Ministry of Commerce of China: the yuan is gaining popularity in cross-border transactions
The Chinese national currency is becoming an increasingly popular means of cross-border transactions and settlements due to the country's efforts to expand its use in trade and investment. This is reported by the Xinhua News Agency with reference to the Ministry of Commerce of the People's Republic of China.
According to the official representative of the department, Shu Jueting, the total volume of cross-border settlements in yuan for trade in goods in 2022 amounted to 7.92 trillion yuan (about 1.17 trillion US dollars). This is 37.3% more than in 2021.
In addition, the volume of cross—border settlements in yuan within the framework of direct investments increased to 6.76 trillion yuan last year on an annualized basis - by 16.6%. Demand for the yuan in cross-border investment and financing, as well as risk management, has also increased.
Shu Jueting stressed that despite the turbulent international trade and economic environment over the past three years, China's foreign trade sector has withstood the test of serious risks, demonstrating strong resilience and viability.
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