RMB Overtakes Dollar as China’s Most Used Cross-Border Currency for the First Time

According to a report on the website of Bloomberg on April 26, the use of Chinese RMB in cross-border transactions in China beat the US dollar for the first time in March this year. The yuan's share of China's cross-border payments rose from nearly zero in 2010 to a record 48 percent at the end of March, according to research by Bloomberg Intelligence based on data from China's State Administration of Foreign Exchange. Over the same period, the dollar's share fell from 83 percent to 47 percent, the data showed. The ratio is calculated based on the trading volume of all types of transactions, including securities trading through trading channels between mainland China and Hong Kong capital markets, the report said.