China Sends Strongest Indication Since 2022 to Curb Yuan’s Rise
China’s Yuan Value Set Lower than Expected China has established the daily benchmark rate for the yuan at a less favorable level than anticipated, indicating that the central bank is looking to curb its currency’s rise. The People’s Bank of China set the reference rate at 7.0733 to the US dollar, which is 164 pips […]
Worldwide goals driving the yuan’s consistent growth
Yuan’s Unexpected Rise Amid Trade Tensions November 25 – Despite facing a trade war, sluggish growth, remarkably low interest rates, and reduced foreign investment, the yuan has not only held strong but has actually marked its largest annual increase since the pandemic began in 2020. This subtle but steady appreciation of the yuan has led […]
Chinese yuan’s share in global payments reaches 3.17% in September
A recent release of SWIFT data highlights that the renminbi (RMB) made up 3.17% of global payments in September, which is an increase from 2.93% previously. Analysts suggest this reflects a growing trend in using the renminbi for cross-border transactions, signaling ongoing progress in its internationalization. A report from the Bank for International Settlements (BIS) […]