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China "Is Not Another US", Does Not Seek "Yuan Hegemony"

Tyler Durden's picture




 

Regular readers are by now well versed on the recent developments surrounding the launch of the China-led Asian Infrastructure Investment Bank, but for anyone needing a refresher, here is what it’s all about: 

...the China-led development bank essentially marks an epochal shift away from traditionally US-dominated multinational institutions like the IMF and the ADB. Meanwhile, it also represents an implicit attempt by the Chinese to usher in a kind of sino-Monroe Doctrine and solidify their regional — and, to a certain extent their international — ambitions. In a desperate attempt to undermine the effort and preserve what’s left of US hegemony, Washington aggressively lobbied its allies last year to refrain from supporting the effort. Then the UK decided to join calling the bank an “unrivaled opportunity.” That effectively opened the floodgates and in short order, a bevy of Western nations and close US allies suddenly reversed course and indicated they were likely to support the new institution.

Over the past week or two, the mainstream media have picked up on this narrative and repeated it ad naseum, making clear to anyone who’s picked up a newspaper in the last 14 days that the Bretton Woods era and US dollar hegemony are now squarely confined to the annals of history. While we think it’s certainly important for everyone to wake up to the fact that a tectonic shift is taking place among the world’s multinational institutions, we suspect that for China, the cat may have gotten a little too far out of the bag. You don’t, for instance, want to risk alienating the Western nations who have just recently thrown their support behind the venture by reinforcing the idea that the whole endeavor is nothing more than a $100 billion Chinese foreign policy instrument (especially when it is). To this end, The Global Times (a paper run by the state-controlled People’s Daily) is out with a story which purportedly describes China’s benign intentions and altruistic aspirations from the AIIB.

From The Global Times:

The establishment of the Asian Infrastructure Investment Bank (AIIB) has been depicted by a few overseas media outlets as if China is building its own version of the Bretton Woods system. 

 

The bank is not yet in operation, and it will take time for people to come to grips with its purpose. However, overblown hype from foreign media claiming that China is seeking financial hegemony could create preconceived notions for people who are not familiar with it…

 

Some foreign observers claim that the AIIB is the beginning of the Chinese yuan's hegemony. What they are actually trying to imply is that "China is another US."

 

This kind of statement is nonsensical, which uses historical experience to fool readers. It is divorced from the truth and shows no common sense and doesn't stand up to any scrutiny.

 

Through the Bretton Woods system, the US was able to wield supreme influence over its allies which had been severely battered during the war. China today is in a totally different position. 

 

Founding the AIIB is only a China-led initiative. Over 30 countries from Europe and Asia have so far applied to join, some of which even have territorial disputes or political divergences with China. They are not courting Beijing, or pushing yuan hegemony. What they are pursuing is the win-win principle of cooperation. 

 

The AIIB will not confront the WB or IMF, nor will it turn the current international monetary order upside down. The spirit of the AIIB is diversity and justice.

 

International relationships are entering an era of democracy that means pursuing hegemony is a wrong path whether one is an existing power or a rising power.  

 

China always maintains a low profile when it comes to showing the strength of our nation. Moreover, the Chinese media resists the hype over describing China as "number one" or a "superpower”...

 

The Bretton Woods system is a product of the old days. The new global trends created the AIIB and there is no room to look back to the old days of one currency's hegemony. 

So to summarize, China is not seeking to establish yuan hegemony and doesn’t seek to upset the existing balance of power in the world and in fact, doesn’t even like to be called “number one.” While some of this may be true, one needs to consider the source here as this certainly appears to be an attempt on China’s part to make all of the bank’s new Western recruits comfortable with the their decision to join in the face of Washington’s “you’ll be sorry” rhetoric. 

Of course actions, as they say, speak louder than words, and on that note, we’ll leave you with the following from Bloomberg:

China plans to push for yuan to take prominence in loans under the Asian Infrastructure Investment Bank and the Silk Road Fund, people familiar with the matter said.

 

China may encourage $100b AIIB and $40b Silk Road Fund to issue loans directly in yuan or set up yuan-denominated funds under the two institutions, according to the people, who ask not to be identified because deliberations are private.

 

People’s Bank of China didn’t immediately respond to faxed request for comment.

 *  *  *

De-dollarization is complete.

