In Depth: What’s in Store for Yuan Internationalization in 2023?

Internationalization of the yuan made significant progress in 2022 as currency trading and demand from financial institutions outside of the Chinese mainland surged, and more international trade in goods and services was settled in the Chinese currency.

The yuan, also known as the renminbi (RMB), looks set to gain further traction globally this year, as the People’s Bank of China (PBOC) implements the government’s strategy to boost the currency’s use overseas, which will challenge the dominance of the U.S. dollar in the long term.