- Its use in cross-border payments and receipts increased to 48% versus 47% for the dollar.
- In 2010, the yuan’s share was nearly 0% while the dollar’s was 83%. The reversal comes amid China’s efforts to empower the yuan
China has long been promoting the use of yuan to settle cross-border trades as part of an efforts to internationalize the use of its currency.
- The yuan has continued to make inroads, especially since Western sanctions that froze Russia’s foreign exchange reserves highlighted the potential risk of holding dollars.
- Over the last few months, China has entered into non-dollar trade agreements with countries such as Brazil.