China pledges to further facilitate cross-border use of the yuan

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China will further facilitate cross-border use of the yuan by promoting pilot programs to boost trade and investment, making it possible for more foreign central banks and monetary authorities to hold the currency as a reserve asset, said the People's Bank of China (PBOC) in a latest report.

The central bank said that, in 2019, yuan settlement in cross-border trade and direct investment increased steadily despite an economic slowdown.

The total amount of cross-border yuan payments and receipts by banks was 19.67 trillion yuan ($2.83 trillion) in 2019, hitting . . .

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