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szaba_the_hut

14,117 Posts.

705

07/04/23

08:12

Post #: 67181559
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Originally posted by TillLindemann: ↑

Some (not all, not even close) trade between Brazil and China specifically, and Saudi and China specifically will be in RMB, in time, rather than USD.

But even if all trade between Saudi and China, and Brazil and China, immediately converted to RMB. The total annual trade that would cover would be about $200 billion (incidentally, notice how the dollar is the default in discussion, 99% of people would have no idea what 200 billion of RMB is).

Total annual global trade is approx 35 trillion.

So the deals announced to great fanfare on hotcopper this week by CCP fans, may nudge up the RMB from 3% of global trade, to a whopping 3.05% of global trade.

The yuan may have slightly better prospects than the imaginary never-to-exist BRICS currency some on here are excited about. But for the foreseeable future it will remain absolutely insignificant in relation to the dollar (or indeed the euro).

@szaba_the_hut

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how many times since the 2nd world war has 3% of global trade shifted away from USD in a week?

RF and China trade is not done in USD btw

RF and India Trade is not done in USD

Iran and China Trade is not done in USD

The recent China gas trade trade with French company TOTAL was not done in USD

I think we might be a little more than 3% perhaps?
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