According to official numbers from the State Administration of Foreign Exchange, the payments settled using the Chinese yuan overtook those made with U.S. dollars in March.
Chinese Yuan Overtakes US Dollar as Most Used Currency to Settle Cross-Border Payments in China
The Chinese yuan is now China’s most used currency for cross-border settlements. According to official data from the State Administration of Foreign Exchange, the Chinese yuan rose to be the most-used currency in March over the U.S. dollar, in a push from the Beijing government to internationalize its currency for payments.Beijing is now settling most of its international trade operations using the Chinese yuan.
The Chinese yuan was used to settle $549.9 billion in payments, a record number, rising from $434.5 billion in February. The usage of the U.S. dollar for these payments fell from 48.6% to 46.7% during the same period. China has been increasing reliance on its currency due to recent geopolitical challenges that have been used as a rationale for the U.S. to apply sanctions to Russia, affecting also Chinese companies accused of serving as proxies for the Russian government and its institutions.However, internationally, the usage of the Chinese yuan for settlements is minuscule when compared to the volumes settled in U.S. dollars, even with the implementation of sanctions.
However, this marks an increase compared to the usage numbers of December, when the Chinese renminbi only accounted for 2.15% of all global payments, according to SWIFT’s renminbiThis, and other recent trade agreements that have led countries like
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