Renminbi (RMB)/Yuan Appreciation & Internationalization

CMP said:

Indeed, the biggest accusers of completely false crimes certainly do deserve to be shielded from unproven accusations. Your position is clear.

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Blitzo said:

I understand your point, but this is not the place to do this kind of soapboxing and moral posturing.

By choosing to make that argument on this forum you're creating unnecessary animosity, because ultimately most people here still want to have constructive discussions where claims have at least some semblance of evidence rather than suspicion alone.

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CMP said:

Fair enough. If no evidence means no need for an accusation based on suspicion alone, then I guess all hidden acts leading to destruction must be assumed to be nothing more than unfortunate accidents. Poor China and it's self-collapsing mine shafts. I guess they're just bad at infrastructure and unlucky. I'll file this event in the same category as China's ASML EUV lithography machine that was under construction during Trump term 1 and spontaneously self-destructed with definitely and absolutely no human intervention at all, at just around the same time as when the US openly declared China was not allowed to have such nice things, ever. Adversaries of the West sure seem to wind up having a lot of accidents with strategic implications. Just bad luck I guess.

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Kenya Snags $215 Million in Savings After Chinese Loan Currency Swap​

• Kenya converted its Chinese railway loans from dollars to yuan, cutting annual debt-servicing costs by $215 million.
• The East African nation took $5 billion in loans from the Export-Import Bank of China for a standard gauge rail line, with about $3.5 billion still unpaid by June 2024.
• Analysts see Kenya's move as a potential precedent for other African nations, with some countries already issuing yuan bonds or taking yuan-denominated loans to explore alternative markets.

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Ethiopia in Talks With China to Convert Dollar Loans Into Yuan​

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External renminbi loans, deposits and bond investments by Chinese banks quadrupled to more than Rmb3.4tn ($480bn) over the past five years, as policymakers more aggressively pursue their long-term goal of reducing the centrality of the dollar in global financial flows.

Recent data from China’s State Administration of Foreign Exchange shows the external fixed-income assets of Chinese banks more than doubling over the past decade to more than $1.5tn, with the share denominated in renminbi expanding rapidly to almost $484bn at the end of June. This includes $360bn of renminbi loans and deposits, up from $110bn in 2020.

Similarly, the Bank for International Settlements estimates that overseas bank lending in renminbi to borrowers in developing countries rose by $373bn in the four years to the end of March. “The year 2022 marked a turning point away from dollar- and euro-denominated credit and towards renminbi-denominated credit” to such borrowers, the BIS said.

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It comes as Beijing has pushed the use of its own cross-border payments system, Cips, where the value of transactions has risen from a negligible amount a decade ago to more than Rmb40tn in every quarter since the start of last year.

Cips transactions have expanded even as the renminbi’s share of global payments on the Swift system has fallen. Bert Hoffman, a professor at the National University of Singapore’s East Asian Institute, said this most likely indicated a migration of payments to the Chinese system — furthering Beijing’s desire to move away from a dollar-based global monetary system to a multi-polar one.

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Indonesia Plans Debut Yuan Bonds as Dim Sum Issuance Hits Record​

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gelgoog said:

Time for South Korea to get rid of its USD, give them to Trump, and start using the RMB.

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