RMB to gain market share amid the global dedollarisation – ANZ

FXStreet Insights Team FXStreet

RMB has gained significant market share in global payments. Economists at ANZ Bank analyze RMB internationalisation.

New internationalisation opportunity for RMB

As of Q3 2023, RMB has surpassed USD to become the top currency in China’s cross-border payments. It has also replaced the Euro to become the second-largest currency in the global trade financing market.

RMB debt financing is the biggest driver behind the rising use of RMB. Many borrowers, including sovereigns and corporates, have started replacing their USD debt with RMB.

Chinese authorities are happy to export RMB despite concerns related to capital outflow. Looking forward, we expect RMB to gain market share amid the global dedollarisation.

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FXStreet Insights Team

FXStreet

The FXStreet Insights Team is a group of journalists that handpicks selected market observations published by renowned experts. The content includes notes by commercial as well as additional insights by internal and external analysts.

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