China shifting away from dollar in cross-border transactions – data ...News

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China shifting away from dollar in cross-border transactions – data
source : Russia Today ( News ) () 54
The yuan has become the most widely used currency in Beijing’s international settlements, figures have shown The yuan surpassed the US dollar to become the most-used currency in China’s cross-border transactions last month, Reuters reported on Wednesday citing official data.    Cross-border payments and receipts in yuan surged from $434.5 billion in February to a record $549.9 billion in March, according to calculations by the outlet, based on data from the State Administration of Foreign Exchange.   The Chinese currency was used in 48.4% of all cross-border transactions, reflecting a trend of shifting away from t

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