By Ye Xie, Bloomberg Markets Live reporter and strategist,
While the yuan is struggling in the foreign-exchange market, it continues to grow its market share in China’s cross-border transactions as the No. 1 payment currency.
That reflects progress of the yuan’s internationalization in trade, as well as growing influence of foreign capital flows to China’s financial markets. The official settlement data Friday showed the yuan’s share in cross-border payments and receipts rose to a record 54% last month, compared with 41% for the dollar. The data include goods and services transactions, as well as cross-border investments.Since foreign investors […]
Read the rest of this story here: www.zerohedge.com
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