Singapore – China Agreement Yet Another Sign of Ongoing Decline In U.S. Dollar

Singapore - China agreement yet another sign of ongoing decline in US dollar – MunKnee

 The renminbi has already surpassed the euro to become the #2 most-used currency (8.6%) in the world when it comes to trade settlement, according to a report released yesterday by the Society of Worldwide Interbank Financial Telecommunication (SWIFT). The U.S. dollar has the lion’s share of trade settlement (+80%) but just look at how quickly the renminbi has grown; in January 2012, its share of the global market was just 1.9% so it has grown by nearly a factor of 5x in less than two years and, with today’s agreement between Hong Kong’s and Singapore’s financial exchanges, that growth will likely accelerate.