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bloomberg | Yuan Overtakes Dollar as China's Most Used Cross-Border Currency, 26 Apr, illustrated
The local currency's share of China's cross-border payments and receipts rose to a record high 48% at the month end from nearly zero in 2010, according to research by Bloomberg Intelligence citing data from the State Administration of Foreign Exchange [of China]. The dollar's share declined to 47% from 83% over the same period, the figures showed.
archived I am not going to recall the many times I've duly noted SWIFT, CIPS, SFPS, UPI "messaging systems" and onshore | offshore FX value disclocations, EME banks that have established settlement in local currencies for trade in commodities, including but not limited to, gas and petroleum products since PUTIN's FULL-SCALE INVASION OF UKRAINE. I'll cut to the quick in this story.
The ratio is calculated based on the volume [Q] on all types of transactions, which includes securities trading through the links between mainland China and Hong Kong's capital markets. It doesn't represent transactions used by the rest of the world -- the yuan's share in global payments was little changed at 2.3% in March, according to SWIFT
which cannot track bi-lateral interbank "transactions used by the rest of the world", if EME regulators choose not to report to localized settlements to SWIFT regulators. This data point is a useless metric; it doesn't even express economic value:volume, eg. USD inflation. G7 has lost the plot of their own demise. No wonder they've dispatched shylocks compliance officers to intimidated borrowers who accept "discounts". Further, the more EME allocations of reserve currencies diversify and grow, the less likely their central banks will utilize SWIFT. A decade from now, EME odious debt service will be the only use for SWIFT and WB/IMF credit checks.  
archived April 2023 price cap mania never accepts failure
by Cat on Wed Apr 26th, 2023 at 07:43:36 PM EST

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