Yuan Internationalization Grows at the Fastest Pace Since 2018, Index Shows

China’s currency gained traction internationally in 2022 and is set for more gains this year, thanks largely to a rise in the issuance of offshore yuan-denominated bonds, Standard Chartered said, citing data from its gauge of yuan internationalization.

The Standard Chartered Renminbi Globalization Index, a monthly measure of the use of the Chinese currency both across borders and in offshore markets, jumped 26.6% in 2022, the largest annual increase since 2018.