Renminbi (RMB)/Yuan Appreciation & Internationalization

Diaspora said:

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Central banks around the world hit a new record of RMB usage

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Already shared by Tphuang here.

tphuang said:

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Basically China is lending money to other countries so they can trade in Yuan.

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luminary said:

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in latest move towards ‘de-dollarization’​

The Interior Ministry has said that violators of this ban will be subject to legal punishment, including fines and even jail time

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This picture perfectly illustrates what’s happening with de-dollarisation. Took one (Russia) to stand up against the bully and now more are starting to stand up to the bully. Give it enough time and everyone will stand up.

luminary said:

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in latest move towards ‘de-dollarization’​

The Interior Ministry has said that violators of this ban will be subject to legal punishment, including fines and even jail time

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Guess Iraq really hate the dollar. US invasion of Iraq has turned out to be an even bigger failure than their invasion of Afghanistan.

Some interesting data from Russia trade on cny usage for both Russian exporters and importers. I am a little surprised that importers are using cny more since Russia runs surplus vs china. Maybe Russian exporters are also getting paid in rub in some cases. But either way, won't be much longer until we max out on how much of the trade in cny. The only way to grow cny usage here is through more trade with Russia.

Btw, the next tweets also interesting, just shows how popular cny is getting in Russia. This should encourage Russia to trade with more countries in cny and less in USD and eur. At the end of the day, Russian companies are not fully blocked on swift so will take some more time to encourage Russian companies to use cny in non energy trades.

Also, given that china trades so much natural resources in cny with Russia, should allow it to buy from other countries in cny for the same resources.

luminary said:

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in latest move towards ‘de-dollarization’​

The Interior Ministry has said that violators of this ban will be subject to legal punishment, including fines and even jail time

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I called it earlier... Their worry shouldn't be about blocking countries from using USD, it should be about how to discourage them from banning USD.

It's been mentioned before, if countries literally can't afford to use the US dollar, the world adapts to trade without the dollar.

You sometimes hear takes where China or X country can't perform any trade if they run out of dollars..

Russia and Iran are discussing to settle some transactions in Yuan to decrease the use of euro and dollar.

Russia and Iran right now have fully integrated banking systems. You can use the credit/debit cards of one on the other's network, and you can do electronic money transfers between Russian and Iranian banks.

gelgoog said:

Russia and Iran right now have fully integrated banking systems. You can use the credit/debit cards of one on the other's network, and you can do electronic money transfers between Russian and Iranian banks.

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I suppose as Chinese banking and Russia integrate, Iran will merge with China too?

Europe is screwed and Euro will be replaced by Yuan. Euro is not a serious competitor of USD in the first place.