The Phaserl


US Corporations Dump Dollar for Chinese Renminbi to Buy Imports

by Eric Blair, Activist Post:

The U.S. dollar is being increasingly dropped as the currency for settling international trade. But perhaps the latest trend provides the most startling evidence yet that the dollar is doomed as the world reserve currency.

The Financial Times reported today that U.S. corporations are using the Chinese renminbi to buy imports over three times more than they had the previous year:

China’s renminbi is rapidly displacing the US dollar as a trading currency not only in Asia and Europe but now also in the US home market. 

The value of renminbi payments between the US and the rest of the world rose by 327 per cent in April this year from the same month a year ago (see chart) as more US corporations switched to using the Chinese currency to pay for imports from China, according to data from SWIFT, the international currency settlement firm.

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1 comment to US Corporations Dump Dollar for Chinese Renminbi to Buy Imports

  • Ed_B

    As the US has an official policy of keeping the prices of gold and silver as low as they can and thus the dollar stable at the price they want, so too do the Chinese have a policy that holds the value of their currency below its fair market value. Quite a few people are buying renminbi and holding it for an eventual re-valuation higher. While that could happen, there are a lot of moving parts in such an action. I’d rather hold gold and silver than ANY fiat currency, even the best of them.

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