With the end of the Fed's interest rate hikes, the worldFinanceThe market is in turmoil,InternationalCurrencyThe payments market has also ushered in major changes. In NovemberInternationalCurrencyIn the payment data, the US dollar still occupies the largest position in the worldCurrencystatus, accounting for 47%, but a slight decrease compared to recent years. However, the dollarInternationalThe position will be difficult to shake in the short term, and although some countries have begun to adopt "de-dollarization" measures, there is nothing else yetCurrencyIt has the power to replace the US dollar.
However, the euro is the second largest in the worldCurrency, itsInternationalCurrencyThe share of payments has fallen sharply over the past year, from more than 30% to 229%。It was once believed that the euro was the most powerful alternative to the dollarCurrency, but after a series of experiencesFinanceAfter the crisis and the impact of the US dollar's interest rate hikes, the euro is significantly less competitive than before. The GDP created by more than 20 countries in the European Union is not comparable to that of the United States, but is thrown behind by the United States.
At the same time,RMBInInternationalThe payments market is showing some momentum. In November,RMBofInternationalThe share of the payment was increased from 3 in October6% to 46%, a record high, and managed to surpassJapanese YenBecome the fourth largest payment in the worldCurrency。However, it is puzzling why, in terms of GDP as a proportion of GDP, China accounts for 18% of the world's GDPRMBInternationalThe payout share is only 46%？
Experts point outRMBIt is likely to be underestimated. China is already the world's largest country and the world's largest largest surplus country, but the above data is released through the US-led SWIFT system. The settlement with some countries has not passed through the system, such as Russia, which has been sanctioned by Europe and the United States, and most of them are settled in their own currency. At the same time, China and Brazil, Argentina,Saudi Arabiaand other countries have reachedCurrencyswap protocols and adopt them graduallyRMBProceed with ** settlement. In addition, China has formedRMBThe Cross-Border Payment System (CIPS) has covered more than 4,400 businesses in more than 180 countries around the worldBanksInstitution. Therefore,RMBofInternationalIt is of great significance.
RMBGraduallyInternationalThe stage is not only influenced by external factors, but also thanks to ChinaEconomyThe rapid rise of the world and the trend of the world's most important center of gravity are constantly shifting to China. InInternational**Medium,RMBThe share is getting bigger and bigger.
First of all, the best relations between China and Russia continue to strengthen. After Russia was sanctioned by Europe and the United States, it was not possible to settle through the SWIFT system, so most of them were takenRMBMake a payment. In the first 11 months of the year,China and Russia** exceeded $200 billion for the first time, up 26% year-on-year. China's exports to Russia have soared by 50%, it is expectedChina and Russia** The amount is expected to reach $240 billion and is expected to hit the $300 billion mark.
Secondly, China withSaudi ArabiaInter-Arab cooperation is also getting closer. As the world's largestOilCountry of Origin,Saudi ArabiaArabia is frequentInvestmentsChina, and greatly increase the number of contacts with China. In addition,Saudi ArabiaThe Arab Republic of China has adopted local currency settlements, bypassing the US dollar and impacting the US dollar's status.
In addition, China's cooperation with countries along the Belt and Road has also played an important role. A number of countries have signed local currency swap agreements with China and are gradually adopting themRMBProceed with ** settlement. At the same time,RMBThe construction of the Cross-Border Payment System (CIPS) is also availableRMBInternationalprovides strong support.
In general, despite the fact that the dollar is globalCurrencyThe payment market still dominates, howeverRMBAs the fourth largest payment in the worldCurrencyis gradually rising. China has taken a variety of measures to promote itRMBInternationalprocess, and has already achieved certain results. AlthoughRMBofInternationalIt will take time and effort, but it is believed that with China'sEconomyThe strength continues to increase and the global pattern changesRMBInInternationalThere will be more room for development on the stage.
In the context of great global changes,InternationalCurrencyThe payments market is undergoing a transformation, for:RMBOpportunities and challenges coexist. Judging by the data, despite the currentRMBInInternationalThe share of the payments market is relatively low, but there are still many positive signals. First of all, ChinaEconomyThe rise of the world and the shift of the global center of gravity to China areRMBInternationalprovides strong support. Secondly, China has a lot of cooperation with many countriesFinanceThe cooperation in the field is deepening, forRMBThe use of the provides more opportunities. In addition, China built independentlyRMBThe Cross-Border Payment System (CIPS) is also availableRMBInternationalThe process of industrialization has brought new impetus.
However, to achieveRMBInInternationalThe growth of the payment market still faces some challenges. First of all,RMBofInternationalMore is neededInternationaltrust and cooperation, especially in theFinanceField. Secondly, it is necessary to strengthenRMBThe stability and credibility of the proceedsFinanceReform and opening up of the market. In addition, more should be promotedInternational**Settlement adoptedRMB, raisedRMBUsage.
In my personal opinion,RMBAs the fourth largest payment in the worldCurrencySome progress has been made, and we should be proud of that. But at the same time, we should also continue to work hard for:RMBofInternationalto make more contributions. StrengthenInternationalCooperate to drive more ** andFinanceCooperative adoptionRMBThe settlement raisesRMBShare of the global payments market. At the same time, keep pushingFinanceThe reform and opening up of the market has been improvedRMBstability and trustworthiness. Only by continuous efforts can we makeRMBInInternationalPlay a bigger role on the stage and achieve a higher levelInternationalChange.