ADVERTISEMENT
Africanian
  • News
  • News 24/7
  • Politics
  • Business
  • Health
  • Sports
  • Travel
  • World
    • US
    • Russia
    • Europe
    • Asia
    • America
  • Events
No Result
View All Result
Africanian
No Result
View All Result
Home World Asia

International Monetary Fund evaluates yuan’s share in global currency transactions

Experts said the increase in the yuan’s proportion and scale is an irreversible trend, as the influence of the currency grows along with the rise of China’s economic power.

in Asia, Business, News
Reading Time: 1 min read
0 0
0
International Monetary Fund evaluates yuan's share in global currency transactions
0
SHARES
Share on FacebookShare on TwitterShare via Whatsapp

Claims in Chinese yuan amounted to $336.1 billion in the fourth quarter of 2021, accounting for 2.79% of the total allocated foreign exchange reserves, the International Monetary Fund’s (IMF) survey showed on Thursday.

According to its Currency Composition of Official Foreign Exchange Reserves (COFER) data, the Chinese currency’s share has risen from 2.66% in the third quarter. By the end of 2021, the yuan was fifth in the COFER after the US dollar, the euro, the Japanese yen, and the pound sterling.

READ MORE: LILONGWE: Malawi signs MOU on BRI cooperation with China

IMF experts have attributed the share growth to China’s economic rise and the yuan’s internationalization. They said renminbi’s growth will speed up this year amid sanctions between Russia and the West, and the global financial chaos.

Data showed that more than half of all central bank currency reserves are still held in US dollars. However, the greenback’s appeal is gradually declining. Thus, in 2007, about 70% of all central bank reserves were in US dollars, with the number dropping to 58.8% by the fourth quarter of last year.

More

Green light for billion-dollar African vaccine fund

UK Publishes Emergency Bill to Greenlight Deportation Plan to Rwanda

HRW Urges Increased Mental Health Support in Ghana

READ MORE: Chinese, Zambian Foreign Ministers hold talks in Anhui

Meanwhile, the scale of foreign exchange reserves in yuan is also gradually increasing. In the last three months of 2021, claims in renminbi in foreign exchange reserves amounted to over $336 billion, up from $320.1 billion in the third quarter last year.

Source: RT

africanian

africanian

Africanian, an Africa news media portal.

  • Trending
  • Comments
  • Latest
China Presents its Version of the Invisibility Cloak

China Presents its Version of the Invisibility Cloak

December 4, 2023
The Synergy of African Innovation and Narrative Alchemy

The Synergy of African Innovation and Narrative Alchemy

December 5, 2023
Dreams Talks: Aiivon’s Impactful Journey in Empowering African Startups

Dreams Talks: Aiivon’s Impactful Journey in Empowering African Startups

December 1, 2023
Green light for billion-dollar African vaccine fund

Green light for billion-dollar African vaccine fund

December 8, 2023
UK Publishes Emergency Bill to Greenlight Deportation Plan to Rwanda

UK Publishes Emergency Bill to Greenlight Deportation Plan to Rwanda

December 7, 2023
HRW Urges Increased Mental Health Support in Ghana

HRW Urges Increased Mental Health Support in Ghana

December 7, 2023
Africanian

© 2020 - 2023. All rights reserved. The material (including, but not limited to, text, photos, multimedia information, etc.) published on this site is the property of Africanian News. Any use or republication of such content in any form without written authorization from AN is prohibited.

Follow Us

No Result
View All Result
  • News
  • Politics
  • Business
  • Health
  • Sports
  • Entertainment
  • Tech
  • Travel
  • World

© 2020 - 2023. All rights reserved. The material (including, but not limited to, text, photos, multimedia information, etc.) published on this site is the property of Africanian News. Any use or republication of such content in any form without written authorization from AN is prohibited.

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Log In

Sign In

Forgot password?

Don't have an account? Register

Forgot password?

Enter your account data and we will send you a link to reset your password.

Back to Login

Your password reset link appears to be invalid or expired.

Log in

Privacy Policy

Accept

Add to Collection

  • Public collection title

  • Private collection title

No Collections

Here you'll find all collections you've created before.