As de-dollarisation trends persist, can the yuan take the euro’s place?
In early April, hours after US President Donald Trump threatened to bomb Iran “back to the Stone Ages” in a prime-time address, China’s yuan-denominated cross-border payment system set a record for transaction volume in a single day. The Cross-Border Interbank Payment System (CIPS) skyrocketed to 1.22 trillion yuan (US$180.3 billion) on April 2, almost doubling the daily average volume in February. The spike occurred as more oil-producing nations rapidly scaled up their share
China's yuan-denominated cross-border payment system, CIPS, saw a record surge in transaction volume in early April. This significant increase coincided with heightened geopolitical tensions and a growing trend among oil-producing nations to use the yuan for settlements. The daily transaction volume on April 2nd nearly doubled the average seen in February, indicating a rising adoption of the Chinese currency in international trade.
This development highlights a potential shift in global financial dynamics as countries explore alternatives to the US dollar for international transactions.
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