Chinese yuan use up 21.1% in cross-border trade as Beijing pushes global role for currency

According to the People’s Bank of China, total cross-border yuan payments and receipts increased 21.1 per cent year on year to 41.6 trillion yuan (US$5.9 trillion) between January and August.

Cross-border yuan payments and receipts for trade in goods from January to August accounted for 26.5 per cent of total settlements, including foreign currencies, the central bank said in a report posted on its website last week.

But it was the 10th consecutive month above 4 per cent for the Chinese currency, which also retained its fourth-place spot among payment currencies.

The US dollar is the dominant invoicing, investment, and reserve currency in the international monetary system.

Greater use of the yuan in global trade is seen as a way for China to increase its political influence.