SHANGHAI: Chinese Yuan becomes the most-used currency in cross-border transactions leaving behind the US dollar, according to official data.  According to a Reuters report, in March, the Chinese yuan became one of the most widely-used currencies for cross-border transactions in China leaving behind the US dollar for the first time in history. According to official records, the move reflects China’s efforts to “internationalize” its currency.  Pilot, Entire Crew Grounded For Allowing Friend Into Cockpit Modi Set To Attend G7, Quad Summits In Japan, Australia India Was World’s 4th Largest Defence Spender In 2022 In March, cross-border payments showed a rise in the use of yuan recorded by up to $549.9 billion from $434.5 billion a month prior, reported Reuters, based on data taken from the State Administration of Foreign Exchange. Per their calculations, the news outlet gathered approximately 48.4% of all cross-border transactions were made with the yuan. On the other hand, transactions with the US dollar declined to 46.7 percent from 48.6 percent earlier.  The move can be taken as a win for China, which has long been working to promote its yuan for cross-border transactions and trade, under efforts to internationalize its currency. It is worth mentioning that … Continue reading Yuan overtakes US dollar, becomes most-used currency in cross-border transactions