And with regard to the latter, the heightened trade surplus is also a reflection of the ECB’s very accommodative monetary policy stance regarding the euro area on average. Bearing that in mind, it is disputable whether the national current account balances of member states in a monetary union are meaningful at all.
Hence, the RMB has become one of the main freely usable currencies of IMF members like the Philippines. ➢ The RMB is now one of the most actively traded emerging market currencies overtaking the Swedish Krona (SEK), the Hong Kong Dollar (HKD), the Swiss Franc (CHF), and the Australian Dollar (AUD) as most used currency for global payments.