{"id":24333,"date":"2023-04-26T11:13:05","date_gmt":"2023-04-26T11:13:05","guid":{"rendered":"http:\/\/lynettelockhart.com\/client\/yuan-overtakes-dollar-to\/"},"modified":"2023-04-26T11:24:47","modified_gmt":"2023-04-26T11:24:47","slug":"yuan-overtakes-dollar-to","status":"publish","type":"post","link":"http:\/\/lynettelockhart.com\/client\/yuan-overtakes-dollar-to\/","title":{"rendered":"Yuan overtakes dollar to become most-used currency in China&#8217;s cross-border transactions"},"content":{"rendered":"<p>SHANGHAI (Reuters) &#8211;     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.<\/p>\n<p>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.<\/p>\n<p>The yuan was used in 48.4% of all cross-border transactions, Reuters calculated, while the dollar&#8217;s share declined to 46.7% from 48.6% a month earlier.<\/p>\n<p>The volume of cross-border transactions covers both the current and capital accounts.<\/p>\n<p>China has long been promoting the use of yuan to settle cross-border trades as part of an efforts to internationalise the use of its currency.<\/p>\n<p>The yuan&#8217;s use in global trade finance remains low, though it has shown steady increases.<\/p>\n<p>Data from SWIFT showed that the yuan&#8217;s share of global currency transactions for trade finance rose to 4.5% in March, while the dollar accounted for 83.71%.<\/p>\n<p \/>\n<p> (Reporting by Jindong Zhang, Winni Zhou and Tom Westbrook)<\/p>\n<p><a href=\"http:\/\/lynettelockhart.com\/client\/yuan-overtakes-dollar-to\/a-bank-employee-count-chinas-renminbi-rmb-or-yuan-notes\/\"><img decoding=\"async\" src=\"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3P0GY-VIEWIMAGE.jpg\" alt=\"tagreuters.com2023binary_LYNXMPEJ3P0GY-VIEWIMAGE\"><\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>SHANGHAI (Reuters) &#8211; 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 [&hellip;]<\/p>\n","protected":false},"author":8,"featured_media":24334,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":""},"categories":[1213],"tags":[],"class_list":["post-24333","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-u-s-business"],"jetpack_featured_media_url":"http:\/\/lynettelockhart.com\/client\/wp-content\/uploads\/Reuters_Direct_Media\/USOnlineReportBusinessNews\/tagreuters.com2023binary_LYNXMPEJ3P0GY-VIEWIMAGE.jpg","_links":{"self":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24333","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/users\/8"}],"replies":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/comments?post=24333"}],"version-history":[{"count":1,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24333\/revisions"}],"predecessor-version":[{"id":24335,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/posts\/24333\/revisions\/24335"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media\/24334"}],"wp:attachment":[{"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/media?parent=24333"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/categories?post=24333"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/lynettelockhart.com\/client\/wp-json\/wp\/v2\/tags?post=24333"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}