Cross-border settlements in Chinese yuan totaled RMB 28.39 trillion ($4.39 trillion) in 2020, up 44.3% from the previous year, according to the People’s Bank of China, reports Caixin. Settlements in the Chinese currency accounted for 46.2% of overall cross-border settlements, 8% higher than in 2019 and reaching a record high.
The expansion of cross-border yuan settlements is continuing this year. In the first half, the amount totaled RMB 17.57 trillion, accounting for 48.2% of total cross-border settlements, 2.4% higher than in the same period last year.
China has stepped up efforts to promote international use of the yuan with a series of reform measures in a bid to reduce reliance on the US dollar in trade and investment settlements.