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Finance

China's global yuan push makes inroads in Asia and Africa

Beijing's answer to SWIFT on track to sign up 1,000 participants this year

Despite China's push to globalize the yuan, the currency accounts for less than 2% of daily transactions on SWIFT.   © Reuters

TOKYO -- China's international yuan payment network is expected to reach 1,000 participants by the end of 2020, as Beijing aggressively woos new members in Asia and along its Belt and Road Initiative in a challenge to America's supremacy in global finance.

As of the end of July, 984 financial institutions -- 48 more than at the end of 2019 -- from 97 countries and regions were part of the Cross-Border Interbank Payment System. The system was created in 2015 to help globalize the yuan, by providing an easier way for participants to settle and clear yuan-denominated payments.

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