ICYMI, Reuters had this overnight:
That headline will get the de-dollarization folks all excited, but wait there’s even more!
- The yuan was used in 48.4% of all cross-border transactions (in China), Reuters calculated, while the dollar’s share declined to 46.7% from 48.6% a month earlier.
High fives all ’round? Maybe not, as buried down the bottom of the article is this:
- Data from SWIFT showed that the yuan’s share of global currency transactions for trade finance rose to 4.5% in March, while the dollar accounted for 83.71%.
The de-dollarisation folks are all too willing to make the jump from a piddling 4.5% to ‘it’s the end of the dollar!”. Sorry guyz, its not even close.
An earlier post on this:
