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Yuan exceeds dollar in China's bilateral trade for first time
From Nikkei Asia, Tokyo
Tuesday, July 25, 2023
The yuan was used in 49% of China's cross-border transactions last quarter, topping the dollar for the first time, a Nikkei analysis shows, mainly due to a more open capital market and more yuan-based trade with Russia.
Nikkei looked at international trade by companies, individuals, and investors based on currency, using statistical data from the State Administration of Foreign Exchange of China. Nikkei's compilation does not include yuan-based settlements for trades and capital transactions that do not involve China as a counterparty.
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The Society for Worldwide Interbank Financial Telecommunication, better known as SWIFT, reports that as of June the dollar's share is the largest globally at 42.02%, including trades between countries other than China. The yuan represented 2.77% and ranked fifth overall after the euro, the U.K. pound, and the Japanese yen.
The yuan's share of global payments remains small compared with the size of China's economy, but is up from 1.81% about five years ago. Bilateral payments, backed by China's economic influence, have gradually expanded its foothold. ...
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