As de-dollarisation trends persist, can the yuan take the euro’s place?

🇨🇳 South China Morning Post (CN) —
As de-dollarisation trends persist, can the yuan take the euro’s place?

AI Summary

Yuan-denominated cross-border payments set a record with 1.22 trillion yuan transacted in a single day, reflecting ongoing de-dollarisation trends. China’s CIPS system facilitated growing yuan usage, particularly among oil-producing nations increasing yuan settlements.

In early April, hours after US President Donald Trump threatened to bomb Iran “back to the Stone Ages” in a prime-time address, China’s yuan-denominated cross-border payment system set a record for transaction volume in a single day. The Cross-Border Interbank Payment System (CIPS) skyrocketed to 1.22 trillion yuan (US$180.3 billion) on April 2, almost doubling the daily average volume in February. The spike occurred as more oil-producing nations rapidly scaled up their share of yuan settlements...

World Markets Commodities Energy yuan cross-border payments de-dollarisation China oil settlements CIPS

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