The yuan surpasses the yen in international transactions.

A clerk counts yuan at a bank in eastern China's Jiangsu province. Photo: Xinhua

The information was taken from the latest transaction data compiled by global financial messaging service SWIFT, RT reported.

The proportion of the yuan in transactions was 4.61% in November 2023, up from 3.60% in October of the same year and exceeding that of the Japanese yen, which fell from 3.91% to 3.41% in the same period, the report said.

The value of payments in RMB in November 2023 increased by 34.87% compared with October.

Thus, on a year-on-year basis, the global share of the yuan has nearly doubled. The Chinese currency accounted for 2.37% of transactions in November 2022.

Meanwhile, the weighting of other major world currencies fell in November 2023, with the US dollar's weight falling from 47.25% in October to 47.08%. The euro's weighting fell from 23.36% to 22.95%, while the pound fell from 7.33% to 7.15%.

The growing share of the yuan in cross-border transactions reflects China's move away from the dollar, as well as Beijing's efforts to promote the use of its currency, the SWIFT report said.

Economists point out that China is promoting payments in currencies other than the US dollar in trade with Russia, the Middle East and South America.

"It seems that other emerging countries are also using the yuan when importing Russian crude oil," said Toru Nishihama, chief economist at Dai-ichi Life Research Institute.

Last month, Russian businessman Oleg Deripaska said Western sanctions against Russia had boosted the use of the Chinese yuan, which he said could overtake the euro in cross-border trade payments within four years.

Since sanctions were imposed on Russia in 2022, Russia and its trading partners have stepped up efforts to reduce their use of Western financial systems, replacing the dollar and euro with local currencies, including the Chinese yuan, the Indian rupee and the UAE dirham.

Source: https://laodong.vn/kinh-doanh/nhan-dan-te-vuot-dong-yen-trong-giao-dich-quoc-te-1284208.ldo