 

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Thu, 03/26/2015 - 17:32 | 5931249 Wolferl
Wolferl's picture

Not yet.

Thu, 03/26/2015 - 17:34 | 5931256 knukles
knukles's picture

Right.  Another take on I promise I won't cum in your mouth.

Thu, 03/26/2015 - 17:36 | 5931268 Timmay
Timmay's picture

LOL, "they will just put the tip in to see how it feels"....

Thu, 03/26/2015 - 17:43 | 5931280 macholatte
macholatte's picture

 

China is not seeking to establish yuan hegemony and doesn’t seek to upset the existing balance of power in the world and in fact, doesn’t even like to be called “number one.”

Said the spider to the fly.

 

LMAO

 

To fight and conquer in all our battles is not supreme excellence; supreme excellence consists in breaking the enemy's resistance without fighting.

Sun Tzu

Thu, 03/26/2015 - 18:38 | 5931529 Theosebes Goodfellow
Theosebes Goodfellow's picture

The other side of the coin, (pardon the expression), is that China is probably pretty tired of seeing its #1 customer devaluing the currency used to pay it by not insignificant percentages. 

"No, I think you'll be using "house money" from now on."

It's just the beginning of no longer taking crappy markers from your junkie customers.

Thu, 03/26/2015 - 19:33 | 5931722 CrimsonAvenger
CrimsonAvenger's picture

So what happens when you peg your currency to your customer's shitty currency?

Thu, 03/26/2015 - 23:52 | 5932540 Theosebes Goodfellow
Theosebes Goodfellow's picture

You do that so your products don't rise in price of your customers' currency. It only works for a while, but it works long enough to a) wipe out the manufacturing competition in your customers' home country and b) sell your rpoducts until your customers' currency becomes irrelevant, (coming to a country near you real, real soon). After that, it won't matter. You use the customers' piles of currency to buy their country out from under them.

Thu, 03/26/2015 - 22:55 | 5932353 seek
seek's picture

It's not impossible that the statement is true. The key here is yuan hegemony. You know, if the international reserve currency switched to something that wasn't the yuan or USD and China just happened to have a big stockpile of that reserve currency... They wouldn't be lying.

Fri, 03/27/2015 - 06:06 | 5932864 Oracle 911
Oracle 911's picture

Triffin dilemma anyone?

Thu, 03/26/2015 - 17:37 | 5931271 HamRove
HamRove's picture

That's a difficult promise to make, Knuckles. 

Thu, 03/26/2015 - 18:07 | 5931383 Thirst Mutilator
Thirst Mutilator's picture

Speaking of knuckles... Which one is Rocky & which one is Drago?

Thu, 03/26/2015 - 18:24 | 5931452 unrulian
unrulian's picture

 

A scorpion was walking along the bank of a river, wondering how to get to the other side. Suddenly, he saw a fox. He asked the fox to take him on his back across the river.
The fox said, "No. If I do that, you'll sting me, and I'll drown."
The scorpion assured him, "If I do that, we'll both drown."
The fox thought about it and finally agreed. So the scorpion climbed up on his back, and the fox began to swim. But halfway across the river, the scorpion stung him. As poison filled his veins, the fox turned to the scorpion and said, "Why did you do that? Now you'll drown, too."
"I couldn't help it," said the scorpion. "It's my nature."

Thu, 03/26/2015 - 17:40 | 5931277 Vullsain
Vullsain's picture

Them Damn Sneaky Chineee...

Thu, 03/26/2015 - 23:02 | 5932389 one_hundred
one_hundred's picture

I'm making over $7k a month working part time. I kept hearing other people tell me how much money they can make online so I decided to look into it. Well, it was all true and has totally changed my life. This is what I do... www.globe-report.com

Thu, 03/26/2015 - 17:34 | 5931255 Callz d Ballz
Callz d Ballz's picture

China knows this shit show will fall on it's own trajectory, no need to interrupt it's path. 

Thu, 03/26/2015 - 17:38 | 5931274 agent default
agent default's picture

The gentle force approach will be much deadlier to the dollar than the forceful way.  Everyone has had it with the US throwing its weight around, if this is seen as a more benign alternative dedollarization will happen within months.

