Beijing’s push to internationalise the yuan is reflected in its rising global use amid efforts to reduce reliance on the US dollar, which has shored up its forex dominance
The Chinese yuan’s share in global foreign exchange (forex) trading climbed to 8.5 per cent this year while maintaining its position as the world’s fifth-most traded currency, according to survey findings by the so-called central bank for central banks.
The proportion, unveiled by the Bank for International Settlements (BIS) in its 2025 Triennial Central Bank Survey – launched in April, with the findings released on Tuesday – showed an increase from 7 per cent in the 2022 survey, with the yuan’s ranking unchanged.
The results come as Beijing has been pushing to promote the yuan in global trade and finance. Policymakers see greater yuan adoption as a means to reduce reliance on the US dollar, which the BIS said had slightly increased its forex dominance in the past three years.
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