Last Update: April 27, 2023, 00:04 IST
China has long promoted the use of the yuan to settle cross-border trade as part of efforts to internationalize its currency. (Photo: Reuters)
Cross-border payments and receipts in yuan rose to a record $549.9 billion in March from $434.5 billion a month earlier.
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 internationalize 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 calculations 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 fell to 46.7% from 48.6% a month earlier.
The volume of cross-border transactions covers both current and capital accounts.
China has long promoted the use of the yuan to settle cross-border trade as part of efforts to internationalize its currency.
The use of the yuan in global trade finance remains low, although it has seen steady growth.
SWIFT data showed that the yuan’s share of global currency transactions for trade finance rose to 4.5% in March, while the dollar’s share stood at 83.71%.
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(This story has not been edited by News18 staff and is published from a syndicated news agency feed)