Thu, 03/26/2015 - 17:42 | 5931283 Soph
Soph's picture

Dunno why the fall of the dollar is seen as a shock. No currency dominates indefinitely, and the US dollar is no exception. They fall from grace for a multitude of reasons...er, most of which are playing out in the US right now.

 

Move along, nothing to see here.

Thu, 03/26/2015 - 17:43 | 5931286 vesna
vesna's picture

china-nachi cheez

Thu, 03/26/2015 - 17:43 | 5931288 lawyer4anarchists
lawyer4anarchists's picture

So is it or is it not a "threat"?   Constant disinformation and contradictory information just pours out of the "news" 24/7.  That IS the system.   http://www.thetruthaboutthelaw.com/they-promote-every-side-to-constantly...

Thu, 03/26/2015 - 17:43 | 5931293 q99x2
q99x2's picture

Sounds like it is time to move in with swat teams, navy seals and paramilitary forces to arrest the FED and prosecute them for treason. 

Thu, 03/26/2015 - 17:46 | 5931303 FieldingMellish
FieldingMellish's picture

A basket of commodities. Nothing else makes sense.

Thu, 03/26/2015 - 17:49 | 5931314 HamRove
HamRove's picture

Over the past week or two, the mainstream media have picked up on this narrative and repeated it ad naseum, making clear to anyone who’s picked up a newspaper in the last 14 days that the Bretton Woods era and US dollar hegemony are now squarely confined to the annals of history.


I thought Annals were round.......

Thu, 03/26/2015 - 17:51 | 5931322 Apocalicious
Apocalicious's picture

Duh. They quietly seek world military and economic domination. Currency hegemony will simply be the by-product.

Thu, 03/26/2015 - 17:52 | 5931326 Thomas Aquinas
Thomas Aquinas's picture

The plan is that China and Russia are to conquer the West. Simple as that. Then Russia will betray China and we will then have the long-planned World Soviet.

 

This because the vast majority of the world want nothing to do with God and His good commandments. Therefore, they can have, full measure, the slavery and horror that results from excluding their Creator. And this in an effort by God to call them back to Him.

Thu, 03/26/2015 - 18:19 | 5931433 aardvarkk
aardvarkk's picture

See, now, I think I'm going to have to go ahead and disagree with your thesis.  I highly doubt that God is interested in today's geopolitics.  That smacks of the radical Muslim view, which I'm absolutely sure is garbage.

Thu, 03/26/2015 - 17:58 | 5931330 Lea
Lea's picture

'Murikans can only think in terms of hegemony, "moar" and "me, me, me first".

The Chinese only want to make plenty of money. They've never wanted to dominate anyone and can't even see what domination is good for, when win-win trade makes more dinero.

See the problem? It's another culture, and if there is one thing 'Murikans can't understand, it's another culture. Anything that's not them is beyond their mental capacities.

Thu, 03/26/2015 - 18:23 | 5931453 Monetas
Monetas's picture

Why did the Chinese .... aggressively invade North Viet Nam .... at the end of the Viet Nam War .... brotherly love ?

Thu, 03/26/2015 - 17:53 | 5931331 Fun Facts
Fun Facts's picture

China "Is Not Another US", Does Not Seek "Yuan Hegemony"

Wait until the Rothschilds sink their fangs into them.

Thu, 03/26/2015 - 17:54 | 5931333 Nue
Nue's picture

......Sure whatever you say.

Thu, 03/26/2015 - 17:56 | 5931347 Yen Cross
Yen Cross's picture

  This paragragh pretty much sums things up. Capitalism at it's best, from a communist country. Survival of the fittest, and the most cost effective, & efficient ways of bringing quality product to market, are the hallmark of CAPITALISM! Not to be confused with crony capitalism, or political favoritisms.

Founding the AIIB is only a China-led initiative. Over 30 countries from Europe and Asia have so far applied to join, some of which even have territorial disputes or political divergences with China. They are not courting Beijing, or pushing yuan hegemony. What they are pursuing is the win-win principle of cooperation.

Thu, 03/26/2015 - 17:59 | 5931360 Kaiser Sousa
Kaiser Sousa's picture

ah yes....

the old "needle wrapped in silk and shoved up the US's bitch ass routine...."

lovin it.

