Dan McDowell on *Bucking the Buck: US Financial Sanctions and the International Backlash Against the Dollar*
Macro Musings with David Beckworth
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The Role of the Dollar in International Trade
The Renimbi has overtaken the dollar in China's cross-border transactions. But that number, 48%, is significantly inflated because if you read the article and the statistics they're using includes transactions between the mainland and Hong Kong. 73% of all RMB's use in China’s cross-border payments is with Hong Kong, okay? So take that out in that 48%. The dollar's number is going to look a lot larger.
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