European Stocks Edge Higher as Fed Rate Pause Bets Rise 
FxWirePro: Daily Commodity Tracker - 21st March, 2022 
Gold Prices Fall Amid Rate Jitters; Copper Steady as China Stimulus Eyed 
Best Gold Stocks to Buy Now: AABB, GOLD, GDX 
Colombia Earthquake Losses Estimated at $9.58 Billion as Reconstruction Challenge Mounts 
Yen Edges Higher as Weak US Data Dampens Fed Rate Hike Expectations 
Wall Street Falls as Oil Prices Rise, Fed Minutes and Retail Earnings in Focus 
Gold Prices Rise as Weak US Data and Hormuz Risks Boost Safe-Haven Demand 
US Dollar Hovers Near Multi-Month Lows as Fed Rate Hike Bets Ease 
Australian Consumer Sentiment Jumps 6% in August as Rate Outlook Improves 
US Eyes Refinery Boost as Trump Seeks Relief From High Gas Prices 
Add as a preferred source on Google
In December 2015, to reduce the influence of the dollar in measuring the value of the yuan, Chinese monetary and foreign exchange authority introduced the Renminbi index or CFETS RMB index, which is the value of the yuan against a basket of 13 currencies. The move was aimed at reducing the dependence on the dollar in the foreign exchange market and international trade and also to broaden the appeal of the yuan as a major currency.
The Chinese authority, effective from 1st January has introduced 11 new currencies in the basket, which means that the value of the yuan would be determined by moves in 24 different currencies. The table below details out the new RMB index -
|
New Renminbi index Weightage |
|
|
Currency |
Weightage (%) |
|
US Dollar |
22.40 |
|
Euro |
16.34 |
|
Japanese Yen |
11.53 |
|
Korean Won |
10.77 |
|
Australian Dollar |
4.40 |
|
Hong Kong Dollar |
4.28 |
|
Malaysian Ringgit |
3.75 |
|
Singapore Dollar |
3.21 |
|
British Pound |
3.17 |
|
Thai Baht |
2.91 |
|
Russian Ruble |
2.63 |
|
Canadain Dollar |
2.15 |
|
Saudi Arabian Riyal |
1.99 |
|
Arab Emirates Dirham |
1.87 |
|
South African Rand |
1.78 |
|
Swiss Franc |
1.71 |
|
Mexican Peso |
1.69 |
|
Turkish Lira |
0.83 |
|
Polish Zloty |
0.66 |
|
Swedish Krona |
0.52 |
|
New Zealand Dollar |
0.44 |
|
Danish Krone |
0.40 |
|
Hungarian Forint |
0.31 |
|
Norwegian Krone |
0.27 |
All the previous members of the basket saw their weight cut down over these new additions, except for the Swiss franc, whose share rose from 1.51 percent to 1.71 percent.
