The saudis are sending out all the right signals.
Renminbi (RMB)/Yuan Appreciation & Internationalization
- Thread starter supercat
- Start date
supercat
Major
In January this year and late last year, global investors bought a record number of yuan assets.
I guess it's official, Russia's NWF will only keep reserves in Yuan, Gold and RUB. No more Euros. Now, China just needs Russia to run budget surplus again to build up Yuan reserves.
As for how Yuan is being used in Russia, I think this is interesting
As for how Yuan is being used in Russia, I think this is interesting
So basically, China is taking over from Western suppliers in the Russian market. And all the trades are being conducted in Yuan, so Russian companies also need to keep large quantity of Yuan around. Hence all the tradings. I wonder if Russian gov't will in the future just carry out all the payment of gases in RMB, since it needs more RMB to pay for all the Chinese products.
Cambodia looking to join CIPS. I'm assuming they are just referring to Cambodian banks here.
And just generally, trade with Cambodia should be done in RMB
More RMB debt that can be invested into from HK.
And just generally, trade with Cambodia should be done in RMB
More RMB debt that can be invested into from HK.
CIPS settlement is up 50% since the Ukraine war has started. This shouldn't surprise anyone, but it's also starting from a low base. One thing to note is that stats about RMB usage in cross border settlement may not be accurate since they may not include CIPS.
Iraq to start importing from China in Yuan. This is a very logical step for any country that is low in USD reserves and has access to Yuan. And hopefully, Chinese central bank will make Yuan available to more countries. There is some risks here, since you end up being stuck with other countries' currencies that will likely depreciate.
In 2021, China exported close to $11 billion of goods to Iraq, so it's not insignificant if a large quantity of this gets quoted in RMB going forward.
In 2021, China exported close to $11 billion of goods to Iraq, so it's not insignificant if a large quantity of this gets quoted in RMB going forward.
A simple solution for Iraq is to accept RMB for their oil sales.