The Chinese yuan\u2019s share in global foreign exchange (forex) trading climbed to 8.5 per cent this year while maintaining its position as the world\u2019s fifth-most traded currency, according to survey findings by the so-called central bank for central banks.<\/p>\n
The proportion, unveiled by the Bank for International Settlements (BIS) in its 2025 Triennial Central Bank Survey \u2013 launched in April, with the findings released on Tuesday \u2013 showed an increase from 7 per cent in the 2022 survey, with the yuan\u2019s ranking unchanged.<\/p>\n
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.<\/p>\n
In 2022, the BIS survey found that the yuan had risen to fifth place in global forex trading, from eighth place in 2019. And this year\u2019s findings noted that the yuan\u2019s market-share gains extended an upwards trajectory dating back to 2013, when it accounted for just 2.2 per cent of forex trading.<\/p>\n
Forex trading is one of the key measures of a currency\u2019s internationalisation. Others include global payments, central bank reserves and commodity pricing.<\/p>\n
\u201cThe international use of the yuan still does not match China\u2019s size in the global economy and trade,\u201d analysts from China International Capital Corporation, led by chief strategist Miao Yanliang, said in a note on Tuesday.<\/p>\n
Amid signs of a \u201ccrack in the US dollar\u2019s credibility\u201d, they suggested China expand its supply of yuan-denominated safe assets and increase the yuan\u2019s role in settlement and commodity pricing, to further promote the currency\u2019s international use.<\/p>\n","protected":false},"excerpt":{"rendered":"The Chinese yuan\u2019s share in global foreign exchange (forex) trading climbed to 8.5 per cent this year while…\n","protected":false},"author":2,"featured_media":52772,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[12],"tags":[37933,2102,72,114,37930,37931,37927,37935,37932,61,60,37934,123,37928,37929,1097],"class_list":["post-52771","post","type-post","status-publish","format-standard","has-post-thumbnail","category-markets","tag-bank-for-international-settlements","tag-beijing","tag-business","tag-china","tag-china-international-capital-corporation","tag-chinese-yuan","tag-digital-yuan","tag-euro","tag-forex-trading","tag-ie","tag-ireland","tag-japanese-yen","tag-markets","tag-miao-yanliang","tag-swiss-franc","tag-us-dollar"],"_links":{"self":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/52771","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/comments?post=52771"}],"version-history":[{"count":0,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/posts\/52771\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media\/52772"}],"wp:attachment":[{"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/media?parent=52771"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/categories?post=52771"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.newsbeep.com\/ie\/wp-json\/wp\/v2\/tags?post=52771"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}