Thu, 03/26/2015 - 18:07 | 5931384 Monetas
Monetas's picture

1915 Russian peasants discover Communism .... 2015 Canadian students discover Communism .... 2015 China toys with Capitalism .... after being deceived by Russian Socialist idiots !

Thu, 03/26/2015 - 18:42 | 5931545 suteibu
suteibu's picture

2015 America starts WWIII for no better reason than it can.

Thu, 03/26/2015 - 18:52 | 5931567 Monetas
Monetas's picture

Why can't the Japanese government .... protect it's citizens .... from Hiroshima/Nagasaki .... and Fukushima .... haven't they learned anything ? They knew the bombs were coming .... but they didn't warn the people .... to save face .... but the people lost faces .... Chernobyl was another despicable cowardly deception !

Thu, 03/26/2015 - 19:10 | 5931639 suteibu
suteibu's picture

Equating Hiroshima/Nagasaki with Fukushima is ridiculous.  That said, why did the US drop two bombs on Japan (and, please, no crap about saving 1,000,000 American lives)? 

As for Fukushima, as I pointed out in a different article, the Japanese government is controlled by the US.  Few want to remember, but there was tremendous pressure from the US and the nuclear industry to downplay the incident, especially the aftermath in order to protect the nuclear industry.  Evacuation was delayed and attempts to promote the safety of the area was premature. 

Of course, Japan's nuclear industry was pushed on it by Eisenhower who stated that the Japanese were ignorant about the benefits of American nuclear technology and created a policy of propaganda to make the people accept it, even as people were still walking the streets of Japan with scars and illnesses from those bombs.  One can argue that they were not that ignorant after all.  The Japanese leaders of the time literally owed their lives and careers to the Americans and so they sold out their people in repayment (all by post-war design).

Japanese leaders are still tethered to the US.  The last PM who wanted to change the alliance was ridiculed by Obama and run out of office by the American hands in Tokyo.

Having briefly explained this to you, what does Japan have to do with this article and, specifically, my comment in response to yours?  Or is this just your lame attempt to demagogue me and my comment?

Lastly, why didn't Roosevelt warn Pearl Harbor?  He knew about it in advance, didn't he?

 

Thu, 03/26/2015 - 18:08 | 5931387 aardvarkk
aardvarkk's picture

"De-dollarization is complete."

People keep saying/writing that.  And yet, I have done 100% of my transactions in the past year in dollars, including the transactions I did physically in Mexico and with merchants in other countries, I have not even *seen* any other currency, and I live a couple of hours from the Canadian border where we get regular visits from serious Canadian shoppers.  Whenever companies, even multi-national ones, want payment for something, not only do they prefer dollars but there simply isn't anything else they will take in most cases.

Yet, of course.  It'll happen, at least in part.  But people saying it is already complete are, I think, getting ahead of themselves.  By a lot.

I used to shoot the breeze with like-minded people who all subscribed to some version of the prediction that there would be some sort of big crack-up, but had vastly different ideas about how it would go down.  This started in maybe 2006 or 2007.  At that time I figured it would be a sharp, fast, grand kerboom that would take our breath away.  And yet here we still are, as then, with the hyperventilating alt-media assuring us that the dollar is dying or dead, the blue helmets will be invading any day now, the debt is understated by 243 kastrillion bucks, and all the other same old themes.  I've gotta say, my opponents in those debates were right on the money.  This is dragging out in the longest, most painful possible way possible.  In 2008 we could have let the fireworks go off and by now we'd be approaching "normality" again.  As it is, we've papered things over so much and it's still rolling along...I have to wonder if this can't go on for decades longer before something snaps in a final way to herald the Grand Reset.

Eh.  Just as well.  If things had gone as I had expected in 2008, my family probably would have been totally screwed.  If it happened now, we migh tmake it but it would be very tough.  Give me a few more years and if all goes as planned, we'll actually be comfortable for the duration (unless it lasts 10 years or something).  There's something to be said for a long, slow fall.

Thu, 03/26/2015 - 18:14 | 5931412 Kaiser Sousa
Kaiser Sousa's picture

Thu, 03/26/2015 - 21:21 | 5932093 holdbuysell
holdbuysell's picture

Any commodity is valued at the margin, including currencies.

