Commentary Recently, Xi Jinping of mainland China visited Saudi Arabia, arousing speculation of some new deals to be done. Specifically, some nationalists expect a substantial portion of Saudi oil exported to China to be settled in the Chinese Yuan (CNY) rather than the U.S. dollar. Such wishful thinking is obviously self-defeating by looking at the…
CNY Mainly ‘Internationalized’ in Offshore Hong Kong
December 14, 2022
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The Chinese CNY Is Far From Achieving Internationalization
The Chinese Yuan’s (Renminbi, CNY) recent depreciation aroused concerns. It had been steady before the summer but all of a sudden it depreciated by a few thousand points against the U.S.Ddollar (US$). In the past five months, it went from an exchange rate of 6.37 to 7.00, a depreciation of exactly 10 percent. When the…
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