When will the renminbi surpass the dollar?

For the renminbi to replace the dollar, China needs to be politically, economically, and militarily stronger than the United States.

At present, China's political, economic, and military strength is not strong enough to make the renminbi an international currency, or it is impossible to replace the dollar with the renminbi, as the dollar replaced the pound, and it does not have that strength at present.

The pound is a typical gold standard system, the dollar is a typical ** monetary system, there are ** as their backs, people believe in the dollar and believe in the pound, is to believe in the ** behind them, and the Chinese people's currency did not take ** as its value basis at the beginning, there is no gold content.

The renminbi was only introduced as a currency, and in this case, it is obvious that the renminbi will not take the path of internationalization like the US dollar and the British pound, which can only be converted from the current account to the capital account. On February 23 this year, the central bank published a research report, called to accelerate the opening of the capital account The conditions are basically ripe, He Zerong believes that according to the central bank's report, China will implement the convertibility of the capital account by 2022, and the problem is that after the line of capital account convertibility, it may not be equal to the internationalization of the RMB.

In order to realize the convertibility of the capital account and the internationalization of the renminbi, the key lies in the marketization of interests and the marketization of the exchange rate, and these two marketizations are not something that we can completely control. Therefore, he thinks it is better not to set a timetable for capital account convertibility, nor to solve the problem of capital account convertibility with interest rate liberalization or exchange rate liberalization, because China does not have such things yet.

At present, the realization of RMB convertibility can be achieved to face three problems, the first problem is that the RMB began to be convertible, the reason why the US dollar can be internationalized, a very important reason is that after the Second World War, the United States put forward the Marshall Plan in 1947, the Marshall Plan is actually the United States according to the European economic recovery aid plan, so the reason why the US dollar can flow to the world, especially to Europe, has played a great role, Although China is also providing support or assistance to some countries in the world, it is not yet possible for us to let a large amount of RMB flow to all parts of the world.

Second, it will be suppressed by the United States, and if the renminbi is to be internationalized, or even if the renminbi becomes the third largest currency along with the euro and the dollar, it will definitely be suppressed by the dollar.

Third, it is also worth studying whether China's current macroeconomy is in place, or whether it can withstand the impact of the internationalization of the renminbi and the marketization of interest rates and exchange rates.

According to the latest foreign exchange rate updated at 06:21 Beijing time today: 1 RMB = US dollar, the transaction price at the bank counter shall prevail during the transaction,!

Only when China's comprehensive national strength is higher than that of the United States can the renminbi surpass the dollar. Actually, it's not a good thing to exceed the dollar, hehe.

Hello, the highest time when the US dollar was exchanged for RMB was probably in 1994, and it was implied that 1 US dollar could be exchanged for rotten hand yuan at that time, and now 1 US dollar can be exchanged for yuan, and 1 yuan can probably be exchanged for US dollars. It is important to note that the exchange rate changes in real time, which means that the current exchange rate can change at any time.

1.The renminbi has gradually become the mainstream of international settlement.

The US dollar tends to be the dominant currency in the world, but in recent years the renminbi has increased its share in the international market. In 2016, the renminbi became the world's fourth-largest payment currency, with 80% of international transactions settled in US dollars. However, in 2018, one-third of Chinese companies still chose to use RMB to settle their international**, indicating that the internationalization of the RMB is accelerating.

2.Advantages of RMB international settlement.

There are many advantages to using RMB to settle international**, the most important of which is cost savings. The use of RMB can avoid the impact of fluctuations in the US dollar exchange rate and reduce the cost of currency conversion. In addition, the stability and security of the renminbi has also become an important factor for enterprises to choose.

3.The process of internationalization has led to the appreciation of the RMB exchange rate.

With the continuous advancement of the internationalization of the RMB, the exchange rate of the RMB against the US dollar has gradually appreciated. At the end of 2019, the renminbi exceeded the exchange rate against the dollar, reaching a 10-year high. This has not only had a positive impact on China's economic development, but also promoted the continuous expansion of the role of the renminbi in the international market.

4.The global pandemic has accelerated the internationalization of the RMB.

The outbreak of the global epidemic in 2020 has greatly impacted the international community, and has also promoted the internationalization process of RMB. China's timely and proactive measures have effectively controlled the epidemic and provided experience and assistance to the world. In this context, more countries have begun to realize the importance of the renminbi and have increased their application and promotion of the renminbi.

5.The Challenge.

