https://myind.net/Home/viewArticle/yuan-overtakes-dollar-as-chinas-most-used-cross-border-currency
For the first time ever, the yuan has eclipsed the US dollar as the most used currency for Chinese cross-border transactions.
Cross-border payments and receipts in yuan rose to a record $549.9 billion in March from $434.5 billion a month earlier. The yuan’s use in cross-border payments and receipts rose to 48.4% at the end of March while the dollar’s share slid to 46.7%, according to a Reuters calculation of data from China’s State Administration of Foreign Exchange.
The volume of cross-border transactions covers both the current and capital accounts.
According to Bloomberg, the yuan had an almost 0% share in 2010, while the dollar had an 83% dominance. The reversal occurs in the context of China’s efforts to strengthen the yuan, also known as the renminbi, in trade and finance markets.
The volume of cross-border transactions covers both the current and capital accounts.
Increased dependence on the yuan will lessen the risk of currency mismatches. As a result, China’s State Council is pushing for the use of the renminbi in cross-border transactions.
China has trading agreements with nations other than the US dollar, like Brazil. Moreover, since Moscow’s invasion of Ukraine last year, when it was essentially cut off from international finance, the yuan has replaced the dollar as the most traded currency in Russia.
But according to economists, the dollar’s hegemony over the world’s markets is not going to fade anytime soon. This is because the Chinese government controls the yuan far too closely.
Although it has steadily increased, the usage of the yuan in international trade finance is still modest.
According to SWIFT data, the yuan now accounts for 4.5% of all international currency transactions for trade financing, compared to the dollar’s 83.71% share in March.
The Destruction of the Dollar is commencing..
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