Skip to main content

Enter the Dragon - Chinese Renminbi joining the basket of currencies and its impact on global online selling.

Enter the Dragon - Yes, the Chinese Renminbi will be entering into the International Monetary Fund Basket of Currencies by October 2016.
Cambridge Business dictionary gives the meaning of basket of currencies as "A group of different currencies that used by some countries to calculate the value of their own currency." 

China, -according to Economist Adam Smith- "had long been one of the richest, that is, one of the most fertile, best cultivated, most industrious, most prosperous and most urbanized countries in world."

Modern day economists say that in the world of finance, the 19 the century has been the British Century, 20th Century has been the American Century and the 21st Century will be the Chinese Century.
As predicted by the economic peers, it will be Chinese Century. (Read - you can also be a winning seller)

The Chinese economy which has been stagnated from the later part of 16th century after its 1978 economic reforms has started galloping towards an unprecedented growth with the speed of GDP 9.5% per year. Its exports soared to the highest level in the world trade. 

Total value of these exports is US$ 2.282 trillion in 2015.  China's proportion of global exports rose to 13.8% last year (2015) from 12.3 in the year 2014. This is on the continuous rise. According to United Nations conference on Trade and Employment - "the highest any country has enjoyed since the United States in 1968".  Now China has attained No.1 position in the world of exports.   These factors has  led to this IMF decision to include Chinese Renminbi in the basket of currencies and this action denotes that IMF has endorsed Renminbi as one of the easily acceptable currencies of the world.

The Impact on the e-commerce world.

The Global E-tail sales have risen to U.S.$1.155 trillion during the year 2016 as compared to US$ 694.8 Billion in the year 2013. It continues to rise and the projection for the year 2018 is US$ 1.506 trillion.  
China contribute approxi- mately 60 to 65 percent of the world E-tail sales. Proportionately this contribution is also having a continuous rising. China's No.1 position can never be replaced in future since their on time schedule of supply can never be beaten by any other country. Moreover their steel supply stock is excessive and hence the other countries finding it difficult to compete with it. 

The move of IMF decision to include RMB in the basket of currencies will have a bigger geopolitical impact rather than any noticeable impact on the World Trade corridor.  Moreover, China will have a voice in the international monetary decisions.  The China's RMB acceptance by IMF as a reserve currency makes China ready to have financial reforms in their country there by reducing the dominance of the US Dollar.

Dear Online sellers !!! The global e-commerce sales figure shows the continued trend of increase.  This has resulted in more and more variety of goods entering in to the online market.  To cope up with the listing of your products in Amazon, Flipkart, Ebay, Shopify, Lazada groups, Etsy, facebook etc,. use SELLinALL software which is fast, reliable and save you from the drudgery. Enjoy your quality time by concentrating much on your sales.

Popular Posts

5 Major challenges faced by e-Commerce sellers and ways to overcome it!

Based on a report by Google and Temasek Holdings, Southeast Asia’s (SEA) digital market could exceed US$200 billion before 2025. Southeast Asia’s digital economy is forecast to triple its size in the next 5 years. Read more on the challenges faced as a seller in the E-commerce marketplace, to help you decipher and be part of this immensely growing economy. E-commerce stores are on the rise due to a numerous reasons.  As far as market association is concerned, E-commerce sites already have an existing network of buyers. So, selling your products becomes relatively easy as branding and advertising is already taken care of.As  Sigmund Freud 's had rightly said  “ I carefully consider my decisions as everything comes with pros and cons! ”  Marketplace Management When it comes to South-East Asian E-commerce market, the most underestimated struggle is  Fragmentation  i.e. there are a number of e-commerce platforms in ASEAN countries attracting significant traffic, making

Pros and Cons of Cash on Delivery payment in E-commerce!!!

Cash on Delivery payment in E-tailing is  the most preferred form of payment by the customers these days. Cash on Delivery option is not available in many countries. But some countries in Asia like India, Pakistan, Bangladesh, Vietnam, Thailand, Nepal etc. support Cash on Delivery option in E-tailing. These are the pros of Cash on Delivery payment: Cash on Delivery option is supported by many E-commerce sites in some countries of Asia, India being a part of it. Cash on Delivery (COD) is preferred by online buyers who would like to check the product before paying for it.  This is advantageous for the customers as they can check the product before paying for it. Another advantage of COD is that many people in rural areas of India and many other countries who do not have credit cards and debit cards can buy products online. COD is supported by many E-commerce sites to attract  online buyers who are not comfortable  to reveal their credit or debit card details online. Cons

How to Make Correct SKU for Faster Listing

SKU (Stock Keeping Unit) is a code tied to a particular product for internal use. Believe me, correct SKU is the very foundation of your store, you cannot mess with this one. These codes allow us to track our stocks and supplies and it helps a lot for listing in e-commerce marketplaces. So, we must make an SKU that can be easily understood and used for faster listing in many kinds of marketplaces. Don't trouble yourself later because you have underestimated this. To get a correct SKU, you only need to apply these 4 simple rules:   1. Only use dot ' . ' or dash ' - ' symbols This way you won't confuse yourself, the audience, or the spreadsheet. Symbols like ' / ' will sometimes cause format problems in your excel. While special symbols like ' @ ' or ' # ' become irrelevant when you use them in making SKU. And of course, don't use space.   2. Use both letter and number  Combine but don't mix when representing the informati