Larger part for yuan in trade
Beijing is stepping up efforts to widen the role of the yuan in international trade, allowing its domestic commercial banks to expand direct settlement arrangements with a growing number of foreign currencies, including the baht, aiming to reduce usage of the US dollar as an intermediary in cross-border trade.
China is progressively expanding the utilization of the yuan in international trade, permitting its domestic banks to engage in direct settlements with an increasing array of foreign currencies, such as the Thai baht. This move aims to lessen the reliance on the US dollar as an intermediary in cross-border transactions. The country's commercial institutions are actively exploring opportunities to facilitate bilateral deals using the yuan, while still recognizing the dollar's dominant position in the market.
Written by urgent.news from Bangkok Post Business's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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- Larger part for yuan in trade bangkokpost.com
