Breaking News : Yuan overtakes dollar to become most-used currency

In an extravagant and ebullient display of currency might, the yuan has delightfully danced its way to the forefront of cross-border transactions in China, magnificently surpassing the dollar in an unprecedented feat, as evidenced by official statistics. This remarkable occurrence is the result of Beijing’s unyielding and fervent quest to enhance the global presence of the yuan.

Erupting with impressive momentum, cross-border exchanges involving the yuan skyrocketed to a whopping $549.9 billion in the vibrant month of March, ascending from the previous month’s figure of $434.5 billion, as calculated by Reuters, drawing from data provided by the State Administration of Foreign Exchange.

The yuan’s usage in these captivating transactions constituted 48.4%, as deciphered by Reuters, while the dollar witnessed a decline in its share, slipping to 46.7% from 48.6% a month earlier. The scope of these cross-border transactions encompasses both current and capital accounts.

For ages, China has been ardently encouraging the utilization of the yuan to settle cross-border transactions, as part of its grand scheme to elevate its currency’s international stature.

Despite its relatively low involvement in global trade finance, the yuan has demonstrated a pattern of steady growth. SWIFT data reveals that the yuan’s portion of global currency transactions for trade finance experienced a modest climb to 4.5% in March, whereas the dollar maintained a commanding 83.71% share.

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