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Nawal

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SELF • 5m

🔵 China’s Currency Ascends As De-Dollarization Gathers Pace ➡️ As of March 2024, over half of China’s international payments were settled in renminbi (RMB), surpassing the U.S. dollar (USD) for the first time. This marks a significant milestone in China's gradual shift away from the USD. ➡️ The RMB’s prevalence in cross-border transactions has doubled since 2019, driven by increased foreign trade in RMB-denominated assets and bilateral trade agreements with countries like Brazil and Argentina. ➡️ While the USD remains the dominant global currency for foreign exchange transactions at 88.5% in 2022, the RMB has shown the most growth over the past decade, rising from 2.2% to 7%.

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