SHANGHAI/TOKYO -- The yuan was used in 49% of China's cross-border transactions last quarter, topping the dollar for the first time, a Nikkei analysis shows, mainly due to a more open capital market and more yuan-based trade with Russia.
Currencies
Yuan exceeds dollar in China's bilateral trade for first time
April-June figure driven by capital market liberalization and Russian trade
The yuan was used in 49% of China's cross-border transactions made by companies and institutional investors in the April-June quarter, topping the dollar's share for the first time. © Reuters
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