The Start of De-Dollarization: China’s Gradual Move Away from the USD
“In the first few months of 2010, settlements in local currency accounted for less than 1.0% of China’s cross-border payments, compared to approximately 83.0% in USD.
China has since closed that gap. In March 2023, the share of the RMB in China’s settlements surpassed the USD for the first time.”
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