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Rise of the yuan: China-based payment settlements jump 80%

Data shows Beijing attracting countries targeted by US sanctions

China is expanding its influence through infrastructure improvement projects and resource development.   © Reuters

TOKYO/SHANGHAI -- A Chinese clearing and settlement services system aimed at internationalizing the yuan saw its use grow about 80% in value terms last year, a Nikkei survey finds, a rising challenge to the hegemony of the U.S. dollar.

Since the People's Bank of China began operating the Cross-border Interbank Payment System in October 2015, hundreds of banks in 89 countries and regions have participated. The system processed 26 trillion yuan ($3.77 trillion) of payments in 2018.

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