Although the renminbi has made remarkable achievements in the process of internationalization, it still faces some challenges in the competition in the global financial market. The first is the lack of recognition and trust in the international financial market, which is difficult to compete with currencies such as the US dollar; Second, the degree of openness of China's market and the reform of the financial system need to be further strengthened to enhance the international competitiveness of the renminbi.

6.Prospects for the internationalization of the renminbi.

Despite some challenges, with the continuous expansion of the Chinese market and the continuous improvement of the financial system, the RMB still has great potential for development in the process of internationalization. In the future, the RMB is expected to become one of the mainstream currencies in the international and international investment fields, bringing more development opportunities to China and the world.

Summary. Hello, I am glad to answer for you, there is no specific limit on the exchange of US dollars to RMB mainly due to the following reasons:1

Freedom of the foreign exchange market: China's foreign exchange market is relatively free, and individuals and enterprises can freely exchange US dollars for RMB without specific limits. 2.

Economic development needs: China is an important international power, and the stability of the foreign exchange market is crucial to international and economic development. There is no strict limit, which is conducive to maintaining the liquidity and stability of the foreign exchange market.

3.Gradual opening-up policy: China** has been committed to promoting the opening and reform of the financial market to attract more foreign capital into the Chinese market, while also facilitating international** and outbound investment by domestic residents and enterprises.

The absence of too many restrictions is conducive to attracting foreign investment and improving the international competitiveness of financial markets.

Hello, I am glad to answer for you, there is no specific limit on the exchange of US dollars to RMB mainly due to the following reasons:1Forex market freedom:

China's foreign exchange market is relatively free, and individuals and enterprises can freely exchange US dollars for RMB, and there is no specific limit on the amount of potato slippage. 2.Economic development needs:

China is an important international power, and the stability of the foreign exchange market is crucial to international insight and economic development. There is no strict limit, which is conducive to maintaining the liquidity and stability of the foreign exchange market. 3.

Gradual opening-up policy: China** has been committed to promoting the opening and reform of the financial market to attract more foreign capital into the Chinese market, while also facilitating international** and outbound investment by domestic residents and enterprises. The absence of too many restrictions is conducive to attracting foreign investment and improving the international competitiveness of financial markets.

Expansion: Renminbi (RMB unit is Yuan State Sell, currency Fu Fan shirt comma is ) is the official currency of China, and it is also the legal tender of China. The renminbi is issued and managed by the People's Bank of China.

The renminbi is widely used in a variety of economic transactions in China, including the purchase of goods and services, investments, and the payment of wages. The renminbi is also an important currency for international settlements, which is freely convertible in China and in some international markets. The exchange rate of RMB is affected by factors such as market supply and demand, economic policy and international foreign exchange market, and the exchange rate can determine the value of RMB relative to other currencies (such as the US dollar).

China** has been working to stabilize the renminbi's exchange rate and has taken measures to manage exchange rate fluctuations. At the same time, China is also gradually promoting the internationalization of the renminbi, encouraging more countries and regions to use the renminbi for cross-border transactions and reserve currencies.

The lowest exchange rate between the US dollar and the renminbi was on April 30, 2014. On April 30, 2014, the exchange rate of the US dollar against the RMB reached the lowest yuan.

An exchange rate is the ratio or value of one country's currency to another's currency, or the currency of another country, expressed in one country's currency. Exchange rate changes have a direct regulating effect on a country's imports and exports**.

Under certain conditions, by depreciating the national currency externally, that is, letting the exchange rate fall, it will play a role in promoting exports and restricting imports; On the contrary, the appreciation of the national currency to the outside world, that is, the exchange rate rises, which plays a role in restricting exports and increasing imports.

The U.S. dollar is the legal tender of the United States of America. The dollar banknotes currently in circulation are editions of banknotes issued since 1929.

It appeared after the passage of the U.S. Minage Act in 1792. Currently, the issuance of the US dollar is controlled by the US Federal Reserve System. Since 1913, the United States has established a federal reserve system and issued federal reserve bills. More than 99% of the banknotes currently in circulation are Federal Reserve Bills.

The issuing authority for the US dollar is the Congress, and the Federal Reserve Bank is responsible for the specific issuance business. After World War II, continental European countries reached an agreement with the United States to use the U.S. dollar for international payments, after which the U.S. dollar was widely used as a reserve currency outside the United States and eventually became an international currency.

Resources.

In January 2014, the exchange rate was the lowest**.

The lowest was on January 30, 2014, an all-time low.