The entire globe is currently witnessing a major shift. The US dollar seems to be taking a backseat…

The entire globe is currently witnessing a major shift. The US dollar seems to be taking a backseat while several other currencies are emerging as global currencies. The Chinese Yuan is a perfect example of the same. Amidst de-dollarization efforts, trade wars, and tariff truce, China was seen pushing the usage of its currency. More recently, Pan Gongsheng, the governor of the People’s Bank of China (PBOC) was seen endorsing the Yuan for global usage.

JUST IN: China Central Bank says it will promote the international use of the Yuan.

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Is The Chinese Yuan Emerging As The Next Global Currency?

The internationalization of the Chinese Yuan is taking place in full swing. The PBOC was seen leading this move. The governor of the Chinese central bank stated that the country would promote the international use of the Yuan.

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It should be noted that the PBOC has already been doing so through UnionPay. The bank is using this financial services company to facilitate cross-border yuan payments in nations like Vietnam and Cambodia. By allowing the Southeast nations to use the QR code technology to simplify yuan transactions for visitors and small enterprises, UnionPay is guaranteeing a better yuan usage technique. A recent report claims that the QR-code payment system is now available in about 30 non-Chinese nations.

Furthermore, China could already be ahead in its efforts to push the Yuan as a global currency. In Q1, swap lines cleared 4.3 trillion yuan, setting a record for cross-border payments in the local currency.

In addition, the de-dollarization initiative is garnering a lot of steam. Several nations were seen coming together to bring down the reliance on the US dollar. More recently, the country’s President Xi Jinping was spotted traveling across Southeast Asia. His official visit is characterized by a well-thought-out agenda that helps the country advance its incorporation of the Chinese yuan while also fostering strong connections with the ASEAN nations.

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