Via Reuters, citing "multiple trading executives with direct knowledge of the matter"

The latest hard data is from March:

  • yuan (AKA renminbi) became the most widely-used currency for cross-border transactions in China, overtaking the dollar for the first time
  • its share as a global payments currency remains small at 2.5%, according to SWIFT, compared with 39.4% for the dollar and 35.8% for the euro

BNP Paribas Asset Management in Hong Kong:

  • predicts a long-term "snowball effect" as more countries join the "RMB bloc" to reduce risks of dollar exposure, "especially after they've seen what the U.S.-led sanctions against Russia have done"
  • "This is a very long term development stretching into the coming one or two, even three decades,"


One for the de-dollarization folks!

putin crying 26 April 2023