Adding another reserve currency into the mix reduces the demand for the other reserve currencies, currently four (soon to be five):

Li vows reforms to help Yuan be World's 5th Reserve Currency | The BRICS Post

http://thebricspost.com/li-vows-reforms-to-help-yuan-be-worlds-5th-reserve-currency/#.VRE4I-FE5f0

Thu, 03/26/2015 - 23:36 | 5932505 Duc888
Duc888's picture

aardvarkk,  IMHO, FRN will be internal "dollar" for a while......until US (not USA corp)  decouples from the Fed.

Some new Bullshit "dollar" will play outside our borders. Amero...or what ever.... That's pretty much the only way tptb can get by without tanking everything.

Even playing nice the FRN is gonna get a 30% haircut minimum.

Thu, 03/26/2015 - 18:11 | 5931404 bentaxle
bentaxle's picture

Transitory. China is not ready today to be a trade deficit nation. In that sense the Yuan could not replace the $ for quite some time. But the world managed to live without a reserve currency for 4 billion years, it can survive without one again.

Thu, 03/26/2015 - 20:21 | 5931895 MollyHacker
MollyHacker's picture

Certainly not, especially with a...em,...cough.. Trillion & half surplus of fizzling US T/Bills.

Thu, 03/26/2015 - 18:13 | 5931411 Kaiser Sousa
Kaiser Sousa's picture

Thu, 03/26/2015 - 18:17 | 5931423 Jstanley011
Jstanley011's picture

"The spirit of the AIIB is diversity and justice."

Yeah, okay. But a word to the wise, the soap? Don't even think about it...

Thu, 03/26/2015 - 18:29 | 5931475 Monetas
Monetas's picture

The American Ponzi is awesome .... and we are not done with the stupid socialist world just yet .... and when hard money returns .... we will be the vanguard .... it's just not fair .... American Spring is coming !

Thu, 03/26/2015 - 18:30 | 5931477 Monetas
Monetas's picture

Yuan Hegemony .... Yawn Hegemony !

Thu, 03/26/2015 - 18:32 | 5931489 me or you
me or you's picture

It doesn't matter what the Chinese says the IMF and WB both know that their days are numbers.

Thu, 03/26/2015 - 18:40 | 5931535 Monetas
Monetas's picture

Reserve ? Currency ? Isn't that an oxy-moron .... like Later Now ? Yen baby, help me .... I'm flailing ! I feel like Fonestar .... at a meeting of economists !

Thu, 03/26/2015 - 18:44 | 5931553 Monetas
Monetas's picture

The Ukraine, South Korea, Japan and Viet Nam need our protection .... from the Russian Bear and the Chinese Dragon !

Thu, 03/26/2015 - 19:16 | 5931641 earleflorida
earleflorida's picture

china could give 'two-shits' about being #1... period!!!

it waits patiently as the ussa gets bogged down in the ME, af/pak, esp. iraq...? russia, for its part is working its magic in the former satellites, and has for now all that is needed in eastern ukraine!

think? yes, the 'second persian gulf?' right smack in the s. china sea with its malacca straits which gives china the maritime-sextant into the indian ocean... just over the horizontal-event in ?australia?.... from prying ussa exceptionalism.this is no secret, or mystery i'm talking but what foreign affairs strategist have talking since the year 1949? this is called today, the 'asian mediterranean', and for a 'know?good!reason', other than the ussa caribbean/ panama/monroe doctrinairy?

eventually china will become the regional hegemony of the entire eastern-hemisphere-- and, quite content with just that! also think geopolitical-strategic-geography if and when taiwan and japan bubbles-pop... throwing in the towel, esp., if japan and taiwan have a sub-pression with the only economic savior being china. today, taiwan does ~35% of its trade with china with ~42% of its exports going to the mainland only one-hundred miles away. japan also counts on china but not in the trade-monstrousity of taiwan.

cheers

jmo

ps. the ussa has nothing to worry about except denial of lost history, opposed too rethinking the 21st century and the dynamics of geopolitical evolution...

 

Fri, 03/27/2015 - 02:54 | 5932776 JustUsChickensHere
JustUsChickensHere's picture

The Malacca straits are not the same choke point that The Strait of Mormuz is.

Put simply, Malacca is just the shortest route for transit. You can go south around Indonesia ... at a slightly higher cost.   But the Strait of Hormuz is the only route available for 17% of the worlds oil ...

