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Buisness

Yuan is now China's most popular cross-border currency, surpassing the dollar

According to official statistics, the yuan overtook the dollar as the most often used currency for overseas transactions in China in March, a development that reflects Beijing's attempts to internationalize the usage of the yuan.

Based on statistics from the State Administration of Foreign Exchange, Reuters calculated that cross-border payments and receipts in yuan increased to a record $549.9 billion in March from $434.5 billion a month earlier.

According to Reuters, the yuan accounted for 48.4% of all cross-border transactions, while the dollar's percentage dropped to 46.7% from 48.6% a month earlier.

Both the current and capital accounts are covered by the volume of cross-border transactions.

In an attempt to internationalize the usage of its currency, China has long promoted the use of the yuan to settle cross-border business.

Despite continuous advances, the yuan's usage in international trade financing is still minimal.

According to SWIFT data, the dollar accounted for 83.71% of all international currency transactions for trade financing in March, while the yuan's proportion increased to 4.5%.

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