It was recently reported that the yuan’s share in China’s cross-border payments and collections rose to an all-time high of 48% in March. What did the mythical investor say about it?
After the conflict between Ukraine and Russia broke out, the tension also escalated in economic terms with the yuan managing to surpass the dollar for the first time in its history. It was recently reported that the yuan’s share in China’s cross-border payments and collections rose to an all-time high of 48% in March. This emerges from the data provided by the State Administration of Foreign Exchange of China. The registered figure also means a big rise considering that its use for these transactions began at 0% in 2012. But what did he say? Warren Buffett about?
The so-called Oracle of Omaha stated after the presentation of the Berkshire Hathaway balance sheet, that the US dollar will not be dethroned as the world’s reserve currency. “We are the reserve currency, I don’t see any option for any other currency to be the reserve currency,” she said.
But also, the mythical investor was encouraged to comment on how he observes the US economy. Buffett said that banks could suffer more pressure, in reference to the crisis that is being experienced in the US with regional banks, but added that deposits are safe. He also said that the commercial real estate sector could struggle with such high interest rates.
Regarding the economy, he commented that companies will record fewer year-on-year profits as it slows down.
Turning to individual companies, Buffett said Apple is different — it’s “a better business than anything we own.” In addition, he revealed that Berkshire Hathaway will not acquire Occidental Petroleum. “There is speculation that we buy control, we’re not going to buy control… We wouldn’t know what to do with it,” he said.
Source: Ambito
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