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A study by a $1.5 trillion asset management firm has revealed that central banks are reducing their U.S. dollar holdings while seeking to increase Chinese yuan holdings.
A Zhongshan official stated that in 2022, the total Zhongshan-Macau imports and exports amounted to 1.238 billion Chinese yuan, with 157 newly established Macau companies, representing USD39.67 million on investments.
Russia is easing its dependence on the U.S. dollar and quickly growing reliant on the Chinese yuan, which could turn out to be either a boon for Moscow or a substantial risk, experts warn.
The Chinese yuan witnessed its prominence rise in Russia lately.
The collapse of the renminbi continued this week ahead of major economic events in the US and China. the couple US dollar / Chinese yuan It rose to 7.15 on Tuesday, the highest level since November last year.
Source: https://www.baltimoregaylife.com/usd-cny-renminbi-is-ahead-of-china-and-us-news/
The inclusion of the Chinese yuan in the International Monetary Fund’s (IMF) Special Drawing Rights (SDR) basket of currencies in 2016 was a significant milestone in this endeavor.
Source: https://www.chiangraitimes.com/news/chinese-yuan-surpasses-euro/
They will also pay a purchase price of $2.856 million in Chinese yuan.
Source: https://investorplace.com/2023/08/why-is-datasea-dtss-stock-down-36-today/
Tightening up offshore yuan liquidity effectively raised the cost of shorting the Chinese yuan, as indicated in rises in offshore yuan tomorrow-next forward points, two of the sources said.