Kevin Bae

Non-Social in a Socially Networked World

China supplants U$ Dollar for Yuan in cross-border transactions

The U$D is still used 83.71% compared to 4.5% for the Yuan according to Reuters. How long will the U$D be at the top? Is the push to move away from fossil fuels really a move away from the Dollar? Is Europe an ally, competitor, or enemy in this? What effect will a US or EU central bank digital dollar have on this? Inquiring minds want to know.

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 internationalise 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.

Yuan overtakes dollar to become most-used currency in China’s cross-border transactions – Reuters