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China’s yuan internationalisation faces coronavirus, geopolitical threats despite record cross-border use

Summary:
[unable to retrieve full-text content]Geopolitical tensions and the coronavirus are expected to challenge Beijing’s bid to further increase the global use of the yuan even after its share of China’s cross-border payments hit a record high last year.China’s cross-border settlements denominated in yuan accounted for 47.4 per cent of all of domestic and foreign currency transactions last year, 9.28 percentage points higher than 2019, according to a report on the yuan’s internationalisation by the China Banking Association.Cross-border…

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[unable to retrieve full-text content]
Geopolitical tensions and the coronavirus are expected to challenge Beijing’s bid to further increase the global use of the yuan even after its share of China’s cross-border payments hit a record high last year.China’s cross-border settlements denominated in yuan accounted for 47.4 per cent of all of domestic and foreign currency transactions last year, 9.28 percentage points higher than 2019, according to a report on the yuan’s internationalisation by the China Banking Association.Cross-border…

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