# China's trade dominance is boosting the renminbi's reserve status | The Straits Times

> New research from Eichengreen and Macaire finds a significant correlation between countries' trade with China and their yuan reserve holdings. The paper suggests the renminbi's share of reserves can rise if Chinese trade and yuan invoicing keep growing.

- Date: 2022-07-25 · published 2022-07-25T12:00:00.000Z
- Category: macro · region China · magnitude low
- Page: https://feedsoft.ai/events/40705-china-s-trade-dominance-is-boosting-the-renminbi-s-reserve-status-the-straits
- Commodities: [Chinese Yuan (CNY per USD)](https://feedsoft.ai/c/USDCNY.md)

## Why it matters

This analysis concerns long-run currency reserve trends and does not affect feed supply, demand or prices in the near term.

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| USDCNY | 2022-03-23 | [China's renminbi at crossroads as Covid-19 resurgence threatens economic growth \| The Straits Times](https://feedsoft.ai/events/42483-china-s-renminbi-at-crossroads-as-covid-19-resurgence-threatens-economic-growth.md) | -0.0% | +0.4% |
| USDCNY | 2023-10-16 | [What’s driving the renminbi in China? \| Oxford Economics](https://feedsoft.ai/events/33862-what-s-driving-the-renminbi-in-china-oxford-economics.md) | +0.1% | -0.2% |
| USDCNY | 2019-06-11 | [For China's yuan, the path toward 7 per dollar is now wide open \| The Straits Times](https://feedsoft.ai/events/58818-for-china-s-yuan-the-path-toward-7-per-dollar-is-now-wide-open-the-straits-times.md) | -0.1% | -0.6% |
| USDCNY | 2018-04-17 | [China currency moves hang in the balance in U.S. trade spat \| Reuters](https://feedsoft.ai/events/65710-china-currency-moves-hang-in-the-balance-in-u-s-trade-spat-reuters.md) | +0.6% | +1.0% |
| USDCNY | 2022-10-25 | [FX Daily: People’s Bank of China loosens its hold on the renminbi \| articles \| ING THINK](https://feedsoft.ai/events/39356-fx-daily-people-s-bank-of-china-loosens-its-hold-on-the-renminbi-articles-ing.md) | +0.6% | -1.7% |

## Sources

- straitstimes.com: https://www.straitstimes.com/business/economy/chinas-trade-dominance-is-boosting-the-yuans-reserve-status

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.