COFER data through December 2023:

Figure 1: Foreign exchange reserves in JPY as share of tota reserves (blue), AUD (light blue), CAD (green), CNY (red). Source: IMF COFER, access 6/18/2024, and author’s calculations.

Peak CNY was 2022Q1 at 2.6%, while latest is at 2.1%.

In terms of daily foreign exchange turnover, CNY was rising through April of 2022.

FIgure 2: Foreign exchange turnover share in April in CAN (blue square), in AUD (light blue circle), in CAD (green triangle), in CNY (red square), out of 1.00. Source: BIS Triennial Survey, 2022.

What’s happened to turnover since 2022 is an interesting question, particularly in light of the burgeoning trade between Russia and China, and hence invoicing/settlement in CNY. Here’s CSIS’s estimate of invoicing in RMB from 2011 to 2023Q1.

Source: DiPippo and Palazzi (2024).

This last graph indicates how the CNY can gain in use as international currency,

Keep reading this article on Econbrowser Blog - James Hamilton & Menzie Chinn.

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