I just picked up a crisp new $100
greenback from the bank.
我刚从银行拿到一张崭新的100美元绿色钞票。
The traveler exchanged his foreign currency for some
greenbacks before leaving the country.
旅行者在离开国家前把外币换成了一些绿色美元。
She was thrilled to receive a stack of
greenbacks as a bonus at work.
她很高兴在工作中收到了一叠绿色美元作为奖金。
The local economy relies heavily on tourists spending their
greenbacks.
当地经济严重依赖于游客花掉他们的绿色美元。
The old man saved every penny he could, even though he had a stash of
greenbacks in the safe.
老人节省每一分钱，尽管他在保险箱里存了一堆绿色美元。
The government issued a new series of
greenback bills with improved security features.
政府发行了新版绿色美元钞票，具有增强的安全特性。
A
greenback is slang for a US dollar bill, particularly a hundred-dollar bill.
"Greenback"是对美元纸币的俚语称呼，特别是指100美元面额的钞票。
The hotel staff were counting the
greenbacks they collected from guests' rooms.
酒店工作人员正在清点他们从客房收取的绿色美元。
The charity drive collected a significant amount of
greenbacks to support the underprivileged.
慈善活动筹集了大量的绿色美元来支持贫困人群。
Inflation has caused the value of the
greenback to decline over time.
通货膨胀导致绿色美元的价值随着时间的推移而下降。
"There are so many lingering factors impacting oil prices, such as geopolitical, macroeconomic factors, policy implementation of OPEC+ and the strength of the greenback.
“影响油价的因素很多，如地缘政治、宏观经济因素、欧佩克+的政策实施和美元走强。
The performance of the greenback is expected to weaken in 2024 and the US dollar-renminbi exchange rate may gradually fall to around 7.0, while some volatility is inevitable.
Everbright Securities said a slowdown in the US economic growth rate in 2024 is highly possible and anticipated a rate cut there as well as a weaker greenback next year, which could pave the way for an uptrend in gold prices and gold-related equities.
The US Federal Reserve announced on Wednesday to hold target interest rates steady after hiking rates by as much as 5.25 percentage points to curb inflation since March 2022, which has sent the greenback soaring in the currency market.
"Various tools in reserve will be used to improve the supply-demand relationship in the foreign exchange market to resolutely fend off the risk of exchange rate overshooting," Zou said, adding that the Chinese renminbi has strengthened against non-dollar currencies since mid-July despite weakening against the greenback.
The British pound sterling and Japanese yen were both down by 11 percent against the greenback.
Yang Haiping, a researcher at the Central University of Finance and Economics' Institute of Securities and Futures, said holdings reductions by major US creditors, including China, reflect the international community's faltering trust in the greenback.
Dong Dengxin, director of Wuhan University of Science and Technology's Finance and Securities Institute, said it will be sensible for China to further cut US debt holdings but boost gold reserves to diversify reserve assets, given that the abuse of the dollar in financial sanctions has impaired the greenback's credibility as a reserve currency.
But the renminbi may still feel some depreciation pressure from the greenback in the near term as the Fed rate hike cycle has yet to end while COVID-19 uncertainties remain in China, she said.
The trend has been more noticeable since Aug 15, with the Chinese currency depreciating against the greenback by more than 5.9 percent in two months' time.
Experts said the rising global profile of the renminbi can contribute to the world's shift to a multipolar currency system that is less dependent on the greenback — a course that has become critical amid negative spillover effects caused by the US' monetary tightening and the use of dollar dominance in sanctions.
In contrast, the Japanese yen and the euro have weakened by more than 10 percent against the greenback so far this year, with the euro and the dollar worth the same for the first time in 20 years last week.
Containment steps seen mitigating impact of RMB fluctuations on bizChina's dynamic zero-COVID policy will help put the growth of its foreign trade on a firmer footing and mitigate the impact of fluctuations in the Chinese renminbi exchange rate against the greenback on business this year, experts and business leaders said on Monday.
Since the beginning of this month, the onshore yuan had depreciated by about 3.5 percent against the greenback as of Monday afternoon.
Any possible balance sheet reduction or interest rate hike by the Fed could strengthen the greenback and therefore worsen the cross-border capital flows of emerging market economies, she said.
The rate of fluctuation of the onshore yuan against the greenback came in at 3.1 percent in the first half of the year, close to that of many developed economies' currencies, official data showed.
As monetary conditions tighten, US bond yields and the greenback may see a rally and impair the comparative advantage of the renminbi and Chinese bonds, leading to slower foreign capital inflows and fluctuations in the renminbi, Wang said.
