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Chart: Yuan’s Cross-border Settlements Grew in 2021

China’s currency gained traction globally in 2021, with cross-border yuan settlements growing 29% by value from the previous year, a central bank report shows.

The growing use of the yuan across borders indicates that China’s years-long effort to promote the currency’s use globally — including through its own Cross-Border Interbank Payment System (CIPS) — is paying off.

Source : Caixin

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