BUSINESS China's yuan used in more cross-border payments in 2019

BUSINESS

China's yuan used in more cross-border payments in 2019

Xinhua

10:19, August 15, 2020

12dd4431b6a949299159eff47f83476e.jpeg

File photo: VCG

BEIJING, Aug. 14 (Xinhua) -- More cross-border payments were made and received in China's yuan last year as the currency becomes an increasingly popular option among foreign trade firms, said a report by the People's Bank of China (PBOC) on Friday.

The amount of payments made and received in yuan by banks across China stood at 19.67 trillion yuan (about 2.83 trillion U.S. dollars) in 2019, up by 24.1 percent year on year, according to the report.

The 2019 figure, a record high, showcased the yuan's stronger presence in the global market as the country deepens financial reforms and opening-up, said Ju Jiandong, director of the Center for International Finance and Economics Research of Tsinghua University.

Foreign trade firms are willing to use the yuan in cross-border transactions because it can help them avoid exchange rate risks, lower costs in settlements, and make accounting and fund management easier, said the report, citing survey results.

The PBOC report said more foreign entities, especially those in neighboring economies and countries along the Belt and Road, will accept the yuan for payments. Enditem

Related Stories

Terms of Service & Privacy Policy

We have updated our privacy policy to comply with the latest laws and regulations. The updated policy explains the mechanism of how we collect and treat your personal data. You can learn more about the rights you have by reading our terms of service. Please read them carefully. By clicking AGREE, you indicate that you have read and agreed to our privacy policies

Agree and continue