Yuan outpaces dollar in China's cross-border transactions

Robert Besser
03 May 2023, 20:29 GMT+10

Highlighting Beijing's efforts to internationalize the use of the Chinese currency, in March the yuan became the most widely-used currency for cross-border transactions in China
Cross-border payments and receipts in yuan rose to a record $549.9 billion in March, from $434.5 billion in February
Despite China's efforts to internationalize the use of its currency, the yuan's use in global trade finance has steadily increased, but remains low

BEIJING, China: Highlighting Beijing's efforts to internationalize the use of the Chinese currency, in March the yuan became the most widely-used currency for cross-border transactions in China, overtaking the US Dollar for the first time.

Based on State Administration of Foreign Exchange data, Reuters reported that cross-border payments and receipts in yuan rose to a record $549.9 billion in March, from $434.5 billion in February.

The yuan was used in 48.4 percent of all cross-border transactions, while the dollar's share dropped to 46.7 percent from 48.6 percent in the previous month, Reuters added.

Despite China's efforts to internationalize the use of its currency, the yuan's use in global trade finance has steadily increased, but remains low.

Data from SWIFT showed that the US Dollar accounted for 83.71 percent of global currency transactions for trade finance, while the yuan's share was only 4.5 percent in March.

Watch latest videos

News RELEASES

Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Taiwan Sun.

More Information

32 ℃

Partly Cloudy in Taipei/Songshan

Business

Section

India's Tata chooses UK as site for new EV battery plant

LONDON, England: The BBC has reported that Jaguar Land Rover owner Tata Motors is planning to build a multi-billion pound ...

Facebook nears completion of eliminating 10,000 jobs

MENLO Park, California: As part of the last stage of a three-series round of staff layoffs, part of a plan ...

Baby formula manufacturers investigated by US for rigging bids

WASHINGTON D.C.: On its website, the US Federal Trade Commission (FTC) has said it is probing Abbott Laboratories and other ...

US Rep says expand China blacklist after ban on Micron chips

Representative Mike Gallagher, chair of the U.S. House of Representatives committee on China, says that after Beijing banned the sale ...

Investors bank on debt ceiling breakthrough, Nasdaq surges more than 2%

NEW YORK, New York - A relief rally hit Wall Street Friday as lawmakers made some progress on the debt ...

Expect supply chain shortages through 2024, says Boeing

ALEXANDRIA, Virginia: Boeing Chief Executive Dave Calhoun said sector-wide supply chain problems that have hampered global jetliner production might not ...

International

Section