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.
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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.
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