Yuan Popularity Grows as Go-To Currency for International Settlements With China

China’s yuan is increasingly becoming a go-to currency for international settlements, with 42.1 trillion yuan ($6.1 trillion) worth of the country’s cross-border payments and receipts using the redback in 2022, up 15% from the previous year and marking the fifth straight annual increase.

Almost half of the total value of China’s cross-border payments and receipts last year was settled in yuan, the People’s Bank of China said in a February report.