The De- Dollarization Continues11 July 2014.
As the US spreads its message of cheer around the world, it appears an increasing number of trade 'partners' are more than willing to consider alternatives to the hegemony.
China's Yuan usage in global trade and finance has more than doubled this year.
While still notably below USD usage in international payments, it remains firmly in second place for trade finance.
The number of US companies planning to use Yuan has almost tripled this year, from 8% to 22%.
The USD has been stable with regard to other currencies (RMB, EUR, GBP, AUD, CAD, JPY, SKW, HKD).
International contracts using other currencies risk losses due to the variable exchange rates. This post was edited by NaziSlayer at 2014-7-13 08:52
You are most likely a nationalist unedcuated idiot. Or so I can only assume.
They do studies EVERY YEAR on which is the most traded currency and which currency is the most used for global reserves.
In global reserves the dollar is by far #1, and the Euro is second. The Chinese Yuan is not even at the level of the Japanese Yen yet.
In terms of global trade, according the WTO the Chinese yuan is the 8th most traded currency in 2013. 8th! Not even close to second, and don't bet on it. China can only make a few countries conduct limited bilateral trade in MB by offering huge incentives, basically sales like '5% off or 10% off when you use RMB!"
Euros and dollars are used by many countries in bilateral trade even between countries who do not use the dollar or Euro as their currency. These are true global trade currencies. The Chinese yuan is not.
US-A are a goner~ "China's Yuan usage in global trade and finance has more than doubled this year."
Very probably the amount of counterfeit rmb floating around China has also doubled this year. I've seen more than a few fake "Chairman Mao's" in circulation ( 100 rmb notes ) and even some faked 1 yuan coins. Somewhat amusing to see a woman get kicked off a bus when she offered some of the latter up for her fare.
Ruble-Yuan settlements will cut US dollar domination in energy sales
10 November 2014.
Doing away from the US dollar and switching to the ruble and the yuan in settlements will significantly increase Russia and China’s say in energy and financial markets, Vladimir Putin has said, adding that the first deals are already underway.
"Payments in rubles and yuan are very promising. Switching to such a large-scale work means that the impact of the dollar on the global energy sector will objectively decline. This is not bad either for the global economy, or the world of finance and the world energy markets,” Putin said at a meeting of the APEC Business Summit.
“It will help expand our capabilities in mutual trade and influence both world financial and energy markets," the president said.
He added that Russia is considering letting Chinese investors into one of Russia’s huge winning companies, where settlements in yuan comes as one of the terms.
The day before Russia’s oil giant Rosneft and China National Oil and Gas Exploration and Development Corporation signed an agreement on the acquisition of a 10 percent stake at Vankorneft, a Rosneft subsidiary that develops oil in Russia’s Eastern Siberia.
Putin stressed that Moscow and Beijing aim for broader use of the yuan and the ruble in mutual settlements.
"In cooperation with the country we intend to use the national currency more widely in mutual settlements,” Putin said.
Putin added that making payments in national currency is planned particularly in oil trade. “Our experts are assessing such possibilities," he said.
"Much attention has been paid to the topic of mutual payments in yuan in a variety of areas, including such sensitive ones as military and technical cooperation. This will help to strengthen the yuan as a reserve local currency", said the Russian president’s spokesman Dmitry Peskov after Putin met with China’s President Xi Jinping on Sunday.