Yuan Overtakes Dollar To Become Most-Used Currency In China’s Cross-Border Transactions

According to official reports, the yuan has overtaken the dollar to become the most-used currency in China’s cross-border transactions, with it being used in 48.4% of all such transactions.

Must Watch: Did China Save US From Default?

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.

According to an official report, employees in Changshu, China, will receive their salaries in digital Yuan from May 2023.

MUST WATCH: The Truth About COVID-19 Revealed In EU Parliament

Subscribe to GreatGameIndia

Enter your email address to subscribe to GGI and receive notifications of new posts by email.

Read more

GreatGameIndia is being actively targeted by powerful forces who do not wish us to survive. Your contribution, however small help us keep afloat. We accept voluntary payment for the content available for free on this website via UPI, PayPal and Bitcoin.

Support GreatGameIndia

Leave a Reply