By Adam Sharp
The Daily Reckoning, Baltimore
Friday, April 25, 2025
The U.S. dollar remains the king of currencies. For now, at least.
The greenback's share of global foreign exchange reserves sits around 58%. However, back in 2000 the dollar was even more dominant with a 72% market share.
Meanwhile China's yuan only makes up about 2.2% of global forex reserves, but that's up from 1.1% in 2016. The currency's share of global payments is higher at around 4.7%.
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China's leadership is now making a push to grow the yuan's role as both a reserve currency and in payment. Specifically, the country is seeking to take advantage of recent U.S. bond market volatility.
"The recent soaring volatility in the U.S. Treasury market marks a watershed event," according to Yang Changjiang, a finance professor at a leading Chinese university.
Yang went on to say, via the South China Morning Post:
"We used to consider trade settlement as the key driver of the yuan's internationalisation, but now the focus has shifted to whether the yuan can serve as a safe-haven asset. This is an opportunity that we must seize."
The Chinese yuan as a "safe-haven asset"? That would be a surprising development, but a possibility worth paying attention to. ...
For the remainder of the analysis:
https://dailyreckoning.com/the-art-of-currency-war/ [2]
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