4.3 Trillion-Worth of Chinese Yuan Settled in a Record Streak
The Chinese yuan got a lift in the currency markets after the US-China deal went through on Monday in Geneva. Cross-border payments in the local currency hit a record high as swap lines settled 4.3 trillion worth of yuan in Q1. The People’s Bank of China (PBOC) seized the confusion regarding trade wars and tariffs and leveraged the opportunity to push the local currency on the global stage. Also Read: Trump Eyes $1 Trillion Saudi Mega-Deal, Cuts Netanyahu Ties as Peace Talks Stall Financial analysts reveal that there is a greater appetite for the Chinese yuan globally than for any other local currency. This puts it on the path of growth as the government is facilitating its usage across all sectors. Though it’s growing at a snail’s pace compared to other leading currencies, its market share cannot be written off. The currency seems to have more steam and is power hungry to grab the spotlight. China Promotes QR-Code Payments To Push Chinese Yuan Globally Source: Gina Sa...