Renminbi (RMB)/Yuan Appreciation & Internationalization
- Thread starter supercat
- Start date
The author seems to have misunderstood what a decimal means.
manqiangrexue
Brigadier
What is happening here? There seems to be some major discrepency on numbers.
" shows that cross-border transactions in Euro fell from 32.64% to 31.74%, a decline of close to 0.9%. On the other hand, the Chinese Yuan narrowed the gap reaching a high of 3.71% in September last month. SWIFT payments in the Chinese Yuan increased by 2.77% from the previous month in August 2023.
The Chinese Yuan is only second to the US dollar which climbed from 41.74% to 42.71% during the same period."
"The share of the Chinese yuan in trade settlements through the international payment system SWIFT in September rose to an all-time high of 5.8 per cent, allowing it to overtake the euro and become the second major currency in trade, Sputnik has calculated using the payment system’s data.
The US dollar remained the main trading currency in September with a share of 84.15 per cent and the euro ranked third with a 5.43 per cent share."
"The share of the Chinese currency in international payments increased from 4.82% in August 2023 to 5.8% in September, which is the highest in the last five years during which statistics are kept.
The dollar still retains the first place - in September its share in trade settlements was 84.15% compared to 83.95% a month earlier.
The euro ranks third most used currency in international payments. In September, its share decreased to 5.43% from 6.43% in August."
In summary, the Chinese Yuan is the second most used currency for trade settlements, but only the fifth most used when counting all SWIFT transactions.
manqiangrexue
Brigadier
But the conclusion of all 3 articles is that the Yuan had surpassed the Euro via SWIFT. It'd be horribly embarassing if, as @Maikeru said, one mathematically illiterate person thought 3.71 was more than 31.74, and wrote an article around it, but all these people could not have made the same mentally retarded mistake... right? I mean... did they all study math in Baltimore??
