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MNI BRIEF: China To Expand Yuan's Use In RCEP Countries

MNI (Singapore)
(MNI)Beijing

China needs to promote the use of the yuan among Regional Comprehensive Economic Partnership countries as economic and trade cooperation with Southeast Asian nations deepens, said Huang Qifan, former major of Chongqing City and a high-ranking policy advisor, on Thursday at the 2024 Bund Summit in Shanghai.

The yuan should achieve an international status comparable to that of the euro, pound, and yen, reflecting China's proportion in the global economy, he said, predicting the currency’s share in global payment settlements to increase by 1 percentage point annually to about 17% by 2035. Chinese companies are using the yuan for outbound direct investment as they expand internationally, he continued. (See MNI INTERVIEW: China Yuan To Find Support in H2)

The proportion of yuan settlements in global goods trade will likely reach 35% by 2030 from 24.4% in the first nine month of 2023, he predicted, adding it would tip 45% by 2035.

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