Let us posit a TL where the glorious emissaries of the Dragon Throne continue to explore the Indian Ocean, and ultimately reach America. While the Aztecas are made quick work of, the people of the Andes region end up as distant tributaries; who happen to love metallurgy.
So, Europe's short the tons of silver and gold it got from the New World, and China, which desperately needed silver for a currency, and traded its goods for it, now doesn't need Europe as much.
Does this short circuit the European role in the world economy?