ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon Print

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.

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

Discover the all new Nikkei Asia app

  • Take your reading anywhere with offline reading functions
  • Never miss a story with breaking news alerts
  • Customize your reading experience

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more