Chinese renminbi surpasses euro in global trade finance share

The Chinese renminbi has overtaken the euro to become the second most used currency in global trade finance and settlement, according to recent financial reporting. China's currency secured a sustained market share of 8%, while the euro dropped to 6%, placing it third behind the leading US dollar.

In response to the shift, the European Central Bank, headed by Christine Lagarde, acknowledged the trend and emphasized the urgent need for measures to strengthen the international standing of the euro. The development highlights growing momentum in the use of the renminbi for cross-border commercial transactions, even as the US dollar maintains its dominant position in global finance.

Sources: Jornal Económico.