China’s use of the renminbi in cross-border transactions has reached record highs this year, as closer ties with Russia bolster Beijing’s efforts to internationalise its currency and cut dependence on the US dollar.
In July, 53 per cent of China’s inbound and outbound transactions used the Chinese currency, according to data from the State Administration of Foreign Exchange, up from about 40 per cent for the same month in 2021.
The Safe data shows cross-border transfers by banks on behalf on non-banking clients and mainly represents trade settlement, although it also captures investment flows and debt payments.
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