The proof is clear. According to SWIFT, China’s renminbi is now the second most used currency in the world for global trade settlement, putting it ahead of even the euro.

In London, renminbi trade last year surged 50% to $25.3 billion per day. And there’s every indication that this growth will continue.

Singapore’s central bank is now offering overnight renminbi liquidity. Russian companies are preparing to pay for trade in renminbi. Even the World Bank’s IFC just issued its first renminbi-denominated bond.

It’s happening. And based on the data, it’s completely obvious… to just about everyone but the US government.

I was surprised to see an article in the Financial Times’ banking intelligence subsidiary (‘The Banker’) entitled “The US’s dollar domination is coming to an end.”