 

 

Fri, 03/27/2015 - 11:36 | 5933874 earleflorida
earleflorida's picture

a no-brainer indeed! what i'm talking is the 'island chains... aka. #1 & #2', of future contention. china must smooth out diplomacy with floating islands known today as countries, but still just a consolidation of 'poke-a-dots on the 'world map'... as is indonesia's archipelago?   japan and taiwan are huge for their future.

'patients is a virtue', and the chinese have an abundance of it!  

today... 3/27/15   "Joint Statement on Strengthening Comprehensive Strategic Partnership between the PRC and the Republic of Indonesia"

http://www.noodls.com/view/8885CEAFAF48E2F55CA0248E3D8C24D1009B3AC3?7274xxx727426205

Thu, 03/26/2015 - 20:28 | 5931814 QE2XS
QE2XS's picture

The IMF's SDR will be the new World Reserve currency which consists of a basket of currencies.  Everything China is doing is designed to be included in WB/IMF SDR Basket.   China just requested to be included in the SDR basket. Read about it here: http://thebricspost.com/li-vows-reforms-to-help-yuan-be-worlds-5th-reser...

 

The other world leaders are sick of the America's Hegemony and they want an alternative to the USD.   Also, other world leaders don't want to crash the system either.  The alternative is the multilateral SDR through the IMF / WB. 

 

Watch, China will UNPEG from the USD this year between May and Oct.   The IMF wants the new system running by Jan 1st 2016.  Not sure that will happen but that is what they are striving for.    Also, keep an eye out for the USA losing it's VETO in the World Bank.

 

Remember back in May 2014 when Christina Lagarde gave that strange speech about the magic number 7.   I'm pretty sure that part of what she was referring to is the number of world currencies that the WB / IMF wants in the SDR basket.

 

 

 

 

 

 

 

Fri, 03/27/2015 - 08:19 | 5931827 LibertarianMenace
LibertarianMenace's picture

So this has to mean that Wall Street's principal carpetbaggers are once again packing those bags and heading off to more profitable times in Beijing. Nothing left in NY for them now but the husk.

Thu, 03/26/2015 - 20:56 | 5932000 RMolineaux
RMolineaux's picture

Most folks are not aware that the Bretton Woods agreements did NOT establish a dollar hegemony.  It was a fixed-rate regimen with settlement of net ending balances in gold.  At that time trade volume was a tiny fraction of today's, and most govrnments maintained exchange rate and capital flow controls.  Naturally, the dollar was pre-eminent and many countries fixed their exchange rates in terms of dollars.  It was not until the late sixties that the US trade deficit became so large as a result of Lyndon Johnson's guns and butter policy that Nixon decided to cut all ties to gold settlement and let the dollar float freely in a regimen of free and fluctuating exchange rates.  It was only at that point that dollar hegemony began, wiith the aid of Saudi oil pricing.  I mention this to demonstrate that the US can "live" in a world not dominated by the US dollar as the sole reserve currency.  To return to the system of the 50's would be not only possible, but desireable, even though it would, on a medium term basis, be very disruptive.

Fri, 03/27/2015 - 08:15 | 5933014 LibertarianMenace
LibertarianMenace's picture

Not only live, but thrive, and in accordance with its original raison d'etre, not to those of its late 19th and 20th century proggie "imports".

Thu, 03/26/2015 - 21:11 | 5932048 holdbuysell
holdbuysell's picture

No surprise that Eastern propaganda and lies are the same as Western propaganda and lies.

They're all Junckers in the end.

Fri, 03/27/2015 - 03:44 | 5932794 jonjon831983
jonjon831983's picture

In for a penny, in for a pound.  Even if they don't have designs for it now. Somethign down the road would "force" them to take the leadership role (hegemony).

Fri, 03/27/2015 - 04:02 | 5932803 onmail
onmail's picture

The New millennium starts in 2016
with dollar gone

Fri, 03/27/2015 - 09:31 | 5933347 P'Od_Accountant
P'Od_Accountant's picture

Bullshit.  They want to be the world's new reserve currency.  

Fri, 03/27/2015 - 22:54 | 5936224 whyami
whyami's picture

I was not China invading Vietnam. It's the other way around. Veitnam invded China's border after the Vietnam war with the help of China. China fought back and pushed Vietnamese back to the original border (quick in and out).

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