from Balaji | by Balaji

You can use a currency for finance. Or for trade. And that’s a different view of the world. Because China dominates global trade. And that’s how they’re quietly gaining. Despite no open capital account… RMB now beats EUR for trade invoicing. And is close to USD in this analysis. t.co/phSDYMZkYZ t.co/vQFCEacbE9

Everyone keeps saying how little RMB shows up in global portfolios. But that’s a finance-centric view of the world. A trade-centric view paints a completely different picture. Many now hold yuan to trade with China, despite no open capital account. t.co/ToFaVxV5jR t.co/OOqvPP50xo

I don’t want to see a digital yuan world. To have every transaction centrally tracked in that way by a hostile state is like slapping a digital dog collar on your neck. But that doesn’t mean I’m in denial about the fact that RMB is quietly gaining strength, and that we need… t.co/IHpPDxPccB t.co/fqHzGiWgJB