Yuan overtakes dollar to become most-used currency in China's cross-border transactions

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 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.