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>The number of bilateral transactions using the Chinese currency grew by a third in July to 53% from 40% in the same month in 2021. In 2010, 80% of outbound Chinese trade was conducted in dollars, the FT reported, but that figure has halved since Western sanctions on Russia went into effect. Over the same period, outbound trade in yuan has grown from almost zero to more than half of all transactions.
>Brazil, Iran, Pakistan, Nigeria, Argentina and Turkey have also agreed to conduct more yuan trade. In Iran's case, heavy Western sanctions have forced Tehran further into China's sphere of influence. Chinese refiners bought 90% of Iran's exported oil last year, tanker-tracking data from trade analytics firm Kpler showed. Iran receives payments in yuan for its oil via small Chinese banks.
>Chinese Yuan is now up to 7% of all transactions globally, surpassing the Euro.
>Its latest COFER report shows that in the first quarter of 2024, the share of USD sits at $6.77 trillion—54.8 percent of the total official foreign exchange (FX) reserves of $12.35 trillion, or 58.9 percent of allocated FX reserves where currency breakdowns having been reported to the IMF. This is a noticeable fall from the 71 percent share for USD in 2001.
>Gold holdings, valued at market prices, account for 15 percent of global reserves. As a consequence, the share of the USD in total global reserves including gold would fall to 48.2 percent—instead of 54.8 percent of global foreign exchange reserves.
This is the first time since it became the reserve currency that the dollar is lower than 50% of all world bank reserves