Geopolitical Tensions Fuel Currency Competition but US Dollar and Euro Remain Hard to Displace

Infografik of July 30, 2025

The image is an infographic from DIW Berlin from weekly report 31/2025 and compares the proportions of currencies used in French exports to China in 2011 and 2017. On the left side of the image is a stylized cargo ship with a French flag at the front and a Chinese flag at the rear, showing a large pie chart with the proportions of currencies used. For 2011, the US dollar (green) has the largest share at 51.3%, followed by the euro (blue) at 45.6%. The Chinese renminbi (red) plays virtually no role, accounting for only 0.4%. On the right is the representation for 2017. The cargo ship and flags are arranged identically, but the pie chart has changed: the US dollar remains in the lead with 49.2%. The euro drops to 40.9%. However, the renminbi is gaining significantly in importance and reaches 10.0%. Both diagrams show that, despite Chinese efforts to strengthen the renminbi, the US dollar and euro continue to dominate trade. The color coding is as follows: green for the US dollar, blue for the euro, red for the renminbi, and gray for other currencies. Below the ships is a reference to the data source: Direction Générale des Douanes et Droits Indirects (DGDDI) and own calculations.

© DIW Berlin

Topics: Financial markets

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