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The apparent expectation that China will eventually supplant the USA as an economic power has a long way to go. One obstacle is will democracies want to settle
by SCAQTony 8y ago
The apparent expectation that China will eventually supplant the USA as an economic power has a long way to go. One obstacle is will democracies want to settle their trades in the currency of a de facto dictatorship? Ostensibly, not yet.
According to SWIFT, when looking at domestic and cross-border payments the RMB share as an international payments currency is 1.61% percent. The activity share is lower, (0.98%) if looking at cross-border payments only. The Yen is used almost four times more.
file:///Users/tonyaustin/Downloads/swift_rmb_tracker_special_edition_january2018.pdf