make good buddies. One of them is good in wielding power, and the other one is good in making laws. Good luck for them.
Here in the USA, the emphasis is on innovation and freedom. I am glad to see that spirit is returning to America.
Huh? More like individualism which allow individual to get fair share of their effort and talent, thus attracting mavericks to come to USA.
Call it maverick or anything, here, if you have talent, sky is your limit ! Patent right is the best protection for the innovators.
Sky is your limit is for mavericks like Elon Musk. Talented folks like @wuqijun, @manch and you can only rely on them to bring you to the sky 
Do not forget that Steve Jobs and Tim Cook helped you grow with your intelligence ! 
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Some American states are picking up fast from Europe and China. Like how to make laws (how much creativity does excessive lawmaking take?), taxing people, scaring people with the power of state, invalidating private contracts with state mandates and on and on.
Note everyone in the USA is talented or has made millions, but most enjoy living free.
Freedom is good enough for American-born but is not a sufficient condition for mavericks/ talents to come over. So long USA is conducive for mavericks like Elon Musk, life would be good 
for the average.
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Why do people want to enter USA is a complex topic. USA has about 30 million illegals (as per some estimate) and many outside waiting to cross the border. To my knowledge, most of them are neither talented nor maverick, ordinary people. Funny thing is that most of them cannot fix their home countries, but will have an idea of how to fix the USA.
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Name a few illegal immigrants or dreamers that have make Americans life better or give good jobs eg start up a company with at least 100 employees. Name a maverick if you can. Many came here to cling to mavericks. There are not many nations where after you have made tons that thugs and pseudo-thugs (aka government) won’t steal/ rob you.
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Those regulations have made them more stable, reliable and stronger. They are not depended on few Mega Stocks (Apple/Tesla type) whose up and down entirely depend on China.
For implementation of Innovation we need European Engineering. and that Engineering direction is moving in other way. They creating there own Internet. The word internet include everything from operating system to cloud firms to full cycle battery manufacturing.
They have controlled inflation better than us once you factor education/healthcare and quality of infrastructure.
do you think any BMW will sell this car for this price here with optional packages? . The help to small business is more effective that people can feel it on streets including discounts for eating in resturants.
This Price include VAT sales tax and registeration.
https://www.autotrader.co.uk/classified/advert/new/202007141222586?sort=distance&postcode=l22dp&make=BMW&radius=1500&onesearchad=New&onesearchad=Nearly%20New&onesearchad=Used&advertising-location=at_cars&newCarHasDeal=on&page=6
BMW 8 Series
3.0 840i Steptronic (s/s) 2dr
RRP £80,403
Price£61,980
Save £18,423
That is what I was suggesting. America attracts all kind of people. The talented people who want freedom, as well as those who want things for free. Actually, America has a big constituency of people within who would want everything they need for free, or have some one else pay for it.
Can you remind a few things that have come out in last 50 years of European engineering or innovation?
Copying what America has already created is not counted as an innovation, unless it is a product significantly different in feature and performance from its American original.
You miss my 
point. Attracting leeches is not something to brag and not difficult to do. Attracting Mavericks is the real deal. Freedom is not a sufficient condition. Every nations want to attract Mavericks, only America is able to attract a bunch of them.