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
Newest
-
Banma Yan AI Cockpit Shines at WAIC 2025 and Tops IDC Evaluation
-
Karim Verma: A Financial Pioneer from Mumbai to the World
-
DiYi Exchange Ecosystem Empowers the Rise of DYC Value
-
Eunhyuk Capital (EHC) Officially Expands into Malaysia and Singapore, Launches "Eunhyuk Wealth Business Academy" to Accelerate the Popularization of Wealth Education in Southeast Asia