The most popular currency for global trade and cross-border commerce emerges as the de facto reserve currency. Since , there have been six major reserve currency periods. Portugal dominated the global reserves until when Spain became stronger. Currencies issued by the Netherlands and France dominated world trade for much of the 17th and 18th centuries. But the emergence of the British empire made the Pound Sterling the reserve currency until the end of the First World War.
The U. However, the country now needs to convince foreign central bankers to start holding the Chinese Yuan the principal unit of the renminbi in reserve. Meanwhile, the Chinese Yuan has already become a de facto reserve currency in Russia. Russian leadership turned to China after facing sanctions from the West due to its invasion of Ukraine earlier this year. The yuan is also the third most demanded currency on The Moscow Exchange.
However, they found evidence that yuan reserves were steadily increasing in countries that had tighter trade relations with China. This growing influence could make the yuan an alternative to the U. Based on that comment, it could be just a few decades before the yuan gains parity. If the forecasts are correct, long-term investors should consider some exposure to yuan-denominated assets and Chinese stocks with significant yuan earnings.
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