China’s currency just overtook the once almighty yen and became the 4th biggest currency after the dollar. Find out more here. MichelSanti
China’s currency just overtook the once almighty yen. SWIFT, the international payment system, must now use the yuan, which has become the 4th biggest currency after the dollar, the euro and the Swiss franc. Long considered speculative, the “renminbi” seems to be undergoing a full transformation. Such volumes of transactions make it attractive to alternative investors in search of refuge values.
The monetary resilience of China has certainly done the trick for the country’s authorities. It has concentrated its efforts on encouraging and pushing for more international business transactions to be made in yuan for over 20 years now. Its currency’s recognition now seems to be established.
To do this, their central banks are moving towards holding a significant portion of their reserves in yuan, like Russia, whose war chest is 15 per cent yuan. China is profiting from its predominant position to trade with, work with, and fund countries under embargo, like Iran and North Korea. Without worrying at all about hypothetical sanctions against it because it will never take shape.
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