Yuan's role in global payments increases

By Chen Jia | China Daily | Updated: 2020-04-30 07:19The yuan’s share in international payments and settlement under the capital account hit a record in March, as cross-border investment replaced trade as the driving force for the Chinese currency’s internationalization campaign, according to experts.The country’s forex regulator, the State Administration of Foreign Exchange, said that yuan-denominated cross-border payments accounted for 38 percent of all the currencies by the end of March, a historic high since the figures were published.What this means is that the yuan’s position in global p…

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