Participants to the 129th China Import and Export Fair, commonly known as Canton Fair, are sparing no efforts to deal with risks arising from higher bulk commodity prices and a weakening greenback this year.
Luo said her company usually buys forward dollars to avoid exchange rate risks when the purchaser insists on using the greenback for settlements.
For one, the greenback's allure should fade in the face of a synchronized global economic recovery.
Since the beginning of the second half of 2020, the exchange rate of the onshore yuan has appreciated from about 7.1 against the greenback to about 6.46 as of Wednesday.
The factors included the value of the Australian dollar, which due to a mining boom was for the first time stronger than the greenback in 2013 when the last three carmakers GM, Ford and Toyota announced that they would close.
Since the beginning of the fourth quarter of last year, the central parity rate of the onshore renminbi has strengthened by 1.35 percent to 7.0827 against the greenback as of Friday, according to market tracker Wind Info.
The offshore RMB — the RMB traded outside the Chinese mainland market — also jumped more than 500 basis points on Monday to breach the 7.17 level against the greenback.
The narrowed bond yield between China and US, the weakening US dollar and recovered confidence in China's economic growth will together drive up the RMB's valuation, helping it to rise moderately against the greenback, said Wang.
Experts also warned that the abuse of the dollar's hegemony status by the United States has severely damaged global trust in the greenback, leading to an irreversible trend of de-dollarization in the world.
The Triffin Dilemma refers to a paradox wherein the dollar cannot survive as the world's sole reserve currency without requiring Washington to run ever-increasing deficits, which could ultimately impair the greenback's value and threaten its global status.
But further upside in gold rates could be capped should there be increased demand for the greenback as a safe-haven asset, she wrote.
Following the Fed's hawkish statement, the US dollar Index, which gauges the greenback's value relative to a basket of key currencies, hit a six-month high of 105.69 on Thursday.
The renminbi's future movements against the greenback, according to Guan, will hinge on changes in China's economic momentum, US monetary policy, the dollar's strength and the PBOC's foreign exchange policy.
Echoing Guan's remarks, Wang Tao, chief China economist at UBS Investment Bank, said the renminbi could slightly strengthen against the greenback by the end of the year.
The Chinese currency is likely to gain a firmer footing and even slightly appreciate against the US dollar in the rest of the year as a raft of policies lift growth expectations for the Chinese economy while the greenback's strength fades, they said.
Their comments followed a central bank statement on Friday that it would reduce the foreign exchange reserve requirement ratio by 2 percentage points to 4 percent on Sept 15, after the onshore renminbi weakened by more than 5 percent against the greenback in the third quarter amid a strong US dollar and domestic economic headwinds.
Wang Tao, head of Asia economics at UBS Investment Bank, said the renminbi could still face some short-term depreciation pressures but may slightly strengthen against the US dollar by the end of the year as the greenback weakens.
Ye Yindan, a researcher at the Bank of China Research Institute, attributed China's reduction in US debt holdings partly to faltering global trust in the greenback amid geopolitical tensions including the Russia-Ukraine conflict.
For those economies, using the renminbi in trade settlements can prevent the greenback shortage from hindering their foreign trade and mitigate depreciation pressure on their local currencies against the dollar, thus helping to shore up financial stability.
To temper the pace at which the influence of the monetary system recedes, US economic and financial policies have showcased two pivotal orientations — maintaining its global technological supremacy and reducing external imbalances — in order to fortify the competitive edge and creditworthiness of the greenback worldwide.
Experts also said the yuan, also known as the renminbi or RMB, may further shake off its recent weakness and strengthen against the greenback in the second half of the year as China's economy is expected to outperform that of the United States while US interest rate hikes will come to an end.
On Thursday, the onshore yuan jumped by 386 basis points against the US dollar to 7.1811 as of 16:30, after it shed 872 basis points against the greenback in a three-day weakening streak, according to market tracker Wind Info.
The offshore RMB has thus gained 950 basis points against the greenback since July 6.
The offshore RMB has rebounded strongly since July 6, showing gains of 950 basis points against the greenback in five trading days.
Ever since the renminbi breached the 7-per-dollar psychological level on May 17, China's currency has depreciated nearly 2.9 percent against the greenback.
The greenback may remain relatively strong as long as US inflation continues, he said.
Diversifying from greenback helps create multipolar global currency system, say expertsFor Michael Xu, a sales veteran with 12 years of experience in automobile exports, one of the most evident industry trends over the past year has been the falling use of the US dollar in settlements with his overseas clients.
