In previous international transactions, the US dollar was considered the sole currency for trade.

However, in recent years, the dollar's exchange rate has experienced significant fluctuations, prompting people to seek alternative currencies for international transactions.

China's Renminbi (RMB) has emerged with a stable exchange rate on the international stage and has secured a foothold in the global market.

So, how has the RMB fared in the international market?

Over two hundred years ago, Britain, with its numerous colonies, became the "Empire on which the sun never sets."

These colonies made the British Pound the most widely used currency in international trade.

In addition to this, Britain held a pivotal position in international financial transactions, further solidifying the Pound's status.

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The Pound's dominance lasted until World War I, which drained Britain's economic strength, providing an opportunity for the US dollar to rise.

However, the Pound did not immediately weaken, but its position was shaken.

During World War II, Britain's involvement in the war twice led to the Pound losing its previous status.

Yet, due to its solid foundation, the Pound still held an important position in international transactions.

However, with the establishment of the European Union and Britain's exit from the EU, the Pound's share in international transactions has gradually decreased.

Currently, the Pound accounts for 7% of global payment currencies, ranking third.

The Pound, once the most widespread currency in Britain, now only holds a 7% share due to a series of events.

What about the US dollar, the "currency hegemon"?

The rise of the US dollar also signifies the end of the Pound's glory days.

In 1994, the Bretton Woods Conference determined that the US dollar would become the core of the international monetary system, pegging the dollar to gold and other countries to exchange rates with the dollar.

Over the years, the US dollar has held a unique status, with transactions for some energy resources only possible in dollars.

Under the influence of various factors, the US dollar has become a "hegemonic" presence in international currencies.

However, with changes in the US economy, the US dollar has also undergone significant changes in the international market.

These changes have given the US dollar a "competitive advantage" in exchange with other countries, leading to varying degrees of devaluation of other nations' currencies.

The dollar's fluctuations have shown countries that it is not entirely stable, prompting people to seek alternative currencies.

Seeing the instability of the dollar, some countries have proposed the idea of "de-dollarization" and have gradually used their own currencies for transactions in subsequent development.

Under various influences, the US dollar's position in international transaction currencies has been shaken, leading to a decline in its share in the international transaction market.

In July of this year, the US dollar's share in international transaction currencies was 47.81%, ranking first.

The instability of the dollar market has led more countries to seek new currencies for transactions.

China's RMB has emerged with a stable presence in the international market.

So, what is the status of China's RMB in the international market?

As early as 2009, China began promoting the internationalization of the RMB, allowing it to appear in the international market.

Since then, the RMB has been involved in more and more international transactions, showing its strength in the global market.

The path to internationalization of the RMB has not been smooth, with some setbacks along the way.

In 2015, due to stock market turmoil and policy decisions by the Federal Reserve, the RMB experienced a significant devaluation in the international market.

Although the People's Bank of China made a series of adjustments, it still had a considerable impact on the internationalization of the RMB.

Since then, China has continued to promote the internationalization of the RMB, and its share in international transactions has been gradually increasing.

With the continuous improvement of China's economic strength, more and more countries have started to cooperate with China.

In these cooperations, countries conducting transactions in RMB are also increasing, and its share in international transactions has grown.

In July of this year, the share of China's RMB in international transaction currencies reached 4.74%, making it the fourth most active currency in the world for the ninth consecutive month.

Although the current market share of China's RMB is relatively small, its share is also increasing.

It is believed that in the future, China's RMB will perform better in the international transaction market.

As international trade becomes increasingly close, how should these international currencies develop in the future?

In the context of increasingly close international trade, a country's economic policies can affect the currency status of many countries.

The United States has maintained a high interest rate for the dollar several times in the first half of this year, which not only affects the domestic economy of the United States but also has a significant impact on the currencies of other countries.

The high interest rate of the dollar has led to a certain degree of devaluation of other countries' currencies.

In addition to the impact of economic development policies, the level of a country's economic development also affects the share of its currency.

With the rapid development of China's economy, more and more foreign enterprises have started economic cooperation with China.

In these cooperations, China's RMB has shone brightly, allowing more countries to see the stability of China's RMB.

To reduce the impact of the dollar, China has engaged in exchanges and cooperation with some cross-border payment cooperation organizations, thereby reducing the impact of China's RMB internationally.

China's RMB is increasing its share in international transaction currencies through various means, and it is believed that it has more room for development in the future.

The Pound and the US dollar, with the advantages they have established, hold a significant share in international transaction currencies, giving them an important position in the international community.

Although the market share of China's RMB in international transaction currencies is not as large as that of the UK now, it is believed that China's RMB will perform better in the future development.