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Financial survey: The Chinese yuan competes with the dollar and is heading to become a global currency


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Financial survey: The Chinese yuan competes with the dollar and is heading to become a global currency

Economie10:28 - 07/21/2021

 
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Follow - Mawazine News

A survey issued by the "Forum of Official Monetary and Financial Institutions" showed that the yuan could become a global currency, as about a third of the world's central banks plan to increase their reserves of the Chinese currency.
According to the Global Government Investor Survey, which is published annually by the Forum of Official Monetary and Financial Institutions, an independent think tank active in Britain and the United States, 30% of central banks plan to increase their holdings of the yuan over the next two years.
According to the "Forum", the yuan's share is currently equivalent to 10 percent of the foreign exchange reserves of central banks.

The survey showed that 20 percent of those banks plan to reduce their holdings of US dollars within two years, while 18 percent of them plan to reduce their holdings of euros.
According to the survey, central banks, sovereign wealth funds, and pension funds maintain a record level of assets of $42.7 trillion.

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