De-Dollarization: How Chinese Yuan Is Bringing the US
The United States dollar (USD) has been the world’s reserve currency for the longest time. Several governments have previously challenged the dollar. But the United States only grew stronger, forcing a number of nations to jointly roll out a currency to uphold de-dollarization. Amidst this, China has been keeping at it, as the Chinese yuan is emerging as a prominent contender in the reserve currency race. Also Read: Can ASEAN Countries Make The Chinese Yuan An International Currency? The Rise Of The Chinese Yuan In The Global Economy Earlier this month, data from Bloomberg revealed that in April 2024, the Chinese yuan did better than the Euro. According to the most recent statistics available from the payment messaging system SWIFT, the value of the Chinese yuan was close to 6% in April 2024. Growth In Trade Payments June saw a 13.37% growth in trade payments in the Chinese yuan. The asset was right behind the dollar. However, it should be noted that 88% of foreign currency transaction...