SHANGHAI, April 26 (Reuters) - The yuan became the most
widely-used currency for cross-border transactions in China in
March, overtaking the dollar for the first time, official data
showed, reflecting efforts by Beijing to internationalise use of
the yuan.
Cross-border payments and receipts in yuan rose to a record
$549.9 billion in March from $434.5 billion a month earlier,
according to Reuters calculation based on data from the State
Administration of Foreign Exchange.
The yuan was used in 48.4% of all cross-border transactions,
Reuters calculated, while the dollar's share declined to 46.7%
from 48.6% a month earlier.
The volume of cross-border transactions covers both the
current and capital accounts.
China has long been promoting the use of yuan to settle
cross-border trades as part of an efforts to internationalise
the use of its currency.
The yuan's use in global trade finance remains low, though
it has shown steady increases.
Data from SWIFT showed that the yuan's share of global
currency transactions for trade finance rose to 4.5% in March,
while the dollar accounted for 83.71%.
(Reporting by Jindong Zhang, Winni Zhou and Tom Westbrook)
Messaging: winni.zhou.thomsonreuters.com@reuters.net))
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