Yuan's internationalization continues to rise

November 23, 2022
Latest company news about Yuan's internationalization continues to rise

With China's continuous opening up in the financial sector and Chinese enterprises going global, the yuan has gained wider use across the world, officials and business executives said on Tuesday at the 2022 Financial Street Forum held in Beijing.

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Despite the volatility of global financial markets, the yuan has attained increasing importance, Liu Jin, president of the Bank of China, said at the forum.

China's cross-border yuan receipts and payments in non-banking sectors reached 27.8 trillion yuan ($3.91 trillion) from January to August, up 15.2 percent year on year, the central bank reported in October.

The opening up of China's financial market has helped promote the global use of the Chinese currency, Liu said.

Official data showed that by the end of 2021, overseas entities held 10.83 trillion yuan worth of yuan assets, including equities, bonds, loans and deposits, up 20.5 percent year on year.

Opening up and regional development will create a positive environment and a promising future, Liu said, noting the bank will help promote the yuan's global use by focusing on technology and developing offshore markets.

Chinese enterprises seeking opportunities on a global level also play a key role in the yuan's globalization, Saif Humaid Hamad Al Dhaheri, assistant governor of the central bank of the United Arab Emirates (UAE), said at the forum.