Since 2010, the majority of China’s cross-border payments, like those of many countries, have been settled in U.S. dollars (USD). As of the first quarter of 2023, that’s no longer the case.This graphic from the Hinrich Foundation, the second in a three-part series covering the future of trade, provides visual context to the growing use of the Chinese renminbi (RMB) in payments both domestically and globally.This analysis uses Bloomberg data on the share of China’s payments and receipts in RMB, USD, and other currencies from 2010 to 2024.In the first few months of 2010, settlements in local currency accounted for less than 1.0% of China’s cross-border payments, compared to approximately 83.0% in USD.
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37 sats \ 1 reply \ @Cje95 22 May
Given the huge spike in trade with Russia this isn’t surprising. Russia can’t access the dollar but the RMB’s value is well rough to say the least with the swings that it has had.
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0 sats \ 0 replies \ @Undisciplined 22 May
I don't see any competing fiat displacing the dollar, but all of these things are part of the 10k cuts that will ultimately kill the dollar.
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