Newest
-
Leading the Trillion-Dollar Agentic Commerce Race: Tec-Do Anchors Its Position in the $100 Billion MarTech Ecosystem
-
Inside Korea’s intense exam season: From grounded flights to police escorts to school
-
Bodycams found on divers killed in Maldives could reveal final moments
-
Man dies ‘while being pinned down by shop security for shoplifting’
Is "RMB internationalization" equivalent to "de-dollarization"?
2024-11-18
China.org.cn
HaiPress
BEIJING,Nov. 15,2024 -- A news report byChina.org.cn on RMB internationalization:
 
Is "RMB internationalization" equivalent to "de-dollarization"?
The internationalization of the RMB is not equivalent to "de-dollarization",and the change in the two currencies' status in the international context is not co-relevant.
According to the rankings released by the Society for Worldwide Interbank Financial Telecommunication (SWIFT),the U.S. dollar remains the most popular currency in the world,with its payment share accounting for 47.08%,substantially more than other payment currencies.
In recent years,the RMB has become more internationalized. The change has something to do with the deepening economic and trade cooperation between China and ASEAN countries and the Belt and Road Initiative partner countries,which spurred the need for transactions,investment and financing using the RMB. What's more,global business entities' need to manage risks arising from the complicated international landscape which also facilitated the internationalization of the RMB. In 2023,cross-border RMB settlements reached 52.3 trillion yuan,a year-on-year increase of 24%. The increasingly internationalized RMB embodies China's vitality in high-level opening-up,while driving the balance of payments between China and the U.S. to a rebalance.
China Mosaic
http://chinamosaic.china.com.cn/index.htm
Is "RMB internationalization" equivalent to "de-dollarization"?
http://www.china.org.cn/video/2024-11/15/content_117548339.htm
