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

Yuan’s share of China’s cross-border payments and receipts rose to a record high 48% at month-end from nearly zero in 2010

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

The local currency’s share of China’s cross-border payments and receipts rose to a record high 48% at 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.