Renminbi (RMB)/Yuan Appreciation & Internationalization

Michaelsinodef

Senior Member
Registered Member
It really can't. Africa is far more diverse and it doesn't have single government, in short the dynamics are different.
China is also very diverse, culture, language (well, dialect, but it can get so 'bad' that people can't understand each other despite talking the same language), terrain (mountains, deserts, forests etc.).

Not to mention regional governments that actually hold quite a lot of power and ability to decide stuff themselves.
 

FairAndUnbiased

Brigadier
Registered Member
I'm comparing living standards across the board, I'd rather preferred to live in Abidjan, Ivory Coast in the 1960's than Beijing for example. I don't think the rural areas in China back then were even much better if at all. I see people comparing countries to a continent and it's laughable. We like to get at western media propaganda, we shouldn't fall for the "all of Africa is the same" narrative. Couldn't be farther from the truth.
Uh thats what I said. Rural China was indeed not much better than rural areas in much of sub-Saharan Africa until the 1960s and 70s due to central government literacy and health campaigns.
 

Africablack

Junior Member
Registered Member
China is also very diverse, culture, language (well, dialect, but it can get so 'bad' that people can't understand each other despite talking the same language), terrain (mountains, deserts, forests etc.).

Not to mention regional governments that actually hold quite a lot of power and ability to decide stuff themselves.
China is nowhere near as diverse as the African continent.
 

luminary

Senior Member
Registered Member
@KingKong9888
I just had dinner with a mainland China economist who is “in the know” with the “higher powers” in China. This is what he told me:

Since the FED started aggressively hiking rates, China has commenced a program where it lends US Dollars to Global South countries (who lack US dollars) but demanding Yuan/RMB as payment for those loans.
Great opportunity here.

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Modern Diplomacy
 

tphuang

Lieutenant General
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interesting
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China announced on Friday, in very low-key terms, that it will launch direct trading of its currency, the yuan, with the riyal of Saudi Arabia and also with the dirham of the United Arab Emirates. This now brings the total number of foreign currencies that are permitted to trade direct with the yuan to 16 according to the China Foreign Exchange Trade System (CFETS). Direct trading helps to lower exchange costs and to facilitate bilateral trade and investment.
directing currency trading bw RMB and AED and Saudi Riyal

The latest development with direct trading between the yuan and riyal would suggest in our opinion that we are likely to see future oil sales between China and Saudi Arabia settled in yuan, which would represent a serious blow to the petrodollar. In July, Saudi Arabia became China’s top crude supplier with imports to China rising 12 percent month-on-month to 1.1 million barrels a day in June, the highest since February.

i don't want to go further with this author's speculations. Let's just wait and see what happens. Certainly, Saudi Arabia also making steps to use SHPGX or SH INE would be a big step forward for RMB
 

sunnymaxi

Captain
Registered Member

sunnymaxi

Captain
Registered Member
According to SWIFT, RMB surpassed euro in the global currency in trade finance market, reaching 5.8%, becoming the world's 2nd largest trading currency..

Image


Note - This is data only from SWIFT. didn't include CIPS data.
 

tphuang

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Related to this topic.

E-CNY pilot between China and Singapore

As well as remittance linkage bw Singapore banks and UnionPay. btw, UnionPay is already accepted everywhere in Singapore. Same with Alipy and WeChatPay.

I'm not sure how much this add to things

Other items here are basically just more cooperation between SGX and SSX and GFEX. The former makes sense. The latter, GFEX isn't exactly the large future exchange in China
 

sunnymaxi

Captain
Registered Member

The People's Bank of China (PBOC) and the National Bank of Serbia have signed a memorandum of understanding (MoU) on establishing yuan clearing arrangements in Serbia, the PBOC said in a statement Monday...


The People's Bank of China, China's central bank, announced on Monday that it has authorized the Bank of China Phnom Penh Branch to be the clearing bank for renminbi (
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) business in Cambodia...
 
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