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January 24, 2015

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Global use of yuan climbs

CHINA’S use of its yuan for cross-border transactions has increased “notably” to 9.95 trillion yuan (US$1.63 trillion) last year, the central bank said yesterday, without giving a comparative figure.

China is seeking to internationalize the yuan in line with its standing as the world’s second-largest economy.

The combined volume of yuan settlement for cross-border trade, investment and financing took up around 20 percent of China’s total cross-border payments and receipts last year, said the People’s Bank of China.

But while China promotes the yuan, its value is closely controlled and authorities keep a tight grip on the capital account — investment and financial transactions — over concerns that unpredictable inflows or outflows could harm the economy and their oversight of it.

Transactions organization SWIFT estimates the yuan is the seventh most used global payment currency, though with only a 1.59 percent share as of October last year.


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