Al Mayadeen English

  • Ar
  • Es
  • x
Al Mayadeen English

Slogan

  • News
    • Politics
    • Economy
    • Sports
    • Arts&Culture
    • Health
    • Miscellaneous
    • Technology
    • Environment
  • Articles
    • Opinion
    • Analysis
    • Blog
    • Features
  • Videos
    • NewsFeed
    • Video Features
    • Explainers
    • TV
    • Digital Series
  • Infographs
  • In Pictures
  • • LIVE
News
  • Politics
  • Economy
  • Sports
  • Arts&Culture
  • Health
  • Miscellaneous
  • Technology
  • Environment
Articles
  • Opinion
  • Analysis
  • Blog
  • Features
Videos
  • NewsFeed
  • Video Features
  • Explainers
  • TV
  • Digital Series
Infographs
In Pictures
  • Africa
  • Asia
  • Asia-Pacific
  • Europe
  • Latin America
  • MENA
  • Palestine
  • US & Canada
BREAKING
Iranian President Ebrahim Raisi upon receiving the Secretary of the Armenian Supreme National Security Council: We stress the necessity of resolving the issues between Azerbaijan and Armenia through dialogue
Iranian President Ebrahim Raisi upon receiving the Secretary of the Armenian Supreme National Security Council: We oppose foreign presence and interference in the Caucasus region
Egyptian President Abdel Fattah El-Sisi to the Armed Forces: Egyptians took to the streets after 1967 to demand that President Gamal Abdel Nasser stay in office, and this was the first step toward victory
Egyptian President Abdel Fattah El-Sisi: The death of President Gamal Abdel Nasser in 1970 dealt a major blow to the Egyptian people
Turkish Ministry of Defense: 22 targets were destroyed in air strikes in northern Iraq today
US President Joe Biden says he's worried that Republican infighting could hurt Ukraine aid
President Joe Biden urges end to "poisonous atmosphere" in US politics
Al Mayadeen's correspondent: Turkish forces hit the Qandil Mountains in northern Iraq with airstrikes under the pretext of targeting PKK sites
Al Mayadeen's correspondent in Gaza: Al-Quds Brigades will unveil new drones and rockets
Al Mayadeen's correspondent in Sanaa: Yemen Airways announces that on Friday it will resume its flights to and from Sanaa International Airport

Yuan jumps to fifth most traded currency: Report

  • By Al Mayadeen English
  • Source: The Global Times
  • 29 Oct 2022 10:53
  • x

The Chinese yuan shows the largest increase in market share since a 2019 survey.

  • The Chinese yuan shows the largest increase in market share.
    The Chinese yuan shows the largest increase in market share.

A report released by the Bank of International Settlements (BIS) showed that the Chinese yuan has moved up to the fifth-most traded position, in terms of total global foreign exchange turnover, with a market share of 7%.

The yuan's new ranking, which increased from eighth place in a 2019 survey, highlights the currency's appeal in the face of efforts to de-dollarize the world's economies and a general consensus among investors about the world's second-largest economy's promising future.

The trading in OTC FX markets reached $7.5 trillion per day in April 2022, up 14% from $6.6 trillion three years earlier and setting a new record high, as per the report entitled "triennial central bank survey of foreign exchange and over-the-counter (OTC) derivatives markets in 2022”. 

Following the war in Ukraine, there was "increased FX volatility due to changing expectations about the path of future interest rates in major advanced economies, rising commodity prices, and geopolitical tensions", the report added.

Related News

Putin says multipolar world must build solid economic underpinnings

Slovakia's Fico risks European expulsion for Ukraine stance

The Chinese yuan, which was on one side of 7% of all trades in 2022, up from 4% in 2019, showed the largest increase in market share since the 2019 survey.

Chief research fellow at the Sinosteel Economic Research Institute Hu Qimu said as quoted by The Global Times that countries are actively looking for alternative currencies to insure against financial risks as Fed interest rate hikes cause both advanced and developing economies' currencies to depreciate sharply. 

In this environment, the Chinese yuan, which saw relatively "moderate" value depreciation compared to other major currencies like the pound and euro, has emerged to become the trade settlement and foreign exchange reserves of more nations, Hu added.

"The yuan's expansion in the global market also reflects the global confidence on the outlook of the Chinese economy, which is underpinned by its position as the world's largest trading nation, its sound economic fundamentals and sheer market size," Hu stressed, as quoted by the Global Times.

Read more: Oil for Yuan a "big, bad thing", says Republican senator

  • Yuan
  • China
  • Ukraine
  • US
  • Russia
  • global markets

Most Read

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

BBC from the front lines in Ukraine: It's bad, counteroffensive failed

  • Europe
  • 28 Sep 2023
A Ukrainian soldier of the elite drone unit packs up after an attack on the front line in the outskirts of Kremennaya, Ukraine, Sunday, August 20, 2023 (AP)

Ukraine loses around 700 soldiers in one day: Russia MoD

  • Europe
  • 30 Sep 2023
Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

Who Would Ally with the West: ‘It’s Boring – The Real Excitement is in Asia’

  • Analysis
  • 30 Sep 2023
A child being treated in a makeshift ICU bed in California in 2023 (AFP via Getty Images)

Children are dying in US hospitals plagued with ill-prepared ERs: WSJ

  • US & Canada
  • 2 Oct 2023

Coverage

All
Morocco & Libya Disasters

Read Next

All
Over 60% of Americans believe 3rd political party needed
US & Canada

Over 60% of Americans believe 3rd political party needed

Slovakia's Fico ready to risk European expulsion for Ukraine stance.
Europe

Slovakia's Fico risks European expulsion for Ukraine stance

Iran to continue to abide by Nuclear deal terms is sanctions lifted
MENA

Iran to continue abiding by JCPOA terms if sanctions lifted: AEOI

Amphibians fall victim to climate change as they are brought closer to extinction.
Environment

Amphibians fall victim to climate change: Study

Al Mayadeen English

Al Mayadeen is an Arab Independent Media Satellite Channel.

All Rights Reserved

  • x
  • Privacy Policy
  • About Us
  • Contact Us
  • Authors
Android
iOS