Here’s just how big a deal the China yuan was this year:
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In 2019, the Chinese yuan was no closer to replacing the dollar’s dominance in Asia, or anywhere for that matter. For comparison, the dollar’s share of global payments in 2019 was 39.3% in November 2017 and rose to 40.4% as of November 2019, according to SWIFT. Even though China’s numbers are nothing like that of the dollar, China’s currency is definitely used more than other longtime tradeable currencies like the Great Britain pound, the Japanese yen and the Swiss franc.
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