withGlobalizationof accelerated development,CurrencyofInternationalstatus and share of payments became globalFinanceThe focus of the field. And the dollar as the main one in the worldReserve currencywithInternational** Main settlementCurrency, which is located inInternationalThe position in the payment market has been firmly at the top of the list. According to the latest data, the share of US dollar payments has exceeded 47%, and almost half of the country is controlled by the US dollar. This figure shows not only the strong position of the dollar, but also its global positionFinanceThe central position in the system. The share of US dollar payments of more than 47% not only indicates the high level of global dependence on the US dollar, but also reflectsFinanceThe market has wide recognition and trust in the US dollar.
The dollar's strength stems from its global strengthFinanceThe central role in the system. As the world's largestEconomybody of the United States, itsEconomyStrong strength for the worldEconomyIt also has an important influence. The United States as the world's majorReserve currency, its reserve function makes the global countries have a high demand for the dollar, which is also the dollarInternationalOne of the important reasons for the high share of the payment market. In addition, the dollar asInternational** Main settlementCurrency, which facilitates the progress of the world's **. ManyInternationalwithInvestmentsTransactions are based on the US dollar, which makes the US dollar an indispensable global medium.
In addition to its central position and the convenience of being global, the US dollar has been able to secure its top spot, thanks to the United StatesEconomystrong development. The United States is the world's largestEconomybody, itsEconomyThe growth rate and strength have a certain advantage in the world. The United States is strongEconomystrength as well as globalEconomyprovides a solid foundation for the stability and strength of the dollar. Investmentsand market operators against the United StatesEconomyIt also makes them more willing to choose US dollars for payments and transactions.
In contrast to the strong position of the US dollar,EurosInInternationalThe share of the payments market is declining. EurosAs the second largest in the worldReserve currencyand importantInternational settlementCurrencyInInternationalThe payment market has always played an important role. However,EurosThe share of payments is currently declining. There are multiple reasons behind this phenomenon.
First of all, EuropeEconomyThe relatively slow rate of growth has affected this to some extentEurosof attractiveness. with the United States and other major onesEconomybody compared to EuropeanEconomyThe growth rate is slower, which leads toEurosofInternationalThe share of payments is relatively low. Investmentsand market operators are more inclined to chooseEconomyThe stronger the countryCurrencyto make payments and transactions.
Secondly, the ECB is relatively accommodativeCurrencyPolicy may affectInvestmentsYesEurosconfidence. The ECB in order to stimulate EuropeEconomydevelopment, taken a series ofCurrencyEasing policy. However, too looseCurrencyPolicy can trigger inflation andEconomyrisk of instability, which can lead to:InvestmentsYesEurosconfidence declines, choose other stableCurrencyMake a payment.
In addition, political uncertainty within the EU is also an influenceEurosOne of the factors that pay the share. For example, the Brexit incident has attracted global attention, and this event is not only for the United KingdomEconomyhas had an impact, and it has also had an impact on the overall stability of the European Union. ForInvestmentsand market operators, the political instability of Europe is likely to reduce their interest in EuropeCurrencyconfidence, thus choosing others to be more stableCurrencyMake payments and transactions.
Relative to the dollar andEurosInInternationalPayment market,RMBAlthough its share is relatively small, its performance has attracted much attention. AlthoughRMBInInternationalThe share of the payments market is relatively small, but its growth momentum cannot be ignored. According to the latest data,RMBofInternationalThe share of payments was 36%, and it is expected to increase in November. This growth trend reflects ChinaEconomyrapid development as wellRMBInternationalThe effectiveness of the strategy.
RMBInInternationalThe rise of the payments market is due to a number of factors. First of all, ChinaEconomyThe rapid growth and expansion of the foreign ** forRMBofInternationalUse provides a wide range of space. China is the second largest in the worldEconomybody and global manufacturing hubs, itsEconomyThe strength and influence are gradually increasing. China is currently the world's largest importer and exporter, and its foreign scale is hugeRMBofInternationalPayments offer a broad market demand.
Secondly, China is actively promotingRMBInternationalThe strategy has also been promotedRMBInInternationalUse on the market. China** has adopted a series of reforms and policy initiatives, such as the establishment of offshoreRMBMarket, launch cross-border**RMBSettlement pilots, the signing of bilateral local currency swap agreements, etc., actively promotedRMBofInternationalUse. These measures have given a strong impetus to thisRMBofInternationalIncrement in the share of payments.
In addition,RMBJoinInternationalCurrencyOrganizationsSpecial Drawing RightssdrCurrencybasket, also elevated its actionsInternationalReserve currencystatus. sdrCurrencyThe basket is made up of dollarsEuros, British pound, Japanese yen andRMBcomposed of whichRMBThe accession marks itsInternationalRise in status. AssdrCurrencyA member of the basket,RMBofInternationalCurrencyStatus was obtainedInternationalWidespread recognition in society, which further boostedRMBInInternationalThe rise in the payments market.
In general, the dollar is inInternationalLeadership in the payments market remains solid, whileEurosAlthough there is some downward pressure, it is still the main oneInternationalCurrencyOne. At the same time,RMBInInternationalAlthough its share in the payments market is small, its growth is indicative of its potential and importance.
Looking to the future, with the globalEconomyChanges in the pattern and the strengthening of the trend of multipolarizationRMBInInternationalThe role in the payments market is likely to become even more prominent. ChinaEconomyThe continued rapid development of the will promoteRMBofInternationalThe use is gradually expandingRMBInternationalThe share of payments is expected to continue to grow. In addition, with the ChineseFinancefurther opening of the market andInternationalThe degree of improvement of the degree,RMBofInternationalThe position will also be further strengthened. However,RMBInInternationalThere are still some challenges in the payments market.
First of all,RMBInternationalThere are still a few things to overcome in the implementation of the strategyMarket barriersand obstacles to the legal system. InternationalInvestmentsYesRMBThere is still room for further improvement in the degree of trust and use. Secondly,RMBdomestic capital control and exchange rate control policies are also a challenge. RMBThe degree of free convertibility is relatively low, which restrictsRMBInInternationalFree circulation and use in the market. China** needs to move furtherFinanceThe opening and reform of the market, the reduction of capital controls and exchange rate controls, and the increaseRMBof mobility andInternationalUsability.
In addition,RMBstability andInternationalThe market is rightRMBTrust is also an important factor. RMBThe stability is forInvestmentsand market operators, they need to believeRMBThe value can remain stable and not affected by external fluctuations. China** needs to continue to strengthenCurrencyThe stability and transparency of the policy is improvedRMBofInternationalCredibility.
Finally, globalFinanceCompeting with the payment system is also a challenge. In addition to the dollar andEurosThere are other emerging marketsCurrencyand numbersCurrencyInInternationalThe rise of the payments market. RMBneeds to be with othersCurrencyand payment methods to continue to enhance its global competitiveness.
In general,RMBInInternationalThe share and position in the payments market is gradually increasing, but there are still some challenges. China needs to continue to promote reform and opening-up, and optimizationFinancemarket environment and policies, improvedRMBofInternationalAvailability and competitiveness. Looking to the future, with ChinaEconomyThe continuous development andFinanceThe opening of the market,RMBHopefullyInternationalPayments play an even more important role in the market. This is important for the impetus of ChinaFinanceReform and GlobalFinanceThe diversified development of the system is of great significance.