Yuan squeezing out dollar in China’s bilateral trade ...News

The renminbi was used in 49% of Beijing’s international settlements last quarter, figures have shown The yuan surpassed the US dollar to become the most-used currency in China’s overall cross-border transactions from April to June, Nikkei reported this week, citing statistical data from the Chinese State Administration of Foreign Exchange. According to the outlet’s analysis of the data, the increased use of the renminbi was driven mainly by the opening up of the capital market and more trade with Russia. Statistics showed the yuan was used in 49% of China's cross-border transactions last quarter, topping the green

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