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Yuan Overtakes Dollar as China’s Most Used Cross-Border Currency

The yuan has overtaken the dollar as China's most used cross-border currency in March, with the local currency's share of cross-border payments and receipts rising to a record high of 48% while the dollar's share declined to 47%.

  • Yuan surpassed the dollar as China's most used cross-border currency in March.
  • Yuan's share in cross-border payments and receipts reached a record high of 48%, while the dollar's share declined to 47%.
  • The ratio is calculated based on all types of transactions, including securities trading through mainland China and Hong Kong's capital markets.
  • Yuan internationalization is speeding up as China further expands yuan settlement in cross-border transactions.
Yuan Overtakes Dollar as China’s Most Used Cross-Border Currency
China passed another milestone in its bid to reduce reliance on the dollar, as yuan usage in its cross-border transactions jumped ahead of the greenback’s for the first time in March.

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