Today, the Bank of China Chairman Xiao Gang announced the beginning of a scheme to internationalize the Chinese Yuan. The immediate real effect of this declaration will be relatively mild, this internationalization will only concern trading relationships with south-east asian countries, but we can expect a psychological effect on the exchange rate of the Yuan, and therefore a trade shorting USD against the CNY seems possible.
On a more fundamental point of view, the Yuan is still very far from being a reserve currency, but given the geopolitical situation, and the weakening of US economy, the environment is certainly propitious for China to undertake such measures in the direction of a strengthening of the Yuan and basically an affirmation of its real weight in the world economy. Clearly, until now, China has been relying on US consumption to boost its economy, with this consumption currently falling (and still far from bottoming), China would be well-inspired to develop its domestic consumption and that supposes a strengthening of the Yuan.
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