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JPMorgan boosts yuan's weight, lowers US#x27;s in currency indexes

Bank's change emblematic of China's drive to make renminbi suitable currency for global trade and finance

Published Wed, Apr 22, 2015 · 09:50 PM
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CHINA's efforts to challenge the hegemony of the US dollar just got a boost from JPMorgan Chase & Co.

For the first time in 15 years, the New York-based bank increased the yuan's weighting in its foreign-exchange indexes, meanwhile lowering the dollar's, to reflect China's surging share in global trade.

The United States' weight for cross-border commerce fell an average of 7.6 percentage points from 2000 to 2013, while China's rose 13.1 percentage points, JPMorgan said.

"The big picture behind all these indices has changed, China's share of global trade has probably tripled in the last decade," said Gabriel de Kock, an JPMorgan economist in New York. "There's an amazing asymmetry in t…

KEYWORDS IN THIS ARTICLE

US dollar

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The Business Times
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JPMorgan boosts yuan's weight, lowers US#x27;s in currency indexes

Bank's change emblematic of China's drive to make renminbi suitable currency for global trade and finance

Published Wed, Apr 22, 2015 · 09:50 PM
Share this article.

New York

CHINA's efforts to challenge the hegemony of the US dollar just got a boost from JPMorgan Chase & Co.

For the first time in 15 years, the New York-based bank increased the yuan's weighting in its foreign-exchange indexes, meanwhile lowering the dollar's, to reflect China's surging share in global trade.

The United States' weight for cross-border commerce fell an average of 7.6 percentage points from 2000 to 2013, while China's rose 13.1 percentage points, JPMorgan said.

"The big picture behind all these indices has changed, China's share of global trade has probably tripled in the last decade," said Gabriel de Kock, an JPMorgan economist in New York. "There's an amazing asymmetry in t…

KEYWORDS IN THIS ARTICLE

US dollar

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Banking & Finance

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s in currency indexes","image":["https://d2kxlefydm4hr1.cloudfront.net/image/businesstimes/70a4a792f41e9eab5197492b2e4c941534063692585dbab8c2c269511a81eb3c"],"publisher":{"@type":"Organization","name":"The Business Times","logo":{"@type":"ImageObject","url":"https://www.businesstimes.com.sg/assets-web2/bt-logo-72-1T5NabTC.jpg"}},"author":[],"description":"CHINA's efforts to challenge the hegemony of the US dollar just got a boost from JPMorgan Chase & Co."}
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JPMorgan boosts yuan's weight, lowers US#x27;s in currency indexes

Bank's change emblematic of China's drive to make renminbi suitable currency for global trade and finance

Published Wed, Apr 22, 2015 · 09:50 PM
Share this article.

New York

CHINA's efforts to challenge the hegemony of the US dollar just got a boost from JPMorgan Chase & Co.

For the first time in 15 years, the New York-based bank increased the yuan's weighting in its foreign-exchange indexes, meanwhile lowering the dollar's, to reflect China's surging share in global trade.

The United States' weight for cross-border commerce fell an average of 7.6 percentage points from 2000 to 2013, while China's rose 13.1 percentage points, JPMorgan said.

"The big picture behind all these indices has changed, China's share of global trade has probably tripled in the last decade," said Gabriel de Kock, an JPMorgan economist in New York. "There's an amazing asymmetry in t…

KEYWORDS IN THIS ARTICLE

US dollar

BT is now on Telegram!

For daily updates on weekdays and specially selected content for the weekend. Subscribe to  t.me/BizTimes

Banking & Finance

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