China-linked trade settlements in yuan grew from 13 per cent in 2019 to 30 per cent last year, although they still lagged the country\u2019s relative weight in the global economy, the New York-based investment bank said in a research note.<\/p>\n
Total cross-border yuan transactions also rose \u201csharply\u201d from 9 trillion yuan (US$1.32 trillion) in 2017 to 64 trillion yuan in 2024, according to the note by the bank\u2019s China economist Chen Xinquan.<\/p>\n
Beijing\u2019s push for yuan internationalisation is seen as crucial<\/a> to reducing dependence on US dollar-denominated channels amid strained bilateral ties with Washington and concerns over the weaponisation of the American currency. Top officials have adopted a more proactive tone<\/a> in recent months, signalling increased efforts to promote the currency\u2019s global use, even as adoption remains relatively modest.<\/p>\n Yuan invoicing for goods imports had roughly doubled since 2020 across sample countries, but still accounted for only 1.5 per cent of the total in 2023, according to Goldman Sachs. The currency\u2019s share of global payments reached about 3 to 4 per cent over the past two years, Chen wrote, noting that it also made up about 2 per cent of official global reserves in 2025.<\/p>\n \u201cRMB international use has improved but still trails China\u2019s global footprint, implying solid potential to grow in the future,\u201d Chen said.<\/p>\n Separately, Zhu Min, former deputy managing director of the International Monetary Fund, was quoted earlier this month as saying that Beijing could further internationalise the yuan by expanding its use in industrial supply chains, trade and commodity settlements, as well as through a swap mechanism functioning as a \u201cquasi-lender of last resort\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"China-linked trade settlements in yuan grew from 13 per cent in 2019 to 30 per cent last year,…\n","protected":false},"author":2,"featured_media":503543,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[174],"tags":[1793,79,218767,381,84625,179,18,20366,4202,19,16243,17,968,106610,2636,2708,2709,28023,181181,160809],"class_list":["post-503542","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-beijing","tag-business","tag-chen-xinquan","tag-china","tag-chinese-yuan","tag-economy","tag-eire","tag-goldman-sachs","tag-hong-kong","tag-ie","tag-international-monetary-fund","tag-ireland","tag-new-york","tag-rmb","tag-tsinghua-university","tag-us-dollar","tag-washington","tag-yuan","tag-yuan-internationalisation","tag-zhu-min"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@ie\/116641404522654850","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/503542","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/comments?post=503542"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/posts\/503542\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media\/503543"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/media?parent=503542"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/categories?post=503542"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ie\/wp-json\/wp\/v2\/tags?post=503542"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}