The yuan became the most widely-used currency for cross-border transactions in China in March. According to official data, it overtook the dollar for the first time. Cross-border payments and receipts in yuan rose to a record $549.9 billion in March from $434.5 billion a month earlier.
The yuan was used in 48.4% of all cross-border transactions, while the dollar's share declined to 46.7% from 48.6% a month earlier. The volume of cross-border transactions covers both the current and capital accounts. China has long been promoting the use of yuan to settle cross-border trades as part of an efforts to internationalize the use of its currency.
Source: zawya.com