China’s RMB surges as trading currency, more than doubling in just two years as Yen, Euro fall

China is taking an all-of-the-above course for its international trade, and employs USD, Euro, JPY, swap lines, gold, and even Bitcoin. But in 2023, China’s trade in its own currency, the renminbi, passed its use of the US dollar for the first time.

The RMB is the fastest-growing trading currency, and since 2022 its share of global trade has more than doubled, while the Japanese yen and the Euro have fallen.

Resources and links:

Zerohedge, The Start Of De-Dollarization: China’s Move Away From The USD
https://www.zerohedge.com/geopolitical/start-de-dollarization-chinas-move-away-usd

Reuters, China to promote currency swaps, strengthen monetary cooperation
https://www.reuters.com/world/china/china-promote-currency-swaps-strengthen-monetary-cooperation-2024-03-27/

PBoC swap lines now key international bailout tool
https://www.centralbanking.com/central-banks/financial-stability/7956527/pboc-swap-lines-now-key-international-bailout-tool-study

Bloomberg, Central Banks Use Record Amount of Yuan Via PBOC Swaps
https://www.bloomberg.com/news/articles/2023-05-16/global-central-banks-use-record-amount-of-yuan-from-pboc-swaps

Visual Capitalist, The world’s largest consumer markets in 2030
https://www.visualcapitalist.com/the-worlds-largest-consumer-markets-in-2030/

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