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China’s Yuan passes Euro as 2nd top trade currency

By Strange Sounds

As we’ve seen on the geopolitical stage, and in the technological arena (such as with chip manufacturing), whilst the US may still dominate in some areas, the balance of power can change significantly, and very quickly… Meanwhile, the Chinese yuan has past the euro to become the second biggest currency in global trade finance…

That’s because companies are flocking to borrow from banks on the mainland because of their rock-bottom interest rates.

Firms have been making a beeline for China’s debt markets, issuing record amounts of yuan-denominated bonds and borrowing heavily, as funding costs have risen elsewhere.

Companies and banks are raising record amounts of cash through yuan bonds issued on the mainland and in Hong Kong, known as panda and dim sum bonds, respectively.

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