Yuan Overtakes Dollar as China’s Most Used Cross-Border Currency

[Free Vulcan]

China passed another milestone in its bid to reduce reliance on the dollar, as yuan usage in its cross-border transactions jumped ahead of the greenback’s for the first time in March.

The local currency’s share of China’s cross-border payments and receipts rose to a record high 48% at the month end from nearly zero in 2010, according to research by Bloomberg Intelligence citing data from the State Administration of Foreign Exchange. The dollar’s share declined to 47% from 83% over the same period, the figures showed.

The ratio is calculated based on the volume on all types of transactions, which includes securities trading through the links between mainland China and Hong Kong’s capital markets. It doesn’t represent transactions used by the rest of the world — the yuan’s share in global payments was little changed at 2.3% in March, according to SWIFT.

https://www.bloomberg.com/news/articles/2023-04-26/yuan-overtakes-dollar-as-china-s-most-used-cross-border-currency?leadSource=uverify%20wall

[Kamaji]

Across which borders, and for what amounts?  Does this include payments to Chinese nationals, employed by the Chinese government or Chinese companies, who are assigned to work locations outside of China?

[Free Vulcan]

Across which borders, and for what amounts?  Does this include payments to Chinese nationals, employed by the Chinese government or Chinese companies, who are assigned to work locations outside of China?

Found a better article that's more explanatory.

[Kamaji]

Found a better article that's more explanatory.

Thanks!

[libertybele]

Regardless get ready for the dollar to become worthless.

Gold and silver. 

[Kamaji]

Regardless get ready for the dollar to become worthless.

Gold and silver. 

A little premature.  Most of these yuan-based payments were for securities transactions between Mainland China and Hong Kong (which is owned by China, so that's a little bit like treating transactions between one's left and right pockets as transactions with third parties).

As the Bloomberg article says, in terms of actual international transactions:

the yuan’s share in global payments was little changed at 2.3% in March, according to SWIFT

Both (a) a very small amount, and (b) little changed from prior months.