spanish.china.org.cn
RMB Rises to Fourth in Global Payments
In November, the Chinese Renminbi (RMB) became the fourth most used currency globally for payments, holding a 3.89% share—a 22.12% increase from October—primarily driven by increased usage in Hong Kong, the UK, and Singapore, reflecting China's ongoing efforts to internationalize its currency.
- How has China's policy of internationalizing the RMB contributed to its increased global usage?
- This rise reflects increasing global use of the RMB in trade, investment, and financing, driven by China's efforts to internationalize its currency and bilateral currency swap agreements with 42 central banks. The RMB's growing popularity signifies China's strengthened role in international finance.
- What is the significance of the RMB's rise to fourth place in global payments, and what are the immediate impacts?
- The Chinese Renminbi (RMB) rose to the fourth position in global payment value in November, holding a 3.89% share, a 22.12% increase from October. Hong Kong is the largest market for RMB transactions, followed by the UK and Singapore.
- What are the long-term implications of the RMB's increasing internationalization for global finance and China's economic standing?
- China's continued financial reforms, high-level opening, and focus on strengthening its payment system competitiveness will likely support the RMB's stable exchange rate. Expanding market connections and facilitating cross-border investment will further enhance its internationalization.
Cognitive Concepts
Framing Bias
The article frames the RMB's rise as a significant success story, highlighting its increased usage in global payments and China's proactive role in promoting its internationalization. The headline, while not explicitly biased, contributes to this positive framing. The selection and sequencing of information emphasize the positive aspects, potentially overshadowing potential drawbacks or limitations.
Language Bias
The language used is generally neutral, although certain phrases like "steadily promote" and "carefully and firmly" subtly convey a positive and controlled tone. These could be replaced with more neutral terms such as "promote" and "advance." The article largely avoids loaded language, relying on factual data and quotes from experts.
Bias by Omission
The article focuses heavily on the RMB's rise in global payments and China's efforts to promote its internationalization. However, it omits potential counterarguments or perspectives that might challenge this positive narrative. For example, it doesn't discuss potential risks or challenges associated with the RMB's increasing global role, such as volatility or geopolitical factors. The article also doesn't consider the perspectives of countries that might be hesitant to adopt the RMB as a primary currency.
False Dichotomy
The article presents a largely positive outlook on the RMB's future, suggesting a stable exchange rate due to supportive government policies and economic recovery. It doesn't fully explore potential downsides or alternative scenarios, creating a somewhat simplistic eitheor framing of the situation.
Sustainable Development Goals
The increasing internationalization of the RMB, as described in the article, directly contributes to economic growth in China and potentially globally. The rise in RMB usage for trade, investment, and financing facilitates smoother cross-border transactions, boosting economic activity and potentially creating jobs. The partnerships with other central banks further enhance this positive impact.