ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintIcon Twitter
Economy

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.

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