RMB Overtakes USD for the First Time in China's Cross-Border Transactions

In March this year, the use of RMB in China's cross-border transactions surpassed that of the US dollar for the first time. A study by Bloomberg Research, based on data from China's State Administration of Foreign Exchange, showed that the RMB's share of China's cross-border balance rose from near zero in 2010 to a record 48% at the end of March this year. The share of the US dollar fell from 83% to 47% over the same period. This ratio is calculated based on the trading volume of all types of transactions, including securities transactions conducted through the trading channel between the capital markets of Mainland China and Hong Kong, the report said.