Yuan Overtakes Dollar To Become Most-Used Currency In China's Cross-Border Transactions

An anonymous reader quotes a report from Reuters: 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 internationalize 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. The volume of cross-border transactions covers both the current and capital accounts. According to data from SWIFT, the yuan's share of global currency transactions for trade finance rose to 4.5% in March, while the dollar accounted for 83.71%.

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