Kunpeng Project
The latest ranking of currency payments by country: the yuan fell to 466, the euro rose to 23, what about the yuan?
At the end of February, the World Bank's Institute for Financial Telecommunications released the first worldwide currency delivery ratio of the year, which shows the extent to which the share of sovereign credit currencies in each country will reach by January 2024.
The 5 most popular currencies are the Chinese Yuan, the Euro, the British Pound, the Chinese Yuan and the Japanese Yen. Friends who often look at the proportion of international currencies will definitely have this feeling, for a long time, the renminbi has been the fifth largest existence in the world, why did it surpass the yen and become the fourth?
In fact, this feeling is incorrect, or rather lagging behind, in fact, for the past three months, the yuan has been ahead of the yen, let's first look at the proportion of the first two.
In January, the yuan remained the world's largest currency, contributing 4664%, nearly half, while in November and December, the proportion was 4708% and 4754%。
Many people believe that the yuan should replace the yuan, but this is not so easy, because the "little brothers" around the United States are die-hard loyalists of the United States, and it is impossible for them to give up the yuan accumulated over the years, so whether it is out of respect for the United States or out of consideration of their own interests, most countries will maintain the identity of the yuan and use it as a settlement tool for various international currencies.
Compared with the yuan, the euro, which was originally ambitious to compete with the hegemon, seems to be a little inadequate.
By January 2024, that number is 2302%, this number is 061, up from 22 in December41%, but not comparable to a few years ago. For example, in October 2020, the euro accounted for a whopping 3782%, and in the same month, this figure surpassed the yuan (37.).64%), temporarily occupying the world's largest payment ratio.
Why has the euro depreciated so much in the past two years? The roots of this problem lie in the United States. Europe's economy is much more fragile than the United States, which has caused the eurozone's two largest economies to be in recession.
Germany's GDP will grow at 0The rate of decline is 3%, while France's GDP is 09 percent, and zero growth in the fourth quarter of last year, with both countries growing far behind the United States. The formation of the exchange rate depends on the economy behind it, and the general weakness in Europe makes it "impossible for the euro to rise".
In addition, Russia was formerly an important energy ** member of the European Union, but it also imported a lot of goods from Europe, and most of them were euros. At the instigation of the United States, European countries followed suit and suppressed Russia, resulting in a serious decline between the two United States, and the euro lost its main use.
One thing is certain, and that is that in the next few years, it will be difficult for the euro to challenge the dominance of the yuan in 2020, as it has done in the past.
Having said and the euro, look at our RMB.
In the first month of the year, in the worldwide payment market, with 451%, ranking fourth. As mentioned earlier, over the past period, the yuan has lagged behind Japan, but in November it overtook Japan and took fourth place, and for three months in a row.
In a previous article, I made the view that a country's currency, as the settlement center of the world, should not be measured in just one month, but in six months. Now, three months later, the renminbi still retains its position in fourth place and has become the fourth largest payment currency in the world.
In the future, will the renminbi once again overtake the pound, which is in third place? I think it's very likely, and there are several reasons for this.
First, China's economy provides strong support.
Unlike Europe, China's economy is still growing rapidly, with GDP expected to reach 52%, which is likely to exceed 5 percentage points in 2024. A strong economy provides a good environment for promoting and utilizing the yuan, and hopefully with China**, no problem, as long as you can use it to make payments.
Second, we are working hard to promote the internationalization of the renminbi.
In recent years, China has continued to increase its international influence, and it is inseparable from this initiative to promote its internationalization process. China has signed foreign currency exchange agreements with many countries, and signed agreements with some countries in the exchange with the renminbi as the settlement currency, which is of great significance to promoting the use of renminbi in China.
Third, strengthening relations with Russia is of great significance to the internationalization of the renminbi.
China has taken advantage of the tensions between Russia and Europe and the United States to deepen economic cooperation with Russia, and it is expected that by 2023, the total volume of our imports and exports to Russia will reach 169 trillion, an increase of 33% over the same period last year. A considerable part of such a high ** amount is carried out in yuan, and in the future we can put some effort into this aspect, so that we can conduct more transactions with Russia.
Spending rose steadily from less than 2 percent in January to 4 percent in January, more than doubling in a year. If in the past year, the UK will have 71% of payments, down from double a year ago, when the world's third-largest payment currency will change hands.
This is just my own opinion, please pay more attention, like, your attention is the biggest encouragement for my creation!