During these 10 years the value of this obscure "currency" declined significantly. Just open a chart and compare EUR ./. USD or EUR ./. CHF - not exactly a stellar example of a prosperous and we'll managed currency.
.... which has very little to do with the value of a currency.
EUR is a placeholder for Yuan and a proxy for the chinese so they can avoid us financial controls.Else EUR would be long time gone.
China will never peg RMB to USD in the traditional meaning of that word (e.g. AED or SAR or HKD pegged to USD -> aka "fixed rate peg"). That would be self-humiliation as it would clearly demonstrate that China does does not trust in the stability of its national currency.
That's quite possible. Specifically now, with the Euro having lost almost all its appeal.
Russia already have her swift analogue:
China is already switching their production from export to domestic needs since 2018.
Holding under passports from which regions? Have my doubts with a western one.I may start investigating putting some of my wealth into RMB with banks connected to CIPS system and offering UnionPay cards after reading the below. The big stumbling block is the bank account has to be in country that in end will not respect US or EU arbitrary sanctions. So maybe a Chinese bank in HK.
https://www.russia-briefing.com/new...s-key-banks-portfolios-and-implications.html/
P.S So Gazprombank and Sberbank were spared sanctions. I wonder why?
You must be watching fake news. Sberbank was sanctioned hard, forced to shut all its European divisions because they faced a financial collapse, and all their ADRs and GDRs were suspended. Just because a bank can still use SWIFT does not mean that it was not sanctioned. Sberbank was spanked hard.P.S So Gazprombank and Sberbank were spared sanctions. I wonder why?
https://www.theguardian.com/busines...of-europe-after-facing-failure-amid-sanctions
Where did you get this number from? Oil exports from Russia to USA are nowhere near 20% of Russian oil exports. USA is not even under the top ten of oil export destinations ...
I could not access the pay site that you cited. It depends on the year. Before President Biden took office and killed the U.S. oil industry, the U.S. imported about 200k barrels of oil per day from Russia. Now, after Biden turned the U.S. from a net oil exporter to a net oil importer, it quadrupled to 800k barrels per day.
Sorry, did not know about the paywall. The data is from 2020.
.The euro is weak, that is why. Lost alot against harder currencies of which there only a few left.
You got spanked many decades ago when EU nations placed absurd levels of taxation on gasoline. For example, Germans pays almost $3 per gallon in gasoline tax. Until just recently, Americans paid less than $3 for a gallon of gasoline, including all taxes. But Germans pay that amount just in taxes!
Check the Philippines: Many local banks offer UnionPay cards. Every Chinese bank in the country + even the largest private bank of the Philippines (BDO - Banco de Oro). Many smaller also do. Regarding acceptance: In SE-Asia it is as widely accepted as Visa.
