Yuan Overtakes Dollar to Become Most-Used Currency in China’s Cross-Border Transactions

Yuan Overtakes Dollar to Become Most-Used Currency in China’s Cross-Border Transactions

The yuan became the most widely-used currency for cross-border transactions in China in March, overtaking the dollar for the first time, official data showed, reflecting efforts by Beijing to internationalise use of the yuan.

Cross-border payments and receipts in yuan rose to a record $549.9 billion in March from $434.5 billion a month earlier, according to Reuters calculation based on data from the State Administration of Foreign Exchange.

The yuan was used in 48.4% of all cross-border transactions, Reuters calculated, while the dollar’s share declined to 46.7% from 48.6% a month earlier.

The volume of cross-border transactions covers both the current and capital accounts.

Source: Bloomberg

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