Euro's global role slips in multipolar system
Frankfurt
THE global use of the euro declined slightly in 2015 and early 2016 as China's yuan started to take a larger role in reserves and trade in an international monetary system that is becoming more multipolar.
"The euro remained the second-most important currency in the international monetary system, but with a significant gap to the US dollar," European Central Bank president Mario Draghi wrote in the foreword of a report on the international role of the single currency published on Wednesday. "The international role of the euro is primarily determined by market forces, and the Eurosystem neither hinders nor promotes the international use of the euro."
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall
Inflation in Japan’s capital falls below BOJ target, slows for second month