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China's global yuan push regains momentum

Could become the world's No. 3 reserve currency by 2030, Goldman Sachs says

About 40% of Chinese cross-border transactions are now denominated in yuan, government data shows.

HONG KONG -- International use of the yuan has set a new record by one measure for the first time in more than five years, thanks to a recent jump in foreign investment in Chinese equities and bonds denominated in the currency.

The Renminbi Globalization Index, developed by Standard Chartered, had slumped in 2015 following China's tightening of capital controls after its devaluation of the yuan. But it has rebounded over the past year, and by March it had beaten its September 2015 high.

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