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Nawal
•

SELF • 6m

🔵 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%.

10 replies12 likes

Replies (10)

ReepinderGoyal

Stealth • 6m

Check dm

1 replies1 like

LIKHITH

Stealth • 6m

This is bad news for people who wish to work abroad and save money in dollars and send it to India😭😰

1 replies1 like

Anonymous 5

Stealth • 6m

Can you check my dm ?

0 replies1 like

Anonymous 4

Stealth • 6m

If more countries start settling trade in RMB, we could see a major shift in global financial power. The next decade will be interesting.

0 replies4 likes

Anonymous 3

Stealth • 6m

Even with this growth, the USD still dominates at 88.5% of forex transactions. It’s going to take a lot more for the RMB to challenge that.

0 replies1 like

Anonymous 2

Stealth • 6m

This shift has been a long time coming. China has been pushing for greater RMB use for years. Bilateral trade agreements with countries like Brazil and Argentina are just the beginning.

0 replies1 like

Anonymous 1
•

Wipro • 6m

Over half of China’s international payments in RMB?! That’s a huge leap. De-dollarization is really picking up pace.

0 replies1 like

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