BRICS: The Chinese Yuan Eclipses the Euro!

China’s hegemonic ambitions in the economic sphere have been well-known. The desire of the Asian giant and its BRICS partners to move away from the dollar is essentially an expression of this ambition. This ambition has recently seen progress involving the euro, the currency used in the European area.

The currency of the BRICS country surpasses the euro in SWIFT-related transactions

Is China’s currency, the yuan, a major player in the BRICS, tending to establish itself in international transactions? This is what recent information from the SWIFT financial network seems to suggest.

The data reveals that the Chinese currency is the second most used currency in international transactions. Just behind the dollar, the yuan has even overtaken the euro.

The use of the European currency is in a sharp decline. Cross-border transactions involving the euro dropped from 32.64% to 31.74%, representing a decrease of nearly 0.9% recorded between August and September 2023.

The exact opposite phenomenon occurred with China’s currency over the same period. The currency of this BRICS giant has continuously closed the gap, reaching an impressive level of 3.71% in September, an increase of 2.77% compared to the previous month in August 2023.

🚨BREAKING: BRICS: Chinese Yuan Surpasses Euro, Becomes Second Main SWIFT Currency!

Remember that #BRICS countries are currently creating their own digital currency. The new trading currency will be backed by gold

CBDCs will be backed by gold

and #XRP will be the bridge… pic.twitter.com/km0kkzRXp0

— 𝓐𝓶𝓮𝓵𝓲𝓮 🍭 (@_Crypto_Barbie) October 20, 2023

Is the Chinese currency on the path to financial market dominance?

This is the first time in the last 20 months that the Chinese yuan has surpassed the 3% threshold. This advance has strengthened the influence of the Chinese currency from 41.74% to 42.71% over the same period.

Of course, these percentage differences may seem modest at best. However, they are quite revealing of the radical changes currently taking place in the global currency market movements.

By surpassing the euro in international transactions, the yuan consolidates its position as the second most widely used currency in the SWIFT network. This result reflects the declining role of the euro in international SWIFT payments.

The European currency has reached its lowest level in three years, while the Chinese yuan is at its highest level in five months. This is once again a sign of the ongoing transformation in the global economy. Particularly since the BRICS launched the de-dollarization campaign at the beginning of the year. A policy that, according to analysts, could benefit the emerging crypto industry.