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In international payments & settlement, the Chinese Yuan has recorded its highest value under capital account share in the month of March. As per the financial experts, this happened due to the internationalization of the Chinese currency, which is actually a result of the high preference to cross border investment over trade.
According to the reports from the State Administration of Foreign Exchange, Forex regulator of the country, Yuan accounted for 38% cross border payments of all the currencies by the end of March.
The period of stagnation that China faced since the year 2015 will witness a change in positive terms as Yuan's position raised in global payments & settlements. This boost also made the currency globally acceptable.
Data by the SWIFT Global Financial Messaging Network States that the position of Yuan reached fifth in the most active currency list for international payments in March. As its share increased from 1.65 % in January to 1.85% percent. On a monthly basis, the Chinese RMB payment value increased by 21.48 % in March.
Despite the negative impact on global investment activities due to the outbreak of the novel Corona Virus, China's Forex as well as Capital markets have managed to show quick recovery from the crisis.
China's overseas investment in a bond market marked a 48% increase i.e. by 16.7 billion due to the relatively stable performance of Yuan in the First Quarter.
Since the COVID-19 outbreak, the risky assets and commodities prices wittiness fall in an aggressive rate globally that never happened before. Prices of gold, government bonds & other safe-haven assets gained because of the reassessment of the economic condition due to the Corona pandemic by the investors made them think for safety & liquidity.
Contrary to all this, Forbes.com in its statement mentioned that
China was never close to dollars for replacing it for the global transactions. If the Euro could not able to surpass the dollar then the Chinese Renminbi doing so is out of the question. The report also stated that in the global transactions Yuan accounted for 1.85%. Its currency has not moved that much in the charts of cross border transactions demand. On the other side, from 39.4% of total transactions in March 2018, the US dollar went up to 44% in March 2020.
The Governor of The People's Bank Of China (PBOC) Mr. Yi Gang in the recent article mentioned that the institution would go for conversional monetary policy as a tool to support strategists for long term development. This will also be helpful in avoiding an aggressive stimulus that may result in inflation & an unexpected increase in debt.
As per the above mentioned PBOC policy, yuan-denominated assets can promise higher returns like "safe haven" for global investors, as economies across the globe expect for subzero interest rates, analysts said.
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