USD Down 9%, Yuan Down Just 1.6%: De-Dollarization Gaining?
According to US dollar data from Market Watch, it has fallen 9.03% year-to-date. The Chinese yuan, on the other hand, has dipped by 1.68% year-to-date. The rapid decline of the dollar’s value has led to much concern among traders, investors, and economists. The USD’s lackluster performance has also reignited de-dollarization dreams. Source: Market Watch Yuan Gains On The USD As De-Dollarization Advances Source: Shutterstock According to a report cited by the South China Morning Post, the yuan internationalization index rose by 11% in 2024 to 6.06. The US dollar, on the other hand, got a score of 51.13 in 2024, down from 51.52 the previous year. Meanwhile, the euro fell 3.8% to 24.07 on the same index. The internationalization index measures a currency’s global use. The data alligns with the growing position of the Chinese yuan. According to the report, “ Promoting the yuan’s internationalisation and leveraging it to push for reform of the global monetary system i...