The yuan now accounts for 31% of transactions with China, making it the top currency in Asia for doing business with the country, The Wall Street Journal reported, citing data from the Society for Worldwide Interbank Financial Telecommunication. The level marks a substantial increase from three years ago, when just 7% of payments exchanged with China used its currency. The latest data showed the yuan also accounted for more than half of transactions between China and Singapore, South Korea, Taiwan and the Philippines. However, the currency remains the fifth-most used for global payments overall, accounting for only about 2% of payments worldwide.
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