Mizoram News Voice
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%.

Related posts

After meeting with PM Modi, Google CEO Sundar Pichai said, “Google to invest 10 billion in India’s digitisation”

Elon Musk, the former CEO of Twitter, resigns from his position and remains as CTO

Admin

IPO Day 2 for Pyramid Technoplast: Subscription, GMP, and Other Information; Should You Buy?

Essar Oil & Gas Reports Record Net Profit of Rs 335 Crore in FY23

Details of the Poco M6 Pro and X6 Series Processors Verified Before the January 11 Launch

X Video and Audio Calls: A User’s Leaked Preview Of An Upcoming Feature Reveals What It Might Offer Users