China’s yuan became the most widely used currency for cross-border transactions in China in March, surpassing the dollar for the first time in at least four decades, Reuters reported April 26.
Cross-border payments and receipts in yuan rose to a record from $434.5 billion in February to $549.9 billion in March—a growth of $115 billion—according to Reuters’ calculation based on data from China’s State Administration of Foreign Exchange.
The yuan surged to 48.4% of all cross-border transactions in China, while the dollar’s share declined to 46.7% in March. It would seem that the yuan’s share of China’s cross-border trade will continue to grow and not be reversed.
