China?s currency just overtook the once almighty yen and became the 4th biggest currency after the dollar.
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China?s currency just overtook the once almighty yen. SWIFT, the international payment system, must now use the yuan, which has become the 4th biggest currency after the dollar, the euro and the Swiss franc. Long considered speculative, the ?renminbi? seems to be undergoing a full transformation. Such volumes of transactions make it attractive to alternative investors in search of refuge values. While the torments suffered by the rouble and the Russian economy are causing major tremors to shake financial markets, the yuan?s stability at this time has proven to be quite revealing.
The monetary resilience of China has certainly done the trick for the country?s authorities. It has concentrated its efforts on encouraging and pushing for more international business transactions to be made in yuan for over 20 years now. Its currency?s recognition now seems to be established. Very ambitiously, China aims to transcend SWIFT ? from which Russia has just been ostracised ? to be no longer dependent on this network that the West controls and avoid one day suffering the systematic demolition of its economy, as Russia has. This is why for many years it has been working tirelessly to install and improve its own concurrent international payment system for the renminbi ? Cro...