In early April, hours after US President Donald Trump threatened to bomb Iran \u201cback to the Stone Ages\u201d in a prime-time address, China\u2019s yuan-denominated cross-border payment system set a record for transaction volume in a single day.<\/p>\n
The spike occurred as more oil-producing nations rapidly scaled up their share of yuan settlements \u2013 the so-called petroyuan<\/a> \u2013 amid a global trend towards de-dollarisation that the Iran war has further accelerated.<\/p>\n But even with these changes, the US dollar continues to maintain a sizeable majority in international settlements. However, one milestone appears more attainable in the short term: increasing the yuan\u2019s cross-border usage to a large enough degree for the currency to surpass the euro and take the second-place spot in global exchanges.<\/p>\n Analysts and industry insiders in China said the moment was fast approaching, if it had not already arrived. Central bank governor Pan Gongsheng said in June 2025 the yuan was the third-largest payment currency globally on a comprehensive basis, and had already become the world\u2019s second-largest trade finance currency.<\/p>\n \u201cThe signs are definitely there,\u201d said Liu Xiaochun, vice-president of the China Academy of Financial Research at Shanghai Jiao Tong University. \u201cHonestly, if Europe keeps stagnating<\/a> the way it is now, [the euro] is going to be overtaken pretty quickly.\u201dOthers said the essence of the yuan\u2019s rise is not necessarily about taking over the euro, but the evolution of global trade into a system where multiple currencies coexist for settlement<\/a> depending on region, political alignment and sector.<\/p>\n","protected":false},"excerpt":{"rendered":"In early April, hours after US President Donald Trump threatened to bomb Iran \u201cback to the Stone Ages\u201d…\n","protected":false},"author":3,"featured_media":859559,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_share_on_mastodon":"0"},"categories":[12],"tags":[64,2147,74,289627,244663,350662,69,79,440,83,3097,216546,3775,295497,257,39567,273,67,132,68],"class_list":["post-859558","post","type-post","status-publish","format-standard","has-post-thumbnail","category-economy","tag-business","tag-canada","tag-china","tag-cips","tag-cross-border-interbank-payment-system","tag-dim-sum-bond","tag-donald-trump","tag-economy","tag-europe","tag-iran","tag-middle-east","tag-natixis","tag-pakistan","tag-pan-gongsheng","tag-russia","tag-swift","tag-ukraine","tag-united-states","tag-unitedstates","tag-us"],"share_on_mastodon":{"url":"https:\/\/pubeurope.com\/@us\/116730817762379920","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/859558","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/comments?post=859558"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/posts\/859558\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media\/859559"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/media?parent=859558"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/categories?post=859558"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/us\/wp-json\/wp\/v2\/tags?post=859558"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}