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Chinese Yuan Edges Out Euro as Second-Most Used Currency in Global Trade
- david927 3y agoGlacial changes. Slow but absolutely massive. And I think we'll see it overtake the dollar in the not-so-distant future.
- JPLeRouzic 3y ago5.8% versus 84%, there is still a lot of work to do before overcoming the Dollar.
- verdverm 3y agoWho's going to put their trust in the Yuan and CCP when they actively cap their best performing companies and jail their proprietors? The investment mood has changed on China, a lot more risk is now assumed. Notably, India recently declined to buy Russian oil in Yuan, sticking to Rupies
- local_crmdgeon 3y agoThis century will belong to India. China has made too many enemies.
- Reubend 3y agoWhen it comes to capturing a large share of the global economy, I think India is its own worst enemy.
- verdverm 3y agoIndia is playing both sides, not acting like a leader of the free world. They need to lose the caste system and stop buying Russian gas. That would be a start, but more beyond that if this century "were to belong" to them. I think the idea of a century belonging to one country is ludacris.
- callalex 3y agoUnless they fall apart internally by leaning too hard into religious facism.
- eynsham 3y agoEven if religious fascism doesn't lead to disintegration (and it might not—the inherited steel frame is quite strong), it is still a tremendous distraction from economic development, for voters, baboos, and politicians alike.
- thedudeabides5 3y agoYeah, right after they deal with the pesky Balance of Payments crisis should be off to the races. Convertibility will help. As will political change that sees a lot less disappearing bankers/politicians.
- josefresco 3y agoThere are bad graphs and then there's this: https://img.caixin.com/2023-10-31/169875090919714.jpg https://img.caixin.com/2023-10-31/169875090919714.jpg - That Y axis is something else!
- CobaltFire 3y agoHonestly this axis is pretty good. It's scaled for easy reading, the scales are identical for both, there's not logarithmic or power scaling going on, etc. A fixed jump, solidly different colors that aren't TOO associated with normal western biases (red bad, green good; this is pastels so somewhat escapes that), scaling accurately without visual tricks. For this data this is a really good graph. Read some Edward Tufte or the like to get an idea of what bad and good visual displays of information look like.
- jdlyga 3y agoBeijing, Shanghai, Hangzhou, and most of the Chinese east coast are first class, first rate cities with a very high standard of living and modern infrastructure. You'd think you were in Japan, South Korea, or the US. It's really come a long way since the 1970s. It's not at all as I pictured it growing up. It does get poor outside the cities however. It does have its issues that we all know about. But in terms of appearances, it's 9/10 at least. And if you think about it, it makes a lot of sense. China has almost always been a power base through its entire history.