In March, the renminbi overtook the US dollar as China's most used currency in cross-border payments and receipts for the first time, as the yuan's share hit 48 percent while the greenback's share declined to 47 percent, according to Bloomberg.
Some experts feel the use of the US currency as both a financial weapon and sanctions tool — which has shaken the world's trust in the greenback — is one of the primary reasons for the de-dollarization wave.
Notably, top leaders of Cuba and Brazil have both called for cutting dependence on the dollar, after Saudi Arabia indicated its openness to trading in currencies other than the greenback for the first time in 48 years.
The US banking crisis burst out in March and the US debt ceiling issue that unnerved financial markets in May have further fueled the de-dollarization sentiment, raising questions over the stability of the US financial system and the greenback's ability to provide safe assets.
"Moody's analysts also said that although a more multipolar currency system is expected to emerge over the next few decades, it will still be led by the greenback because its alternatives will struggle to replicate its scale, safety and convertibility in full.
"Were any non-dollar currency to challenge the greenback's dominance, whether it is the Chinese renminbi or the Indian rupee, it would have to provide global investors with financial assets comparable to the greenback.
Over the same period, the US dollar Index, which gauges the greenback's value relative to a basket of currencies, rose by 1.3 percent to about 103.94 on Thursday, according to market tracker Wind Info.
Ye Yindan, a researcher at the Bank of China Research Institute, said the depreciation pressure on the renminbi will gradually ease, with the yuan likely to appreciate against the greenback in the second half of the year.
Ever since the RMB breached the 7-per-dollar psychological level on May 17, China's currency has depreciated by nearly 1.4 percent against the greenback to date.
Under such a comparison, the Chinese yuan has depreciated against the greenback, which is part of regular market fluctuations, Feng said.
Other major currencies have thus depreciated against the greenback, with the euro down 1.22 percent, the Japanese yen shedding 2.01 percent and the British pound sliding 1.1 percent.
In offshore trading Wednesday, the yuan dipped 0.3 percent to 7.0201 per dollar at one point, while onshore trading saw the renminbi's exchange rate against the greenback slide 0.4 percent to 7.0026 once, according to Bloomberg data.
In April, the US dollar index, which gauges the greenback's value relative to a basket of currencies, fell by 0.91 percent to 101.66 as the market bet on a nearing pause of the US Federal Reserve's tightening, according to market tracker Wind Info.
Liu Chunsheng, an associate professor of international trade at the Central University of Finance and Economics, said the country's foreign exchange reserves may continue to increase this year while maintaining overall stability, given the country's export resilience and a weakening greenback.
The fact that the US government has frequently used the greenback as a weapon to impose sanctions on other countries has also raised worries in the international market, enlarging the de-dollarization camp.
But it was not until 1950 that the British sterling pound started to give way to the greenback, in terms of international settlements and central bank reserves.
Of course, the greenback's hegemonic position has been kind of challenged over the past two decades, which can be partly proven by the value of US Treasury bonds held by different entities.
The incremental part has been mainly purchased by US institutions, retail investors and most importantly, the US Federal Reserve, indicating the declining position of the greenback.
A Bloomberg report in early April said the yuan has replaced the greenback as the most traded currency in Russia.
It has seriously affected the international image of the greenback.
Underpinning this trend is the renminbi's value stability and the improved infrastructure for cross-border renminbi usage, Liu said, adding that drastic changes in US monetary policy have made more countries accelerate reducing their reliance on the greenback.
Yang said the growing use of the renminbi in bilateral trade will help the two countries to reduce the risk of using a third-party currency for trade settlements, pave the way for further economic cooperation and reduce their reliance on the greenback.
Shao Yu, chief economist at Orient Securities, said the renminbi has gained more international use as many economies are looking for alternatives to the dollar-centred monetary system, following the weaponization of the dollar in sanctions and years of quantitative easing that could erode the greenback's purchasing power.
Due to rising pressure from low inflation and the nation's stabilizing moves, China loosened its monetary policy against the trend, significantly narrowing the interest rate differential between the yuan and the greenback and weighing on the RMB exchange rate.
Since the US dollar is showing signs of weakness now, gold will continue to be a very good hedge against the weakness in the greenback, he said.
The Iraqi central bank's latest move addresses the country's dollar shortage, as the US Federal Reserve has imposed tighter controls on greenback transactions by Iraqi commercial banks since November.
Room for further dialing up of the greenback's value is limited.
Zhou Maohua, a macroeconomic analyst at China Everbright Bank, said a weaker greenback, due to expectations of a slowdown in US Federal Reserve interest rate hikes, has made foreign reserves denominated in other currencies more valued in dollar terms.
