Karnataka News Network
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

Big earning opportunity! Tata’s company’s IPO coming after 19 years, SEBI approves

RBI chief honored with ‘Governor of the Year’ award, London Central Banking honored

Meet Nita Ambani, the wife of Mukesh Ambani who built the parlor area of the Rs 15000 crore Antilia

According to the IT minister, the government will make rules and crack down on illegal loan applications. Find out what the government plans to do

Apple Watch 2024 Will Include Sleep Apnea Detection And Blood Pressure Monitoring

Medi Assist submits draft papers for an IPO once again, this time offering just an OFS