Renminbi (RMB)/Yuan Appreciation & Internationalization

tphuang said:

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This is how much RMB usage has increased in cross border payments. Keep in mind that I think this data does include interaction with Hong Kong, so maybe the actual number isn't as impressive. They do need to keep increasing RMB share

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I think it’s a wee bit deceptive because we should really remove trade with the USA from these numbers, what counts is the RMB share of non-USA trade, or in other words the RMB percentage in trade with the rest of the world.

And it would be even more interesting to remove EU and G7 countries so we can see the share of RMB usage with the non-west.

sunnymaxi said:

Exclusive -

China's CIPS (SWIFT competitor) did CNY 123 trillion (~$17 trillion) in business volume in 2023..

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Updated on CIPS

As you can see average daily volume hit 769.3B in June and has been above 700B for 3 straight months now.

I'm not sure if this is based on business days or all 365 days, but growth has been significant. But we could be at over 200T this year.

China is soaking up some physical gold with 1400 ton delivery out of global market of 4900 ton