Nearly 25% of overseas payments settled in yuan
Print Edition
NEARLY a quarter of all cross-border payments in China last year were settled in yuan, the central bank said yesterday, underscoring the yuan’s growing dominance as it heads into the league of major currencies.
A total of 9.95 trillion yuan (US$1.6 trillion) worth of cross-border payments were made in yuan last year, the People’s Bank of China said in a statement on its website, as it vowed to increase international usage of the currency this year.
The total value for yuan cross-border payments in 2013 was not available.
The yuan’s rising global profile mirrors its surging trading volume worldwide.
Offshore yuan trading soared about 350 percent on Thomson Reuters trading platforms last year. Rival platform EBS said the yuan ended 2014 as one of its top-five traded currencies.
To encourage investors and central banks globally to use the yuan, China launched the Renminbi Qualified Foreign Institutional Investor scheme that allows those who hold the yuan to re-invest it in Chinese capital markets.
The size of the scheme more than trebled to 870 billion yuan at the end of last year, central bank data showed. That was up from 270 billion yuan in March 2014, the People’s Daily said.
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