Yuan Now The Fourth Ranked Payment Currency Worldwide - PBOC Report

The yuan has surpassed the Japanese yen to become the fourth most used payment currency in the world, with its share of international payments rising to a record high of 3.2% in January 2022, the Shanghai Securities News reported citing the central bank’s RMB Internationalization Report 2022. The central bank will expand the use of the yuan in foreign trade and investment in the Pilot Free Trade Zone, the Guangdong-Hong Kong-Macao Greater Bay Area and the Shanghai International Financial Center, and promote the two-way opening of financial markets to improve the liquidity of yuan assets, the report said. It will also promote bilateral currency swaps and settlement cooperation between central banks, and support the healthy development of the offshore yuan market, according to the report.