The central parity rate of the renminbi against the greenback has strengthened by more than 2 percent since the beginning of the year to 6.7967 on Tuesday, according to the China Foreign Exchange Trade System.
While the US dollar used to be a global safe haven, economies have been reducing their US Treasury bond holdings over the past few years to lower their over-reliance on the greenback.
Industry data showed the renminbi rose over 6 percent against the greenback since last November.
While the greenback jumped 8 percent and the yield of US Treasury Inflation-Protected securities rose an unprecedented 250 basis points last year, gold still managed to eke out a 0.4 percent gain on a yearly basis.
The accumulated gold reserves in Europe and emerging economies can be read as their ways to avoid or bypass international transactions dominated by the greenback.
The renminbi's offshore exchange rate against the greenback, which reflects international investors' outlook on the Chinese currency, once touched 6.7669 during afternoon trading, with an intraday surge of more than 600 basis points.
Against the stronger US dollar as a result of rounds of interest rate hikes adopted by the US Federal Reserve this year, the renminbi's exchange rate against the greenback also went through significant fluctuations, especially during the second half of 2022 — sliding to 7.3 in late October.
Although the renminbi felt depreciation pressure brought by a strong greenback as much as other non-dollar currencies did, the Chinese currency has still undoubtedly experienced a rise in its global profile over the past year.
The necessity of shifting toward a multipolar currency system that is less dependent on the greenback has become more prominent due to the global financial and economic ramifications of the US Federal Reserve's fastest rate hikes since the 1980s, they said.
Pointing to weaker pressure from a strong greenback on the renminbi, the onshore exchange rate of the renminbi firmed past the 7-per-dollar level last week and was trading around 6.97 as of Thursday afternoon, strengthening by about 2.3 percent so far this month, according to market tracker Wind Info.
On the other hand, the gravitational pull of the US dollar is palpable, due to the sheer influence of global economics and trade relations, as the greenback is the world's most-traded currency.
Although the greenback has appreciated strongly this year amid the Fed's six rounds of interest rate hikes, the US dollar index dropped 5.02 percent in November, showing the worst monthly performance in 12 years.
Even if the greenback shows a higher-than-expected rebound in the following months, the renminbi is unlikely to return to the low levels seen earlier this year.
The RMB had therefore depreciated by 12.78 percent against the greenback.
The USD/CNY central parity rate offered by the China Foreign Exchange Trade System — the most important reference indicator for the spot interbank foreign exchange market — came in at 7.0899 on Monday, with the renminbi appreciating by 1,008 basis points against the greenback.
The Chinese currency has faced renewed depreciation pressure against the greenback this month as interest rate levels in the United States surpassed those in China by a bigger margin as monetary policy divergence between the two economies widened.
Pierre-Olivier Gourinchas, economic counselor and director of research of the International Monetary Fund, told Chinese financial media outlet Yicai on Tuesday that the greenback is now at the highest level since early 2000, which is mainly driven by fundamentals like the US monetary policy tightening and the ongoing energy crisis.
Amid expectations of sharp US monetary tightening, the dollar index — which measures the strength of the greenback against a basket of currencies — surged to 112 by the end of September, up 3.2 percent month-on-month.
"Therefore, room for a strong greenback to further deflate China's foreign exchange reserves could be limited," Tang said, adding that the nation's robust trade surplus and the renminbi's stability compared with major nondollar currencies also help stabilize the country's forex holdings.
Shao Yu, chief economist at Orient Securities, said the central bank still has room for further easing, given that the renminbi remains strong compared with major nondollar currencies by registering smaller losses against the greenback.
Rather, the PBOC may focus on avoiding any rapid weakening of the renminbi against the greenback or constant one-way renminbi movements, which could shake market confidence, the experts said.
Since mid-August, the Chinese currency has depreciated 5.7 percent against the greenback.
But the British pound sterling touched a 37-year-low on Friday and the euro kept parity with the greenback for over two months.
The recent yuan depreciation against the US dollar is passive, triggered by the surge in the US dollar index, and proportionate to how much the greenback has strengthened, said Wang Qing, an analyst with Golden Credit Rating.
While the RMB's spot rate against the greenback opened 266 basis points lower on Thursday, the offshore USD/CNY soon fell in morning trading below 7.1, the lowest level since June 2020.
Expectations of further US Federal Reserve tightening combined with rising risks of stagflation in the eurozone have pushed the greenback to a 20-year high.
The onshore RMB exchange rate against the greenback also fell below 7 on Friday.
Looking ahead, she said a strong greenback may further send the exchange rate of the renminbi against the dollar lower, which might drop below the 7-per-dollar level.
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